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11 . The information above includes forward-looking information (refer to slide 2 Caution regarding forward-looking information )

12 Aircraft Type Geographical Distribution E195, 2, 6% CRJ900, 2, 6% North America, 3, 9% Middle East, 3, 9% CRJ1000, 4, 12% South America, 3, 9% E190, 4, 12% Q400, 10, 30% Europe, 10, 31% ATR72, 11, 34% Africa, 4, 12% Asia Pacific, 10, 30%

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22 New Opportunities MRO Services

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29 Number of Aircraft World annual traffic (trillion RPK) x ICAO total traffic Airbus GMF x 2x 14,000 ~40% 12,000 ~34% 10,000 ~30% ~9,500 8,000 ~22% ~6,800 6,000 ~17% ~5,200 4,000 ~3,300 ~2,200 2, Mar-16 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Operating Lease Fleet Operating Lease Market Share (%) % on Operating Lease Net Profit / Loss ($bn) % Revenues $40 $30 $20 $10 $0 ($10) ($20) ($30) ($40) 8% 6% 4% 2% 0 % (2%) (4%) (6%) (8%) F

30 Flights 2012 (million) Turboprop (TP) Regional Jet (RJ) Passengers Narrow Body (NB) 14, % of TP flights are below 500 km 63% of RJ flights are beyond 500 km 83% of NB flights are beyond 500 km 5,000 5,900 RJ TP TP Narrow Body (NB) Wide Body (WB) Regional Aircraft (RJ/TP) Distance Category (km)

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33 Revenue generation under the CPA (unaudited) (expressed in millions of Canadian dollars) For the calendar year ended December 31, 2015 For the twelve months ended December 31, 2016 Average for calendar years Average for calendar years (1) CPA revenue for is not contingent upon fleet size while has a portion adjusted downward as the remaining Dash aircraft reach their retirement dates. The revenue amounts shown for are not impacted by block hours flown and assume no material events of default or force majeure by either party to the CPA. CPA Fixed Fee (1) CPA Performance Incentives Earned (2) TBD TBD CPA Performance Incentives Maximum available Total CPA Revenue Earned TBD TBD Total CPA Revenue Available Aircraft Leasing Revenue Under CPA (3) Total CPA & Aircraft Leasing Revenue Earned under CPA Total CPA & Aircraft Leasing revenue available under CPA # Aircraft Under Lease in CPA TBD TBD Bombardier Q De Havilland Dash CRJ Engines (2) There can be no assurance historical levels of performance incentives earned under the CPA will materialize in the future. (3) Aircraft Leasing contains forward-looking information based on certain assumptions and estimates including market lease rates post retirement of current 21 Q400 debt financing based on the fleet plan. These projections may differ from actuals numbers if there are material changes in any and all of these assumptions or estimates. Foreign exchange rates used in the calculation of aircraft leasing revenue under CPA were US$:CAD$ 1.31 and US$:CAD$ 1.25 for the years 2016 and , respectively.

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40 (expressed in thousands of Canadian dollars, except earnings per share) Three months ended September 30, $ $ Nine months ended September 30, $ $ Operating revenue Passenger 336, ,216 Other 29,750 19, , ,685 Operating expenses Salaries, wages and benefits 113, ,756 Depreciation and amortization 29,950 27,149 Aircraft maintenance materials, supplies and services 56,421 44,073 Airport and navigation fees Aircraft rent 44,991 24,592 45,995 23,980 Terminal handling services 4,924 5,936 Other 36,711 31, , ,673 Operating income 56,027 56,012 1,003, ,932 89,448 47,235 1,092, , , ,522 89,557 71, , , , ,962 73,162 75,711 16,386 21, , , , , , ,885

41 (expressed in thousands of Canadian dollars, except earnings per share) Three months ended September 30, $ $ Nine months ended September 30, $ $ Non-operating (expenses) income Interest revenue Interest expense (14,863) (12,283 (Loss) gain on disposal of property and equipment (194) 3 Foreign exchange gain (loss) 11,384 31,837 Other - - (2,797) 20,208 Income before income taxes 53,230 76,220 Income tax (expense) recovery Current income tax (1,475) (188) Deferred income tax (8,033) 3,273 (9,508) 3,085 Net income 43,722 79,305 Earnings per share, basic Earnings per share, diluted ,925 1,343 (43,374) (31,513) (186) (184) (22,724) 61, (63,859) 32,177 91, ,062 (1,658) (1,275) (24,505) (6,467) (26,163) (7,742) 64, ,

42 As at September 30, As at December 31, $ $ Assets Current assets Cash 178,601 71,249 Accounts receivable trade and other 75,822 77,397 Inventories 53,540 51,543 Prepaid expenses and deposits 16,931 12,920 Income tax receivable 642 2,268 Total current assets 325, ,377 Restricted cash 16,836 20,383 Property and equipment 1,821,384 1,742,674 Intangibles 2,164 2,392 Goodwill 7,150 7,150 Deferred income tax asset 4,094 3,022 Other long-term assets 48,469 34,827 2,225,633 2,025,825

43 As at September 30, As at December 31, $ $ Liabilities Current liabilities Accounts payable and accrued liabilities 200, ,809 Current portion of obligations under finance leases 2,904 2,762 Current portion of long-term incentive plan 5,466 5,844 Current portion of long-term debt 131, ,729 Current portion of consideration payable - 4,387 Dividends payable 5,632 5,014 Income tax payable Total current liabilities 347, ,545 Obligations under finance leases 3,203 5,219 Long-term debt 1,024, ,080 Convertible Units 194, ,540 Deferred income tax liability 162, ,740 Other long-term liabilities 65,853 65,679 1,796,994 1,743,803 Equity 428, ,022 2,225,633 2,025,825