November 2012

HALIFAX INTERNATIONAL AIRPORT AUTHORITY

Disclaimer

This presentation contains certain "forward-looking statements". These statements relate to future events or future performance and reflect management's expectations regarding the Authority’s growth, results of operations, performance, business prospects and opportunities and industry performance and trends. They reflect management's current internal projections, expectations or beliefs and are based on information currently available to management. Forward-looking statements are usually identified by words such as "may", "will", "should", "expect", "plan", “anticipate”, “believe”, “estimate”, "predict", "potential", "continue" or the negative of these terms or other comparable terminology. A number of factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements. In evaluating these statements, prospective investors should specifically consider various factors affecting the level of aviation activity including, but not limited to, terrorist attacks, war, pandemics or other health-related travel restrictions, natural disasters and economic or industry conditions affecting the demand for air travel. Actual results may differ materially from any forward-looking statement. Although management believes that the forward-looking statements contained in this presentation are based upon reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward-looking statements.

2

Overview of HIAA

HIAA: Non-share capital corporation that operates, maintains and develops the Halifax Stanfield International Airport (“HSIA” or the “Airport”)

The Airport: In 2011, HSIA was the 7th busiest airport in Canada by passenger volume (~3.6MM) Largest Canadian airport east of Montreal and primary hub for Atlantic Canada Handles over 50% of passenger traffic and cargo tonnage in the Maritime region Offers 24-hour operations without noise restrictions Recent runway extension 40,000 sq. ft. multi-tenant cargo facility with 7,000 sq. ft. of climate-controlled space

Awards: Over the past 9 years, HIAA has received 28 international awards for its outstanding customer service

Ground Lease: 60-year ground lease with the Government of Canada (effective February 1, 2000), which is in the process of being extended for an additional 20 years

Financial: Ability to set aeronautical charges and airport improvement fees (“AIF”)

3

Overview of HIAA

Passenger Volume ~3.6 million (Dec 31, 2011)

Total Aircraft Movements ~87,000 (Dec 31, 2011)

Passenger Air Carriers 18Cargo Air Carriers 12Terminal Building 67,862 square metres

4

Overview of HIAA

Air Service GrowthDeliver passenger and

air cargo growth.

Non-Aeronautical Revenue Growth

Accelerate revenue diversificationthrough commercial development

and concession growth.

Culture of Superior ServiceStrengthen our airportcommunity culture of

superior service.

Facilities & Service Improvements

Improve the infrastructure, services and processesto enhance the airport

experience.

Safety, Security &Environmental ExcellenceEmphasize our leadership role

in safety, security and environmental excellence.

Professional ExcellenceOptimize organizational

success through personal development, recognition, pride and best practices.

Great people creating the best airport community

in the world

6 Strategic Priorities

5

Overview of HIAA

Located in the Halifax Regional Municipality Situated on 940 hectares of land, approximately 40 km north of Halifax 1 terminal 2 main runways and 10 taxiways Capacity for 225,000 takeoffs and landings annually US Customs preclearance facility Groundside and support facilities (including public parking, rental car agencies and air cargo facilities) 146 full time, 27 seasonal, and 4 term employees, as of December 31, 2011 In 2011, HIAA employees ratified a new collective agreement with its unionized staff (expires January 31,

2015) 24/7 operations with no noise restrictions

Airport Facilities

6

OperationsCatchment Area

Largest Canadian airport east of Montreal and primary hub for Atlantic Canada

Handles over 52% of passenger traffic in Atlantic Canada

Catchment area of 1.5 million includes Nova Scotia, PEI and most of New Brunswick

Serves as connection point for smaller airports in the region

7

OperationsPassenger Activity (2011)

7th busiest airport in Canada by passenger volume - Approximately 3.6 million passengers and 87,000 aircraft movements

Primarily an origin and destination airport (approximately 72% of total traffic)

Passenger traffic has increased 2.5% in 2011 versus 2010

3 yr CAGR = 2.6%

2011

2007 2008 2009 2010 20110

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

International

Transborder

Domestic

Tota

l Pas

seng

ers

(000

s)

9.1%

11.4%

79.5%

3,469 3,5793,417 3,508 3,594

8

Operations

Scheduled and charter passenger destinations: - 15 domestic - 13 transborder- 15 international

Top O&D Passenger Markets (2011)(approximate # of passengers, 000’s)

Domestic Toronto 548Ottawa 339St. John’s 311Montreal 233Calgary 144

TransborderOrlando/Tampa 134New York 67Miami 54Boston 42Las Vegas 26

InternationalLondon, UK 48Cancun, Mexico 48Punta Cana, DR 44Varadero, Cuba 29Frankfurt, Germany 23

9

OperationsPassenger Services – Air Carriers

Air Carrier Percentage

Air Canada 37.6%

WestJet 17.2%

Air Canada Jazz 10.5%

Porter 8.1%

United (1) 6.3%

US Airways 3.6%

Air Georgian 2.6%

Delta 1.8%

American Airlines 1.5%

Air Transat 1.4%

CanJet 1.2%

Others 8.2%

NOTE: The table outlines the top passenger air carriers for 2011 (by Landing/Terminal/Passenger Security Fees)

(1) Includes Continental Airlines

10

Airport Improvement Plan (AIP)Overview of Capital Plan

Since acquiring the Airport in 2000, HIAA has been engaged in a multi-year Airport Improvement Plan

HIAA invested approximately $400 million in capital by the end of 2011

Major Accomplishments (2000 – 2012)

Updated and Expanded Air Terminal Building Expansion of international and domestic arrival areas and Airport Square US Preclearance Common Use Terminal Equipment IT Infrastructure Plan to upgrade and improve the corporate and operational systems Commencement of passenger processing and baggage system upgrades for both

domestic/international and transborder check-in halls

Improved Maintenance and Service Facilities Combined Services Complex (replaced aging fire hall and maintenance facility) Infrastructure development for Multi Tenant Cargo Facility Commencement of a phased development of terminal access roads

Improved Ground Transportation Groundside redevelopment program including a new 2,300 space parkade Roads and services enhancements

Airside Maintenance and Improvement Airfield Restoration Program Runway Extension in progress Snow Removal Equipment Fleet Replacement in progress Emergency Response Vehicle Replacement program in progress

11

Cargo

12

Cargo

13

Cargo

14

25,000,00026,000,00027,000,00028,000,00029,000,00030,000,000

2009 2010 2011

Cargo Volumes In/Out Halifax (kgs.)

Cargo - Nova Scotia Live Lobster Exports Worldwide – 2007-2011 (all modes)

15

2011 2010 2009 2008 2007 2011 2010 2009 2008 2007

United States $200,619,176 $185,048,390 $218,472,486 $204,744,290 $223,499,136 16,990,023 15,492,739 15,638,527 14,470,393 13,359,327

Belgium $20,539,079 $17,996,272 $17,791,648 $16,643,117 $20,248,694 1,191,847 1,126,017 1,110,924 965,272 1,077,572

China $19,435,498 $6,796,382 $2,740,295 $1,366,362 $789,140 1,117,337 398,098 147,127 81,563 42,200

South Korea $12,693,878 $10,769,954 $11,865,518 $11,220,313 $12,726,537 729,300 595,499 592,345 648,759 660,504

J apan $11,991,215 $9,707,155 $7,376,460 $9,785,462 $14,620,989 735,779 584,743 377,251 524,972 807,452

Hong Kong $9,868,860 $9,717,528 $6,629,420 $5,187,589 $5,208,985 549,565 545,140 418,562 281,078 281,683

Netherlands $5,992,304 $6,772,336 $6,557,784 $7,021,811 $8,076,341 436,918 507,231 456,166 456,849 435,834

United Kingdom $4,367,502 $3,625,756 $5,188,379 $4,492,009 $9,163,078 301,136 257,321 352,750 248,513 475,849

France $3,724,733 $4,667,181 $4,955,299 $1,174,600 $1,741,244 212,232 247,377 242,488 55,491 87,208

Germany $3,234,166 $1,639,170 $4,661,097 $9,363,342 $5,876,287 175,996 99,128 259,896 558,262 322,303

Italy $1,778,183 $2,169,711 $3,729,659 $4,631,159 $5,010,629 110,156 124,387 207,936 264,438 270,830

Taiwan $1,522,246 $649,395 $640,898 $680,614 $592,585 83,869 35,301 32,582 36,994 30,570

Sweden $1,379,643 $1,200,749 $1,597,753 $1,488,968 $2,451,970 88,053 74,390 89,174 85,225 131,862

United Arab Emirates$1,296,671 $1,326,895 $2,306,162 $1,208,335 $1,627,201 62,282 72,082 113,206 70,016 82,252

Thailand $1,279,305 $919,705 $883,790 $490,904 $554,598 73,137 54,486 45,723 29,111 28,280

COUNTRY Canadian Dollars Quantity kgs.

Approximately 17% air by value

Cargo - Historical Factors that contribute to Route Viability

16

Cargo is trucked to the US to carriers destined for Europe at a volume of more than 80,000 kg per week.

In excess of 7,652 tonnes of live lobster is trucked to Logan Airport.

Another 902+ tonnes went to New York.

ABX Air/TNT Airways (up to 2X per week) and Asiana Airlines (1X per week) operated to Liege and Brussels/Seoul respectively.

FEDEX has grown and is 2nd only to Air Canada for volume handled at Halifax Stanfield.

Purolator and UPS are also increasing volumes by maximizing interline opportunities over Toronto with international carriers.

Cargojet, in addition to their domestic network have added weekly B767F Brussels and Cologne service.

Cargo – Air Gateway

17

Cargo – Lobster Exports

18

Source: NS Fisheries and Agriculture/Statistics Canada 2010

Cargo – Gateway Facilities

19

Question & Answers