Bombardier is a global leader in aviation(1), creating innovative and game-changing planes. Our products and services provide world-class experiences that set new standards in passenger comfort, energy efficiency, reliability and safety. Headquartered in Montréal, Canada, Bombardier is present in more than 12 countries including its production/engineering sites and its customer support network. The Corporation supports a worldwide fleet of approximately 4,900 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments and private individuals. A VISIONARY INDUSTRY LEADER Revenues(2) $6.5 billion Bombardier is powered by a proud heritage and visionary innovation in the design, Order backlog(3) manufacture and support of world-class $10.7 billion business aircraft. Its comprehensive line of industry-leading business jets is the largest Employees(4) of any original equipment manufacturer, with 16,000 three leading aircraft families – Learjet, Challenger and Global – spanning the light to large categories in addition to modifying these aircraft platforms for special mission purposes, from surveillance and reconnaissance to medical evacuations and dignitary transport. With a fleet of approximately 4,900 aircraft in service worldwide, Bombardier boasts an extensive aftermarket and support network of service facilities, including wholly-owned service centers in the U.S., Europe and Asia, regional support offices, mobile response teams, and dedicated aircraft parts availability sustained by parts facilities, including depots, hubs and repair facilities. All amounts in this financial report are in US dollars unless otherwise indicated. (1) On January 29, 2021, the Corporation closed the sale of the Transportation Business to Alstom. Refer to Note 31 - Discontinued operations to our Consolidated financial statements for more details. (2) For fiscal year 2020. Aviation revenues for 2020 also included $895 million from commercial aircraft and aerostructures activities which were divested during the course of the year. (3) As at December 31, 2020. (4) As at December 31, 2020, including contractual and 670 inactive employees. Approximately 150 Corporate office employees are not allocated to a reportable segment. BUILDING A NEW PATH FORWARD Bombardier is beginning an exciting new chapter focused exclusively on designing, building and servicing the world’s best business jets. After a year of unprecedented challenges due to the global pandemic, we are excited to begin this new journey. With an unmatched product portfolio, a world class customer services network and incredibly talented employees, we have a strong foundation to build on. With clarity and focus, we are hard at work to bring the same exceptional performance that has defined our aircraft to every aspect of our company and each customer interaction. While there is much work to be done to achieve this goal, I’m confident we are on the right path to a brighter future. Dear Shareholders, AIN magazine as the best new business jets in 2020. Despite the unprecedented challenges that hit our world in 2020, I am extremely proud of how the Bombardier also continued to position itself to Bombardier team responded. capture future growth opportunities by adding significant new capacity to its global aftermarket customer services network with major expansion At the onset of the global pandemic, which projects underway in Singapore, London, Melbourne significantly impacted nearly every aspect of our and Miami. The versatility of our aircraft for operations, our team acted swiftly to protect the specialized missions, such as Medivac, intelligence, health and safety of our employees; to support surveillance and reconnaissance operations — government mandates to slow the spread of the another growth opportunity — was also highlighted virus; and to support our customers to the best of in 2020. For example, our Global platform was part our ability. As the crisis spread and we experienced of three winning project bids in the fourth quarter the sharpest decline in passenger rail traffic ever, alone, making it one of the most sought-after and business jet usage fell to levels far worse than platforms in this space. during the 2007-08 financial crisis, we took immediate steps to reduce costs, preserve cash and None of our achievements in 2020 would have been improve liquidity. After absorbing the initial impact, possible without the hard work of many talented we moved quickly to reset our production rates and people across Bombardier. On behalf of all our global supply chains to align with the new market shareholders, I want to thank them for their many contributions and their dedication to the company, to conditions and customer requirements. each other and to our customers. This was a massive undertaking, involving close coordination with thousands of suppliers and I would like to especially recognize the Bombardier customers and the rapid implementation of a new employees who supported essential workers on the set of safety protocols across all our sites to ensure frontlines fighting the COVID-19 pandemic. This the health and safety of our employees and included our colleagues out in the field, ensuring that communities. At the same time, we were able to public transportation systems remained operational, keep all our strategic divestitures moving forward to as well as employee volunteers who worked to complete our repositioning to a pure-play business provide first responders with the critical protective aviation company. equipment and life-saving tools they needed. To go from making rail cars and business jets to While we have chosen to exit the rail and assembling life-saving protective equipment and commercial aerospace businesses, we can all be ventilators in just days is a testament to the skills very proud of the innovation and advances and commitment of our people. Bombardier brought to these industries. And, I’d like to take this opportunity to recognize all of our While the world changed dramatically in 2020, employees, past and present, who contributed to Bombardier remained a company defined by its these incredible chapters in our history. high-performing products and its thousands of smart, passionate and thoughtful people who want to be In addition to successfully navigating the pandemic, part of a winning team. there were many notable accomplishments and recognitions for Bombardier in 2020. They include As always, all our accomplishments in 2020 were the successful production ramp-up of the achieved with a complete commitment to the highest Global 7500 aircraft. With nearly 50 Global 7500 ethical standards, sustainable business practices aircraft now in service, including 35 delivered in and to supporting the communities where we 2020, the aircraft continues to set the standard in the operate. One of many examples is the leading role industry with its unmatched combination of size, Bombardier has taken in educating and developing performance and cabin comfort. Further highlighting the next generation of Canadian innovators and the strength of Bombardier’s portfolio, the business leaders by again offering more than 1,000 Global 5500 and Global 6500 were recognized by paid internship positions for 2021, notwithstanding BOMBARDIER INC. / 2020 FINANCIAL REPORT 1 the ongoing health and economic crisis. In 2020, we With more than 3,000 aircraft delivered since the also reaffirmed diversity, inclusion and equality as entry-into-service of the very first Learjet in 1963, the integral parts of Bombardier’s culture and committed iconic Learjet has had a remarkable and lasting to intensifying our focus on recruiting and developing impact on business aviation. Pilots and passengers a more diverse workforce. all over the world love to fly this trailblazing aircraft and count on its unmatched performance and Looking ahead, to our future as a smaller, more reliability. However, given the number of new focused company, our goals are clear: to deliver entrants into the light-jet segment and the exceptional value to our customers and predictable increasingly challenging market dynamics, we will financial performance to our shareholders. To focus our future efforts on our more profitable achieve this, we are resetting our culture; to become Challenger and Global aircraft families, while an organization that is people and customer-centric; continuing to fully support the Learjet fleet well into that values performance; operational excellence and the future.(1) team spirit. A company that is transparent and authentic at all times and at every level. With these and other actions, we aim to generate We begin 2021 with the business aviation market $400 million annually in recurring savings by 2023, showing signs of recovery. The pandemic has also ensuring a sustainable business in the near term brought new attention and customers to private air and better position the company for profitable growth travel and the enhanced safety it provides. when the market improves.(1) Nevertheless, we expect that a full market recovery will take several years. This harsh market reality, Of course, I fully recognize that our results, not our combined with the higher than expected debt load words, will dictate your views and confidence in our we are carrying due to the pandemic, requires future. Nevertheless, I’m confident that we are taking immediate action in the coming months. the right steps to make Bombardier an exceptional company – a company which