Investor Presentaiton

THE NORTH WEST COMPANY 3. NSA Performance NSA's 2019 EBIT performance was $4.5 million short of plan and is at risk to be a further $2 million lower in 2020 (annualized) due to the following: • • $3 million in charter cargo aircraft usage due to Basler and ATR downtime and reduced Basler revenue due to new operating procedures $2 million increase in insurance primarily caused by two Basler aircraft accidents in 2019 $1.5 million in parts expense primarily due to lack of scale in ATR fleet 12

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