Chorus Aviation : Q1 2024 Chorus Investor Deck

TSX: CHR

Investor

Presentation

May 2024

Contents

1. About Chorus
2. Key Investment Highlights
3. Business Groups
4. Summary

Appendices

2

1. Other information
2. Jazz, Air Canada Express Operator
3. Falko, Leading Aircraft Asset Manager & Lessor
4. Voyageur, Speciality Service Provider

3 Notice to Reader

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This presentation may include forward-looking information and statements within the meaning of applicable securities laws (collectively, "forward-looking information"). Forward-looking information may be identified by the use of terms and phrases such as "anticipate", "believe", "can", "could", "estimate", "expect", "future", "intend", "make", "may", "plan", "potential", "predict", "project", "will", "would", and similar terms and phrases, including negative versions thereof and other similar expressions. Such information may involve but is not limited to comments and statements with respect to strategies, expectations, planned operations or future actions. Forward-looking information, by its nature, is based on assumptions and is subject to important risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking information.

Examples of potential forward-looking information in this presentation include statements regarding expectations as to Chorus' contracted revenues, plans to reduce Chorus' debt leverage, Chorus' future growth and competitive position, the growth of Falko's asset management business, the transition of Chorus' leasing business to an asset light leasing model, the generation of cash flows from asset sales and potential deployment of those proceeds to enhance returns to shareholders and/or invest in accretive growth opportunities, and the completion of pending or planned transactions (including the successful close of Falko's Fund III). Actual results may differ materially from results indicated in forward-looking information for a number of reasons, including if: Falko is unable to successfully launch Fund III on the terms currently contemplated or at all; Chorus (including any of its subsidiaries) is unable to attract and retain the type and number of human resources it needs to operate its business; new COVID-19 variants and/or new pandemic or endemic diseases emerge and restrictive measures are implemented to minimize their public health impacts; the effects of the COVID-19 pandemic continue to adversely impact the financial health of Chorus' contractual counterparties; general economic conditions (including inflation and interest rates) worsen, or general conditions for the aviation industry deteriorate; payments cease (in whole or in part) under the capacity purchase agreement (CPA) with Air Canada and/or under aircraft lease agreements with Chorus' customers; disputes emerge under the CPA and/or under aircraft lease agreements; Chorus defaults under any of its debt covenants; asset impairments and/or provisions for expected credit losses are required; changes in law are made (including regulations relating to climate change) which adversely affect Chorus' business or assets; transactions referenced in Chorus' public disclosure record fail to conclude on the terms currently contemplated or at all; and/or one or more of the risk factors referenced in Chorus' most recent Annual Information Form and in its public disclosure record available on SEDAR+ at www.sedarplus.camaterializes. Statements in this presentation containing forward-looking information represent Chorus' expectations as of May 6, 2024 (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 obligation to update or revise such statements to reflect new information, subsequent events or otherwise, except as required by applicable securities laws. Readers are cautioned that the foregoing factors and risks are not exhaustive.

MARKET AND INDUSTRY DATA

This presentation includes estimates regarding market and industry data that is prepared based on management's knowledge and experience in the markets in which Chorus and its subsidiaries operate, together with information obtained from various sources, including publicly available information and industry reports and publications. While Chorus believes such information is reliable, it has not independently verified any third- party information and therefore cannot guarantee its accuracy or completeness.

NON-GAAP FINANCIAL MEASURES

This presentation references non-GAAP financial measures, non-GAAP ratios and non-GAAP capital management measures. These non-GAAP measures are generally numerical measures of financial performance, financial position or cash flows, that include or exclude certain amounts from the most comparable GAAP measures. As such, these measures are not recognized for financial statement presentation under GAAP, do not have standardized meanings, may not be comparable to similar measures presented by other entities, and should not be considered a substitute for or superior to GAAP results.

For further information regarding these measures, including a quantitative reconciliation of certain financial measures to the most directly comparable financial measures in Chorus' financial statements, please refer to section 18 (Non-GAAPFinancial Measures) of Chorus' Management's Discussion and Analysis of Results of Operations and Financial Condition dated May 6, 2024, which is available under Chorus' profile on SEDAR+

atwww.sedarplus.ca.

About Chorus

4

Chorus is a leading, global aviation solutions provider and

asset manager, focused on regional aviation

7	362	USD $3.7 B	450+	5000+
Businesses or	Regional aircraft	Assets owned, operated	Customers worldwide	Employees
customers
owned, operated	and under management
operating on every
and/or managed
continent

1. Data as at December 31st, 2023.
2. Refer to Endnotes, including endnote 9, and to the cautionary statement regarding forward-looking information in the Notice to Reader.

We have an exceptional roster of industry veterans with an extensive scope of experience in the sector

Colin Copp		Gary Osborne
President and Chief Executive Officer		Chief Financial Officer

31 Years

31 Years

Jeremy Barnes		Randolph deGooyer
Chief Executive Officer, Falko		President, Jazz

41 Years

31 Years

Jolene Mahody

Executive VP and Chief Strategy Officer

31 Years

Cory Cousineau

President, Voyageur

30 Years

About Chorus

5

Dennis Lopes

Senior VP, Chief Legal Officer & Corp. Secretary

10 Years

Lynne McMullen

President, Cygnet Aviation

Academy

25 Years

6

About Chorus

Q1 2024 Financial Highlights

Strong Free Cash Flow of $103.6 million, primarily derived from operating cash flows

Leverage Ratio improved from 3.6x at December 31, 2023 to 3.4x at March 31, 2024

Adjusted EBITDA	Adjusted Earnings available to	Free Cash Flow	Leverage Ratio
($ millions CAD)	Common Shareholders per Common	($ millions CAD)
	Share-basic

	$118.1		$0.11	$102.1			3.6x
					$73.1	3.4x
		$0.06
$109.1
Q1 24	Q1 23	Q1 24	Q1 23	Q1 24	Q1 23	31-Mar-24	31-Dec-23

Adjusted EBITDA, Adjusted Earnings available to Common Shareholders per Common Share-basic, Free Cash Flow, and Leverage Ratio are non-GAAP financial measures. Please refer to the cautionary statement on non-GAAP financial measures in the Notice to Reader.

About Chorus

Our Lines of Business	7

Common platforms provide increased

revenue and margin opportunity

The largest regional operator in Canada and provider of regional air services under the Air Canada Express brand

The leading pure play regional aircraft asset manager and lessor, managing investments on behalf of third-party fund investors

A leading provider of specialty charter, aircraft modifications, parts provisioning and in-service support services

An industry leading accredited training academy preparing pilots for direct entry into airlines

8	Key Investment Highlights

1. Regional aviation is a core and resilient sector of aviation

2. Leading regional aviation solutions provider and asset manager with diversified global presence

3. Long-term contracted cash flows and high-quality asset base

4. Strategic transformation unlocks value for common shareholders

Refer to the cautionary statement regarding forward-looking information in the Notice to Reader.

Core and resilient sector of aviation

9	Regional Aircraft - A Strong Asset Class

• Well suited to uncertain demand environments; utilized both in up and down cycles
• Supported by core global operators; stronger credits
• Generally built to order, protecting asset values
• Lease returns outperform those of narrowbody and widebody

50% of world flights are less		45% of all airports are
than 500 miles1		serviced exclusively by
				regional aircraft2

Link ~60% of the world's	Government, defence, aerial
communities1	fire fighting, cargo,
	aeromedical

1. Source: Official Aviation Guide (2012).
2. ATR Turboprop market forecast 2022-2041.
3. Refer to the cautionary statement regarding forward-looking information in the Notice to Reader.

Regional aviation leader with a diversified global presence

10 We are a leading regional aviation solutions provider and asset manager with a diversified global presence