Kalaallit Airports A/S General Presentation June 2017

TOPICS About Kalaallit Airports A/S Management and Organization Project Strategy Area requirements Activities and status Project Financing Economics Uncertainties Commercial matters

ABOUT KALAALLIT AIRPORTS Kalaallit Airports A / S was founded on July 1, 2016 and is owned 100% by the Government of Greenland The Company's purpose is to construct, own and operate airports in Nuuk, Ilulissat and Qaqortoq. Prior to the founding of the company, the Ministry of Infrastructure initiated the necessary feasibility studies and started the development of construction programs. Naalakkersuisut has as of 28.06.2016 subscribed for share capital in the company by 200 million DKK. On 30 December 2016, the Government of Greenland invested an additional 94.3 million DKK as subordinated loan to the company.

MANAGEMENT AND organization Johannus Egholm Hansen, Chairman of Board - Professional Board Member, Business Consultant and Lawyer - Many years of International management, trade, project, M & A, and legal experience - Experience with infrastructure investments - Deputy Chairman of the Board during Airport Development in the Faroe Islands Presidency Finance Committee Committee of Construction Peter Christiansen, Deputy Chariman Executive MBA; Cand.merc. Strategy, Organization and Leadership at Copenhagen Business School - Chief Financial Officer Presidency Committee of Construction Anna-Berit Koertz, Board member - Bachl. of Commerce, Accounting internal/external, IT, Corporate Finance, Leadership and Org. E-MBA Shipping & Logistics, Strategy, Organization, Operations Management, International Economics, Finance, Shipping and Supply Chain Management - Many years of experience with financing, including Project financing and board work Finance Committee Jàkup Sverri Kass, Board member - Cand.ling.merc. - Airport Director and Professional Board Member - Many years of management, sales and marketing experience Operating Committee Aviâja Lyberth Lennert, Board Member - Diploma of Arts; Bachelor of Science in Sociologi - Board work, project management and management. Operating Committee Steffen Ulrich-Lynge, CEO - Engineer - Great management experince - Responsible for the construction of regional airports in Greenland Operating Committee Committee of Construcion Peter Wistoft, CFO - Former equity partner at Deloitte (Former state-authorized public accountant) - Expert in accounting & budgeting - Management experience

Management and organization Steffen Ulrich-Lynge, CEO Peter Wistoft, CFO Others Aviaaja Knudsen, Project Director Jesper Nordskilde, Project Manager Annie Lennert, Administrative Manager

Project Strategy Overall planning Project planning Separation of runway projects and service and terminal projects, both in the project planning and execution phase Creation of Greenlandic jobs, competence-development and knowledge sharing will be among the criteria for selection of project advisors and contractors Project planning Project programs are based on the following runway lengths, as decided by Inatsisartut and Naalakkersuisut; Qaqortoq: 1.500 meters Ilulissat: 2.200 meters Nuuk: 2.200 meters Runways designed with 2-4 months shifted intervals Planning of airport buildings are expected to start medio 2017 The Board considers own supply of technical equipment and machinery

Project strategy Execution Commencement of tender process for construction contracts requires a new decision by Naalakkersuisut Initiation of runway projects with 2-4 months intervals Initiation of terminal- and service buildings with 2-4 months intervals The Board considers the possibility of offering alternative timetables during project management, due to constraints on entrepreneurial capacity and the risk of higher prices

Area requirements - qaqortoq

Area requirements - nuuk

Area requirements - ilulissat

PLANNED PLANNED PLANNED 5. ACTIVITIES & STATUS QAQORTOQ ILULISSAT NUUK PLANNED PLANNED PLANNED Dialogue with commercial stakeholders ongoing ongoing ongoing (Eg Mittarfeqarfiit, Air Greenland, etc.) Project Organisation ongoing ongoing ongoing Selection of technical client advisor (Inuplan) completed completed completed Tender for advisory sevice regarding EIA completed completed completed Selection of advisor regarding EIA (NIRAS) completed completed completed Project programe and C-estimate completed completed completed Regulatory approvals throughout 2017 throughout 2017 throught 2017+ - EIS 1. quarter. 2018 1. quarter. 2018 1. quarter. 2018 Regulatory approvals throughout 2017 throughout 2017 throughout 2017 - Land Allocation 1. quarter. 2018 1. quarter. 2018 1. quarter. 2018 Regulatory approvals throughout 2017 throughout 2017 throughout 2017 - Aviation Authority approval 1. quarter. 2018 1. quarter. 2018 1. quarter. 2018 Regulatory approvals July 2017 July 2017 July 2017 - Project permit from ”Infrastructure”

PLANNED PLANNED PLANNED 5. ACTIVITIES & STATUS QAQORTOQ ILULISSAT NUUK PLANNED PLANNED PLANNED Pre-qualification of enginee. companies, runway completed completed completed Tendering and selection of enginee. companies completed completed compledet runway ILS Simulations finished finished Development of Business and Financing Plan Aug. 2017 Aug. 2017 Aug. 2017 Pre-qualification of enginee. companies, buildings June-Aug.2017 June-Aug.2017 June-Aug.2017 Tender concerning enginee. companies, buildings Sept.-Nov. 2017 Sept.-Nov. 2017 Sept.-Nov. 2017 Engineering of terminal and service buildings Dec. 2017- Dec. 2017- Dec. 2017- Dec. 2018 Dec. 2018 Dec. 2018 Project proposals and B-estimates for runways Dec. 2017- Aug. 2017- Oct. 2017- Mar. 2018 Nov. 2017 Jan. 2018 Preparation of tender documents July 2017- July 2017- July 2017- for the choice of corporate Finance Advisor Aug. 2017 Aug. 2017 Aug. 2017 Selection of corporate Finance Advisor Sept. 2017 Sept. 2017 Sept. 2017 Development of Information Memorandum Sept. 2017- Sept. 2017- Sept. 2017- to lenders Mar. 2018 Mar. 2018 Mar. 2018

PLANNED PLANNED PLANNED 5. ACTIVITIES & STATUS QAQORTOQ ILULISSAT NUUK PLANNED PLANNED PLANNED Negotiating with lenders and contracting Apr. 2018- Apr. 2018- Apr. 2018- June 2018 June 2018 June 2018 Main project and updated B-estimates,runways April 2018- Dec. 2017- Feb. 2018- July 2018 Mar. 2018 Maj 2018 Tender for Construction Contracts, runways Aug. 2018- April 2018- June 2018- Okt. 2018 June 2018 Aug. 2018 Land construction, runways Nov. 2018- June 2018- Sept. 2018- Nov. 2019 Nov. 2020 Jan. 2020 Tender forConstruction Contract, buildings Jan. 2019- Jan. 2019- Jan. 2019- Mar. 2019 Mar. 2019 Mar. 2019 Terminal and service buildings, construction April 2019- April 2019- April 2019- Sept. 2020 Sept. 2021 Sept. 2021 Pavement, runway lighting and nav. equipment May 2020- May 2021- May 2020- Commencement of airport operations Oct. 2020 Oct. 2021 Oct. 2021