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Annual Public General Meeting 2014 Financial Presentation May 7, 2015 VICTORIA INTERNATIONAL AIRPORT

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2014 Highlights VICTORIA INTERNATIONAL AIRPORT Net Income $6.6M - $1.04M or 18.5% ahead of budget Return on revenue (excluding amortization) 47% 12 record passenger months Total passengers - 1,650,904 $1.8 million in debt retired $4.05M at year end Fixed charge ratio at year end - 4.47:1 2014 Capital Additions - $13.6 million

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Cumulative Capital Investment Since Transfer ($ millions) VICTORIA INTERNATIONAL AIRPORT

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2014 Revenue $26.2 Million VICTORIA INTERNATIONAL AIRPORT

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Non- Aeronautical Revenue Growth 2010 - 2014 VICTORIA INTERNATIONAL AIRPORT

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Aviation Revenue $6.2 Million VICTORIA INTERNATIONAL AIRPORT Landing fees and terminal fees Landing fee per 1,000 kg of MTOW larger gauge aircraft = more $ Applies to jets and turbo prop aircraft Terminal fees = fee per landed seat: - $2.15 domestic - $3.66 transborder & international

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VICTORIA INTERNATIONAL AIRPORT Q400 Aircraft

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Landings VICTORIA INTERNATIONAL AIRPORT Landed Seats (2.7%) 3.2%

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AIF Revenue - $8.0 Million VICTORIA INTERNATIONAL AIRPORT Can only be used for specified capital projects, debt repayment for AIF related borrowing and to pay the airline collection fees 7% handling fee paid to the airlines to collect the fee $580K in 2014 $12.2M spent on AIF capital projects in 2014

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Revenue VICTORIA INTERNATIONAL AIRPORT

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Expenses VICTORIA INTERNATIONAL AIRPORT

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Net Income VICTORIA INTERNATIONAL AIRPORT

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Statement of Financial Position VICTORIA INTERNATIONAL AIRPORT

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Phase 2b Phase 4 Phase 6 Phase 8 Phase 5 Phase 7 Thank You! VICTORIA INTERNATIONAL AIRPORT