Chorus Aviation Overview February 14 , 2020 D e l i v e r i n g r - - PowerPoint PPT Presentation

SLIDE 1

TSX: CHR

D e l i v e r i n g r e g i o n a l a v i a t i o n t o t h e w o r l d

February 14 , 2020

Chorus Aviation Overview

SLIDE 2

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

• bligation to update or revise such statements to reflect new information, subsequent events
• r otherwise, unless required by applicable securities laws.

Caution regarding forward-looking information

Chorus Aviation Overview

2

SLIDE 3

3

Ch Chorus s is a f s a fas ast-grow

• wing

gl globa

• bal provid

ider r of in integrated regio ional a l avia iatio ion s solu lutions

Chorus Aviation Overview

SLIDE 4

1 2 3

Regio iona nal a l avia iatio ion n is is a resilie ilient nt s sector r of t the he avia iatio ion n ind indus ustry ry s sho howing ing str trong s g sta tabi bility ty during uring e econo nomic ic downt nturn urn Ch Chorus has a pr predi edicta ctabl ble r e reven enue e str trea eam, wit ith h 90%+ o

• f annua

nnual r l revenue nues s secur ured thr hroug ugh lo h long ng-ter erm c contr tract cts and s d str trong g rela latio ions nship hips Ch Chorus h has str trong gr g growth th pr prospects pects in a in air ircraft le leasing ing a and nd is is di differ eren enti tiated f ed from pu pure e pl play competi petitors w with th an integr egrated ed model del

4

Investment Highlights

Chorus Aviation Overview

SLIDE 5

Regional aviation is based on aircraft carrying Up t p to 130 pa 0 passenge gers

Regional Jets Up to 130 passengers

Bombar bardi dier/ Mitsubi ubishi hi

CRJ-200 to CRJ-1000

Embr brae aer

E135 to E190

Airbus bus

A220-300

83 83% 37% 7% 17% 7% Turbo props Regional Jets Narrow Body

2 main types of regional aircraft Fly shorter distances than Narrow Body jets

5

Chorus Aviation Overview

3,60 ,600 2,300 00 5,90 ,900 15 15,80 800 4,500 00 Regional Narrow Body Wide Body

Account for ~22% of the world’s commercial fleet

Regional aircraft are fundamental to efficient air transport networks and link 60% of the world’s communities 1

Jet ets TP TP

1 Officia

ial l Aviatio ion Guid ide ( (2012). 2 FlightGlobal (2019), includes in-service aircraft with more than 20 seats

50% 50% of

• f wor
• rld

passe ssengers s fly <500 m 500 miles

Turbo props Up to 90 passengers

De Hav Havilland and

Dash 8 – 100 to 400

ATR TR

ATR 42 to ATR 72

% of all flights below 500 miles 1 Worldwide aircraft fleet 2

SLIDE 6

Regional aviation shows strong stability through economic cycles

Chorus Aviation Overview

6

Regional aviation is a resilient sector in an economic downturn

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

80 85 90 95 100 105 110 115 120 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

Turboprop aircraft Narrow-body aircraft Regional jet aircraft

Source: AVITAS

SLIDE 7

The Chorus Story: An Integrated Model

Chorus Aviation is a global provider of integrated regional aircraft solutions

Dry ry L Leas easing Wet et L Leas easing

MRO O Oppo pportuni unities Leas asing O g Oppo pportuni unities Par art Sal Sales & Compo pone nent nt R Repai pair Olde der A Assets for

• r Part

rt Ou Out Wet t to Dry L y Leas ase Oppo pportun unities Mai aintenanc nance Dat ata Techni nical al Suppo Support Cus ustomer L Leads ads - Wet Leas asing & g & P Par art Sal Sales End nd of L Life Asse ssets Aircraf aft R Repo possessions ns Aircraf aft I Ins nspe pections Ai Airc rcra raft T Tra ransition

• ns

Co Core e Seg egmen ments ts Str trateg egic Enable abler

Rela latio ionship ips

Common Customers, Suppliers and OEMS

7

Chorus Aviation Overview

Technic hnical l Expe perti tise se

SLIDE 8

Appendix 2

Supplemental information

6

Appendix 1

Financial Statements

5

Conclusion

4

Regional Aircraft Leasing

3

Regional Aviation Services

2

Chorus Overview

Contents

Chorus Aviation Overview

8

1

SLIDE 9

Consistently profitable since 2006 IPO

135

Aircraft Leased:

64 third-party 71 inside CPA3,2

$0.04

Monthly dividend per share (DRIP)

5,200

Employees

TSX:CHR

Trading symbol

Chorus has become a sig signific ifican ant glo lobal p al pla layer in regional aviation

Chorus Aviation Overview

9

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

179

Aircraft owned2

$342M

2019 Adjusted1 EBITDA

$1.37B

2019 Revenues1

Note: Market capitalization value based on 160,678,919 shares outstanding and TSX closing stock price of $7.81 as of January 31, 2020.

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.

SLIDE 10

40 ye year ars

Jose seph R h Rand ndell

Pres esiden ent an and Chief ef E Exec ecutive e Officer er

30 ye year ars

Co Colin Co Copp

COO an and P Pres esiden ent, Chor

• rus A

Aviat ation

• n S

Ser ervices es

37 ye year ars

Stev eve R e Ridolfi fi

Pres esiden ent, Chor

• rus A

Aviat ation

• n C

Cap apital al

26 ye year ars

Jolen ene M e Mahody

Exec ecutive e VP an and Chief ef S Strat ateg egy O Officer er

5 ye year ars

Denni nnis L s Lopes

Sen enior

• r V

VP, C Chief ef Leg Legal al Officer er an and C Cor

• rp. S

Sec ecret etar ary

A hi highl hly e experi erienc enced ed and sta tabl ble management team with significant aviation experience

Chorus Aviation Overview

10 Gary ary O Osborn rne

Chie ief Fin inancia ial O l Offic icer

27 ye year ars

SLIDE 11

Chorus operates 13 13 f fac acilit ilitie ies ac s across s Can anad ada a plus 3 international offices for its leasing business

11

Chorus Aviation Overview



Headquarters (2)

• Admin offices / crew bases (8)

▲ Line maintenance facilities (4)  Heavy maintenance facilities (2)

Vancouver Toronto Montreal Calgary North Bay 



• ▲
• ▲
• ▲
• ▲
• Singapore

Cho horus us Aviat ation

• n

Cap apital al In Internat ation

• nal

al

• ffic

ffices

Halifax



• 

Ireland

• England

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

SLIDE 12

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

12

Chorus Aviation Overview

Our strategic agenda

SLIDE 13

Appendix 2

Supplemental information

6

Appendix 1

Financial Statements

5

Conclusion

4

Regional Aircraft Leasing

3

Regional Aviation Services

2

Chorus Overview

Contents

Chorus Aviation Overview

13

1

SLIDE 14

Contracted flying/wet leasing generates largest revenue stream

Operates scheduled service through a CPA with Air Canada under the Air Canada Express brand Offers charters throughout North America for corporate clients, governments, special interest groups and individuals

14

Chorus Aviation Overview

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

Air Canada Express flying Charter flights Specialized contracted flying

SLIDE 15

Chorus is Air Canada’s pri rimary ry r reg egiona nal part rtner ner

Responsibilities under the Capacity Purchase Agreement Air Canada Jazz

• Purchases capacity
• Manages routes
• Sets flight

schedules

• Sets ticket prices
• Conducts marketing
• Assumes

commercial risk

• Retains revenues for

passenger & cargo transport

• Supply of flying crews
• Airframe maintenance
• Flight operations
• Some airport operations
• General administration

15

Chorus Aviation Overview

• Fl

Flexibility to r

• respond
• nd qui

uickly and nd e efficient ntly t to m

• market cha

hang nges and nd op

• ppor
• rtuni

unities

• Jaz

azz man anag ages Air C Can anad ada a Express operat ations at at 3 38 ai airports ac across Can anad ada

• Sour
• urce of
• f qua

ualified p pilot

• ts t

thr hroug

• ugh

h Pilot

• t M

Mob

• bility P

Prog

• gram

Benefits for Air Canada

~80%

• f Air Canada’s

regional seat capacity

116 Aircraft currently

• perated by Jazz

52 Currently

leased under the CPA

~690

daily flights

90

N.A. destinations

Largest Chorus customer

SLIDE 16

• 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

Ame Amende ded/ d/extende ded C d CPA with Air Canada to 2035

16

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 aircraft lease 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

• f 1.30 (based on the long-term historical average rate which is reviewed and adjusted annually) was used in the calculation of the estimates.

See cautionary statement regarding forward-looking information on slide 2

SLIDE 17

253 266 593 748 134 577 980 1,610 223 151 325 308 399 548 858

Original CPA Amended CPA Original CPA Amended CPA Original CPA Amended CPA Original CPA Amended CPA

Fixed fee Aircraft leasing

476 417 918 1,056 1341 976 1,528 2,468

CPA extension increases total minimum contracted revenue by ~$940M

• Near-term fixed fee

reductions more than offset by term extension and aircraft leasing

• Aircraft leasing driving ~65%
• f the contracted revenue for

the term of the amended agreement

• Potential for additional lease

extensions/renewals beyond 2025

• Maximum available

performance incentives will average ~$3.4M annually over the term

• These are variable in nature

and are not included in the contracted revenue figures

17

Chorus Aviation Overview

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

2019-2020

Significant fleet transition

2021-2025

• Min. 105 aircraft

2026-2035

• Min. 80 aircraft

TOTAL

($59M) +$138M +$842M +$940M

Minimum contracted revenue in CPA ($M)

3

Change vs Original CPA

2

SLIDE 18

Aircr craft ty t type pe

Seat at Cap ap. Exis xistin ing Fleet eet

Comme mment nt

Am Amend nded CP CPA

De Havilland Dash 8-400 NextGen 74 44

• 3 will be removed in 2023
• 12 currently leased under the CPA will

extend lease to 2030

• 19 leases expiring between the end of

2025 and 2028 36

Bombardier CRJ-900 75 21

• 9 CRJ900s will be purchased and leased

under the CPA

• 5 CRJ900s will be sourced by Air Canada

and leased to Jazz in the first half of 2019 35

Bombardier CRJ-200 50 10

• Transferred to Jazz from Air Georgian
• 15 to operate until 2025

15

De Havilland Dash 8-300 50 26

• 18 aircraft will undergo an Extended

Service Program and generate leasing revenue under the CPA

• 13 of the 18 completed to date

19

De Havilland Dash 8-100 37 15

• Removed from the fleet and replaced

with larger aircraft

The amended CPA brings significant modernization to the Air Canada Express fleet

18

Chorus Aviation Overview

• 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

SLIDE 19

Maintenance Repair & Overhaul (MRO) and Parts

• 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
• n De Havilland, Bombardier and Embraer 135/145 regional

aircraft

• 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

19

Chorus Aviation Overview

Halifax, NS North Bay, ON

SLIDE 20

Appendix 2

Supplemental information

6

Appendix 1

Financial Statements

5

Conclusion

4

Regional Aircraft Leasing

3

Regional Aviation Services

2

Chorus Overview

Contents

Chorus Aviation Overview

20

1

SLIDE 21

Regional aircraft leasing/dry leasing is an attr ttracti tive bus usines ness with th str trong g gr growth th po potenti tial

• 50% of global passengers fly on trips shorter than 500 miles
• Regional aircraft allow airlines to optimize aircraft size

and reduce per-seat-cost

• 70-130 seat fleet expected to grow at ~3.7% per year over

the next 20 years1

• Penetration rate of operating leases is still relatively low

for regional aircraft (~29%) compared to narrow-body jets (~50%)

21

Chorus Aviation Overview

• Economic growth in emerging markets is expected to significantly
• utpace growth in advanced economies
• Fast growth of the urban middle class in emerging markets

will create opportunities for regional air travel

• Stable technology of regional aircraft reduces volatility in residual

value compared to narrow-body aircraft

• Steady historical deliveries

Es Esse sentia ial l com

• mpon
• nent of
• f

comme mmercia ial l avi viation

• n

Very r resilie silient deman and f from

• m a

a broad

• ad u

user bas ase Ge Geog

• grap

aphical ally y div iverse se d dema mand St Stable technol

• log
• gy

and s d suppl pply

1 Bombardier Market Forecast 2017-2036

1 2 3 4

SLIDE 22

5 pillars of our aircraft leasing gr growth th s str trategy gy

• Industry veterans based on 3 continents
• Strong relationships with over 100 airlines
• Seek airline customers with good credit quality and/or strong prospects
• Employ collaborative approach to working with airlines
• Build a diversified customer base

22

Chorus Aviation Overview

• Acquire modern technology, high demand, marketable aircraft
• Use sale leasebacks to build airline relationships
• Use skyline purchases to reduce aircraft acquisition costs
• Target 5 to 10 years to provide significant visibility into future
• Aim to recover cost of the aircraft over first lease
• Maintain adequate liquidity and flexibility while obtaining the lowest cost
• f capital available
• Seek debt financing from a variety of markets, channels and sources
• Reserve capital for select deals to allow for opportunistic purchasing

Highly Experienced Team Customers New to Mid-Life Aircraft Long-Term Leases Efficient Capital

SLIDE 23

Committed fleet of 64 64 air aircraft aft w worth U US$ 1. 1.3 billio illion

23

1 Includes all aircraft which

have been delivered as well as pending acquisitions and future deliveries for which CAC has received lease

• commitments. Assumes

lessees fulfill payment and

• ther lease obligations for

the entire lease term.

2 Fleet age and remaining

lease term are calculated based on the weighted- 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 (inclusive of floating rate debt that is fixed through the use of swaps) and 2.7% floating rate debt (with leases that float on the same basis as the debt).

4 Reflects actual borrowings

as at December 31, 2019 only.

• N. A

Ame meri rica 3 A Airc rcra raft

• S. A

Ame meri rica 5 A Airc rcra raft Euro rope 22 A Airc rcra raft Afr fric ica 9 A Airc rcra raft Aus ustr tralia 3 A Airc rcra raft Asi sia 22 A Airc rcra raft Chorus Aviation Overview See cautionary statement regarding forward-looking information on slide 2

• Approximately ~US$ 960M in future contracted lease revenue1
• 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

SLIDE 24

24

Chorus Aviation Overview

Chorus has become the world ld’s 2 s 2nd

nd lar

largest regional aircraft lessor (portfolio value)

5,970

2,200

1,841 1,565 1,235 735 515 500 485 360 340

NAC Chorus Chorus GECAS Falko DAE Elix TrueNoord Avation Avmax HEH

Chorus i s is s th the

• nly

ly lar large ge r regio gional al air aircraf aft le lessor wh whic ich is is als also an an o

• pe

perator Portfolio value (US$ M)

See cautionary statement regarding forward-looking information on slide 2 So Source: e: 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 Avolon

1 2

Including commitments Current

3

SLIDE 25

25

Chorus Aviation Overview

Diversification across airlines, geography and aircraft types

Turbo bopr props ps Region

• nal

al J Jets

Customer Aircraft committed1 Dash 8 ATR CRJ Embraer A220 TBD Aeromexico 3  airBaltic 5  Air Nostrum 4  Azul 5   Cityjet 2  Croatia Airlines 2  Ethiopian 5  Flybe 8   IndiGo 8  Jambojet 4  KLM 1  Malindo Air2 4  Philippine Airlines 3  SpiceJet 5  Virgin Australia 3  Wings Air2 2  To Total t al thir ird-pa party 64 24 23 6 6 5 Air Canada 71 52 14 5 Gr Grand to tota tal 13 135 76 23 20 6 5 5

1Chorus value includes 71 aircraft

leased under the capacity purchase agreement which include 9 future CRJ900 acquisitions, 5 future ESPs on Dash 8-300 aircraft and 5 future aircraft (type TBD) that will generate revenue under the CPA. Non-CPA aircraft leasing includes all aircraft which have been delivered as well as pending acquisitions and future deliveries for which CAC has received lease commitments.

2A member of the Lion Air Group.

SLIDE 26

De Descr crip iptio ion Samp mple C Chor horus us Trans nsaction

• n

1 From lessors

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

2 From airlines

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

3 From aircraft

manufacturers

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

Three ways to acquire leasing assets

Chorus Aviation Overview

26

Global regional aircraft leasing market estimated at ~275 new aircraft deliveries per year1

1 Bombardier Market Forecast 2017-2036

Source: FlightGlobal (2019), Chorus Aviation estimates

SLIDE 27

30+ Years Experience in Lease Management

Our team has experience with all aspects of lease event management

Lea ease se Eve vent Natural al Expir piry Wor

• rkou
• ut

Req equired ed New ew Customer mer Marketi eting Lea ease se Exten ensi sion Sale ale or P Par art- Out t of A Asset set Co Consen sensu sual Retu eturn Non

• n-

Co Consen sensu sual Retu eturn Lea ease se Res estr tructu ture

• Alt

lthough gh o

• ur le

leas asin ing g en enti tity ty i is r s rec ecen entl tly formed med, o

• ur tea

eam m has s sign ignif ific ican ant le leas ase ma managemen ement t expe perie ience wit with str trong c comp mpet eten encies es in a all asp spec ects o ts of th the e air aircraf aft le leas asin ing c g cycle le; th the c e core e based sed i in Irelan land. d.

• Strong le

g leas asin ing g exper erience a e at t th the e Iris ish bo boar ard an and d Chorus pu publ blic ic bo boar ard level els. s.

Chorus Aviation Overview

27

SLIDE 28

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

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

Legal S gal Servic vices

• Air

ircraft A Acquis isit itio ions/Sale les

• Lease N

Negot

• tiations
• ns
• Aircraft Fi

Fina nanc ncing ngs

Fin Finan ancial S ial Servic vices

• Treasur

ury S Sup uppor

• rt
• Tax

ax M Man anag agement

• Ins

nsur uranc nce

Tec echnical E Exper erti tise se

• Eng

ngine ne & C & Com

• mpone
• nent

nt Co Cost sts

• Techni

hnical A Advisor

• ry
• Records R

Rev eview ews

Lea ease T se Ter erm m Support

• Pre

re-Pur urcha hase I Ins nspections

• ns
• Airc

rcra raft a and Record rds Audi dits ts

• Res

eser erve P e Projec ections

End nd-of

• f-Lea

ease S se Support

• Reconf
• nfigur

uration &

• n &

Red edel eliver ery

• Ferry &

& Pos

• sitioni
• ning

ng Fl Flight hts

• Re

Re-Possessio ion C Capabilit ilitie ies

End nd- of

• f- Life S

e Ser ervices es

• Aircraft C

Con

• nversions
• ns
• Airc

rcra raft S Stora rage

• Airc

rcra raft P Part-out

• ut

Chorus Aviation Overview

28

SLIDE 29

Aircraft Lease Transition Technical Expertise

Chor horus us Avia iatio ion su subsi bsidi diaries s have 40 40+ ye years of f exper erien ence with air ircr craft ac acquis isit itio ions and d le leas ase t tran ansact actio ions with ove ver 300 a air ircr craft since 2000

• 000. Our

ur t technica chnical e l expertis ise is is a a c com

• mpetit

itiv ive advant ntage.

1. Pre-purchase and Re-delivery Inspection 2. Custody and Control 3. Technical Support Services

• 4. Heavy Maintenance Service &

Checks 5. Engine Services &Changes

• 6. Interior Configuration Changes

and Refurbishing 7. Aircraft RecordsAudits

• 8. Aircraft Storage
• 9. Airworthiness Management
• 10. Ferry Flights & Aircraft

Positioning

• 11. Aircraft re-possession

Technical Aircraft Leasing Services

Since 2000, Jazz has completed aircraft lease returns/inductions and recently completed lease return work for other airlines, and managed aircraft transitions for other leasing companies. Additionally, Jazz has extensive technical knowledge and capability with regards to aircraft acceptance from the OEM. Voyageur provides a full suite of aircraft leasing support services and has completed multiple lease returns for aircraft leasing companies.

Chorus Aviation Overview

29

SLIDE 30

Chorus holds defensive position in economic downturn

• Over 90% of revenues embedded in flight operations and

aircraft leasing long-term contracts

• US $2.7B in future contracted revenues1
• Air Canada assumes risks related to commercial aspects
• +/- C$2M guardrail on controllable costs
• Minimum fleet and aircraft leasing commitments

30

Chorus Aviation Overview

• Lower costs and smaller aircraft than mainline carriers
• Aircraft leasing provides operational flexibility, reduces

financing requirements and eliminates risk on aircraft residual value

• Rigorous evaluation process
• Diversification of aircraft type and geography
• Diversification of customer base with good prospects
• Mature and efficient regional aircraft
• Ability to fly, lease, sell, modify, disassemble and part-out

aircraft

Visibility on future revenues and costs Protected profit margin under CPA Better suited to serve reduced market demand Conservative approach to leasing business Valuable aircraft lifecycle

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

SLIDE 31

Appendix 2

Supplemental information

6

Appendix 1

Financial Statements

5

Conclusion

4

Regional Aircraft Leasing

3

Regional Aviation Services

2

Chorus Overview

Contents

Chorus Aviation Overview

31

1

SLIDE 32

1 2 3

Chorus is ver ery wel ell po positi tioned t ed to gr grow sig ignif nific icant ntly ly in in the he regio iona nal a l air ircraft le leasing ing bus usine iness, led by a very strong team of industry veterans and supported by internal expertise and capabilities in regional aviation services Chorus is committed to grow it its r regio iona nal l avia iatio ion s n serv rvic ices, both inside and outside the CPA Ch Chorus has a pr predi edicta ctabl ble r e reven enue e str trea eam, with a business model based

• n long-term contracts, less exposed

to downturns than main line carriers and lessors

Chorus Aviation Overview

Conclusion

32

SLIDE 33

Appendix 2

Supplemental information

6

Appendix 1

Financial Statements

5

Conclusion

4

Regional Aircraft Leasing

3

Regional Aviation Services

2

Chorus Overview

Contents

Chorus Aviation Overview

33

1

SLIDE 34

34

Consolidated Income Statement

For the years ended December 31, 2019 and 2018

(expressed in thousands of Canadian dollars, except earnings per share) 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 Aircraft maintenance 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

$ $ 2019 2018

(Restated - Note 3)

SLIDE 35

35

Unaudited Consolidated Statements of Financial Position

(expressed in thousands of Canadian dollars)

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

As at

As at As at

December 31, December 31, January 1, 2019 2018 2018 $ $ $

(Restated - Note 3) (Restated - Note 3)

SLIDE 36

36

Seg egmen ented ed Fi Financial S Statem emen ent

Three M ee Months E Ended ed D Dec ecem ember er 3 31, 2 2019

(expressed in thousands of Canadian dollars) 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

$ Regional Aircraft Leasing

(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.

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

(1)

For the three months ended December 31, 2019 Total $

SLIDE 37

37

Seg egmen ented ed Fi Financial S Statem emen ent

For t the Y e Yea ear E Ended ed D Dec ecem ember er 3 31, 2 2019

(expressed in thousands of Canadian dollars)

(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 (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.

Total $

(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.

$ $ $ $ $ Regional Aviation Services Regional Aircraft Leasing Total Regional Aviation Services Regional Aircraft Leasing

For the year ended December 31, 2019 For the year ended December 31, 2018

(1)

SLIDE 38

Appendix 2

Supplemental information

6

Appendix 1

Financial Statements

5

Conclusion

4

Regional Aircraft Leasing

3

Regional Aviation Services

2

Chorus Overview

Contents

Chorus Aviation Overview

38

1

SLIDE 39

Chorus Aviation - The Leasing Platform

Chorus’ s’ le leasin sing bu g busin siness s is is fu fully lly bu built ilt-out t and h d high ighly ly sc scala lable ble

Busi sines ess C s Cycle

Ac Acqui uire Man anag age Transiti tion Disp spose se

• Strategy and

Planning

• Worldwide

Market Coverage

• Purchase/Lease

Contracting

• Aircraft

Delivery and Acceptance

• OEM/Fleet

Relationship Management

• Lease

Management

• Compliance
• Maintenance

Monitoring

• Continuous

Risk Assessment

• Lease

Contracting

• Worldwide

Market Coverage

• Aircraft

Delivery and Acceptance

• Repossession
• MRO Services
• Asset Trading

Management

• Contracting for

Sale

• Worldwide

Market Coverage

• MRO Services

and Part-out

• 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.

39

SLIDE 40

• Director of Sales, Bombardier
• Airline Analyst, Saab Aircraft

Appendix

Chorus Aviation Capital - Senior Management

• VP, Capital Markets, Lease Corporation International
• Head of Treasury, Vistajet
• Director, Structured Finance, Bombardier
• Director, Aircraft Finance, Bank of Scotland
• Director, Corporate Development/Aircraft Programs,

Chorus

• Manager, Business Development, Jazz Aviation LP
• Vice President, Commercial Operations, Provincial

Airlines

• Manager, Aircraft Programs, Jazz Aviation LP
• SVP, Strategic Investments, Mergers & Acquisitions, Chorus

Aviation

• SVP, Strategy, Mergers and Acquisitions, Bombardier
• President, Business Aircraft, Bombardier
• President, Regional Aircraft, Bombardier

St Steven R Rid idolf

• lfi, Preside

dent

• Director of New Aircraft Sales, Bombardier
• Director of Pre-owned Aircraft Sales, Bombardier

Prashant Mahaja jan, Vice P Preside dent nt, L Leas ase O Origi ginat ations

• Director, Finance and Operations, CIT Aerospace International
• European Treasury Manager, CIT Vendor Finance
• Financial Controller, Commcorp International
• Fixed Income Accountant, Credit Suisse First Boston, London, UK

Una Sle Slevin in, Vice P Preside dent nt, He Head ad of C Cont ntrac acts

• VP, Aircraft Leasing and Trading, Chorus Aviation
• VP, Marketing and Sales, Bombardier Flexjet
• VP, Commercial, Embraer North America
• Managing Director, Embraer Asia Pacific.

J.

• J. B

Bruce e Peddle, Chi hief Ope perat ating O ng Officer Ro Rory M McQueen, Vice Preside dent nt F Finan nance & & Capi apital al M Mar arkets

• VP, Structured Finance, Bombardier
• VP, Finance and Contracts, Bombardier
• VP, Asset Management & Business Development, Bombardier

Cameron

• n Mount

untena nay, Chi hief Finan nancial al O Officer Jim M Murp urphy hy, V/P, Trans ansac actions ns and C and Control Dave C Cor

• rri, Vice P

Preside dent nt, Techni nical al

• Director, Technical, Chorus Aviation Capital
• Technical Services Engineer, Part M Aviation
• Technical Services Engineer, Maintenance Planning, ASL Airlines

Ireland

• Aircraft Engineer, CityJet
• Financial Controller, External Reporting & Control, DAE
• Financial Controller, External Reporting, AWAS
• Manager, Statutory Reporting, AWAS
• Manager, PWC

Ray Gor Gorman, Vice P Preside dent nt, Accoun unting ng Fabio L io Lig igi, Vice P Preside dent nt, Leas ase Origi ginat ations ns

CAC per erson

• nnel

el have e e exper erien ence e with al all as aspec ects of leas ease e man anag agem emen ent.

Chorus Aviation Overview

40

SLIDE 41

How we mitigate risk

• Air Canada manages all commercial aspects and assumes all associated risks
• 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
• 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

41

Chorus Aviation Overview

CPA/Wet Leasing Dry Leasing

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

SLIDE 42

Opportunities for incremental revenue at end of leases under the CPA

• Current lease commitments beyond 2025 leave substantial room for

additional lease extensions/renewals on current and possibly new aircraft to Air Canada in amended CPA

• Lease expiry of each aircraft is concurrent with full debt repayment; no

exposure for Chorus on debt

• 19 Dash 8-400 aircraft have lease terms expiring from end of 2025 to

end of 2028

• Put and call rights to Air Canada in 2025 no longer applicable due to CPA extension

to 2035

42

Chorus Aviation Overview

Significant leasing

• pportunity

as each aircraft lease under the CPA expires

Year end nd f fleet c count

• unts

20 2019 20 2020 20 20 2021 21 20 2022 22 20 2023 23 20 2024 24 20 2025 25 20 2026 26 20 2027 27 20 2028 28 20 2029 29 20 2030 20 2031 20 2032 20 2033 20 2034 20 2035 Chorus-owned 75-78 seat aircraft earning leasing revenue under CPA 39 481 48 48 45 45 501 44 39 31 26 26 14 5 5 5 5 Chorus-owned Dash 8-300 aircraft2 (50-seat aircraft) earning leasing revenue under CPA 13 16 17 18 18 18 18

• Chorus-owned aircraft with expired leases 3, 4
• 3

3 3 28 33 41 46 46 58 67 67 67 67 To Total 52 52 64 64 65 65 66 66 66 66 66 66 66 66 72 72 72 72 72 72 72 72 72 72 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.

Aver erage e of 3 33 Aver erage e of 7 7 Aver erage e of 5 52

SLIDE 43

Minimum CPA fleet commitment provides predictability

• Enhanced relevance to Air Canada

with CRJ200 regional AC Express capacity reallocated to Jazz

• Further fleet modernization and

transition to larger gauge equipment with the Dash 8-100s exiting the fleet earlier

• All owned Dash 8-300 aircraft

maintained as covered fleet until 2025

• Minimum fleet of 105 determines

fixed fee revenue floor; set at $75.3 million in each of 2019 and 2020, given substantial fleet transitions and averages $61.6 million from 2021

• 2025
• Minimum covered fleet of 80 aircraft

in the 75-78 seat range provides minimum revenue floor of $399 million over extended term from 2026-35

Significant regional network footprint under amended CPA

43

Chorus Aviation Overview

Amende ded d CPA 2019 2020 2021 2022 2023 2024 2025 2026 6 Onw nwar ard DASH 8-100

• DASH 8-300

19 19 19 19 19 19 19

• CRJ900

35 35 35 35 35 35 35

• Dash 8-400

36 36 36 36 36 36 36

• CRJ200

15 15 15 15 15 15 15

• Type TBD

80 TO TOTA TAL 105 105 105 105 105 105 105 80 Previous us C CPA 2019 2020 2021 2022 2023 2024 2025 2026 6 Onw nwar ard DASH 8-100 15 15 12 12 4 1

• DASH 8-300

26 26 26 26 26 26 26

• CRJ900

21 21 21 21 21 21 21

• Dash 8-400

44 49 49 49 49 49 49

• CRJ200

10

• TO

TOTA TAL 116 16 111 11 108 108 100 97 97 96 96

• Oper

erating aircraft in fleet eet m may b be e higher er than the m e minimum cover ered ed f fleet eet commitment, p par articular arly i y in the ear arly y ye year ars as as fleet tran ansition o

• ccurs

SLIDE 44

Jazz is widel ely rec ecogni nized ed for i r its e excel ellenc ence, both as an employer and operator

• Canada’s Safest Employers 2019

Gold in Transportation cat.

• Canada’s Best Diversity

Employers 2019 - 2012

• Mercer Award for Excellence in

Diversity and Inclusion 2019

• Employee Recommended

Workplace – 2018 - 2019 The Globe and Mail & Morneau Shepell

2019 2017

44

Chorus Aviation Overview

2018

• Canada’s Safest Employers 2017

Gold in Transportation cat.

• APEX award for “Excellence in

Publication” - Focus on Safety

• Top Airline Reliability

Performance Awards 2018-2015

• Canada’s Safest Employers 2018
• Silver in Transportation cat.
• Silver Psychological Safety cat.
• Canada’s Top Employers for

Young People 2020 - 2014

• Atlantic Canada’s Top 25

Employers 2020 - 2012

• Nova Scotia’s Top 15 Employers

2020 - 2012

2020

SLIDE 45

Oil crisis Gulf Crisis Asian Crisis 9/11 SARS Financial Crisis

2x 2x

Regional aviation holds str trong gr g growth th po potenti tial worldwide

45

Chorus Aviation Overview

• Resilient passenger air traffic growth

has outperformed GDP growth by ~2.0x

• ver the past 10 years 1
• 20-year world annual traffic growth

forecast of 4.4% 1

• Growth in leased aircraft fleet driven

by 2 factors:

• Increase in global fleet
• Increasing use of leased aircraft (vs owned)
• Operating leases provide more
• perational flexibility, lower financing

requirements, and no residual value risk

Air Travel expected to double from 2015 to 2025 1 Airlines increasingly dependent on operating leases 2

5 10 15 20 25 1977 1982 1987 1992 1997 2002 2007 2012 2017 2022 2027 2032 2037

2,000 000 3,1 ,100 4,7 4,700 6,1 ,100 7,3 ,300 9,40 ,400 17 17% 24% 4% 32 32% 36 36% 40 40% 43 43%

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2,000 4,000 6,000 8,000 10,000 12,000 14,000

1995 2000 2005 2010 2015 2019 Oper erating l lea ease e marke rket s share re Oper erating l lea ease e fleet leet ( (es est.)

Worl rld ai airc rcraf raft fleet o

• n an

an operat rating l leas ase World annual t traffic (trillion RPK) K)

1 Airbus Global Market Forecast (2018-2037), 2 FlightGlobal (2019), includes in-service TPs, RJs, and NBs with more than 20 seats

SLIDE 46

Hypothetical leased assets earnings example

Chorus Aviation Overview

46

See cautionary statement regarding forward-looking information on slide 2

Inputs Investment information Rentals Expenses Sale A ircraft cost $20 .0 A verage LRF .90 % Interest rate 4 .50 % Holding period 10 Loan/ value .75 $15.0 Monthy rental $0 .18 Depreciation rate 4 .0 % Sales value .0 % Equity $5.0 A nnual rental $2.2 Payment at maturity 25.0 % (Gain over NBV) D/ E Ratio 3.0 x Year Revenue Depreciation Interest Expense EBT Deferred taxes Net Income Investment Revenue Debt Repayment Sales proceeds Net Cash Flow NBV Equity A ircraft Value Debt Balance Debt/ Equity (5.0 ) (5.0 ) 5.0 20 .0 15.0 3.0 1 2.2 (0 .8) (0 .7) .7 (0 .1) .6 2.2 (1.6) .6 5.6 19.2 14 .1 2.5 2 2.2 (0 .8) (0 .6) .7 (0 .1) .6 2.2 (1.6) .6 6.2 18.4 13.1 2.1 3 2.2 (0 .8) (0 .6) .8 (0 .1) .7 2.2 (1.6) .6 6.9 17.6 12.1 1.8 4 2.2 (0 .8) (0 .5) .8 (0 .1) .7 2.2 (1.6) .6 7.6 16.8 11.1 1.5 5 2.2 (0 .8) (0 .5) .9 (0 .1) .8 2.2 (1.6) .6 8.4 16.0 10 .0 1.2 6 2.2 (0 .8) (0 .5) .9 (0 .1) .8 2.2 (1.6) .6 9.2 15.2 8.9 1.0 7 2.2 (0 .8) (0 .4 ) 1.0 (0 .1) .8 2.2 (1.6) .6 10 .0 14 .4 7.7 .8 8 2.2 (0 .8) (0 .3) 1.0 (0 .1) .9 2.2 (1.6) .6 10 .9 13.6 6.4 .6 9 2.2 (0 .8) (0 .3) 1.1 (0 .1) .9 2.2 (1.6) .6 11.8 12.8 5.1 .4 10 2.2 (0 .8) (0 .2) 1.1 (0 .1) 1.0 2.2 (5.4 ) 12.0 8.8 12.8 12.0 .0 .0 Total 21.6 (8.0 ) (4 .7) 8.9 (1.1) 7.8 (5.0 ) 21.6 (19.7) 12.0 8.9 Project IRR 15% Income Statement Cash Flows Metrics