Community Air Press Release:

Over the past two and a half years, Robert Deluce, CEO of Porter Air, has repeatedly made
statements that Porter is a profitable venture. Until now, there was no way to verify that statement.
Now there is.

In its Preliminary Prospectus released last Saturday, a very different story emerges. Porter’s
financial results are nowhere near what Mr. Deluce led the media and the public to believe.
The document says Porter lost $11,486,000 in 2007, $3,317,000 in 2008, and $4,609,000 in
2009. Total losses over the last three years: $19,412,000.

Here are some of Mr. Deluce’s statements:

Mr. Deluce says Porter has been profitable since mid-2007 on a “fully allocated”
basis, though he declines to give accounting details …. (Globe and Mail Nov. 20,
2009)

"I can tell you that last June" (he means June, 2007) "was the first profitable month
for Porter," Deluce says of the 8% net income margin the company recorded. "I
can tell you that in June, 2008, we've done appreciably better than June,
2007." (Airport Business Oct. 31, 2008)

Mr Deluce, a licensed pilot, says Porter has been profitable since mid-2007...
(Financial Times September 29, 2009)

At a time when soaring oil prices are eroding North American carriers' earnings,
Porter Airlines Inc. is expecting its first full-year profit this summer, CEO
Robert Deluce said. … But Deluce said the company has maintained a steady
level of profitability since June 2007, when it recorded an eight-per-cent net-
income margin. (Montreal Gazette June 4, 2008)

Because Porter is privately held, it does not report financial results. But Deluce said
the airline turned a profit this year. (Toronto Star Dec. 31, 2009)

Closely held Porter, which does not release financial statements, has turned a
profit since June 2007 …, Chief Executive Robert Deluce said in an interview.
(Reuters Feb.12, 2009)

… in June, we achieved an eight per cent net income margin, which is among
the strongest in the North American airline industry. To put this into
perspective, Southwest Airlines took three years to achieve profitability – we did it in
eight months. (Board of Trade of Metropolitan Montreal October 25, 2007 Robert
Deluce President and CEO, Porter Airlines Remarks)

“While it is not surprising for a start-up like Porter to be suffering losses, it is of serious
concern, for a business that seeks to encourage investors to place their money with it, that its
CEO has consistently misled the media, and therefore the investing public, on such a basic
and provable issue as its profitability. ” said Brian Iler, Chair of CommunityAIR.

“ Porter’s successful image has been very carefully crafted. One has to wonder why, with
these statements, Mr. Deluce took such risks with that image” Iler added.