#1AIR CANADA 00 B-C-FRTG DREAMLINER 849 2020 Annual Shareholder Meeting June 25, 2020 A STAR ALLIANCE MEMBER AIR CANADA#2Calin Rovinescu President and Chief Executive Officer 2#32009-2019 Decade of growth - Job creation - - Prosperity Culture change Stock market performance AIR CANADA AND 3#42019 HIGHLIGHTS - Strong financial results - - - 87% share gain - Skytrax: Best Airline in North America The Globe and Mail reported Air Canada was best performing stock on the TSX Arrival of first Airbus A220 AIR CANADA 4#5COVID-19 AIR CANADA AIN CANAD AIN CANASA 5#6COVID-19 AIR CAND AIN CANADA AIR CANAD - Aeronautics Act Quarantine Act Canada-U.S. border restrictions - Inter-provincial restrictions - Government actively discouraging travel AIR CANADA 6#7Broad brush, blanket travel prohibitions are inhibiting economic recovery. ARCANADAIR CANADA 19 AIR CANADA 20 AIR CANADA Owch in Anc กรา60 7#8- HIGH FIXED COST STRUCTURE High capital expenditure Large unionized workforces $22M PER DAY NET CASH BURN AIR CANADA 8#9- COVID-19 RAPID RESPONSE Stopped service to China - Limited spending and conserved cash Reduced capacity by 85%-95% Removed 79 aircraft permanently from fleet AIR CANADA 9#10LIQUIDITY - Thanks to years of prudent capital allocation, we entered the crisis with access to significant liquidity and lines of credit. Bolstered cash position by more than $5.5B AIR CANADA 10#11AIR CANADA Impact to employees: 20,000 jobs lost 11#12BIOSAFETY AIR CANADA - - Hospital grade PPE Mandatory face coverings - Temperature checks - Increased personal space Personal hygiene kits Electrostatic sprayers in cabins - CLEANCARE + AIR CANADA 12#13- - OTHER BIOSAFETY MEASURES Flexible booking policies - Touchless processes Limited personal interactions onboard - HEPA filters AIR CANADA TouchFree Bag Check TAG PRINTING Enregistrement des bagages SansContact IMPRESSION DETIQUETTE PLEASE SCAN YOUR BOARDING PASS BAR CODE Check-in must have been previously completed VEUILLEZ BALAYER LE CODE À BARRES DE VOTRE CARTE D'ACCÈS À BORD L'enregistrement doit avoir été effectué préalablement STAR ALLIANCE AIR CANADA 13#14ONGOING TRANSFORMATION - New reservation system Loyalty program - Repatriated more than 300,000 Canadians Corporate social responsibility AIR CANADA 14#15SUSTAINED ACTIVITIES Converted wide-bodies - Over 1,600 cargo- only flights since March AIR CANADA CARGO AIR CANADA FDA CE ISO HEALT 15#16HEEDED THE CALL OF ELECTED OFFICIALS Respected social distancing, quarantine, isolations and more Air Canada was virtually shut down AIR CANADA 16#17RESPONSIBLE ACTIONS New bio-health and consistent safety guidelines AIR CANADA 17#18ECONOMIC CONTRIBUTION - Air Canada represents about $50B in economic output to Canada -Employed 38,000 + 6,000 at regional airlines - Support 34,000 retirees and their families Supported 190,000 jobs in spin-off industries AIR CANADA 18#19NATIONAL POST LIFT RESTRICTIONS Safely resume travel: - Safe corridors (air bridges) Science-based approaches News Politics Full Comment Post Picks Financial Post ✓ Healthing Driving Videos Full Comment Opinion: We are infectious disease experts. It's time to lift the COVID-19 lockdowns National Post May 21, 2020 6 minute read By Neil Rau, Susan Richardson, Martha Fulford and Dominik Mertz The past two months have shown that with major sacrifices, the community transmission of the SARS-CoV-2 virus could be slowed down. In Canada, we can rightfully say that we were able to "flatten the curve" to avert a northern Italy or New York City scenario. Now we face the unintended consequences: delays in medical care for non-COVID-19 patients, educational impacts, the looming pandemic of mental-health issues, and massive economic repercussions. Widespread restrictions certainly cannot be sustained until an effective and safe vaccine is widely available, which may not occur for years, if ever. And the virus is unlikely to disappear from Canada or the world any time soon. AIR CANADA HOW LONG WILL A VACCINE TAKE?#20CANADIAN TRAVEL & TOURISM ROUNDTABLE LIFT RESTRICTIONS OPEN LETTER AIR CANADA #timetotravel Dear Prime Minister and Canadian Premiers, Canadians have rallied together in an unprecedented way to fight the common enemy that is COVID-19. We heeded the calls of elected officials to respect social distancing rules, quarantines, isolations and other directives. Borders were closed and Canadians avoided all travel. Many businesses were shut down entirely. We stayed home and did what was necessary to flatten the curve. In addition to the human tragedy resulting from the virus, the economic impact has also been unprecedented. Millions have lost their livelihoods. Businesses big and small are struggling to survive, and many will not. We are now entering a new phase, one in which we must find a responsible way to co-exist with COVID-19 until there is a vaccine. This includes prudently and thoughtfully opening aviation and lifting restrictions to safely resume travel throughout all Provinces of Canada, as well as from select countries. Other jurisdictions worldwide have introduced targeted measures and "safe" corridors or air bridges to lift travel restrictions and quarantines in a gradual and coordinated manner for regions or countries with infection rates under control. For example, the European Union just published guidelines on how to safely resume travel to the Schengen area. Bio-health and safety guidelines throughout the travel process must be clear and consistent to assure the confidence of travellers. Last week, over 120 leaders in the Canadian travel, hospitality, and tourism sectors, called on governments to re-open travel as we head into the summer. They asked governments to begin relaxing travel restrictions and quarantine rules in Canada in a safe and targeted manner. However, air travel is not only important for tourism-it is also critical for the entire Canadian economy. It is a key economic driver; it enhances the performance of local businesses, including many smaller ones that rely on a functioning supply chain. It influences investment decisions and supports the development of our industrial, knowledge-based and creative industries. With the existing restrictions, business travel has been virtually shut down. As leaders of businesses who employ hundreds of thousands of Canadians, we believe it's time to re-open our country to air travel in a safe, smart and measured way. Our employees are relying on it, Canadians want it, and the Canadian economy depends on it. It's time. 20#21SMART REGULATION - Government needs to consider alternatives - Apply objective, evidence-based measures AIR CANADA #timetotravel 21#22SMART REGULATION Aviation and the travel, hospitality and tourism industries depend on finding viable alternatives. The entire Canadian economy depends on it. #timetotravel AIR CANADA 22#23Thank you#24AIR CANADA 00 B-C-FRTG DREAMLINER 849 2020 Annual Shareholder Meeting June 25, 2020 A STAR ALLIANCE MEMBER AIR CANADA