The Path Forward

Leveraging Opportunities for Revenue Growth • Growing ancillary revenues through various passenger-related fees and opportunity to further optimize . • Improved net Aeroplan revenue - Reduced Aeroplan frequent flyer accumulation fees to 50% on Tango service for international routes • Launch of loyalty program for small businesses Loyalty program caters to small and medium-size businesses allowing them to earn rewards and complimentary services Introduction of new Revenue Management System (RMS) which is being phased in over the next two years Lowest price guarantee assures customers of best available price on-line 2013 INVESTOR DAY 24

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