Orlando Deplanements October 2018

There were almost 539 thousand direct arrivals from Canada at Orlando (MCO) throughout the first ten months of 2018, a 6.1% increase compared to last year. During the period, (4.3%), (3.7%), and WestJet (13.2%) all delivered more passengers, while Sunwing experienced an -8.6% decrease in capacity and a -10.5% decrease in deplanements. Direct Passenger Deplanements (MCO) by City of Departure Jan - Oct 2017 2018 % Share % Change 304,573 325,685 60.5% 6.9% 101,044 102,194 19.0% 1.1% 25,383 24,234 4.5% -4.5% Montreal Halifax 20,765 25,605 4.8% 23.3% 19% 5,566 9,057 1.7% 62.7% 13,860 15,579 2.9% 12.4% Other Cities 9,344 9,330 1.7% -0.1% 21% 5,270 6,286 1.2% 19.3% 4,022 4,227 0.8% 5.1% Regina 2,001 2,673 0.5% 33.6% Hamilton 2,028 3,059 0.6% 50.9% 2,001 2,157 0.4% 7.8% Toronto London 2,001 2,157 0.4% 7.8% 60% St John's 5,703 6,362 1.2% 11.6% Waterloo 1,663 0 0.0% -100.0% 2,268 0 0.0% -100.0% Total 507,492 538,605 100% 6.1%

Passenger Deplanements and Percent Share by Carrier Air Canada Air Transat Sunwing WestJet MCO Total Total 311,122 34,441 23,827 169,215 538,605 YTD 2018 % change 4.3% 3.7% -10.5% 13.2% 6.1% Total 298,215 33,217 26,630 149,430 507,492 YTD 2017 % change 9.6% -0.6% 32.6% -4.6% 5.2% Total 272,178 33,419 20,077 156,639 482,313 YTD 2016 % change 14.4% -12.0% -20.0% 13.2% 9.7% Total 238,006 37,978 25,103 138,394 439,481 YTD 2015 % change 12.2% -17.7% 29.6% 5.4% 7.5%

Orlando (MCO) Direct Passenger Deplanements by City of Departure & Canadian Carrier Toronto Montreal Ottawa Halifax Calgary Jan - Oct Passengers % by Carrier Passengers % by Carrier Passengers % by Carrier Passengers % by Carrier Passengers % by Carrier Air Canada 192,116 59% 86,514 85% 17,147 8,448 33% Air Transat 12,079 4% 13,330 13% 3,141 12% Sunwing 18,130 6% 1,838 7% WestJet 103,359 32% 2,349 2% 7,087 12,178 48% 15,579 100% Total 325,685 100% 102,194 100% 24,234 0% 25,605 100% 15,579 100%

Winnipeg Vancouver Moncton Quebec City Regina Hamilton London Jan - Oct Passengers % by Carrier Passengers % by Airline Passengers % by Airline Passengers Passengers Passengers Passengers Air Canada 6,896 76% Air Transat 1,663 0 4,227 Sunwing 1,875 20% 1,983 0 WestJet 7,455 80% 2,161 24% 2,639 42% 2,673 3,059 2,157 Total 9,330 100% 9,057 100% 6,286 100% 4,227 2,673 3,059 2,157

Edmonton St. John's 2018 2017 Jan - Oct Passengers Passengers Passengers % share Passengers % share Air Canada 311,122 57.8% 298,215 58.8% Air Transat 34,441 6.4% 33,217 6.5% Sunwing 23,827 4.4% 26,630 5.2% WestJet 2,157 6,362 169,215 31.4% 149,430 29.4% Total 2,157 6,362 538,605 100% 507,492 100% Note: The above figures indicate the number of passengers at the city of departure of the flights, not of the residence of the passenger. For example, not all passengers deplaning from YYZ are Toronto residents. Outlook for Seat Capacity and Arrivals An increase in capacity of more than 34 thousand seats is estimated to result in 662 thousand direct arrivals throughout 2018, an increase of 6.8% Direct Seat Capacity Direct Arrivals % Change % Change 2016 2017 2018f 2016 2017 2018f (18 vs 17) (18 vs 17) January 68,071 68,914 71,719 4.1% 54,511 56,817 60,615 6.7% February 74,322 72,953 77,040 5.6% 65,054 66,205 70,975 7.2% March 91,150 96,682 103,961 7.5% 76,773 85,304 93,958 10.1% April 79,774 80,308 74,521 -7.2% 63,771 69,712 65,887 -5.5% May 45,820 45,188 46,092 2.0% 36,688 36,281 38,430 5.9% June 39,551 38,450 43,957 14.3% 29,151 30,851 37,427 21.3% July 48,132 52,073 52,574 1.0% 42,973 45,952 47,837 4.1% August 45,588 50,564 52,966 4.8% 41,817 46,804 48,435 3.5% September 37,928 39,533 43,164 9.2% 30,636 27,594 34,306 24.3% October 45,363 45,487 45,070 -0.9% 40,939 41,972 40,735 -2.9% November 51,594 57,174 62,580 9.5% 46,153 50,668 55,196 8.9% December 64,423 69,551 77,334 11.2% 55,836 61,925 68,482 10.6% Total 691,716 716,877 750,978 4.8% 584,302 620,085 662,282 6.8% Sources: US BTS, OAG, MCO, and CBoC. Arrivals data in italics are estimates. Direct Air Arrivals from Canada (annual)

662,282 584,302 620,085 503,807 537,031 441,838 469,484 481,573 394,380

2010 2011 2012 2013 2014 2015 2016 2017p 2018f Sources: US BTS, MCO, and CBoC estimates. Outlook for Airfares The lowest average round-trip fare for departure during the selected period in February, March, and April is currently $667, which is $95 or 16.7% more than the average recorded in 2017. Compared to last year at this time, Air Transat's average has increased the most ($214) while the smallest year-over-year increase is with Air Canada ($32). Average1 Return Airfare from Toronto to Orlando by Carrier Airline Base Fare Total % change Airline Base Fare Total % change Air Canada $469 $618 4% Air Canada $353 $496 15% Air Transat* $510 $661 28% Air Transat* $390 $535 37% Feb April Sunwing $409 $599 5% Sunwing $309 $494 9% WestJet $421 $567 -11% WestJet $546 $699 22% Air Canada $508 $659 2% Air Canada $443 $591 5.7% Air Transat* $830 $997 55% Air Transat $577 $731 41.4% March AVERAGE 1 Sunwing $609 $809 10% Sunwing $442 $634 8.1% WestJet $705 $865 31% WestJet $557 $710 14.0% Prices represent the lowest direct fare listed on carrier websites as of Dec 4, 2018 . With the exception of Transat flights, which depart Saturday, airfares listed are the lowest priced DIRECT departure from Toronto on the second Sunday in each month for a two week stay. 1 Represents the average of the fares presented, not all fares offered during the period. Summer 2018 Travel Season The summer 2018 travel season (May-October) saw 283 thousand direct seats to MCO, which resulted in more than 247 thousand air arrivals from Canada. Compared to summer 2017, the season saw arrivals grow by 7.7%, which reflects slightly better performance than anticipated at the start of the season.

247,170 2018f Direct Arrivals 229,454 2017

283,823 Seat Capacity 271,295