Certain information in this presentation may contain ‘forward-looking information’ as defined under applicable Canadian securities legislation.Forward-looking information typically contains words such as “anticipate”, “believe”, “could”, “should”, “estimate”, “expect”, “intend”, “may”,“plan”, “predict”, “project”, “will”, “would”, and similar words and phrases, including references to assumptions. Such information may involve butis 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 yetdeterminable and other uncertain events. Forward-looking information, by its nature, is based on assumptions, including those described in thispresentation, and is subject to important risks and uncertainties. Any forecasts or forward-looking predictions or statements cannot be reliedupon due to, amongst other things, external events, changing market conditions and general uncertainties of the business. Such statementsinvolve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to differmaterially from those expressed in forward-looking statements. Factors that may cause results to differ materially from expectations in thispresentation include, without limitation: risks relating to Chorus’ economic dependence on and relationship with Air Canada; risks relating to theairline industry (including the international operation of aircraft in developing countries and areas of unrest); aircraft leasing (including thefinancial condition of lessees, availability of aircraft, access to capital, fluctuations in aircraft market values, competition and political risks);energy prices, general industry, market, credit, and economic conditions (including a severe and prolonged economic downturn which couldresult in reduced payments under the Capacity Purchase Agreement (‘CPA’) with Air Canada); competition affecting Chorus and/or Air Canada;insurance issues and costs; supply issues and costs; the risk of war, terrorist attacks, aircraft incidents and accidents; epidemic diseases,environmental factors or acts of God; changes in demand due to the seasonal nature of Chorus’ business or general economic conditions; theability of Chorus to reduce operating costs and employee counts; the ability of Chorus to secure financing; the ability of Chorus to attract andretain the talent required for its existing operations and future growth; the ability of Chorus to remain in good standing under and to renewand/or replace the CPA and other important contracts; employee relations, labour negotiations or disputes; pension issues, currency exchangeand interest rates; leverage and restrictive covenants contained in debt facilities; uncertainty of dividend payments; managing growth; changesin laws, adverse regulatory developments or proceedings in countries in which Chorus and its subsidiaries operate or will operate; pending andfuture litigation and actions by third parties. For a further discussion of risks, please refer to Chorus’ most recent MD&A and to the AnnualInformation Form dated February 15, 2017. The statements containing forward-looking information in this presentation represent Chorus’expectations as of October 12, 2017, and are subject to change after such date. However, Chorus disclaims any intention or obligation toupdate or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required underapplicable securities laws.
Page 2
Caution Regarding Forward-Looking Information
Page 3
Chorus at a Glance
TSX: CHRTicker symbol
Monthly dividend of$0.04 per share
~ $248 millionAdjusted EBITDA, excluding other items -2016
~ $1.3 billionOperating revenue -2016
Focused on building additional shareholder value
+104%Three year share price performance(2)
~ $1.1 billionMarket capitalization(1)
Consistently profitablesince becoming publicly traded in 2006
(1) Calculated using closing price of Chorus shares of $8.59 on the TSX on October 4, 2017.(2) Between October 4, 2014 and October 4, 2017.
• Focused on providing a full suite of regional airline services
Page 4
Chorus Lines of Business
Contracted flying operations
Maintenance, repairand overhaul (MRO)
Regionalaircraft leasing
Operated by
Focus area of growth and revenue diversification
1 2 3
Page 5
Overview of Contracted Flying Operations1
• Jazz is responsible for providing crews, airframe maintenance, flight operations, some airport operations, and general administration
• Scope operation
• ~700 daily flights
• 73 destinations in North America
• Fleet of 117 aircraft
• Three types of missions
• Smaller markets with less demand
• High density markets at off-peak times
• Point-to-point services on lower density routes
• Jazz is Air Canada’s primary regional supplier, providing ~70% of their regional capacity
Voyageur provides specialized contracted flying and aviation services
• Contract flying services
• Missions
• Flight operations
Fleet of 18 owned aircraft (16 Bombardier manufactured)
Flying ACMI missions around the world for over 12 years
Blue-chip customers such as the United Nations
Contracted services done with Canadian licenses, certifications, and designations
Air Canada Express – Operated by Jazz Voyageur
World-renowned reputation for superior safety standards and operational integrity.
Page 6
Overview of MRO Operations
Separate division under Jazz Stand alone profit centre Focused on traditional heavy
maintenance on Bombardier aircraft
Established in 2016 Regional aircraft part sales and service
Operating in North Bay, ON 200,000 square foot facility Highly specialized and custom MRO and
engineering, design for domestic & international clients
2
Page 7
Overview of Chorus Aviation Capital3
• Established in January 2017.
• Fairfax Financial invested $200 million in Chorus through a private placement of convertible debt.
• New subsidiary Chorus Aviation Capital (“CAC”) setup to build a global, regional aircraft leasing platform - further advancing Chorus’ growth and diversification strategy.
• Delivers a full suite of support services to customers worldwide by leveraging the expertise within Chorus’ group of companies.
Page 8
Strategic VisionOpportunity
Chorus established, Chorus Aviation Capital(CAC) for the purpose of acquiring, financing,leasing and trading regional aircraft.
Focused exclusively on the 70 to 135 seatcommercial market segment.
Objective is to become a leading globalregional aircraft lessor.
Create significant synergies with Chorus'other businesses.
Execution
Chorus believes there is a significantopportunity to develop a large and profitableleasing platform.
Global passenger growth continues toaccelerate.
Regional aircraft leasing segment is stableand currently underserved with limitedcompetition
Segment enjoys premium yields and sectormargins with favorable access to capital.
Accelerating Global Passenger Growth
Page 9
Over the last 20 years, passenger demand has increased at an average of 5% per annum
Outpacing GDP growth by 2.7x
Increasing size of the global fleet
Growing market share of aircraft on operating lease
Significant increase in aggregate number of aircraft on lease
Air Travel Expected to Double in the Next 15 Years Airlines are More Dependent on Operating Leases
World annual RPK (trillions)
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
1975 1985 1995 2005 2015 2025 2035
Airbus GMF 2015
ICAOtotal traffic
2x
...and will double again in the next 15 years
2,200+3,300+
5,200+
6,800+
9,600+
17%
22%
30%
34%
40%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
1995 2000 2005 2010 Mar-16
% on O
perating Lease
No.
of C
omm
erci
al A
ircra
ft
Operating Lease Operating Lease Market Share (%)
Sources: Airbus Global Market Forecast (2016), Boeing Current Market Outlook (2016), ICAO Historical Traffic Figures, Ascend,ICAO (1983 – 2013) and IATA December 2015 (2014-15)
Airline passenger growth will remain robust.
Page 10
Aircraft Leasing Continues To Build Momentum
Over half of the world’s fleet expected to be leased by 2020.
19703,772 a/c17 leased
0.4%
19806,037 a/c
100 leased1.7%
19909,160 a/c
1,343 leased24.7%
200015,032 a/c
3,713 leased24.7%
201121,741 a/c
7,943 leased36.5%
2020Forecast
Over 50% leased
Sources: Boeing Current Aircraft Market Outlook 2016
Aircraft Leasing is a Financially Attractive Segment
Page 11
Profit Before Tax Margins Return on Average Equity1
15.2%
16.7%
22.8%
24.8%
25.8%
26.2%
29.7%
32.1%
36.8%
38.4%
41.8%
Aircastle
ACG
Avation
SinoAero
AerCap
Alafco
NAC
Air Lease Corp
BOC Aviation
CALC
AviaAM
6.1%
6.8%
7.3%
8.4%
10.5%
11.1%
11.9%
12.7%
14.0%
21.0%
33.9%
ACG
Aircastle
Alafco
Air LeaseCorp
Avation
AviaAM
BOC Aviation
CALC
AerCap
NAC
SinoAero
Source: Air Finance Journal Leasing Top 50, company reports, The Airline AnalystNotes: 1 Shareholder loans as equity
Five Verticals of Aviation Leasing
Page 12
Commercial Corporate Regional Helicopters Engines
Transactions / Year:
1,500 aircraftUS $100bn
Percent Leases:
40%
Large Lessors:
35+
Comments:
NB – Narrow bodyWB – Wide bodyPassenger Cargo
Transactions / Year:
650 aircraftUS $18bn
Percent Leases:
15%
Large Lessors:
1
Comments:
General AviationCivil Air Transportation
Transactions / Year:
300 aircraftUS $10bn
Percent Leases:
20%
Large Lessors:
4
Comments:
TP – Turboprops RJ – Regional Jets100 seats or less
Transactions / Year:
500 aircraftUS $6bn
Percent Leases:
15%
Large Lessors:
6
Comments:
IndustrialAir TransportEmergencyResponse
Transactions / Year:
200 enginesUS $2bn
Percent Leases:
30%
Large Lessors:
10+
Comments:
Turbine EnginesSpares and
maintenance rotation
*Large Lessors defined as corporations with assets greater than US $1bn
Uncrowded Regional Aircraft Leasing Market
Page 13
Commercial Corporate Regional Helicopters Engines
/
Large Competitors
Chorus Has Already Become a Significant Leader in Regional Aircraft Leasing
Page 14
Portfolio Value (Estimated) Source: Chorus Estimates
5,400
2,700
1,100 1,050800 700 700
500 400 400
0
1,000
2,000
3,000
4,000
5,000
6,000
NAC GECAS Chorus Avolon DAE ELIX FALKO CDB Leasing Avation GOAL
(US$m)
Regional Aircraft are Fundamental to Efficient Air Transport
Page 15
Worldwide Flight Distribution By Aircraft Type Worldwide Distribution of Aircraft by Type
30% of passenger fly less than 550 km (300 mi.)
60% of the world's communities linked with regional aircraft
Regional aircraft fleet is ~24% of total commercial fleet
0.0
0.5
1.0
1.5
2.0
2.5
3.0
Flig
hts
2012
(mill
ion)
Distance Category (km)
Turboprop (TP)Regional Jet (RJ) 61-120Narrow Body (NB)
83% of NB flights are over 500 km
63% of J61-120 flights are over 500 km
83% of TP flights are under 500 km
14,800
4,300 5,900
Narrow Body(NB)
Wide Body(WB)
Regional Aircraft(RJ/TP)
TP
RJ
Regional aircraft have specific applications for short take-off and landing and extreme conditions
Source: OAG 2012, Boeing / Bombardier
Extensive Network of Regional Airlines Worldwide
Page 16
Continent CRJ Q400 ATR eJets
North America 33 6 6 12
South America 8 - 8 10
Europe 28 10 41 24
Africa 18 3 23 5
Asia 15 4 24 23
Australia - 1 5 3
Total Operators 102 24 107 77
A diverse set of potential customers on every continent
We continue to see significant demand for regional aircraft leases
Source: Company websites, Airfleets (July 2017)
Regional Transport Dominated by Three Manufacturers
Page 17
Q400 CRJ 700/900/1000
E170/E175/E190/E195 ATR42/72
56% / 1,500
overall
44% /1,200
overall
2,700 Aircraft
Bombardier Dash 8 Family ATR Family
Turboprop Market Share1
Product Lines (in production)
Product Lines (classics)
Dash 8 - 100/200/300 CRJ - 100/200
ERJ135/ERJ140/ERJ145 Variants of 42/72
58% / 2,600
overall
42% /1,900
overall
4,500 Aircraft
Bombardier CRJ Family
Embraer ERJ / Ejets Family
Regional Jet Market Share1
Page 18
Deliveries Have Been Historically Stable
Regional Aircraft Historical and Projected Deliveries
149 150132 131
177 185 199 192 193227
107 99100 103
108 10199 99 95
95256 249232 234
285 286298 291 288
322
0
50
100
150
200
250
300
350
400
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Regional Jets Turboprops
2010–2015 Average Deliveries: 257
1 2
Source: Airline Monitor, Wall Street ResearchNotes:1 Includes CRJ700/705, CRJ900, CRJ1000, CS100, EMB135/140/145, EMB170/175, EMB190/195, SSJ100, MRJ, A318, 737-600, ARJ21 2 Includes ATR42, ATR72, Q400
Regional Aircraft Future Values Similar to Narrow-Body
Page 19
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
ATR 72 600
ERJ 190
Canadaair RJ 900-900ER/900LRERJ 175
Boeing 737-800
Airbus A321
DHC 8-400
Airbus A320
Projected half-life base values over time assuming 1.5% annual inflation
Aircraft % of Original ValueAirbus A321 34.98%Airbus A320 34.21%Boeing 737-800 33.67%ATR 72-600 40.54%DHC 8-400 37.57%ERJ 175 38.78%ERJ190 38.15%Canadaair RJ 900-900ER / 900LT 31.41%Average Mainline 34.28%Average Turboprops 39.05%Average Regional Jets 36.11%
Regional Aircraft: An Ideal Leased Asset
Page 20
Resilient Demand Expectations with a Broad User Base
― The 70-130+ seat fleet is expected to grow 4-5% per year over the next 20 years
― Operational efficiencies from regional aircraft play a key role in hub-and-spoke networks
Attractive Aircraft Type for Shorter Routes
― Regional aircraft allow airlines to optimize aircraft size and reduce per-seat cost
― ~50% of global passengers fly on trips below 500 miles and ~30% of global passengers fly on trips below 300 miles
Geographically Diverse Demand Dynamics
― Economic growth in emerging markets is expected to significantly outpace those in advanced economies
― The emergent urban middle classes in these areas present a real opportunity to expand air travel capabilities which will require the use of turboprop and regional jet aircraft
Stable Supply
― Historical deliveries of regional aircraft have been relatively consistent
― Regional aircraft projected deliveries are stable
Ability to Hold Values Over Time
― Values of regional jets and turboprops have proved less volatile relative to most narrow body aircraft
2
4
3
5
1
Page 21
Announced transactions for 19 regional aircraft.
Five aircraft types from three manufacturers with average age of 2.7 years.
Clients now include seven major regional airlines in seven countries on five continents.
New clients include Azul, Aeromexico, Air Nostrum, Falcon Aviation, Flybe, KLM & Virgin Australia.
Locked-in leasing stream with an average term of greater than 7 years.
Lease revenue producing expected yield.
Committed financing for all 19 new regional aircraft.
Average LTV of portfolio of 75% (Debt: Equity 3:1).
Expanded management team with five new appointments with 23 years average commercial aircraft experience.
Opened and staffed our Irish office.
Acquisitions will nicely contribute to Chorus Aviation returns in subsequent quarters.
Financial forecast metrics all meeting or exceeding our targets.
Scale
Diversity
Returns
Experience
Liquidity
Visibility
Progress to Date
Page 22
Assembled a Highly Experienced Management TeamSteven RidolfiPresident
SVP, Strategic Investments, Mergers & Acquisitions, Chorus Aviation SVP, Strategy, Mergers and Acquisitions, Bombardier President, Business Aircraft, Bombardier President, Regional Aircraft Bombardier
James Bruce PeddleChief Operating Officer
VP, Aircraft Leasing and Trading, Chorus Aviation VP, Marketing & Sales, Bombardier Flexjet VP, Commercial, Embraer North America Managing Director, Embraer Asia Pacific
Cameron MountenayChief Financial Officer
VP, Structured Finance, Bombardier VP, Finance and Contracts, Bombardier VP, Asset Management & Business Development, Bombardier
Rory McQueenVice President, Finance & Capital Markets
VP, Capital Markets, Lease Corporation International (LCI) Head of Treasury, Vistajet Director, Structured Finance, Bombardier Director, Aircraft Finance, Bank of Scotland
Jim MurphyVice President, Transactions & Control
Director, Corporate Development & Aircraft Programs, Chorus Aviation VP, Commercial Operations, Provincial Airlines Director, Marketing & Fleet Planning, Canadian Airlines
Anil MohanVice President Legal
Associate General Counsel, Chorus Aviation General Counsel, Halifax International Airport Legal Counsel, IMP Group
Una SlevinVice President, Contracts
Head of Finance and Operations, CIT Aerospace Treasury Manager, CIT Group Finance Financial Controller, CIT Group Finance
Page 23
Progress to Date
Azul 2x E195s KLM 1x E190s Aeromexico 1x E190s Aeromexico 2x E190s
Air Nostrum 4x CRJ1000s Flybe 3x ATR72-600s Virgin Australia 3x ATR72-600s Falcon 3x Q400s
Contracted for 19 aircraft with an average age of 2.7 years.
Page 24
Progress to Date
Chorus Aviation CapitalAircraft Portfolio By Lessee
Aircraft Lessee
Country GeographicRegion
AircraftModel
NumberOf Units
Azul Brazil South America Embraer 195 2
Aeromexico Mexico North America Embraer 190 3
Air Nostrum Spain Europe CRJ1000 4
Falcon Aviation United Arab Emirates Middle East Q400 3
Flybe United Kingdom Europe ATR 72-600 3
KLM Cityhopper Netherlands Europe Embraer 190 1
Virgin Australia Australia Asia and Pacific ATR 72-600 3
7 Lessees 7 Countries 5 Continents 5 Models 19
Seven major regional airlines in seven countries on five continents.
Page 25
Regional Aircraft Sourcing Channels
Portfolio Acquisition Purchase of existing assets and leases from existing lessors.
Airline Sale Leaseback Sale and leaseback of existing or future aircraft deliveries.
Skyline Leases Direct purchase from OEM for subsequent lease to airlines.
There are a significant number of profitable lease transactions available to CAC.
Page 26
Chorus Aviation Capital Growth Opportunity
We believe there is a significant opportunity to develop a large and profitable leasingplatform by exploiting this currently underserved segment and prevailing marketdynamics.
We have been able to consummate a significant number of successful profitabletransactions over a short period of time. We have transitioned to a significantbusiness with strong, attractive assets and contracted leases and margins, and webelieve we can replicate and accelerate this growth.