Bombardier Inc. Profile, Strategy and Market FEBRUARY 2015

Forward-Looking Statements This presentation includes forward-looking statements, which may involve, but are not limited to: statements with respect to the Corporation's objectives, guidance, targets, goals, priorities, market and strategies, financial position, beliefs, prospects, plans, expectations, anticipations, estimates and intentions; general economic and business outlook, prospects and trends of an industry; expected growth in demand for products and services; product development, including projected design, characteristics, capacity or performance; expected or scheduled entry-into-service of products and services, orders, deliveries, testing, lead times, certifications and project execution in general; competitive position; and the expected impact of the legislative and regulatory environment and legal proceedings on the Corporation's business and operations. Forward-looking statements generally can be identified by the use of forward-looking terminology such as may, will, expect, intend, anticipate, plan, foresee, believe, continue, maintain or align, the negative of these terms, variations of them or similar terminology. By their nature, forward-looking statements require management to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause actual results in future periods to differ materially from those forecasted. While management considers these assumptions to be reasonable and appropriate based on information currently available, there is risk that they may not be accurate. For additional information with respect to the assumptions underlying the forward-looking statements made in this presentation, refer to the respective Guidance and forward-looking statements sections in BA and in BT of the Dec. 31, 2014 MD&A. Certain factors that could cause actual results to differ materially from those anticipated in the forward-looking statements include risks associated with general economic conditions, risks associated with the Corporation's business environment (such as risks associated with the financial condition of the airline industry and major rail operators), operational risks (such as risks related to developing new products and services; doing business with partners; product performance warranty and casualty claim losses; regulatory and legal proceedings; the environment; dependence on certain customers and suppliers; human resources; fixed-price commitments and production and project execution), financing risks (such as risks related to liquidity and access to capital markets, exposure to credit risk, certain restrictive debt covenants, financing support provided for the benefit of certain customers and reliance on government support) and market risks (such as risks related to foreign currency fluctuations, changing interest rates, decreases in residual values and increases in commodity prices). For more details, see the Risks and uncertainties section in Other of the Dec. 31, 2014 MD&A. Readers are cautioned that the foregoing list of factors that may affect future growth, results and performance is not exhaustive and undue reliance should not be placed on forward-looking statements. The forward looking statements set forth herein reflect management's expectations as at the date of this report and are subject to change after such date. Unless otherwise required by applicable securities laws, the Corporation expressly disclaims any intention, and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this presentation are expressly qualified by this cautionary statement. 2 All amounts are expressed in U.S. dollars unless otherwise indicated This presentation contains both IFRS and non-gaap measures. Non-GAAP measures are defined and reconciled to the most comparable IFRS measures in our MD&A. See Caution regarding Non-GAAP measures at the end of this presentation

Agenda 1 OVERVIEW 2 3 4 5 AEROSTRUCTURES AND ENGINEERING SERVICES BUSINESS AIRCRAFT COMMERCIAL AIRCRAFT TRANSPORTATION

Bombardier is the world s leading manufacturer of both planes and trains Bombardier Inc. (Fiscal Year ended December 31, 2014) Revenues: $20.1 billion EBIT before special items 1 (Margin): $923 million / 4.6% Market Capitalization: $6.2 billion 2 74,000 employees 3 Adjusted Net Income 1 (Per Share): $648 million / $0.35 Backlog of $69.1 billion Aerospace Bombardier Inc. 80 production and engineering sites in 28 countries and a worldwide network of service centres Transportation Business Aircraft Commercial Aircraft Aerostructures & Engineering Services Product Development Engineering 4 OVERVIEW 1. See Caution regarding Non-GAAP measures at the end of this presentation 2. Market capitalization is based on an exchange rate of 0.8633 USD/CAD 3. Includes contractual and inactive employees Note: Market capitalization is based on share price of Cdn $4.15 (December 31, 2014)

At Bombardier, we re shaping the evolution of mobility by Investing in leading mobility solutions Growing local roots in key markets Our growth strategies Achieving flawless execution Great Talent Globally Strong Financial Discipline Active Risk Management Integrated Sustainability Our competitive foundation 5 OVERVIEW

We offer a broad selection of aerostructures components and engineering services Bombardier Aerostructures and Engineering Services (BAES) Portfolio Aerostructures System Components Engineering Services Aftermarket 1 Wing components Engine Nacelles Cockpits Fuselage Components Electrical Harnesses High-pressure ducting Tubing Experimental and Ground Testing Services Tooling Other Engineering Services All offerings Fabricated Parts 2 7 AEROSTRUCTURES AND ENGINEERING SERVICES 1. Includes Components Repair & Overhaul (CRO), Spare parts and other engineering services link 2. Fabricated Parts include Machined, Sheet Metal and Composite parts and include aftermarket spare parts offered as standalone services

BAES vision is to become a world class Aerostructures and Engineering Services supplier to the aerospace industry Grow division revenue Optimize cost structure We are focused on enhancing our cost structure while generating additional revenue opportunities 8 AEROSTRUCTURES AND ENGINEERING SERVICES

Our growth potential comes from both internal and external opportunities Our expertise on internal contracts Our expertise on external contracts Electrical harnesses Empennage components Engine nacelles Fuselage components and cockpit Fuselage doors Ground & experimental testing Wing and wing components Engine nacelle components Fuselage components CSeries Global 7000/8000 CRJ1000 Airbus A330 Irkut MC-21 Internal contracts Organic growth of contracts related to existing or indevelopment BBA/BCA programs BAES potential growth drivers Organic growth of current contracts (sustaining or indevelopment programs) Design-to-Build or Build-to- Print second/re-sourcing of sustaining programs External contracts 9 AEROSTRUCTURES AND ENGINEERING SERVICES

BAES aerostructures and engineering services footprint is well balanced DALLAS ST-LAURENT BELFAST Service center Design, manufacturing & assembly of metallic and composite structures R&D, integration, design & manufacturing of complex metallic and composite structures Manufacturing & assembly of metallic structures R&D, integration, design & manufacturing of complex metallic and composite structures Engineering activities QUERÉTARO CASABLANCA BANGALORE 10 AEROSTRUCTURES AND ENGINEERING SERVICES

Aerostructures and related aftermarket are currently a $60 billion market, with forecasted annual growth of 3% to 2023 2013 Aerostructures market by component 2013 Aerostructures market by type of aircraft 100% = $60B 100% = $60B 3% 12% 13% 35% Wings Fuselage Nacelle & Pylon 36% Empennage Others 5% 4% 12% 12% 13% Large Commercial Business Helicopter 54% Military Commercial Regional Others 11 AEROSTRUCTURES AND ENGINEERING SERVICES Source: Counterpoint Market Intelligence Limited (CPMIL)

Bombardier Business Aircraft profile Bombardier Business Aircraft [Fiscal year ended December 31, 2014] WE ARE THE WORLD S LEADING BUSINESS AIRCRAFT MANUFACTURER Customers in over 100 countries Presence in over 15 countries 1 13 BUSINESS AIRCRAFT 1. Defined as countries with Bombardier Business Aircraft employees

We offer a broad business aircraft portfolio Learjet family of aircraft Challenger family of aircraft Global family of aircraft Models: Learjet 70 and Learjet 75 Market category: Light business jets Competitive advantages 1 : The Learjet heritage of high performance is upheld by each Learjet product. The Learjet family of aircraft features exceptionally fast cruise speeds, high climb rates and operating ceilings, along with competitive operating costs Models: Challenger 350, Challenger 605 and Challenger 650 2 Market category: Medium business jets Competitive advantages 1 : The Challenger family of aircraft features productivity-enhancing business tools, with the most comfortable cabins in its category. Each aircraft offers low operating costs, high reliability, and can be customized with leading-edge cabin communication equipment Models: Global 5000, Global 6000, Global 7000 3 and Global 8000 3 Market category: Large business jets Competitive advantages 1 : The Global family of aircraft offers a balance of performance, comfort and productivity for long-range missions. The Global 7000 and Global 8000 aircraft are being developed as an extension to the Global family of aircraft and are expected to give Bombardier broad market coverage in the upper end of the business aircraft market 14 BUSINESS AIRCRAFT 1. Under certain operating conditions, when compared to aircraft currently in service. See Challenger 650, Global 7000 and Global 8000 aircraft programs disclaimer at the end of this presentation 2. Currently under development. Building on the success of the Challenger 605 aircraft, the Challenger 650 aircraft, once entered into service, will become Bombardier s production model in the large aircraft segment 3. Currently under development

Our customer services and solutions provide the highest standards of customer care Maintenance Parts Smart Services Services portfolio: Extensive capabilities to accommodate maintenance, refurbishment and modification of business aircraft, as well as to dispatch mobile repair teams to Bombardier customers aircraft Competitive advantages: Offering worldwide service and support through seven Bombardier wholly-owned Service Centres, 56 Authorized Service Facilities and Bombardier mobile response vehicles and aircraft Services portfolio: Providing new and used parts, initial provisioning services, as well as customer owned repairs Competitive advantages: Supporting business aircraft customers for all their parts needs, with eight parts depots worldwide and two major hubs Services portfolio: A growing portfolio of innovative cost-per-flight-hour plans available for Global, Challenger and Learjet aircraft. Options include Smart Parts, Smart Parts Plus, Smart Parts Preferred and Smart Parts Maintenance Plus Competitive advantages: From coverage on exchanges and repairs of airframe system components to flight deck avionics, Smart Services provides budget predictability and cost protection 15 BUSINESS AIRCRAFT

Our customer services and solutions provide the highest standards of customer care Customer Support Training Services portfolio: Comprehensive portfolio of business aircraft customer support including two 24-hour customer response centres, customer services engineering, a network of field service personnel, customer response team trucks and a dedicated Learjet 45 aircraft, regional support offices, technical publications, and entry-into-service support Competitive advantages: Providing operators with a single point of contact, 24 hours a day, 365 days a year, for all critical and aircraft-on-the-ground requests and supporting all customer requirements from entry-into-service throughout ownership of the aircraft by leveraging a global support network of strategically located teams Services portfolio: Providing a complete range of flight crew and technical training services on business aircraft at two wholly-owned facilities and through a network of strategic partnerships worldwide Competitive advantages: As an original equipment manufacturer (OEM), Bombardier quickly modifies courseware and training devices to reflect ongoing aircraft enhancements, committed to providing a high-quality learning experience 16 BUSINESS AIRCRAFT

We concentrate on clear priorities to successfully execute our strategy Invest in leading mobility solutions Our new products will meet our customers needs and enhance our competitive positioning We have the broadest portfolio of business aircraft, all of which provide customers with unique operating or performance advantages Three aircraft models in development will contribute to strengthen our product leadership Significant expansion of customer services offering is continuing to better meet our customers needs Grow local roots in key markets We currently have employees in more than 15 countries Our international expansion will allow us to better serve our customers worldwide In 2014, we inaugurated our first wholly owned business aircraft service centre in the Asia Pacific region We will continue to expand our customer service offerings worldwide Achieve flawless execution Achieving flawless execution will enhance our customer satisfaction, improve our operational flexibility and grow our profitability Our new organizational structure will enable us to be more agile in addressing customer needs and capturing growth opportunities in fast-growing markets and product segments We are dedicated to increasing our customers satisfaction by continuously improving our product reliability, ontime delivery performance and in-service support We are focused on driving down costs in all our operations and optimizing our capacity 17 BUSINESS AIRCRAFT

We are leading the business aviation industry with the widest product portfolio Develop industry-leading products CHALLENGER 350 LEARJET 70 LEARJET 75 LEARJET 85 1 CHALLENGER 605 CHALLENGER 650 GLOBAL 5000 GLOBAL 6000 GLOBAL 7000 GLOBAL 8000 18 BUSINESS AIRCRAFT = Aircraft under development

Our new Challenger 650 business aircraft will set new standards The industry s leading value proposition The Challenger 650 jet flies 4,000 NM (7,408 km)¹ fully-equipped with 6 passengers, connecting London to New York, Dubai to London, and Sao Paulo to Miami Lowest-in-class direct operating costs and industry benchmark reliability provide total peace of mind Redefines the ultimate in-flight experience Widest in-class cabin has been completely redesigned to offer even greater comfort and productivity Best equipped Cabin Management System, Audio Video on Demand, Bluetooth integration and industry-leading connectivity capabilities among its many standard package advantages Leading technology - advanced, intuitive and accessible Bombardier Vision Flight Deck provides pilots with cutting edge technology and superior design aesthetics Optimized engines with higher thrust delivering shorter take-off field length and extra payload 19 BUSINESS AIRCRAFT 1. Under certain operating conditions. See aircraft programs disclaimer at the end of this presentation

Our Global 7000 and Global 8000 business aircraft establish a new benchmark Setting new benchmark in global travel The Global 7000 jet is designed for 7,300 NM (13,520 km) range with 10 passengers at Mach 0.85¹ The Global 8000 jet will fly farther than any other business jet, boasting an impressive range of 7,900 NM (14,631 km) at Mach 0.85¹ Bringing home-like feel and comfort to business travel The Global 7000 jet features a spacious four-zone cabin, which is 20% larger than the Global 6000 jet cabin The Global 7000 and Global 8000 jets offer large, flexible, comfortable and light-filled living environments establishing industry benchmarks for comfort, style and convenience Incorporating the latest technology Fly-by-wire technology and breakthrough Bombardier Vision Flight Deck GE s new Passport 20 engine will set a new standard in performance, efficiency, and reliability for business aviation 20 BUSINESS AIRCRAFT 1. Under certain operating conditions. See aircraft programs disclaimer at the end of this presentation

We are increasing our presence to better serve our Business Aircraft customers needs globally Expand our global presence Current support network includes 104 Business Aircraft service locations worldwide 7 additions to the network in 2014 Americas 48 Chicago, Illinois Toluca, Mexico Europe, Russia and CIS Nice, France Jeddah, Saudi Arabia 21 Africa and Middle East Congonhas, Brazil 13 Ahmedabad, India Seletar, Singapore Asia-Pacific and India 22 # = = Number of service locations in region New service locations 21 BUSINESS AIRCRAFT Note: As of December 31, 2014. Service locations include: Regional Support Offices (RSO); Authorized Service Facilities (ASF); Line Maintenance Facilities (LMF); Customer Response Teams (CRT); Authorized Training Providers (ATP) CIS: Commonwealth of Independent States, former Soviet Republics

We are well positioned to capture long-term market opportunities Business Aircraft Our three families of business jets, when combined, represent the most comprehensive offering of all business aircraft manufacturers a unique advantage in a market with strong long-term growth: 22,000 business jet deliveries globally over the next 20 years Industry annual revenues expected to reach $37.6 billion in 2033 Customer Services Customer Services supports over 4,400 in-service aircraft thanks to a solid international network offering parts and maintenance services. It will keep growing its activities to meet customers increasingly specific needs: Extension of core business by increasing presence in traditional markets, such as North America and Europe, and emerging ones Building emerging business by diversifying existing services through the aircraft lifecycle Large installed-base of Bombardier business aircraft worldwide: Over 2,300 Learjet aircraft¹ Over 1,500 Challenger aircraft¹ Over 600 Global aircraft¹ 22 BUSINESS AIRCRAFT 1. Including out of production models Source: Bombardier Business Aircraft Market Forecast 2014-2033

Business Aircraft Orders and Deliveries Net Orders, Deliveries and Book-to-bill¹ [Business Aircraft (Fiscal years 2008 2014)] 400 200 0 Orders Deliveries Book-to-bill 1.9 452 1.1 232 251 235-85 -0.5 0.7 1.2 176 107 191 155 163 179 180 31-Jan-08 2007 31-Jan-09 31-Jan-10 31-Jan-11 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 2 343 1.9 305 1.7 129 0.6 204 2 1 0-200 -1 23 BUSINESS AIRCRAFT 1. Defined as new orders received over aircraft deliveries (in units) 2. 11-month period ended December 31, 2011

We continue to have a leading position in the business aircraft market Business Aircraft Competitive Environment¹, ² Light Jets Medium Jets Large Jets Cessna Dassault Embraer Gulfstream Products in service L70 L75 L60XR L85³ CL350 CL605 CL650 CL800 G5000 G6000 G7000 Series 4 G8000 Products under development Products with production or development paused We are well positioned in the business aircraft market with three families of aircraft, each with strong products covering the majority of the market 24 BUSINESS AIRCRAFT 1. L refers to Learjet, CL to Challenger and G to Global 2. The above table is our assessment of the current market segmentation 3. Learjet 60 XR production and Learjet 85 development are currently paused 4. Challenger 800 Series production is currently paused

We are a market leader in the business aircraft market Business Aircraft Market Share by Units Delivered and Revenues [One-year period ended December 31, 2014] Market Shares by Units Delivered (601 aircraft deliveries) Market Shares by Revenues 1 ($20.6 billion) 25% 16% 11% 14% 34% 38% 6% 13% 6% 37% Bombardier Cessna Dassault Gulfstream Embraer A leader in both delivery and revenue market share 25 BUSINESS AIRCRAFT Note: Excludes Very Light Jets and Large Corporate Airliners 1. Based on publicly available list price information from manufacturers Sources: Bombardier Aerospace s estimates and other public sources

Our forecast calls for 22,000 business jet deliveries worth $617 billion in the next 20 years 20-Year Business Aircraft Fleet Forecast 1 [Units; 2013-2033] Total aircraft deliveries: 22,000 20-year Industry Outlook [Revenues, $B; 2013,2023,2033] Total revenues: $617B 12,800 3,000 140 2,950 1,080 1,780 32,450 4,350 6,465 9,200 1,750 45 2,300 640 1,065 22,650 5,500 3,300 3,655 11,130 15,200 3,600 1,400 7,860 5,200 14,855 8,600 11,135 Fleet 2013 Deliveries Retirements 2023 Deliveries Retirements 2033 37.6 1.6x 31 17.2 13.7 19.4 11.3 13.6 12 6.2 5.3 6.8 1.9 2013 2023 2033 Light Medium Large The Large category will continue to account for the largest share of revenues over the next twenty years 26 BUSINESS AIRCRAFT 1. Excludes Very Light Jets and Large Corporate Airliners 2. Source: Bombardier Business Aircraft Market Forecast 2014-2033

Long-term market drivers remain solid for business aircraft Business Aircraft Market Drivers [2014-2033 Outlook] Wealth creation The wealth of our customer base, comprised of corporations, individuals and governments, can be measured by real Gross Domestic Product (GDP) Global GDP growth forecast at a 3.3% average over a 20-year forecast period Current Status Globalization of trade Replacement demand New aircraft programs Fast-growing international markets Accessibility Value of world merchandise exports to increase at a CAGR (compound annual growth rate) of 5.9% over a 20-year period Business community requires flexible travel means in a globalized world Worldwide installed base of approximately 15,700 1 aircraft as at Dec. 31, 2014 The average age of the worldwide installed base is 16.82 years Significant aircraft replacement occurring 5 to 10 years after initial delivery New aircraft programs stimulate demand Many new aircraft programs to enter into service over the next decade Continued wealth creation in major fast-growing markets coupled with aviation infrastructure development will accelerate the use of business aircraft Other offerings (e.g., on-demand charter, jet card programs and fractional ownership) provide tailored options Approximately 10% of industry orders to come from fractional operators over a 20-year period Our comprehensive product portfolio will allow us to benefit strongly from the growth in business aircraft over the long term 27 BUSINESS AIRCRAFT Note: Arrows identify a favorable, neutral or negative status, respectively, in the market categories in which we compete, based on the current environment 1. Excludes Very Light Jets and Large Corporate Airliners Sources: IHS Global Insight, Ascend, U.S. Energy Information Administration, Bombardier analysis

Business Aircraft Regional Delivery Outlook 20-Year Business Aircraft Deliveries 1 [In Units, 2014-2033] WORLD TOTAL 22,000 Latin America North America 8,760 2,130 North America Largest and most mature market for business aviation Aircraft replacement is an important driver of business jet demand in the region Europe Second largest market in terms of revenues Given the current economic difficulties, demand is expected to remain weak over the next 1-2 years Europe 3,575 685 Africa 1,095 Middle East 1,430 1,215 India Russia & CIS Greater China 2,225 885 Asia-Pacific Greater China Accelerating the opening of its airspace for civil aviation Strong economic growth and lower airspace restrictions point to significant growth potential for business aircraft Rest of world Healthy economic outlook and interregional trade will drive increasing demand for business jets Business jet infrastructure including airports designated for business aircraft remains limited in some regions notably in the Middle East and Africa 28 BUSINESS AIRCRAFT 1. Excludes Very Light Jets and Large Corporate Airliners Source: Bombardier Business Aircraft Market Forecast 2014-2033 CIS: Commonwealth of Independent States, former Soviet Republics

Bombardier Commercial Aircraft Profile WE ARE A WORLD LEADER IN CIVIL AIRCRAFT MANUFACTURING WE ARE A WORLD LEADER IN COMMERCIAL AIRCRAFT MANUFACTURING Bombardier Commercial Aircraft [Fiscal year ended December 31, 2014] Customers in 90 countries Presence in 19 countries 1 30 COMMERCIAL AIRCRAFT 1. Defined as countries with Bombardier Commercial Aircraft employees

We have built a leading portfolio of commercial aircraft in the 20- to 149-seat category Q-SERIES turboprop aircraft Model: Q400 NextGen CRJ regional jet family of aircraft Market segment: 60- to 90-seat turboprops Competitive advantages 1 : The Q400 NextGen airliner is a fast, fuel-efficient, low-emission and highly flexible turboprop. It is the only in-production turboprop that can be configured with capacity up to 86 passengers while offering jet-like speed and an extended range, along with best-in-class seat costs Models: CRJ700 NextGen, CRJ900 NextGen and CRJ1000 NextGen Market segment: 60- to 99-seat regional jets Competitive advantages 1 : Designed for hub expansion and point-to-point services, the CRJ aircraft family is optimized for medium to long distance regional routes. The most successful regional aircraft program, the CRJ family, features best-in-class: operating costs, fuel burn and emissions. The CRJ is constantly raising the bar with vision of a double digit fuel burn reduction by 2020 2 CSERIES mainline single-aisle jet family of aircraft Models: CS100 3 and CS300 3 Market segment: 100- to 149-seat commercial jets Competitive advantages 4 : Designed for the growing 100- to 149-seat market, the 100% new CSeries aircraft family offers 15% operating cost advantage over in-production aircraft and up to 12% operating cost advantage over re-engined aircraft. The CSeries clean-sheet design ensures that the aircraft will achieve greatly reduced noise and emissions, as well as superior operational flexibility, exceptional airfield performance and a range of 2,950 NM (5,463 km) 31 COMMERCIAL AIRCRAFT 1. Under certain operating conditions, when compared to aircraft currently in service for short-haul flights up to 500 NM 2. Based on CRJ900 NextGen improvements since entry-in-to-service. Improvements are currently under development, and as such, all specification and data are approximate, may change without notice and are subject to certain operating rules, assumptions and other conditions 3. Currently under development. See CSeries aircraft program disclaimer at the end of this presentation 4. All data and specifications are estimates, subject to change in family strategy, branding, capacity and performance during the design, manufacture and certification process (based on 500 NM trips)

Our Specialized and Amphibious Aircraft offer key solutions for demanding mission requirements Specialized aircraft Amphibious aircraft Models: Various Bombardier business and commercial aircraft Competitive advantages: Specialized aircraft provides solutions for governments, agencies and specialized organizations worldwide by modifying commercial and business aircraft to suit customer needs for different mission requirements including: maritime patrol, medevac, government VIP transport, intelligence surveillance reconnaissance and communication platforms, and military transport Models: Bombardier 415 and Bombardier 415 MP Competitive advantages: The Bombardier 415 amphibious aircraft is the only aircraft specifically designed for aerial firefighting, offering excellent operational capabilities and exceptional performance. The Bombardier 415 MP is a multi-purpose aircraft that can be used for a variety of specialized missions such as search and rescue, coastal patrol, environmental protection and transportation 32 COMMERCIAL AIRCRAFT

Our customer services and solutions provide exceptional standards of customer care Maintenance Services Services portfolio: Extensive capabilities to accommodate aircraft maintenance, refurbishment and modification for commercial aircraft. Competitive advantages: Offering worldwide service and support through Bombardier whollyowned Service Centres, Authorized Service Facilities and the Bombardier mobile repair team Parts Services Smart Services Services portfolio: Providing new and used parts, initial provisioning services, as well as customer owned repairs Competitive advantages: Supporting customers for all their parts needs, with two parts distribution hubs, eight parts depots, and three component repair & overhaul facilities worldwide Services portfolio: A growing portfolio of innovative cost per-flight-hour plans available for commercial aircraft. The adoption of the Q400 version of the Smart Parts by carriers worldwide continues to provide cost protection and budget predictability for Bombardier s Q400 aircraft customers. The Smart Parts program was recently approved for CSeries aircraft operators Competitive advantages: From coverage on exchanges and repairs of airframe system components to flight deck avionics, Smart Parts program is a key component (together with the Smart Maintenance program) of Bombardier s Smart Services, providing budget predictability and cost protection 33 COMMERCIAL AIRCRAFT

Our customer services and solutions provide exceptional standards of customer care Support Services Training Services portfolio: Comprehensive portfolio of customer services including: nine regional support offices, a 24-hour customer response centre, engineering and maintenance planning, customer liaison pilots, network of field service personnel, mobile technical repair teams, modifications, technical publications, entry-into-service support and e-services Competitive advantages: Providing operators with a single point of contact, 24 hours a day, 365 days a year, for all critical and aircraft-on-the-ground requests and supporting all customer support through a network of strategically located teams Services portfolio: Providing a complete range of flight crew and technical training services on commercial, specialized and amphibious aircraft at wholly-owned facilities and through a network of strategic collaborations worldwide. In addition, Bombardier has five approved training providers to provide worldwide training services under Bombardier s oversight Competitive advantages: High-quality learning experience. As an original equipment manufacturer (OEM), Bombardier quickly modifies courseware and training devices to reflect ongoing aircraft enhancements 34 COMMERCIAL AIRCRAFT

We are executing on a portfolio of initiatives to achieve our strategic priorities Invest in leading mobility solutions Our products meet our customers needs and enhance our competitive positioning Our portfolio of Commercial Aircraft provides customers with unique operating and performance advantages We continue to strengthen our product leadership by developing the CSeries, a 100% new 100- to 149-seat aircraft Our evolving customer services offering will enable us to support our customers changing needs Grow local roots in key markets International expansion will allow us to better serve our customers and optimize our cost structure We have regionalized our Commercial Aircraft sales team to be closer to our customers and their business reality Customer service capacity has been increased in Africa, Asia-Pacific, Europe, North America, Middle East and South America by expanding our regional support offices, parts depots and third party service agreements We continue to develop collaborative activities in China to enhance product competitiveness and market presence Achieve flawless execution Achieving flawless execution will improve our products reliability, customer satisfaction and our profitability We continue to deliver on our commitment to customer service excellence through consistent improvements in the rates of missed departures and on-time deliveries We have committed to continued organizational development through our Achieving Excellence System (AES) Our new organizational structure will enable us to be more agile in addressing customer needs and capturing growth opportunities in fast-growing markets and product segments 35 COMMERCIAL AIRCRAFT

Our CSeries family: The only 100% new single-aisle aircraft 100% New aircraft, no compromise Leading edge technologies and systems integration State-of-the-art aerodynamics Lighter structure due to extensive use of advanced materials combined with optimal design point Aircraft specifically designed for the 100- to 149-seat market Passenger: Wide body comfort in a single-aisle aircraft Communities and Environment 1 : Greatly reduced noise and emissions with 20% CO 2 advantage against in-production aircraft Airline 1 :Operational flexibility short field and longer range performance: CS100 and CS300 offer route flexibility and unbeatable economics with a 15% operating cost advantage over in-production aircraft and up to 12% operating cost advantage over re-engined aircraft Development milestones and certification Flight testing well underway The CSeries program has completed its static testing campaign and the fatigue testing program is progressing to plan Type certification of the CS100 aircraft is targeted for the second half of 2015 and the CS300 aircraft s type certification is expected to follow approximately six months afterwards. The entry-into-service (EIS) of each program is expected to occur shortly after their respective type certification dates 36 COMMERCIAL AIRCRAFT 1. The CSeries aircraft are in development. All data and specifications are estimates, subject to change in family strategy, branding, capacity and performance during the design, manufacture and certification process (based on 500 NM trips). See CSeries aircraft program disclaimer at the end of this presentation

Our CRJ family: The regional jet benchmark Only best-in-class can move the world The most successful regional jet family with over 1,800 firm orders Real cost leadership due to lightweight design, optimized aerodynamics, optimized engine thrust and low maintenance cost Setting the benchmark for lowest fuel burn: CRJ900 NextGen aircraft offers up to 5.5 per cent lower fuel consumption than earlier-generation CRJ900 aircraft 1 Best of both worlds: minimum cost, maximum flexibility Passenger: Enhanced experience with large overhead bins, large windows, more legroom, LED lighting, and in-flight connectivity Communities and Environment: The CRJ NextGen are designed for hub expansion and point-to-point services, linking people with the lowest CO 2 emissions Airline: The CRJ family (CRJ700, CRJ900 and CRJ1000) is uniquely positioned to match market demand within the 60- to 99- seat regional jet segment. Cost leadership (up to 10% cash operating cost advantage) 2, combined with route flexibility and bestin-class reliability, has set the benchmark in the regional jet market Constantly moving the benchmark forward Vision of a double-digit fuel burn reduction by 2020 1 Escalating maintenance intervals: 600/6,000 to 800/8,000flight hours 3 Continuously enabling our operators to develop new markets and increase frequencies 37 COMMERCIAL AIRCRAFT 1. Based on CRJ900 NextGen improvements since entry-in-to-service 2. Fuel and Economics claims based on 500 NM mission 3. Escalation of check intervals to 800/8,000 flight hours currently under development

Our Q400 NextGen aircraft matches your business model, not the other way around The most profitable turboprop Reshaping the turboprop market by offering an aircraft with superior capacity and revenue generation capabilities relative to competitors The Q400 NextGen now offers best-in-class capacity with up to 86 seats, true dual class experience and the most payload capacity with its combi configurations The Q400 NextGen is the only aircraft with turboprop economics and jet-like operations Enhanced passenger experience Passenger: The Q400 NextGen aircraft features an enhanced cabin environment with the introduction of LED lighting, new ceiling panels, dished window sidewalls and larger overhead bins. With jet bridge front loading, the Q400 is also ideal for dual class configuration Communities and Environment: The Q400 delivers up to 2.5x smaller noise footprint than a 70-seat in production regional jet Airline: Up to 17% seat cost advantage 1 vs. competing turboprop and half the trip cost of larger single-aisle jets Listening to our customers and adapting to market needs The Q400 NextGen is the world s only available 86 seat turboprop Released the Q400 Flight Efficiency Manual in 2014 providing tools and techniques allowing airlines to benefit from additional fuel savings up to 24% 38 1. Fuel and Economics claims based on 300 NM mission COMMERCIAL AIRCRAFT

We have increased our global presence to better serve our customers needs Expand our global presence 4 additions to our support network 1 in 2014 Europe, Russia and CIS 2 RSOs 5 ASFs 1 Parts Depots / Hubs Americas 3 Service Centres 1 HQ 2 Parts Depots / Hubs 6 2014 Network Additions 2 ASF RSO Parts Depot / Hub Africa and Middle East 2 RSOs 2 ASFs 2 Parts Depot / Hub Germany 6 8 South Africa Dubai 12 Singapore Asia-Pacific and India 5 RSOs 2 ASFs 5 Parts Depots / Hubs 39 COMMERCIAL AIRCRAFT 1. Service facility types: RSO = Regional Support Office, ASF = Authorized Service Facility, Parts Depots / Hubs 2. Our five ATPs have multiple locations worldwide; ATP = Authorized Training Provider CIS: Commonwealth of Independent States, former Soviet Republics

We are well positioned to drive long-term growth across our complete product and services portfolio Market Description Order Highlights for 2014 Commercial Aircraft We are well positioned in a market with solid long-term prospects: 13,100 new aircraft deliveries over the next 20 years, of which 7,100 will be in the 100- to 149-seat segment 1. Industry annual revenues projected to reach $50 billion in 2033 in the 20- to 149- seat market, with the 100- to 149-seat segment representing a $39 billion opportunity 1. As the only 100% new aircraft in the 100-to 149-seat segment, CSeries is well positioned to lead future growth for Bombardier Commercial Aircraft. Specialized and Amphibious Aircraft We have provided governments and government agencies around the world with over 300 modified aircraft that meet the most demanding mission requirements. We will capture long-term growth by: Establishing relationships with prime contractors and solutions integrators to facilitate complex system integration (e.g. VIP, Medevac, Flight Inspection). 40 CS300 aircraft and 10 options from Macquarie Air Finance 16 CS300 aircraft and 10 options from Al Qahtani Aviation Company, to be operated by SaudiGulf Airlines, valued up to ~$1.99 billion 2 24 CRJ900 NextGen aircraft option exercise from an American Airlines valued up to ~$1.14 billion 2 19 CRJ900 NextGen aircraft and 8 options from China Express valued up to ~$1.25 billion 2 13 Q400 NextGen aircraft and 10 options from Chorus Aviation Inc. valued up to ~$758 million 2 5 Q400 NextGen aircraft and 10 options from GECAS valued up to ~$448 million 2 Customer Services Our expanding service offering is designed to meet the growing and changing needs of our customers. This market offers important growth opportunities: More owners and operators are outsourcing non-core service activities. Customer fleets are expanding worldwide. Shift toward comprehensive nose-to-tail services and predictable costs. Q400 Smart Parts agreement with North Cariboo Air for up to three Q400 turboprops Air Côte d Ivoire enrolled up to four Q400 NextGen aircraft in the Q400 Smart Parts program. 40 COMMERCIAL AIRCRAFT 1. Bombardier Commercial Aircraft Market Forecast 2014-2033 2. Based on list prices

Bombardier Commercial Aircraft Orders and Deliveries Net Orders, Deliveries and Book-to-bill 1 [Bombardier Commercial Aircraft, Fiscal years 2008 2014] 325 225 125 25 Orders Deliveries Book-to-bill 1.9 238 128 1.0 0.7 114 110 121 88 93 1.0 97 0.7 54 78 138 2.8 1.5 81 50 55 31-Jan-08 2 2007 31-Jan-09 31-Jan-10 31-Jan-11 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 148 1.8 84 2.8 1.8 0.8-0.2 41 COMMERCIAL AIRCRAFT 1. Defined as new orders received over aircraft deliveries (in units) 2. 11-month period ended December 31, 2011

We have a unique advantage with highly efficient products in all our market segments Commercial Aircraft Competitive Environment 1 Turboprops Regional Jets Commercial Jets 60-90 seats 60-79 seats 80-99 seats 100-119 seats 120-149 seats ATR AVIC Embraer COMAC Mitsubishi Sukhoi Airbus Boeing Q400 NextGen CRJ700 NextGen CRJ900 NextGen CRJ1000 NextGen CS100 CS300 Products in service Products under development Best-in-class economics and superior passenger comfort position each of our product families for long-term growth in new markets 42 COMMERCIAL AIRCRAFT 1. The above table is Bombardier Commercial Aircraft s assessment of the current market segmentation

Commercial Aircraft has an established market presence with solid strategies to drive future growth Commercial Aircraft Market Share by Units Delivered 1 [20-99 seat segment, January 1 st 2012 - December 31 st, 2014] Market Shares by Units Delivered (692 aircraft deliveries) 32% 6% 35% 27% Bombardier Embraer ATR Sukhoi We captured 27% delivery market share in the 20- to 99-seat category 43 Source: Bombardier, Ascend Fleets from Flightglobal 1. Passenger configuration only. Estimates based on delivery data available from Ascend and other public sources

Our forecast calls for 13,100 commercial aircraft deliveries in the 20- to 149-seat market worth $658 billion in the next 20 years 20-Year Commercial Aircraft Fleet Forecast 1 [Units; 2013-2033] Total aircraft deliveries: 13,100 20-year Industry Outlook 2 [Revenues,$B; 2004-13,2023,2033] Total revenues: $658 billion 50 7,800 3,250 1,000 5,300 4,350 4,800 950 1,300 16,300 2,300 2,300 10,800 550 2,800 2,800 1,500 11,750 200 200 8,450 4,650 4,650 2,750 5,000 6,850 3,400 2,100 1,000 Fleet 2013 Deliveries Retirements Fleet 2023 Deliveries Retirements Fleet 2033 20-59 seats 60-99 seats 100-149 seats 19 11 1.6x 31 22 7 9 10 1 0.4 0.5 2004-2013 average 39 2023 2033 Annual 20- to 149-seat commercial aircraft revenues are expected to increase 1.6 times by 2023, mainly driven by the 100- to 149-seat segment 44 COMMERCIAL AIRCRAFT 1. Source: Bombardier Commercial Aircraft Market Forecast 2014-2033 2. Revenues based on estimated segment list prices.

Long-term market drivers for commercial aircraft are solid Commercial Aircraft Market Drivers [2014-2033 Outlook] Economic growth Demand for air travel is directly related to economic growth and per capita wealth creation 3.3% average growth in global GDP over the forecast period Current Status Fuel prices More efficient aircraft Emerging markets Environmental regulations Environmental fees Oil prices influence airline decisions to replace or retire less efficient aircraft types The availability of more efficient, new-generation aircraft will promote aircraft replacements. Nearly half of the current in-service 20- to 149-seat fleet is forecasted to be replaced in the next 20 years Airline markets will continue to be opened to greater competition through liberalization of international air transportation agreements Infrastructure will support growth in demand for air travel Increasing environmental regulation will affect fleet mix and encourage carriers to seek aircraft with lower fuel consumption and emissions Imposition of environmental and emissions fees will increase airline operating costs Scope Clause relaxation Contractual restrictions on airline operations based on aircraft size and engine type will ease over time Most drivers will impact demand for commercial aircraft positively 45 COMMERCIAL AIRCRAFT Arrows identify a favorable, neutral or negative status, respectively, in the market categories in which we compete, based on the current environment. Source: IHS Global Insight, U.S. Energy Information Administration, Bombardier analysis

Commercial Aircraft Regional Delivery Outlook 20-Year 20- to 149-Seat Category Deliveries [Units, 2014-2033] WORLD TOTAL 13,100 Latin America North America 3,650 1,100 Europe 1,840 700 Africa Advanced Economies Demand from North America and Europe will be driven by fleet retirements North America will remain the largest 20- to 149-seat aircraft market Demand from Europe will be revitalized following the current period of slow economic growth 540 Middle East 830 760 India Russia & CIS Greater China 2,280 1,400 Asia Pacific Emerging Markets 58% of aircraft demand to come from emerging markets Barriers and regulatory constraints will loosen in China and Asia Pacific, stimulating demand Strong airline competition will sustain demand in Latin America Political unrest will hamper regional aircraft orders in Middle East and Africa in the short- to mid-term 46 COMMERCIAL AIRCRAFT Source: Bombardier Commercial Aircraft Market Forecast 2014-2033 CIS: Commonwealth of Independent States, former Soviet Republics

Bombardier Transportation (BT) profile Bombardier Transportation [Fiscal Year ended December 31, 2014] WE ARE A LEADER IN THE RAIL INDUSTRY BT - A LEADER IN THE RAIL INDUSTRY REVENUES $9.6B CUSTOMERS IN > 60 countries EBIT before special items $486M PRESENCE IN 41 countries 2 EMPLOYEES 4 : 39,700 HEADQUARTERS IN BERLIN, GERMANY EBIT MARGIN 1 5.1 % ORDER BACKLOG 3 $32.5B 48 TRANSPORTATION 1. EBIT margin before special items 2. Defined as countries with BT employees 3. As at December 31, 2014 4. Including inactive and contractual employees

Bombardier Transportation a global player with a European base 2014 BT revenues by segments [in % of total revenues] 100% = $9.6B Services 18% System and Signalling 16% Rolling Stock 66% Revenues 2014: $9.6B Total BT employees 1 : 39,700 Global Headquarters 49 TRANSPORTATION 1. As at December 31, 2014; including inactive and contractual employees

BT offers the broadest and most innovative portfolio of products and services in the industry Rolling Stock INTERCITY, HIGH SPEED TRAINS, AND VERY HIGH SPEED TRAINS Application: Equipment for medium and long-distance operations Major products: REGINA, TWINDEXX Express and ZEFIRO family Competitive advantages: Solutions offering very high operating flexibility, high comfort and safety standards for the passengers in combination with high efficiency covering the full spectrum of speed requirements: intercity (160-200 km/h), high speed (200-250 km/h) and very high speed (250-380 km/h) COMMUTER AND REGIONAL TRAINS Application: Suburban and regional rail transit for urban centres and surrounding regions Major products: OMNEO, SPACIUM, TALENT 2, TWINDEXX Vario, ELECTROSTAR Competitive advantages: Broad product line featuring electric, diesel and dual mode multiple unit trains/vehicles, along with locomotive-hauled coaches in both single and double-deck configurations. Bombardier s modular train platforms offer very high flexibility to transit authorities and operators, as well as highest levels of comfort and capacity 50 TRANSPORTATION

BT offers the broadest and most innovative portfolio of products and services in the industry Rolling Stock LIGHT RAIL VEHICLES Application: Efficient surface transit in urban centres with highest standards in the areas of comfort, security and environmental protection Major products: FLEXITY family (FLEXITY 2, Outlook, Freedom, Berlin, Classic, Swift) Competitive advantages: The broad portfolio of FLEXITY vehicles with high technical capabilities, low life-cycle costs together with Bombardier s profound and long-lasting customer relationships make our light rail vehicles the first choice in the market. In 2014 BT won the Good Design award for its Australian FLEXITY tram projects in Melbourne and Gold Coast METROS Application: High-capacity mobility for urban mass transit Major products: MOVIA and INNOVIA platforms Competitive advantages: Flexible modular product platform adaptable to the requirements of customers across diverse markets, with a track record for rapid, reliable, cost and energy efficient operation, including driverless solutions ELECTRIC AND DIESEL LOCOMOTIVES Application: Locomotives for intercity, regional and freight rail service Major products: TRAXX platform, ALP electric and dual-power locomotives Competitive advantages: Versatile product platform offering electric, diesel-electric, dual-power and multi-system propulsion, last-mile diesel or battery drive features. Innovative solutions increase power and reliability capacity in combination with high energy efficiency. Homologated in 18 countries in Europe, enabling cross-border service 51 TRANSPORTATION

BT offers the broadest and most innovative portfolio of products and services in the industry Rolling Stock Components PROPULSION AND CONTROLS Application: Complete propulsion and control product portfolio for all rail vehicles and e-mobility applications, including traction and auxiliary converters, traction motors and train control and management systems for onboard solutions Major products: MITRAC permanent magnet motor and ORBIFLO monitoring system Competitive advantages: A leader in reliability, modular design, energy efficiency and ease of maintenance technologies, applicable to the full spectrum of rolling stock BOGIES Application: Complete solutions for our full product portfolio and also third-party businesses Major products: FLEXX bogies portfolio including latest technologies: FLEXX Eco, FLEXX Urban, FLEXX Speed, FLEXX Power and Innovation award-winning WAKO Technology Competitive advantages: Advanced product technology and complete aftermarket services covering the full spectrum of rolling stock applications. Bombardier s track-friendly bogies are design to ensure safe and smooth operation and reduce wheel and rail wear, minimizing operational costs and noise 52 TRANSPORTATION

BT offers the broadest and most innovative portfolio of products and services in the industry Systems MASS TRANSIT AND AIRPORT SYSTEMS Application: Fully Automated People Mover (APM), metro, monorail and light rail systems Major products: INNOVIA APM 300 system, INNOVIA Monorail 300 system, INNOVIA Metro 300 system, FLEXITY 2 tram systems Competitive advantages: Broad rolling stock portfolio for urban and airport applications that can be customized to provide a complete turnkey system solution. Strong track record for reliability and availability across 60 complete systems around the world MAINLINE SYSTEMS Application: System solutions for intercity and high speed applications covering medium- to long-distance operations Competitive advantages: Turnkey system approach to provide reliable rail systems for mainline applications featuring very high passenger comfort and safety standards. Highly experienced in systems integration and engineering as well as in operations and maintenance 53 TRANSPORTATION

BT offers the broadest and most innovative portfolio of products and services in the industry Systems OPERATIONS AND MAINTENANCE OF SYSTEMS Application: Operations and maintenance (O&M) services for fully automated transit and mass transit systems Competitive advantages: Strong O&M experience in automated, driverless technologies, including APM, metro and monorail systems as well as fleet management solutions for urban and intercity transportation systems PRIMOVE E-MOBILITY Application: Bombardier s PRIMOVE portfolio offers vehicle manufacturers and operators a flexible package of zero-emission e-mobility solutions for several types of electric rail and road vehicles such as trams, buses, trucks and cars. The fully integrated system of fast inductive charging, long-life batteries and efficient propulsion equipment allows cities and the transportation industry to easily incorporate electric mobility Major products: PRIMOVE charging, PRIMOVE battery, PRIMOVE propulsion Competitive advantages: Bombardier develops unique solutions for true e-mobility. PRIMOVE provides a convenient, automatic and wireless energy supply system that allows electric vehicles to be charged dynamically and statically at high power levels without affecting driving habits or journey times. It delivers high power battery systems that are optimized for a long lifetime. The PRIMOVE opportunity charging concept has been designed to achieve even longer battery life and to reduce the battery size when compared to pure-electric bus. The PRIMOVE propulsion and controls system integrates electrical driveline solutions with clever interfaces for all major vehicle components to optimize the overall efficiency and performance of electric buses 54 TRANSPORTATION

BT offers the broadest and most innovative portfolio of products and services in the industry Signalling MASS TRANSIT SIGNALLING Application: Rail control and signalling solutions for mass transit systems such as metros, light rail or APMs Major products: CITYFLO Competitive advantages: Complete portfolio of solutions ranging from manual applications to fully automated Communication-Based Train Control (CBTC), which helps to increase infrastructure capacity and can be installed without interruption to service MAINLINE SIGNALLING Application: Rail control and signalling solutions for mainline railways ranging from freight traffic to regional/commuter, intercity and high speed lines Major products: INTERFLO and EBI Cab Automatic Train Control (ATC) onboard equipment Competitive advantages: Complete portfolio of conventional signalling systems which uses the European Rail Traffic Management System (ERTMS) technology and is already functioning in several countries inside and outside of Europe. Bombardier is the only supplier deploying moving block technology on non-mass transit lines INDUSTRIAL SIGNALLING Application: Rail control and signalling solutions for industrial sector, major application in the surface and sub-surface mining industry Major product: INTERFLO 150 Competitive advantages: Innovative signalling system technologies used to increase transport capacity in a secure and cost effective manner. Bombardier s technology covers the whole process, enhancing not only the underground operation, but also the transfer of ore from the excavation site to the transportation hub 55 TRANSPORTATION

BT offers the broadest and most innovative portfolio of products and services in the industry Services MATERIAL SOLUTIONS Application: Supply chain, spare parts inventory management, obsolescence management and technical support services for rail operators Competitive advantages: Advanced material supply solutions together with global engineering and purchasing power through global network of parts and components suppliers. Logistics capability to source and deliver what is needed, when needed, where needed FLEET MANAGEMENT Application: Comprehensive portfolio of fleet and operations management services Competitive advantages: Robust and effective back office solutions support rail operators in delivering their front line service every day. Engineering expertise, whole life maintenance techniques and tools optimize availability, reliability, punctuality, safety and cost over the whole life cycle of the fleet ASSET LIFE MANAGEMENT, COMPONENT RE-ENGINEERING AND OVERHAUL Application: Upgrade, life extension and overhaul of rail vehicles and components Competitive advantages: Broad portfolio of system and component upgrades executed at Bombardier specialist facilities and customer sites. Bombardier leverages its engineering and supply chain strength to bring operational performance and whole life cost advantages. More than 4,000 vehicles have been refurbished. Experience in more than 4,000 different component types 56 TRANSPORTATION

Our game-changing products shape the market Bombardier Transportation game-changing products 1 ZEFIRO Very High Speed (VHS) train Traction power ensures speeds between 250 and 380 km/h Our multi-voltage technology enables cross-border operations V300ZEFIRO impresses with a very low energy consumption per seat BT s proven technology and services solutions ensure low lifecycle costs and increase return on investment INNOVIA Monorail 300 System Fast and cost effective to introduce as it does not require major infrastructure or civil works INNOVIA 300 trains are equipped with a CITYFLO 650 automatic control system for minimized headways and high frequency services Delivered as a fully integrated turnkey system solution PRIMOVE eco-friendly and sustainable urban transport The fully integrated system includes fast inductive charging, long-life batteries and efficient propulsion equipment PRIMOVE reduces local CO 2 emissions to zero, eliminates noise pollution and frees e-mobility from the constraints of cables, wires and plugs for trams, cars and buses Entry into automotive industry becomes more and more feasible 57 TRANSPORTATION

ZEFIRO a new generation of VHS trains ZEFIRO new standards for very high speed ZEFIRO is a new generation VHS train with scalable traction power for operating speeds between 250 and 380 km/h Multi-voltage technology enables cross-border operations (e.g., Italy, Switzerland, Germany and France for Trenitalia s V300ZEFIRO trains) The open tube design of the ZEFIRO maximizes the available interior space to ensure excellent passenger flow and one of the highest capacity of VHS trains on the market ZEFIRO is ECO4-compliant with a low ecological footprint and impresses with a very low energy consumption per seat Low lifecycle costs increase return on investment V300ZEFIRO Italy flawless execution The V300ZEFIRO, known as ETR 1000 in Italy, is developed in partnership with AnsaldoBreda. Soon, we will deliver the first of the 50 Very High Speed trainsets to our customer Trenitalia, achieving flawless execution In December 2014, Trenitalia also awarded BT a 10-year full maintenance contract for its V300ZEFIRO fleet. The contract indicates our customers trust in BT s services solutions as we guarantee high availability and safety of the fleet 58 TRANSPORTATION

INNOVIA Monorail 300 System a successful mass transport solution for improved efficiency Fully automated and driverless Cost effective and easy installation Attractive, fully automated and driverless mass transit solution for superior passenger services in cities, urbanizations or airports Flexible configurations and capacities up to 48,000 passengers per hour per direction Low noise levels make it an ideal choice for service in both business and residential districts Fast and cost effective turnkey installation with low land intake and low expropriation costs Outstanding reliability by unrivalled support in maintaining fleet safety, availability, performance and reliability through its global operations and maintenance services network True game-changer for public transportation in China BT and CSR Puzhen have signed an agreement to create a joint venture to develop and manufacture INNOVIA vehicles for urban and airport transit systems Rapid urbanization and an increase in air travel have created a fast growing market for urban feeder systems and airport transit solutions in China 59 TRANSPORTATION

PRIMOVE eco-friendly and sustainable urban transport An environmentally friendly e-mobility solution Available for all types of electric transport: From light rail and bus networks to commercial vehicles & cars PRIMOVE uses the principle of inductive power transfer, which allows electric vehicles to be wirelessly recharged either in motion (dynamic charging) or at rest (static charging) Its fully integrated propulsion and control system ensures a commercially viable and performing solution PRIMOVE provides emission-free electric bus travel on city bus lines, eliminates noise pollution and reduces local CO 2 Key benefits Customers in Europe and China already discovered the advantages of BT s PRIMOVE technology: Quiet: No noise or vibrations for greater passenger comfort Invisible: No cables, wires or plugs for more attractive cities Energy efficient: Fast charging and minimized energy loss for reduced operating costs Practical: Small and compact products for easy maintenance and higher passenger capacity Complete: A one-stop-shop that delivers a turnkey system solution for true e-mobility 60 TRANSPORTATION

We are executing on a portfolio of initiatives to achieve our strategic priorities Invest in leading mobility solutions Grow local roots in key markets Achieve flawless execution INNOVIA 300 Monorail BT s fully automated and driverless monorail systems are cost-effective to introduce and permit rapid installation of infrastructure. They are mass transit solutions for superior passenger services in cities, urbanizations or airports Catenary free LRV, Nanjing: 1 The first catenary-free trams with PRIMOVE technology started regular service. The batteries are re-charged seamlessly during normal passenger service and allow reliable and cost efficient operations Partnerships with local players: BT established a Joint Venture with CSR Puzhen in China for the execution of Monorail and APM projects. It s BT s 5th JV in China Local footprint: BT opened a new Kuala Lumpur office for more than 100 specialists from different functions to support rail projects in the Asia-Pacific region Local capability building: BT cooperates with Kasetsart University in Thailand to support signalling education and training SNCF trophy for best site: BT won the 2014 SNCF Trophy for best manufacturer and site, recognizing our high level production quality at our site in Crespin Customers recognize our flawless services execution: After successful operations and maintenance services for New Jersey Transit (NJ TRANSIT), BT signed a new contract with NJ TRANSIT at the end of September to provide further O&M services for their River Line light rail system 61 TRANSPORTATION 1. Built under a 10 years license agreement with CSR Puzhen

Our aim is to stay in the technology lead by having the most innovative portfolio reducing our customers life cycle costs Develop innovative and best value for money solutions Innovation means providing our customers advanced rail solutions which improve their train operation performance We also provide best value for money products by offering proven high quality mobility solutions and services solutions which optimize our customers life cycle cost Proven and reliable signalling and turnkey systems solutions LRV From LRV to VHS we offer our customers the broadest rolling stock portfolio Commuter/ Regional APM/Monorail Our services solutions optimize life cycle cost Metro Locomotives HS/VHS 62 TRANSPORTATION

In emerging markets, we focus on continuously developing our product portfolio and increasing local footprint Capture the full potential of fast-growing markets Our approach to non-traditional markets Success stories 2014 in non-traditional markets Increase local footprint: We aim to establish production capacity in selected non-traditional markets and develop a sustainable relationship to our customers region Form partnerships and sign licensing agreements: Partnering with local players is a key driver to enter restricted markets and connect to the local industry Build local capabilities: We identify and develop talent to establish a local employee base Offer a competitive product portfolio: We offer a suitable product portfolio for diverse customer requirements Locomotives for South Africa In March, BT signed a contract with Transnet for 240 TRAXX locomotives with an attached services contract. More than 60 per cent of the contract scope will be localized. Monorail São Paulo started passenger service Signalling for Ethiopia In August, São Paulo s new INNOVIA Monorail 300 system started passenger service. The line will carry over half a million passengers every day along the east side of São Paulo. In October, BT won a contract to deliver the mainline signalling solution for Ethiopia s new 400 km Awash-Weldia line. It was the first signalling contract for BT in this country. 63 TRANSPORTATION

Flawless execution is the base of customer satisfaction and loyalty and therefore essential for our business Achieve flawless execution 2014 Achievements Successful rolling stock project execution Additional regional trains for UK: In November 2014, UK s train operator Govia Thameslink ordered 108 additional ELECTROSTAR cars only one year after signing the base contract for 116 cars SNCF trophy for best site: BT won the 2014 SNCF Trophy for Best Manufacturer and Site. The trophy confirms the high customer satisfaction for the Francilien commuter project regarding reliability and quality of our delivered products at our site in Crespin, France. Customers recognize our services solutions: In September 2014 BT signed a new contract for operations and maintenance services for NJ TRANSIT s River Line Light Rail system covering a period of 15 years. BT has been operating and maintaining the River Line Light Rail system since its opening in March 2004 What we promise (product rendered images) What we deliver (end products in execution) 64 Pictures from left to right: TRANSPORTATION MOVIA Metro, Singapore; FLEXITY Swift, Melbourne; V300ZEFIRO, Italy

Our product portfolio and global presence sustain our long-term growth The rail industry remains strong and is forecasted to have an annual growth rate of 2.7% p.a. 1 Although competition increased, BT continued to win large rolling stock orders together with long-term services contracts in 2014 There are promising opportunities in all regions and segments BT is the manufacturer with the broadest portfolio in the rail industry Long-term market drivers have a positive impact on future investments in rail infrastructure 65 TRANSPORTATION 1. Over the next six years according to the UNIFE World Rail Study 2014 (accessible market)

BT continues to secure large and strategic orders around the world 775 metro cars 1 for BART in San Francisco $1.5 B (2012) 130 TRAXX Locomotives 2 for DB $573 M (2013) O&M for Metrolinx and Go Transit $937 M (2012) 300 metro cars for MTA in New York $599 M (2012) 210 commuter cars for RATP/STIF in Paris $417 M (2012) PPC, bogies and services for high-speed rail in Saudi Arabia $367 M (2012) 48 FLEXITY 2 LRVs for DeLijn $165 M (2012) 180 Commuter cars for S-Bahn Hamburg $427 M (2013) 384 MOVIA metro cars for Stockholm Metro $771 M (2013) INTERFLO200 signalling for Kars-Baku in Azerbaijan $203 M (2013) 450 cars and maintenance for Queensland Rail $2.7 B (2014) 585 AVENTRA trains for Crossrail $2.1 B (2014) 240 TRAXX Locomotives for Transnet in South Africa $1.2 B (2014) 66 TRANSPORTATION Note: Contract values, BT share only, only year of base contract signature considered 1. Including an option for 365 cars exercised in January 2014 2. First call-offs from a frame agreement for up to 450 locomotives

BT offers the broadest portfolio in the rail industry ahead all competitors Bombardier Transportation s key competitors BT Alstom Ansaldo 1 CAF Light-rail Metros Commuter and Regional Rolling stock High speed and Intercity Headquarters Locomotives Monorail System integration Signalling Germany France Italy Spain CNR 2 China CSR 2 3 China GE Hitachi Kawasaki Rotem Siemens Stadler Thales U.S.A. U.K. Japan Korea Germany Switzerland France BT offers a full spectrum of efficient rail solutions from complete trains to sub-systems, services, systems integration, and signaling 67 TRANSPORTATION 1. Includes products from AnsaldoBreda and Ansaldo STS as part of Finmeccanica 2. In December 2014, CSR/CNR announced their intent to merge but no change in their portfolio is expected 3. In November 2014,BT and CSR signed an agreement to create a joint venture to develop and manufacture INNOVIA vehicles for urban and airport transit systems for the Chinese market Source: Publicly available from competitor reports/websites

The accessible rail market is expected to grow over the next six years ANNUAL ACCESSIBLE MARKET BY SEGMENT [3-YEAR AVERAGE, $B] ANNUAL ACCESSIBLE MARKET BY REGION [3-YEAR AVERAGE, $B] 2011-13: 96.2 CAGR +2.7% 2017-19: 112.8 BY SEGMENT BY REGION Systems Signalling Services Rolling Stock 96.2 2.0 16.1 33.0 45.1 112.8 2.6 19.5 40.2 50.5 Others NAFTA Asia Pacific Europe 96.2 23.1 16.9 18.9 37.3 112.8 24.1 21.8 25.3 41.6 2011-13 2017-19 2011-13 2017-19 Driven by global market trends such as a strong urbanization, an increasing population and increasing environmental awareness, the rail industry is forecasted to grow in all segments across all regions. 68 TRANSPORTATION Source: Based on UNIFE World Rail Market Study, published in 2014. UNIFE figures are published in euro. An exchange rate of 1 = $1.33745, the average cumulative exchange rate over the 2011-13 period, was used to convert all figures. The annual accessible market volume for the period of 2012-2014 is illustrated in the financial report of 2014.

Europe shows a constant positive development especially driven by large commuter orders EUROPEAN ANNUAL ACCESSIBLE MARKET [3-YEAR AVERAGE, $B] 2011-13: 37.3 Systems Signalling Services 37.3 0.4 7.9 12.5 CAGR +1.8% BY SEGMENT 41.6 0.3 9.1 13.5 2017-19: 41.6 Outlook Western European countries such as Germany and Belgium are planning to invest in large regional and commuter projects In the United Kingdom, significant rolling stock and services orders for several franchises are expected Turkey will invest in new rolling stock for their high speed network High potential exists in Eastern Europe, especially in Hungary, Poland and the Czech Republic, where large ageing fleets could be replaced or renewed Rolling Stock 16.5 18.7 2011-13 2017-19 69 TRANSPORTATION Source: Based on UNIFE World Rail Market Study, published in 2014. UNIFE figures are published in euro. An exchange rate of 1 = $1.33745, the average cumulative exchange rate over the 2011-13 period, was used to convert all figures. The annual accessible market volume for the period of 2012-2014 is illustrated in the financial report of 2014.

Asia-Pacific is the most promising region in terms of growth, especially for rolling stock ASIA-PACIFIC ANNUAL ACCESSIBLE MARKET [3-YEAR AVERAGE, $B] 2011-13: 18.9 Systems Signalling Services Rolling Stock 18.9 0.5 3.3 4.6 10.5 CAGR +5.0% BY SEGMENT 25.3 0.5 4.2 6.5 14.1 = 2017-19: 25.3 Outlook China is expected to show growth, especially in the segments of commuter and regional trains, monorails and APM South-East Asian market activities will be strong in the mass transit segment in order to react to the strong needs for high capacity infrastructure raised by urbanization Large locomotive and commuter trains orders are expected in India Australia will continue to expand its rail infrastructure by investing in LRV, commuter trains and signalling solutions 2011-13 2017-19 70 TRANSPORTATION Source: Based on UNIFE World Rail Market Study, published in 2014. UNIFE figures are published in euro. An exchange rate of 1 = $1.33745, the average cumulative exchange rate over the 2011-13 period, was used to convert all figures. The annual accessible market volume for the period of 2012-2014 is illustrated in the financial report of 2014.

Investments in North America are expected show continued growth across all segments NORTH AMERICAN ANNUAL ACCESSIBLE MARKET [3-YEAR AVERAGE, $B] 2011-13: 16.9 Systems Signalling Services 16.9 0.3 2.2 10.0 CAGR +4.3% BY SEGMENT 21.8 0.6 2.7 12.9 2017-19: 21.8 Outlook In Canada there are opportunities for light rail vehicles, services and signalling over the next years Large cities in the U.S. such as New York, Chicago and Atlanta announced significant tenders for metro solutions in order to relieve traffic in their city centres Service activities in the U.S. will show strong growth, especially for operation and maintenance activities Rolling Stock 4.5 5.6 In Mexico, we expect orders in the metro and commuter segments 2011-13 2017-19 71 TRANSPORTATION Source: Based on UNIFE World Rail Market Study, published in 2014. UNIFE figures are published in euro. An exchange rate of 1 = $1.33745, the average cumulative exchange rate over the 2011-13 period, was used to convert all figures. The annual accessible market volume for the period of 2012-2014 is illustrated in the financial report of 2014.

Rest of the World region reacts to the rapid urbanization and shows significant opportunities for high capacity solutions ROW ANNUAL ACCESSIBLE MARKET [3-YEAR AVERAGE, $B] 2011-13: 23.2 CAGR +0.7% 2017-19: 24.1 Systems Signalling Services Rolling Stock BY SEGMENT 24.1 23.1 1.3 0.8 2.7 3.5 5.9 7.3 13.7 12.0 Outlook Significant automated mass transit systems are being tendered in UAE and Saudi Arabia Russia and other CIS states continue to renew their ageing fleets and infrastructure across all segments The strong need for high capacity solutions for rapid urbanization leads to further opportunities for urban mobility investments in Brazil 2011-13 2017-19 72 TRANSPORTATION Source: Based on UNIFE World Rail Market Study, published in 2014. UNIFE figures are published in euro. An exchange rate of 1 = $1.33745, the average cumulative exchange rate over the 2011-13 period, was used to convert all figures. The annual accessible market volume for the period of 2012-2014 is illustrated in the financial report of 2014.

Selection of upcoming key opportunities for BT by region Key projects in Europe Key projects in North America High Speed, Locomotives & Services Turkey Metro, Signalling & Services U.S. Regional Trains & LRV Commuter & Regional Trains Key projects in Rest of World Locomotives Monorail & Signalling Belgium Germany Brazil Peru LRV & Services Metro & Commuter Trains Key projects in Asia-Pacific Locomotive & Services Commuter, LRV & Signalling Canada Mexico India Australia APM, Signalling & Metros GCC 1 Monorail & APM China 73 1. Gulf Cooperation Council TRANSPORTATION Remark: Upcoming key bids until end of 2016 considered

Altogether, our long-term market drivers have a positive impact on investments in rail infrastructure Global market drivers Population growth & mass urbanization Environmental awareness Urbanization Public funding The worldwide population will increase from approximately 7.2 to 9.6 billion by 2050 together with a growing share of people living in urban areas from 54% to 66% in the same time period. 1 Population growth and urbanization create an increasing demand for high capacity solutions for public transport, especially in congested cities and areas. Governments increasingly commit to long-term climate and energy goals. Measures to reach these goals include investments into eco-friendly transport solutions such as rail transport. Rail is responsible for less than 3.3% of the transport energy-related CO2 emissions compared to 72.6% for road transportation. 2 Most of the rolling stock business is conducted with rail operators from the public sector. Public indebtedness and austerity measures may impede public tender processes for some new railway projects however at the same time, governments tend to increase investments in infrastructure during these times. Together with the long-term market environment and growing demand, we do not expect a decrease in overall investments in rail transportation. + + = Liberalization Liberalization attracts more private operators to enter the market and invest into new rail equipment and services. The European Commission supports the liberalization of domestic passenger rail services within the EU. + 74 OUR MARKETS + = Indicates a favourable, neutral or negative trend in the market categories in which we compete. 1. According to the United Nations: World Urbanization Prospects: The 2014 Revision 2. According to the International Union of Railways: Railway Handbook 2014. Energy Consumption & CO Emissions

Aircraft Program Disclaimer The Challenger 650 aircraft, Global 7000 and Global 8000 aircraft, and CSeries programs are currently in development, and as such are subject to changes in family strategy, branding, capacity, performance, design and/or systems. All specification and data are approximate, may change without notice and are subject to certain operating rules, assumptions and other conditions. This document does not constitute an offer, commitment, representation, guarantee or warranty of any kind. The configuration and performance of the aircraft may differ from the descriptions and photos provided and, together with any related commitment, representations, guarantee or warranty, shall be determined in a final purchase agreement. Caution Regarding Non-GAAP Financial Measures This presentation is based on reported earnings in accordance with International Financial Reporting Standards (IFRS). Reference to generally accepted accounting principles (GAAP) means IFRS, unless indicated otherwise. This presentation is also based on non-gaap financial measures including EBIT before special items, adjusted net income, adjusted earnings per share and free cash flow. These non-gaap measures are mainly derived from the interim consolidated financial statements, but do not have a standardized meaning prescribed by IFRS; therefore, others using these terms may calculate them differently. Management believes that providing certain non-gaap performance measures, in addition to IFRS measures, provides users of our financial reports with enhanced understanding of our results and related trends and increases transparency and clarity into the core results of our business. Refer to the Non-GAAP financial measures and Liquidity and capital resources sections in Overview and Analysis of results sections in Aerospace and Transportation in the Corporation s MD&A for the fiscal year ended December 31, 2014 for definitions of these metrics and reconciliations to the most comparable IFRS measures. 75