Orlando Deplanements February 2018

Orlando (MCO) welcomed more than 131 thousand direct deplanements from Canada throughout the first two month of 2018, an increase of 7.0% compared to the previous year. During the month Sunwing and Air Transat both reduced service but Air Canada (9.0%) and WestJet (11.1%) delivered more passengers. In addition, Porter Airline's new service from Ottawa and Windsor effectively doubled the available capacity to Melbourne (MLB) during the period. Direct Passenger Deplanements (MCO) by City of Departure Jan - Feb 2017 2018 % Share % Change Toronto 64,619 72,331 55.0% 11.9% Montreal 20,562 18,058 13.7% -12.2% Ottawa 10,896 9,961 7.6% -8.6% Montreal Halifax 5,948 7,225 5.5% 21.5% 14% Vancouver 2,424 5,177 3.9% 113.6% Calgary 4,808 5,061 3.8% 5.3% Other Cities Winnipeg 4,904 5,003 3.8% 2.0% 24% Moncton 1,018 1,821 1.4% 78.9% Quebec City 1,594 1,685 1.3% 5.7% Regina 920 1,291 1.0% 40.3% Hamilton 947 1,030 0.8% 8.8% Edmonton 920 1,030 0.8% 11.9% Toronto London 920 1,030 0.8% 11.9% 55% St John's 920 889 0.7% -3.4% Waterloo 702 0 0.0% -100.0% Charlottetown 920 0 0.0% -100.0% Total 123,022 131,590 100% 7.0%

Passenger Deplanements and Percent Share by Carrier Air Canada Air Transat Sunwing WestJet MCO Total Total 70,501 7,440 8,955 44,694 131,590 YTD 2018 % change 9.0% -11.0% -8.5% 11.1% 7.0% Total 64,657 8,356 9,787 40,222 123,022 YTD 2017 % change 10.0% 9.5% 43.1% -13.2% 2.9% Total 58,773 7,632 6,837 46,323 119,565 YTD 2016 % change 6.2% -10.4% -25.1% 9.6% 3.7% Total 55,355 8,520 9,124 42,257 115,256 YTD 2015 % change 2.8% -25.0% 26.7% 6.5% 2.8%

Orlando (MCO) Direct Passenger Deplanements by City of Departure & Canadian Carrier Toronto Montreal Ottawa Halifax Calgary Jan-Feb Passengers % by Carrier Passengers % by Carrier Passengers % by Carrier Passengers % by Carrier Passengers % by Carrier Air Canada 42,804 59% 13,972 77% 6,480 65% 3,097 43% Air Transat 2,732 4% 3,023 17% 0 0% 0 0% Sunwing 7,160 10% 291 4% WestJet 19,635 27% 1,063 6% 3,481 35% 3,837 53% 5,061 100% Total 72,331 100% 18,058 100% 9,961 100% 7,225 100% 5,061 100% Winnipeg Vancouver Moncton Quebec City Regina Edmonton London Jan-Feb Passengers % by Carrier Passengers % by Airline Passengers % by Airline Passengers Passengers Passengers Passengers Air Canada 4,147 80% Air Transat 0 0 1,685 Sunwing 1,068 21% 437 0 WestJet 3,935 79% 1,030 20% 1,385 76% 1,291 1,030 1,030 Total 5,003 100% 5,177 100% 1,821 100% 1,685 1,291 1,030 1,030 Hamilton St. John's 2018 2017 Jan-Feb Passengers Passengers Passengers % share Passengers % share Air Canada 70,501 53.6% 64,657 52.6% Air Transat 7,440 5.7% 8,356 6.8% Sunwing 8,955 6.8% 9,787 8.0% WestJet 1,030 889 44,694 34.0% 40,222 32.7% Total 1,030 889 131,590 100% 123,022 100% 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 Carriers are currently reporting a 3.1% increase in direct service throughout 2018, which is estimated to result in approximately 640 thousand direct arrivals during the year. Direct Seat Capacity Direct Arrivals % Change % Change 2016 2017 2018f 2016 2017p 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 96,682 104,150 7.7% 76,773 85,304 87,145 2.2% April 79,774 80,308 74,521 -7.2% 63,771 69,712 66,997 -3.9% May 45,820 45,188 45,784 1.3% 36,688 36,281 37,887 4.4% June 39,551 38,450 43,292 12.6% 29,151 30,851 34,634 12.3% July 48,132 52,073 52,021 -0.1% 42,973 45,952 45,660 -0.6% August 45,588 50,564 51,385 1.6% 41,817 46,804 47,073 0.6% September 37,928 39,533 41,734 5.6% 30,636 27,594 31,301 13.4% October 45,363 45,487 42,193 -7.2% 40,939 41,577 37,996 -8.6% November 51,594 56,772 62,969 10.9% 46,153 50,537 56,073 11.0% December 64,423 69,346 71,352 2.9% 55,836 61,679 63,414 2.8% Total 691,716 716,270 738,160 3.1% 584,302 619,313 639,771 3.3% Sources: US BTS, OAG, MCO, and CBoC. Arrivals data in italics are estimates. Direct Air Arrivals from Canada (annual)

639,771 584,302 619,313 503,807 537,031 441,838 469,484 481,573 394,380

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 June, July, and August is currently $521, which is 2.8% more than last year at this time ($507). For the period, the average fare on Air Transat (-1.2%), and WestJet (-11.1%) decreased, while the average cost on Air Canada and Sunwing rose 17.6% and 9.1%, respectively. Average1 Return Airfare from Toronto to Orlando by Carrier Airline Base Fare Taxes & Fees Total Airline Base Fare Taxes & Fees Total Air Canada $261 $136 $397 Air Canada $558 $151 $709 Air Transat* $58 $241 $299 Air Transat $258 $251 $509 June August Sunwing $139 $237 $376 Sunwing* $399 $250 $649 WestJet $268 $136 $404 WestJet $474 $146 $620 Air Canada $454 $145 $599 Air Canada $424 $144 $568 Air Transat $238 $250 $488 Air Transat $185 $247 $432 July AVERAGE 1 Sunwing* $339 $247 $586 Sunwing $292 $245 $537 WestJet $474 $146 $620 WestJet $405 $143 $548 Prices represent the lowest direct fare listed on carrier websites as of April 4, 2018 . With the exception of Sunwing 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. Winter 2017-18 Travel Season Carriers are currently reporting a 4.3% increase in direct capacity to MCO during the Nov-April travel period. This growth, along with a further recovery in demand, is estimated to result in close to 400 thousand arrivals during the winter travel season. The first four months of the season have seen arrivals increase 8.4% to almost 244 thousand.

397,948 2017-18f Direct Arrivals

380,027 2016-17

453,548 Seat Capacity 434,874