Presented At The 2019 Value Investing Conference

Presented at the2019 Value Investing ConferenceToronto, ONApril 10, 2019Delivering regional aviationto the worldTSX: CHR

Caution regarding forward-looking informationThis presentation contains “forward-looking information” as defined under applicable Canadian securitieslaws. 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”, andsimilar terms and phrases, including references to assumptions. Such information may involve but is notlimited 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 offuture results, estimates of amounts not yet determinable and other uncertain events. Forward-lookinginformation, 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 otherthings, external events, changing market conditions and general uncertainties of the business. Suchstatements involve known and unknown risks, uncertainties and other factors that may cause actualresults, performance or achievements to differ materially from those expressed in forward-lookinginformation. Factors that could cause results to differ materially from those expressed in this presentationinclude those identified in Chorus’ public disclosure record available at www.sedar.com and the riskfactors identified in Chorus’ Annual Information Form dated February 21, 2019. Statements containingforward-looking information in this presentation represent Chorus' expectations as of the date of thispresentation (or as of the date they are otherwise stated to be made) and are subject to change aftersuch date. Chorus disclaims any intention or obligation to update or revise such statements to reflect newinformation, subsequent events or otherwise, unless required by applicable securities laws.Chorus Aviation Overview2

Chorus is a fast-growingglobal provider of integrated regional aviationsolutionsChorus Aviation Overview3

Regional aviation is based on aircraft carryingUp to 130 passengers2 main types ofregional aircraftRegionalJetsFlying shorter distances than Narrow Body jetsUp to 130passengersBombardierCRJ-200 to CRJ-1000EmbraerE135 to E190AirbusA220Turbo propsUp to 90passengersBombardierDash 8 – 100 to 400ATRATR 42 to ATR 72% of all flights below 500 miles 183%OAG (2012).2Worldwide aircraft fleet 215,80050% of worldpassengers fly 500 miles37%5,90017%Turbo props RegionalJets1Accounting for 22% ofthe world’s commercial fleetNarrowBody yWide BodyFlightGlobal (2019), includes in-service aircraft with more than 20 seatsRegional aircraft are fundamental to efficient air transport networks and link 60% of the world’s communities 1Chorus Aviation Overview4

Investment Highlights1Chorus has a unique strategy to provide a full suite ofregional aviation services to customersworldwide2Chorus is well-positioned for significant growthopportunities, as an international aircraft lessorand leasing opportunities within its CPA with AirCanada3Chorus has a predictable revenuestream, with 90% of annual revenuessecured through long-term contracts andstrong relationshipsChorus Aviation Overview5

Contents135Chorus OverviewRegional AircraftLeasingGrowth andDiversification2Regional AviationServices4Chorus Evolution6ConclusionChorus Aviation Overview6

Chorus Overview - Highlights Chorus has become a significant playerin global regional aviation 1.45B revenues in 2018 343M adjusted EBITDA 1 in 2018 5,200 employees worldwide 1.1B market capitalization Led by a very experienced and stable managementteam 3 complementary lines of business generate valueat every stage of an aircraft’s lifecycle 12% ROIC in the last 2 fiscal years, includingfast-growing aircraft leasing division1Adjusted EBITDA is a non-GAAP financial measureChorus Aviation Overview7

Chorus has become a significant playerin global regional aviation 1.45B1355,20087Consistently profitablesince 2006 IPO2018 Revenues 343MAircraft ownedEmployees2018 AdjustedEBITDATSX:CHRTrading symbol 0.04Monthly dividendper share (DRIP)Aircraft Leased: 40outside N-A47 inside CPANote: Market capitalization value based on 157,284,240 shares outstanding and TSX closing stock price of 7.18 as of March 29, 2019. 1.12B market capitalization as of March 29, 2019 1Chorus Aviation Overview8

Chorus activities are carried out through 2 business segments: Regional Aviation Services and RegionalAircraft LeasingLines o f b usinessLeg alEnt it yDiv isio nA irc raf tFleeto w nedA irc raf tLeasingCo nt rac t ed Fly ingSched uledFlig ht sChart erMaint enanc eSp ecializedco nt ractf ly ingMROHeav y mo d sSp are p art sandp ro v isio ningp art -o ut 20 %Reg io nal A ir cr aftLeasingCho r us A v iat io n Cap it al Co r p .4040Reg io nal A v iat io nSer v icesJazz A v iat io nLP7547A ir cr aft leasingund er CPAFY 20 18A d just edEBITDA 34 %FY 20 18A d just edEBITDA Jazz Jazz TechnicalSer v icesVo y ag eurA v iat io n Co r p .Vo y ag eurA ir w ay s 4 6% 20Vo y ag eurA er o t ech Vo y ag eurA v p ar t sTot alFY 20 18A d just edEBITDA 13587Regional Aircraft Leasing and CPA leasing account for 54% of Adjusted EBITDA and hold strong growth potentialChorus Aviation Overview9

Chorus operates 13 facilities across Canada plus 3 international offices for its leasingbusiness Headquarters (2) Admin offices / crew bases (8) Line maintenance facilities (4) Heavy maintenance facilities (2) Calgary VancouverNorth Bay Montreal Toronto HalifaxChorusAviationCapitalInternationaloffices Singapore Ireland EnglandNote: Chorus’ presence in Singapore and England consists of business development representativesChorus Aviation Overview10

Our strategic agendaGrow our regional aircraft leasing business through aircraftacquisitions, portfolio acquisitions and potential skylinetransactionsGrow our regional aviation services of contracted flying, MRO andtechnical servicesLeverage the synergies and expertiseacross our lines of business to furtherdrive diversification and profitChorus Aviation Overview11

What differentiates us from the competitionContractedFlyingAircraft Leasing& TradingMRO ServicesNew CustomersMaintenance,Repair &OverhaulChorus generates value at every stage of an aircraft’s lifecycleChorus Aviation Overview12

Contents135Chorus OverviewRegional AircraftLeasingGrowth andDiversification2Regional AviationServices4Chorus Evolution6ConclusionChorus Aviation Overview13

Contracted flying generates greatest revenue streamAir Canada Express flyingOperates scheduled service through a CPA with AirCanada under the Air Canada Express brandSpecialized contractedflyingProvides medical, logistical and humanitarianflight operations to blue chip customers globallyCharter flightsOffers charters throughout NorthAmerica for corporate clients,governments, special interest groupsand individualsChorus Aviation Overview14

Chorus is Air Canada’s primary regional partner 74%of Air Canada’sregional seatcapacityResponsibilities under theCapacity PurchaseAgreement11647daily flights79Leased underthe CPALargest ChoruscustomerN.A. destinationsAir CanadaJazz Purchases capacity Conducts marketing Supply of flying crews Manages routes Assumes commercialrisk Airframe maintenance Retains revenues forpassenger & cargotransport Some airport operations Sets flight schedules Sets ticket pricesBenefits for Air Canada 700Aircraft operated byJazz Flight operations General administration Flexibility to respond quickly and efficiently to market changesand opportunities Jazz manages Air Canada Express operations at 36 airports across Canada Source of qualified pilots through Pilot Mobility ProgramChorus Aviation Overview15

Maintenance Repair & Overhaul (MRO) and PartsHalifax, NS 6-bay, 80 000 sq. ft. facility 24/7 operations provide flexibility to serve carriers exactly whenneeded Certified to perform traditional heavy maintenance activities onBombardier and Embraer 135/145 regional aircraftNorth Bay, ON 200 000 sq. ft. facility Performs heavy MRO activities, customized designs and engineeringand aircraft modifications Transport Canada, FAA and European Aviation Safety Agencyapproved Transport Canada certified Canadian Design Approval Organization Supplemental Type Certificates for Dash 8 100/200/300/ Q400s andDash 7s Provides parts provisioning, sales and service for regional aircraft great complement to MRO activitiesChorus Aviation Overview16

Contents1Chorus Overview23Regional Aircraft Leasing4Chorus Evolution6Conclusion5Growth andDiversificationChorus Aviation OverviewRegional AviationServices17

Regional Aircraft Leasing Rapidly growing business launched in 2017 Attractive business with many synergies withContracted Flying and MRO Led by industry veterans with strongrelationships throughout the industry, includingover 100 airlines Key achievements in 2 years: C 401M1 capital raised to date Committed fleet of 40 aircraft worth US 860M US 300M warehouse facility1 97.26M of the 401M relates to Air Canada’s equity investment; 40% will be used to acquire third-partyleases and 60% to acquire aircraft to operate under the CPASee cautionary statement regarding forward-looking information on slide 2Chorus Aviation Overview18

Chorus has rapidly become the world’s 4th largestregional aircraft lessor (in portfolio value)Portfolio value (US xTrueNoord575500Avmax350CDB325Avation300Chorus is theonly large regionalaircraft lessor which isalso an operatorSource: FlightGlobal (2019); portfolio values based on half-life CMVsChorus value includes 47 aircraft leased under the capacity purchase agreementChorus Aviation Overview19

Contents135Chorus OverviewRegional AircraftLeasingGrowth andDiversification2Regional AviationServices4Chorus Evolution6ConclusionChorus Aviation Overview20

Chorus has a robust history in Canadian aviationConsolidation ofmajor regional airlinesJazz Air Income FundChorus Aviation OverviewStrong business model21

Navigating through turbulent timesChallenges of an evolving regional business New entrantsNew compensation levelsLegacy costs and senior workforceOne single customer2008-2009 Recession Soaring fuel pricesDecreased passenger demandReduction in Air Canada network capacityDecrease in Jazz flying activitySignificant cost reductions Cost-saving initiatives Staff reductionsHigh-cost operating environment Federal/provincial fuel excise taxesSecurity feesNavCanada feesAirport chargesChorus Aviation Overview22

Positioning Chorusfor growth anddiversificationChorus Aviation Overview23

Contents135Chorus OverviewRegional AircraftLeasingGrowth and Diversification2Regional AviationServices4Chorus Evolution6ConclusionChorus Aviation Overview24

Chorus’ diversification began in early 2015A natural extension to Chorus’ lines of businessChorus Aviation Overview25

Launched third-party leasing in January 2017 Established Chorus Aviation Capital to seizeopportunities in regional aircraft leasing Fairfax Financial invested 200 million in Chorusthrough a private placement of convertible debtunits Chorus Aviation Capital is building a global,regional aircraft leasing platform and furtheradvancing Chorus’ growth and diversificationstrategyChorus Aviation Overview26

Committed fleet of 40 aircraft worth US 860MEurope10 AircraftN. America3 AircraftAsia10 AircraftAfrica9 AircraftS. America5 AircraftAustralia3 AircraftWe intend to leverage our expertise in all aspects of regional aviation to support growth in this sectorChorus Aviation Overview27