Chorus Aviation Overview

February 14 , 2020

Delivering regional aviation to the world TSX: CHR Caution regarding forward-looking information

This presentation contains “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking information is identified by the use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and similar terms and phrases, including references to assumptions. Such information may involve but is not limited to comments with respect to strategies, expectations, planned operations or future actions.

Forward-looking information relates to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and other uncertain events. Forward-looking information, by its nature, is based on assumptions and is subject to important risks and uncertainties. Any forecasts or forward-looking predictions or statements cannot be relied upon due to, among other things, external events, changing market conditions and general uncertainties of the business. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed in forward-looking information. Factors that could cause results to differ materially from those expressed in this presentation include those identified in Chorus’ public disclosure record available at www.sedar.com and the risk factors identified in Chorus’ Annual Information Form dated February 12, 2020. Statements containing forward-looking information in this presentation represent Chorus' expectations as of the date of this presentation (or as of the date they are otherwise stated to be made) and are subject to change after such date. Chorus disclaims any intention or obligation to update or revise such statements to reflect new information, subsequent events or otherwise, unless required by applicable securities laws.

Chorus Aviation Overview 2 Chorus is a fast-growing global provider of integrated regional aviation solutions

Chorus Aviation Overview 3 Investment Highlights

Regional aviation is a resilient sector of the aviation industry showing strong stability during economic 1 downturn

Chorus has a predictable revenue stream, with 90%+ of annual revenues secured 2 through long-term contracts and strong relationships

Chorus has strong growth prospects in aircraft leasing and is differentiated from pure play 3 competitors with an integrated model

Chorus Aviation Overview 4 Regional aviation is based on aircraft carrying Up to 130 passengers

2 main types of Fly shorter distances than Account for ~22% of the regional aircraft Narrow Body jets world’s commercial fleet

1 2 Regional Up to 130 % of all flights below 500 miles Worldwide aircraft fleet Jets passengers 83% 15,800 50% of world Bombardier/ CRJ-200 to CRJ-1000 passengers fly Mitsubishi <500 miles Embraer E135 to E190

Airbus A220-300 37% Turbo Up to 90 5,900 props passengers 4,500 17% TP 2,300 De Havilland Dash 8 – 100 to 400 Jets 3,600 ATR ATR 42 to ATR 72

Turbo Regional Narrow Regional Narrow Wide props Jets Body Body Body

1 Official Aviation Guide (2012). 2 FlightGlobal (2019), includes in-service aircraft with more than 20 seats Regional aircraft are fundamental to efficient air transport networks and link 60% of the world’s communities 1

Chorus Aviation Overview 5 Regional aviation shows strong stability through economic cycles

Indexed aircraft value volatility for narrow-body, turboprop and aircraft

120 Turboprop 115 aircraft

110

105

100

95

90 Narrow-body Regional jet 85 aircraft aircraft

80 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 ● Mainline operators look to contract out more flying to regional partners ● Smaller aircraft are best suited to serve reduced market demand

Source: AVITAS

Regional aviation is a resilient sector in an economic downturn

Chorus Aviation Overview 6 The Chorus Story: An Integrated Model

Leasing Opportunities

Maintenance Data Technical Support

Core MRO Opportunities Segments Wet Leasing Dry Leasing

Older Assets Customer Leads - Wet for Part Out Leasing & Part Sales

Wet to Dry Lease End of Life Aircraft Inspections Opportunities Assets

Part Sales & Aircraft Transitions Component Repair Strategic Technical Aircraft Repossessions Enabler Expertise

Common Customers, Relationships Suppliers and OEMS

Chorus Aviation is a global provider of integrated regional aircraft solutions

Chorus Aviation Overview 7 Contents

1 Chorus Overview 2 Regional Aviation Services

3 Regional Aircraft 4 Conclusion Leasing

5 Appendix 1 6 Appendix 2 Financial Statements Supplemental information

Chorus Aviation Overview 8 Chorus has become a significant global player in regional aviation $1.37B 2019 Revenues1 Consistently profitable since 2006 IPO

179 Aircraft owned2 $342M 2019 Adjusted1 EBITDA

5,200 Employees TSX:CHR Trading symbol

Aircraft Leased: Monthly 135 64 third-party $0.04 dividend per 71 inside CPA3,2 share (DRIP)

1 On January 1, 2019, Chorus adopted IFRS 16 using the retrospective transition approach with restatement to comparative periods. 2 Includes 4 future committed leased transactions outside North America, 9 future CRJ900s and 5 future aircraft (type TBD) acquisitions/leased transactions inside the CPA. 3Includes 5 future ESPs, 9 future CRJ900s and 5 future aircraft (type TBD) that will generate revenue under the CPA.

~$1.25B market capitalization as of January 31, 2020

Note: Market capitalization value based on 160,678,919 shares outstanding and TSX closing stock price of $7.81 as of January 31, 2020. Chorus Aviation Overview 9 A highly experienced and stable management team with significant aviation experience

Joseph Randell Colin Copp Jolene Mahody President and COO and President, Executive VP and Chief Executive Officer Chorus Aviation Services Chief Strategy Officer

40 years 30 years 26 years

Dennis Lopes Steve Ridolfi Gary Osborne Senior VP, Chief Legal President, Chief Financial Officer Officer and Corp. Secretary Chorus Aviation Capital

5 years 37 years 27 years

Chorus Aviation Overview 10 Chorus operates 13 facilities across Canada plus 3 international offices for its leasing business

 Headquarters (2) ● Admin offices / crew bases (8) ▲ Line maintenance facilities (4)  Heavy maintenance facilities (2)

Chorus ●▲Calgary  Aviation  Capital Ireland International ●▲Vancouver offices North Bay● Montreal●▲ ● Toronto●▲ Halifax ● ● England Singapore

Note: Chorus’ presence in Singapore and England consists of business development representatives

Chorus Aviation Overview 11 Our strategic agenda

Grow our regional aircraft leasing business through aircraft acquisitions, portfolio acquisitions and potential skyline transactions

Grow our regional aviation services of contracted flying (wet leasing and leasing under the CPA)

Leverage the synergies and technical expertise across our lines of business to further drive diversification and profit

Chorus Aviation Overview 12 Contents

1 Chorus Overview 2 Regional Aviation Services

3 Regional Aircraft 4 Conclusion Leasing

5 Appendix 1 6 Appendix 2 Financial Statements Supplemental information

Chorus Aviation Overview 13 Contracted flying/wet leasing generates largest revenue stream

Air Canada Operates scheduled service through a CPA with Express flying Air Canada under the Air Canada Express brand

Specialized Provides medical, logistical and contracted humanitarian flight operations to blue chip flying customers globally

Charter flights Offers charters throughout North America for corporate clients, governments, special interest groups and individuals

Chorus Aviation Overview 14 Chorus is Air Canada’s primary regional partner

Aircraft currently ~690 ~80% 116 operated by Jazz daily flights Largest of Air Canada’s Chorus regional seat 52 Currently 90 customer capacity leased under N.A. destinations the CPA

Responsibilities Air Canada Jazz under the Capacity ● Purchases capacity ● Conducts marketing ● Supply of flying crews Purchase ● Manages routes ● Assumes ● Airframe maintenance commercial risk Agreement ● Sets flight ● Flight operations schedules Retains revenues for ● ● Some airport operations passenger & cargo ● Sets ticket prices transport ● General administration

● Flexibility to respond quickly and efficiently to market changes Benefits for and opportunities Air Canada ● Jazz manages Air Canada Express operations at 38 airports across Canada ● Source of qualified pilots through Pilot Mobility Program

Chorus Aviation Overview 15 Amended/extended CPA with Air Canada to 2035

● Guarantees ~$2.5B in contracted revenue over 17 years1 ● $1.6B from aircraft leasing ● $0.86B from fixed fees ● $97.26M equity investment by Air Canada in Chorus ● 60% of investment proceeds to purchase larger aircraft for CPA fleet ● 40% of investment proceeds to acquire aircraft for the leasing business ● Modernization of Air Canada Express fleet ● Acquisition of 9 new CRJ-900s will generate lease revenue under CPA ● Acquisition of 5 aircraft (type TBD) in 2025 ● Margin risk on controllable costs reduced to a maximum of $2M/year

Provides long-term certainty and stability

1 Over the 17-year term of the CPA (January 2019 to December 2035), the revenue estimates are based on agreed rates in the CPA and certain assumptions and estimates for future market lease rates related to new and extended leases under the CPA. A foreign exchange rate of 1.30 (based on the long-term historical average rate which is reviewed and adjusted annually) was used in the calculation of the estimates. 16 See cautionary statement regarding forward-looking information on slide 2 CPA extension increases total minimum contracted revenue by ~$940M

Minimum contracted revenue in CPA ($M)

● Near-term fixed fee 2019-2020 2021-2025 2026-2035 reductions more than offset Significant Min. 105 aircraft Min. 80 aircraft TOTAL fleet transition by term extension and aircraft leasing Change vs ($59M) +$138M +$842M +$940M2 Original CPA ● Aircraft leasing driving ~65% of the contracted revenue for 2,468 the term of the amended agreement

● Potential for additional lease 858 extensions/renewals beyond 2025

1,528 ● Maximum available performance incentives will 1,056 548 average ~$3.4M annually over 918 976 the term These are variable in nature 308 3 ● 399 1,610 and are not included in the Fixed fee 325 476 contracted revenue figures 417 980 223 748 Aircraft 151 593 1341 577 leasing 266 253 134 Original Amended Original Amended Original Amended Original Amended CPA CPA CPA CPA CPA CPA CPA CPA

1 Certain current aircraft leases under the current CPA extend past December 31, 2025 2 Over the 17-year term of the CPA (January 2019 to December 2035) 3 ’Total Amended CPA’ column includes contracted aircraft leasing for 2026 and beyond estimated at $19 million See cautionary statement regarding forward-looking information on slide 2 Chorus Aviation Overview 17 The amended CPA brings significant modernization to the Air Canada Express fleet ● Fleet known by aircraft type until 2025 ● Post-2025: Commitment to operate a minimum of 80 aircraft in the 75 to 78 seat range ● Current lease commitments beyond 2025 leave substantial room for additional lease extensions / renewal on current aircraft and possibility of new aircraft

Seat Existing Aircraft type Comment Amended Cap. Fleet CPA

De Havilland 74 44 ● 3 will be removed in 2023 36 Dash 8-400 ● 12 currently leased under the CPA will NextGen extend lease to 2030 ● 19 leases expiring between the end of 2025 and 2028

Bombardier 75 21 ● 9 CRJ900s will be purchased and leased 35 CRJ-900 under the CPA ● 5 CRJ900s will be sourced by Air Canada and leased to Jazz in the first half of 2019

Bombardier 50 10 ● Transferred to Jazz from Air Georgian 15 CRJ-200 ● 15 to operate until 2025

De Havilland 50 26 ● 18 aircraft will undergo an Extended 19 Dash 8-300 Service Program and generate leasing revenue under the CPA ● 13 of the 18 completed to date

De Havilland 37 15 ● Removed from the fleet and replaced 0 Dash 8-100 with larger aircraft

Chorus Aviation Overview 18 Maintenance Repair & Overhaul (MRO) and Parts

Halifax, NS ● 6-bay, 80 000 sq. ft. facility ● 24/7 operations provide flexibility to serve carriers exactly when needed ● Certified to perform traditional heavy maintenance activities on De Havilland, Bombardier and Embraer 135/145 regional aircraft

North Bay, ON ● 200 000 sq. ft. facility ● Performs heavy maintenance, repair and overhaul activities, customized designs and engineering and aircraft modifications ● Transport Canada, U.S. Federal Aviation Administration and European Aviation Safety Agency approved ● Transport Canada certified Canadian Design Approval Organization ● Supplemental Type Certificates for Dash 8 100/200/300/ Q400s and Dash 7s ● Parts provisioning, sales and service for regional aircraft - complements MRO activities ● Established regional aircraft parts depot in Dubai, UAE in partnership with Segers Aviation SA

Chorus Aviation Overview 19 Contents

1 Chorus Overview 2 Regional Aviation Services

3 Regional Aircraft 4 Conclusion Leasing

5 Appendix 1 6 Appendix 2 Financial Statements Supplemental information

Chorus Aviation Overview 20 Regional aircraft leasing/dry leasing is an attractive business with strong growth potential

1 Essential ● 50% of global passengers fly on trips shorter than 500 miles component of ● Regional aircraft allow to optimize aircraft size commercial and reduce per-seat-cost aviation

2 Very resilient ● 70-130 seat fleet expected to grow at ~3.7% per year over demand from a the next 20 years1 broad user base ● Penetration rate of operating leases is still relatively low for regional aircraft (~29%) compared to narrow-body jets (~50%)

3 Geographically ● Economic growth in emerging markets is expected to significantly diverse demand outpace growth in advanced economies ● Fast growth of the urban middle class in emerging markets will create opportunities for regional air travel

4 Stable ● Stable technology of regional aircraft reduces volatility in residual technology value compared to narrow-body aircraft and supply ● Steady historical deliveries

1 Bombardier Market Forecast 2017-2036

Chorus Aviation Overview 21 5 pillars of our aircraft leasing growth strategy

Highly ● Industry veterans based on 3 continents Experienced ● Strong relationships with over 100 airlines Team

Customers ● Seek customers with good credit quality and/or strong prospects ● Employ collaborative approach to working with airlines ● Build a diversified customer base

New to Mid-Life ● Acquire modern technology, high demand, marketable aircraft Aircraft ● Use sale leasebacks to build airline relationships ● Use skyline purchases to reduce aircraft acquisition costs

Long-Term ● Target 5 to 10 years to provide significant visibility into future Leases ● Aim to recover cost of the aircraft over first lease

Efficient ● Maintain adequate liquidity and flexibility while obtaining the lowest cost Capital of capital available ● Seek debt financing from a variety of markets, channels and sources ● Reserve capital for select deals to allow for opportunistic purchasing

Chorus Aviation Overview 22 Committed fleet of 64 aircraft worth US$ 1.3 billion

● Approximately ~US$ 960M in future contracted lease revenue 1 ● Weighted average fleet age of 3.2 years2 ● Weighted average remaining lease term of 6.7 years 2 ● ~97.3% debt is fixed rate3 ● Weighted average cost of borrowing of 4.11%4

1 Includes all aircraft which have been delivered as well as pending acquisitions and future deliveries for which Europe CAC has received lease 22 Aircraft Asia commitments. Assumes N. America 22 Aircraft lessees fulfill payment and 3 Aircraft other lease obligations for the entire lease term.

2 Fleet age and remaining lease term are calculated Africa based on the weighted- 9 Aircraft average of aircraft net book value of 60 aircraft as of December 31, 2019.

3 Debt and contract terms of 97.3% fixed rate debt S. America (inclusive of floating rate 5 Aircraft debt that is fixed through the use of swaps) and 2.7% Australia floating rate debt (with 3 Aircraft leases that float on the same basis as the debt).

4 Reflects actual borrowings as at December 31, 2019 only.

See cautionary statement regarding forward-looking information on slide 2

Chorus Aviation Overview 23 Chorus has become the world’s 2nd largest regional aircraft lessor (portfolio value)

Portfolio value (US$ M)

NAC 5,970

Chorus1 Including commitments 2,200 Chorus2 Current 1,841 Chorus is the only large regional GECAS 1,565 aircraft lessor which Falko3 1,235 is also an operator

DAE 735

Elix 515

TrueNoord 500

Avation 485

Avmax 360

HEH 340

See cautionary statement regarding forward-looking information on slide 2 Source: FlightGlobal (June 2019); portfolio values based on half-life CMVs 1Chorus’ value, including commitments, consists of 71 aircraft leased under the capacity purchase agreement, including 9 future CRJ900 acquisitions, 5 future ESPs and 5 aircraft (type TBD). Non-CPA aircraft leasing includes all aircraft which have been delivered as well as 4 pending acquisitions and future deliveries for which CAC has lease commitments. 2Chorus’ current value includes 52 aircraft leased under the capacity purchase agreement and 60 non-CPA aircraft leased to customers outside of North America. 3Falko includes Chorus Aviation Overview 24 Diversification across airlines, geography and aircraft types Turboprops Regional Jets

Customer Aircraft Dash 8 ATR CRJ Embraer A220 TBD committed1

Aeromexico 3 

airBaltic 5 

Air Nostrum 4 

Azul 5  

Cityjet 2 

Croatia Airlines 2 

Ethiopian 5 

Flybe 8  

IndiGo 8 

Jambojet 4  1Chorus value includes 71 aircraft KLM 1  leased under the capacity purchase agreement which Malindo Air2 4  include 9 future CRJ900 acquisitions, 5 future ESPs on Philippine Airlines 3  Dash 8-300 aircraft and 5 future aircraft (type TBD) that will SpiceJet 5  generate revenue under the CPA. Non-CPA aircraft leasing includes 3  all aircraft which have been delivered as well as pending Wings Air2 2  acquisitions and future deliveries for which CAC has received lease Total third-party 64 24 23 6 6 5 commitments. 2A member of the Lion Air Group. Air Canada 71 52 14 5

Grand total 135 76 23 20 6 5 5 Chorus Aviation Overview 25 Three ways to acquire leasing assets

Description Sample Chorus Transaction

1 From lessors Purchase of assets with Purchase of 2 E190s with attached leases from Aeromexico leases attached from lessor’s non-core portfolio another lessor

2 From airlines Sale and leaseback of Purchase of 6 new ATR72-600s existing or future aircraft under IndiGo’s purchase deliveries agreement with concurrent long- term leaseback agreement

3 From aircraft Direct purchase from Purchase of 2 Dash 8-400 manufacturers manufacturers for turboprops directly from subsequent lease to airlines De Havilland with subsequent lease agreement to JamboJet

1 Bombardier Market Forecast 2017-2036 Source: FlightGlobal (2019), Chorus Aviation estimates Global regional aircraft leasing market estimated at ~275 new aircraft deliveries per year1

Chorus Aviation Overview 26 30+ Years Experience in Lease Management

Lease Extension . Although our leasing New entity is recently Natural Customer formed, our team has Expiry Marketing significant lease management experience with Sale or Part- strong competencies Out of Asset in all aspects of the Lease aircraft leasing cycle; Event the core based in Lease Ireland. Restructure

. Strong leasing Workout Consensual experience at the Required Return Irish board and Chorus public board Non- levels. Consensual Return

Our team has experience with all aspects of lease event management

Chorus Aviation Overview 27 Chorus’ leasing business is fully built-out and highly scalable

Legal Services Technical Expertise End-of-Lease Support • Aircraft Acquisitions/Sales • Engine & Component • Reconfiguration & • Lease Negotiations Costs Redelivery • Aircraft Financings • Technical Advisory • Ferry & Positioning Flights • Records Reviews • Re-Possession Capabilities

Financial Services Lease Term Support End- of- Life Services • Treasury Support • Pre-Purchase Inspections • Aircraft Conversions • Tax Management • Aircraft and Records • Aircraft Storage • Insurance Audits • Aircraft Part-out • Reserve Projections

Our leasing business is strongly supported by the entire Chorus Aviation organization

Chorus Aviation Overview 28 Aircraft Lease Transition Technical Expertise

Chorus Aviation subsidiaries have 40+ years of experience with aircraft acquisitions and lease transactions with over 300 aircraft since 2000. Our technical expertise is a competitive advantage.

Technical Aircraft Leasing Services 1. Pre-purchase and Re-delivery Since 2000, Jazz has completed Inspection aircraft lease returns/inductions and recently completed lease 2. Custody and Control return work for other airlines, 3. Technical Support Services and managed aircraft transitions 4. Heavy Maintenance Service & for other leasing companies. Checks Additionally, Jazz has extensive technical knowledge and 5. Engine Services & Changes capability with regards to 6. Interior Configuration Changes aircraft acceptance from the and Refurbishing OEM. 7. Aircraft RecordsAudits 8. Aircraft Storage 9. Airworthiness Management Voyageur provides a full suite of 10. Ferry Flights & Aircraft aircraft leasing support services Positioning and has completed multiple lease returns for aircraft leasing 11. Aircraft re-possession companies.

Chorus Aviation Overview 29 Chorus holds defensive position in economic downturn

Visibility on ● Over 90% of revenues embedded in flight operations and future revenues aircraft leasing long-term contracts and costs ● US $2.7B in future contracted revenues1

Protected profit ● Air Canada assumes risks related to commercial aspects margin under ● +/- C$2M guardrail on controllable costs CPA ● Minimum fleet and aircraft leasing commitments

Better suited to ● Lower costs and smaller aircraft than mainline carriers serve reduced ● Aircraft leasing provides operational flexibility, reduces market demand financing requirements and eliminates risk on aircraft residual value

Conservative ● Rigorous evaluation process approach to ● Diversification of aircraft type and geography leasing business ● Diversification of customer base with good prospects

Valuable aircraft ● Mature and efficient regional aircraft lifecycle ● Ability to fly, lease, sell, modify, disassemble and part-out aircraft

1 The estimates are based on agreed lease rates in the CPA and certain assumptions and estimates for future market lease rates related to new and extended leases under the CPA as at January 1, 2019. A foreign exchange rate of $1.26 (based on the long-term average historical rate) was used in the calculation of the estimates. The Regional Aircraft Leasing segment's estimates are based on agreed lease rates and assumes no default by lessees. See cautionary statement regarding forward-looking information on slide 2 Chorus Aviation Overview 30 Contents

1 Chorus Overview 2 Regional Aviation Services

3 Regional Aircraft 4 Conclusion Leasing

5 Appendix 1 6 Appendix 2 Financial Statements Supplemental information

Chorus Aviation Overview 31 Conclusion

Chorus is very well positioned to grow significantly in the regional aircraft leasing business, led by a very strong team of industry 1 veterans and supported by internal expertise and capabilities in regional aviation services

Chorus is committed to grow its regional aviation services, both inside and outside 2 the CPA

Chorus has a predictable revenue stream, with a business model based on long-term contracts, less exposed 3 to downturns than main line carriers and lessors

Chorus Aviation Overview 32 Contents

1 Chorus Overview 2 Regional Aviation Services

3 Regional Aircraft 4 Conclusion Leasing

5 Appendix 1 6 Appendix 2 Financial Statements Supplemental information

Chorus Aviation Overview 33 Consolidated Income Statement For the years ended December 31, 2019 and 2018 (expressed in thousands of Canadian dollars, except earnings per share)

2019 2018 $ $ (Restated - Note 3)

Operating revenue 1,366,447 1,353,287 Operating expenses

Salaries, wages and benefits 471,118 443,332

Depreciation and amortization 136,948 118,487 materials, supplies and services 207,846 240,744 Airport and navigation fees 170,065 170,180 Terminal handling services 20,493 21,720 Other 159,514 142,115 1,165,984 1,136,578

Operating income 200,463 216,709 Non-operating (expenses) income

Interest revenue 3,052 2,924

Interest expense (74,820) (59,209) Loss on disposal of property and equipment (653) (164) Foreign exchange gain (loss) 30,613 (55,986) Other (395) 500 (42,203) (111,935)

Income before income taxes 158,260 104,774

Income tax expense

Current income tax (8,416) (2,133)

Deferred income tax (16,684) (35,211) (25,100) (37,344)

Net income 133,160 67,430

Earnings per share, basic 0.85 0.49

Earnings per share, diluted 0.84 0.48

Earnings per share, diluted 0.15 0.31 34 Unaudited Consolidated Statements of Financial Position

(expressed in thousands of Canadian dollars) As at As a t As a t December 31, December 31, January 1, 2019 2018 2018 $ $ $ (Restated - Note 3) (Restated - Note 3) Assets Current assets Cash 87,167 92,592 78,007 Accounts receivable – trade and other 68,666 77,097 77,397 Inventories 61,843 55,691 51,543 Prepaid expenses and deposits 11,150 11,486 11,334 Current portion of lease receivables 4,558 5,190 4,511 Income tax receivable 1,323 704 2,268

234,707 242,760 225,060 Restricted cash 26,690 20,081 13,625 Lease receivables 8,637 13,865 17,522 Property and equipment 2,592,327 1,997,552 1,736,927 Intangibles 1,799 2,088 2,392 Goodwill 7,150 7,150 7,150 Deferred income tax asset 2,784 4,295 3,022 Other long-term assets 71,600 37,490 28,362

2,945,694 2,325,281 2,034,060 Liabilities Current liabilities Accounts payable and accrued liabilities 177,575 189,048 213,910 Current portion of lease liabilities 5,785 6,720 6,179 Current portion of long-term incentive plan 6,549 4,087 5,844 Current portion of long-term debt 164,554 142,652 118,567 Dividends payable 6,487 5,657 5,014 Income tax payable 10,114 930 —

371,064 349,094 349,514 Lease liabilities 10,531 15,910 20,932 Long-term debt 1,658,576 1,297,077 1,188,602 Deferred income tax liability 192,315 172,262 135,577 Other long-term liabilities 108,215 61,131 57,835 2,340,701 1,895,474 1,752,460 Equity 604,993 429,807 281,600 2,945,694 2,325,281 2,034,060 35 Segmented Financial Statement Three Months Ended December 31, 2019 (expressed in thousands of Canadian dollars)

For the three months ended December 31, 2019 For the three months ended December 31, 2018 (1)

Regional Aviation Regional Aircraft Regional Aviation Regional Aircraft Total Total (in thousands of Canadian dollars) Services Leasing Services Leasing $ $ $ $ $ $

Operating revenue 301,949 36,657 338,606 310,701 23,023 333,724 Operating expenses 268,522 18,651 287,173 262,085 10,378 272,463

Operating income 33,427 18,006 51,433 48,616 12,645 61,261

Net interest expense (8,330) (11,400) (19,730) (8,710) (5,737) (14,447) Foreign exchange gain (loss) 10,757 1,144 11,901 (33,955) 451 (33,504) Other (loss) gain(2) (1,270) (395) (1,665) 22 — 22

Earnings before income tax 34,584 7,355 41,939 5,973 7,359 13,332 Income tax (expense) recovery (5,802) 440 (5,362) (10,590) (505) (11,095)

Net income (loss) 28,782 7,795 36,577 (4,617) 6,854 2,237 Operating income 33,427 18,006 51,433 48,616 12,645 61,261 Depreciation and amortization(3) 22,090 15,052 37,142 22,496 8,082 30,578 Employee separation(3) 61 — 61 217 — 217 Adjusted EBITDA(4) 55,578 33,058 88,636 71,329 20,727 92,056 Earnings before income tax 34,584 7,355 41,939 5,973 7,359 13,332 Unrealized foreign exchange (gain) loss (13,354) — (13,354) 32,869 — 32,869 Employee separation program(3) 61 — 61 217 — 217 Adjusted EBT(4) 21,291 7,355 28,646 39,059 7,359 46,418

(1) On January 1, 2019, Chorus adopted IFRS 16 using the retrospective transition approach with restatement to comparative periods. Please refer to Section 13 - Changes in Accounting Standards.

(2) Other includes gain/loss on disposal of property and equipment and other income.

(3) Included in operating expenses.

(4) These are non-GAAP financial measures – refer to Section 18 for disclosures on non-GAAP financial measures. 36 Segmented Financial Statement For the Year Ended December 31, 2019 (expressed in thousands of Canadian dollars)

(1) For the year ended December 31, 2019 For the year ended December 31, 2018 Regional Aviation Regional Aircraft Regional Aviation Regional Aircraft Total Total Services Leasing Services Leasing (in thousands of Canadian dollars) $ $ $ $ $ $

Operating revenue 1,239,404 127,043 1,366,447 1,273,447 79,840 1,353,287 Operating expenses 1,102,722 63,262 1,165,984 1,096,824 39,754 1,136,578 Operating income 136,682 63,781 200,463 176,623 40,086 216,709 Net interest expense (34,108) (37,660) (71,768) (36,569) (19,716) (56,285) Foreign exchange gain (loss) 29,703 910 30,613 (56,579) 593 (55,986) Other (loss) gain(2) (653) (395) (1,048) 336 — 336

Earnings before income tax 131,624 26,636 158,260 83,811 20,963 104,774 Income tax expense (22,881) (2,219) (25,100) (34,481) (2,863) (37,344)

Net income 108,743 24,417 133,160 49,330 18,100 67,430 Operating income 136,682 63,781 200,463 176,623 40,086 216,709 Depreciation and amortization(3) 89,344 47,604 136,948 89,627 28,860 118,487 Employee separation(3) 2,308 — 2,308 5,364 — 5,364 Signing bonus(3) 2,000 — 2,000 — — — Adjusted EBITDA(4) 230,334 111,385 341,719 271,614 68,946 340,560 Earnings before income tax 131,624 26,636 158,260 83,811 20,963 104,774 Unrealized foreign exchange (gain) loss (41,305) — (41,305) 49,482 — 49,482 Employee separation program(3) 2,308 — 2,308 5,364 — 5,364 Signing bonus(3) 2,000 — 2,000 — — — Adjusted EBT(4) 94,627 26,636 121,263 138,657 20,963 159,620

(1) On January 1, 2019, Chorus adopted IFRS 16 using the retrospective transition approach with restatement to comparative periods. Please refer to Section 13 - Changes in Accounting Standards.

(2) Other includes gain/loss on disposal of property and equipment and other income.

(3) Included in operating expenses.

(4) These are non-GAAP financial measures – refer to Section 18 for disclosures on non-GAAP financial measures. 37 Contents

1 Chorus Overview 2 Regional Aviation Services

3 Regional Aircraft 4 Conclusion Leasing

5 Appendix 1 6 Appendix 2 Financial Statements Supplemental information

Chorus Aviation Overview 38 Chorus Aviation - The Leasing Platform Business Cycle Acquire Manage Transition Dispose

• Strategy and • Lease • Lease • Asset Trading Planning Management Contracting Management

• Worldwide • Compliance • Worldwide • Contracting for Market Market Sale Coverage • Maintenance Coverage Monitoring • Worldwide • Purchase/Lease • Aircraft Market Contracting • Continuous Delivery and Coverage Risk Acceptance • Aircraft Assessment • MRO Services Delivery and • Repossession and Part-out Acceptance • MRO Services • OEM/Fleet Relationship Management

. Within our leasing entity, Chorus Aviation Capital, a team of 20 professionals with strong competencies in all aspects of the aircraft leasing cycle; the core based in Ireland. . Legal, financial and administration support provided from parent, Chorus. . Technical operations supported by Jazz and Voyageur (technical advisory and support services). . Ability to leverage the synergistic capabilities of Jazz and Voyageur (e.g. repossessions, transitions, part-outs, etc.). . Strong leasing experience at the Irish board level and Chorus public board level.

Chorus’ leasing business is fully built-out and highly scalable

39 AppChorusendix Aviation Capital - Senior Management

Steven Ridolfi, President J. Bruce Peddle, Chief Operating Officer . SVP, Strategic Investments, Mergers & Acquisitions, Chorus . VP, Aircraft Leasing and Trading, Chorus Aviation Aviation . VP, Marketing and Sales, Bombardier Flexjet . SVP, Strategy, Mergers and Acquisitions, Bombardier . VP, Commercial, Embraer North America . President, Business Aircraft, Bombardier . Managing Director, Embraer Asia Pacific. . President, Regional Aircraft, Bombardier Rory McQueen, Vice President Finance & Cameron Mountenay, Chief Financial Officer Capital Markets . VP, Structured Finance, Bombardier . VP, Capital Markets, Lease Corporation International . VP, Finance and Contracts, Bombardier . Head of Treasury, Vistajet . VP, Asset Management & Business Development, Bombardier . Director, Structured Finance, Bombardier . Director, , Bank of Scotland

Fabio Ligi, Vice President, Lease Originations Prashant Mahajan, Vice President, Lease Originations . Director of New Aircraft Sales, Bombardier . Director of Sales, Bombardier . Director of Pre-owned Aircraft Sales, Bombardier . Airline Analyst, Saab Aircraft

Jim Murphy, V/P, Transactions and Control Una Slevin, Vice President, Head of Contracts . Director, Corporate Development/Aircraft Programs, . Director, Finance and Operations, CIT Aerospace International Chorus . European Treasury Manager, CIT Vendor Finance . Manager, Business Development, Jazz Aviation LP . Financial Controller, Commcorp International . Vice President, Commercial Operations, Provincial . Fixed Income Accountant, Credit Suisse First Boston, London, UK Airlines . Manager, Aircraft Programs, Jazz Aviation LP

Dave Corri, Vice President, Technical Ray Gorman, Vice President, Accounting . Director, Technical, Chorus Aviation Capital . Technical Services Engineer, Part M Aviation . Financial Controller, External Reporting & Control, DAE . Technical Services Engineer, Maintenance Planning, ASL Airlines . Financial Controller, External Reporting, AWAS Ireland . Manager, Statutory Reporting, AWAS . Aircraft Engineer, CityJet . Manager, PWC

CAC personnel have experience with all aspects of lease management.

Chorus Aviation Overview 40 How we mitigate risk

CPA/Wet ● Air Canada manages all commercial aspects and assumes all associated risks Leasing ● Air Canada pays for all fuel – CHR does not see a fuel bill ● Jazz operates ~80% of Air Canada’s regional capacity ● Jazz operates over 690 daily flights – complex and cost prohibitive to replace ● Minimum of $2.5B in contracted revenue until the end of 20351 ● Fix fee revenue tied to minimum aircraft fleet irrespective of hours flown ● Margin risk on controllable costs reduced to a maximum of $2M/year ● Cliff termination: operations cease at midnight December 31, 2035 ● Worldwide reputation for excellence in safety, operational integrity and customer service

Dry Leasing ● Robust, thorough transaction approval process to evaluate prospective customer ● Aircraft leasing expertise on the boards of CAC and CHR ● Diversity in customer, aircraft type and geographic location ● Target strongest airline in each jurisdiction – preferably in locations that honour Cape Town Convention ● Conduct regular on-site checks of aircraft condition and operations ● Collection of reserves, security deposits and maintaining high debt service cover ratio ● Target long-term leases, providing more return from the lease itself compared to aircraft residual value ● Maintain industry standards of leverage ● In-house ability to re-possess aircraft or to re-lease, operate, modify, refurbish, sell, disassemble/part out for parts provisioning when lease terms expire ● Regional aircraft values exhibit less volatility than narrow and wide body aircraft in market cycles

1 This estimate is based on agreed lease rates in the CPA and certain assumptions and estimates for future market lease rates related to new and extended leases under the CPA as at January 1, 2019. A foreign rate of $1.26 (based on the long-term average historical rate) was used in the calculation of this estimate. See cautionary statement regarding forward-looking information on slide 2

Chorus Aviation Overview 41 Opportunities for incremental revenue at end of leases under the CPA

Significant ● Current lease commitments beyond 2025 leave substantial room for additional lease extensions/renewals on current and possibly new aircraft leasing to Air Canada in amended CPA opportunity as each aircraft ● Lease expiry of each aircraft is concurrent with full debt repayment; no exposure for Chorus on debt lease under the CPA ● 19 Dash 8-400 aircraft have lease terms expiring from end of 2025 to expires end of 2028 ● Put and call rights to Air Canada in 2025 no longer applicable due to CPA extension to 2035

Year end fleet counts 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

Chorus-owned 75-78 seat aircraft earning 39 481 48 48 45 45 501 44 39 31 26 26 14 5 5 5 5 leasing revenue under CPA Average of 33 Average of 7 Chorus-owned Dash 8-300 aircraft2 (50-seat 13 16 17 18 18 18 18 ------aircraft) earning leasing revenue under CPA

Chorus-owned aircraft with expired leases 3, 4 - - - - 3 3 3 28 33 41 46 46 58 67 67 67 67

Average of 52 Total 52 64 65 66 66 66 66 72 72 72 72 72 72 72 72 72 72

1 Includes 9 CRJ900s acquired and leased in 2020 and 5 aircraft to be determined acquired and leased in 2025. 2 As of December 31, 2019, the Extended Service Program was completed on 13 Dash 8-300s which are earning lease revenue under the CPA. The remaining 5 aircraft will gradually be completed by December 31, 2022 and will earn lease revenue under the amended CPA. 3 Owned Chorus aircraft that have their lease expire under the amended CPA. These aircraft have the potential for re-lease with Air Canada or other third parties, sale or part out. 4 Aircraft debt is fully paid off with each lease expiry, including the 3 Dash 8-400s removed in 2023.

Chorus Aviation Overview 42 Minimum CPA fleet commitment provides predictability

2026 Amended CPA 2019 2020 2021 2022 2023 2024 2025 Significant regional Onward network footprint DASH 8-100 ------under amended CPA DASH 8-300 19 19 19 19 19 19 19 - CRJ900 35 35 35 35 35 35 35 - ● Enhanced relevance to Air Canada Dash 8-400 36 36 36 36 36 36 36 - with CRJ200 regional AC Express capacity reallocated to Jazz CRJ200 15 15 15 15 15 15 15 - ● Further fleet modernization and Type TBD 80 transition to larger gauge TOTAL 105 105 105 105 105 105 105 80 equipment with the Dash 8-100s exiting the fleet earlier 2026 Previous CPA 2019 2020 2021 2022 2023 2024 2025 ● All owned Dash 8-300 aircraft Onward maintained as covered fleet until 2025 DASH 8-100 15 15 12 12 4 1 - - ● Minimum fleet of 105 determines DASH 8-300 26 26 26 26 26 26 26 - fixed fee revenue floor; set at $75.3 CRJ900 21 21 21 21 21 21 21 - million in each of 2019 and 2020, given substantial fleet transitions Dash 8-400 44 49 49 49 49 49 49 - and averages $61.6 million from 2021 CRJ200 10 ------2025 TOTAL 116 111 108 108 100 97 96 - ● Minimum covered fleet of 80 aircraft in the 75-78 seat range provides minimum revenue floor of $399 million over extended term from Operating aircraft in fleet may be higher than the minimum covered fleet 2026-35 commitment, particularly in the early years as fleet transition occurs

Chorus Aviation Overview 43 Jazz is widely recognized for its excellence, both as an employer and operator

2020 2019

● Canada’s Top Employers for ● Canada’s Safest Employers 2019 Young People 2020 - 2014 Gold in Transportation cat.

● Atlantic Canada’s Top 25 ● Canada’s Best Diversity Employers 2020 - 2012 Employers 2019 - 2012

● Nova Scotia’s Top 15 Employers ● Mercer Award for Excellence in 2020 - 2012 Diversity and Inclusion 2019

● Employee Recommended 2018 Workplace – 2018 - 2019 The Globe and Mail & Morneau Shepell ● Canada’s Safest Employers 2018 ● Silver in Transportation cat. ● Silver Psychological Safety cat. 2017

● Canada’s Safest Employers 2017 Gold in Transportation cat. ● Top Airline Reliability Performance Awards 2018-2015 ● APEX award for “Excellence in Publication” - Focus on Safety

Chorus Aviation Overview 44 W worldwide aviationholds Regional W 20 1 25 10 15 Global Market Forecast (2018 Forecast Market Global Airbus 0 5 o 9718 9719 1997 1992 1987 1982 1977 o Airlines increasingly dependent on operating leases Air Travel expected to double from 2015 to 2025 rl r f O m O l leet d d p p a Oil crisis

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45 Hypothetical leased assets earnings example

Inputs Investment information Rentals Expenses Sale Aircraft cost $20. 0 Average LRF 0. 90% Interes t rate 4. 50% Holding period 10 Loan/value 0. 75 $1 5. 00 Monthy rental $0. 1 8 Depreciation rate 4. 00% Sales value 0. 00% E quity $5.0 Annual rental $2.2 P ayment at maturity 25. 00% (Gain over NBV) D /E R a ti o 3. 0x Income Statement Cas h Flows Metrics Net Interes t Deferred Net Debt Sales Cash NBV Aircraft Debt Year Revenue Depreciation E xpens e EBT taxes Income Investment Revenue Repayment proceeds Flow E quity Value Balance Debt/Equity

0 (5. 0) (5. 0) 5.0 20. 0 1 5.0 3.0 1 2.2 (0. 8) (0. 7) 0. 7 (0. 1 ) 0. 6 2.2 (1 .6) 0. 6 5.6 1 9.2 1 4. 1 2.5 2 2.2 (0. 8) (0. 6) 0. 7 (0. 1 ) 0. 6 2.2 (1 .6) 0. 6 6.2 1 8.4 1 3.1 2.1 3 2.2 (0. 8) (0. 6) 0. 8 (0. 1 ) 0. 7 2.2 (1 .6) 0. 6 6.9 1 7.6 1 2.1 1 .8 4 2.2 (0. 8) (0. 5) 0. 8 (0. 1 ) 0. 7 2.2 (1 .6) 0. 6 7.6 1 6.8 11.1 1 .5 5 2.2 (0. 8) (0. 5) 0. 9 (0. 1 ) 0. 8 2.2 (1 .6) 0. 6 8.4 1 6.0 1 0. 0 1 .2 6 2.2 (0. 8) (0. 5) 0. 9 (0. 1 ) 0. 8 2.2 (1 .6) 0. 6 9.2 1 5.2 8.9 1 .0 7 2.2 (0. 8) (0. 4) 1 .0 (0. 1 ) 0. 8 2.2 (1 .6) 0. 6 1 0. 0 1 4. 4 7.7 0. 8 8 2.2 (0. 8) (0. 3) 1 .0 (0. 1 ) 0. 9 2.2 (1 .6) 0. 6 1 0. 9 1 3.6 6.4 0. 6 9 2.2 (0. 8) (0. 3) 1 .1 (0. 1 ) 0. 9 2.2 (1 .6) 0. 6 11.8 1 2.8 5.1 0. 4 10 2.2 (0. 8) (0. 2) 1 .1 (0. 1 ) 1 .0 2.2 (5. 4) 1 2.0 8.8 1 2.8 1 2.0 0. 0 0. 0 Total 21 .6 (8. 0) (4. 7) 8.9 (1.1) 7.8 (5. 0) 21 .6 (1 9.7) 1 2.0 8.9 P roject IR R 1 5%

See cautionary statement regarding forward-looking information on slide 2

Chorus Aviation Overview 46