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Chorus Aviation Inc. Q1-2018 Earnings & Price Target Update

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Chorus operates the largest regional airline and the second largest airline in Canada after Air Canada, based on size. Chorus provides 70% of Air Canada's domestic and trans-border network according to the terms of a Capacity Purchase Agreement with Air Canada. Chorus's strategy is to diversify revenues sources outside of the Capacity Purchase Agreement with Air Canada into the global market for regional aircraft leases and support services. In May-2015 Voyageur Airways was acquired and in Jan-2017 Chorus Aviation Capital Corp. was established with $200M in financing provided by Fairfax Financial Ltd. (FFH) and $103M for new share issuance. For Q1-2018, Chorus earned 88% of revenue from the CPA (94% in 2017) with Air Canada, with the balance from Chorus Aviation Capital for leasing and Voyageur Aviation for aircraft maintenance. As of Dec-31-2017 the fleet was comprised of 168 aircraft of which 19 were leased to other than Air Canada. As of Dec-31-2016 the fleet was comprised of 152 aircraft, and 144 at Dec-31-2015.

Contract Flying includes both the Jazz and Voyageur subsidiaries. Jazz operates scheduled service through a capacity purchase agreement with Air Canada, providing substantially all of its capacity to Air Canada under the Air Canada Express brand. Jazz also operates charter flights for a variety of customers and provides airport handling services (both passenger and ramp handling). Voyageur Airways provides specialized contract flying, such as medical, logistical and humanitarian flights, to international and Canadian customers.

Regional aircraft leasing is comprised of a portfolio of leased aircraft includes 64 aircraft comprising six ATR 72-600s, five Q400s, four CRJ1000s, two E190 and two E195s currently leased to air operators which are not affiliated with Chorus, as well as 34 Q400s, five CRJ900s and four Dash 8-300s currently operated by Jazz under the CPA. In addition, some leasing activity is conducted by Voyageur Airways and North Bay Leasing.

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