Continued Strong EBITDAR Margins

We Expect Continued Strong EBITDAR Margins • • . Expect revenue growth to continue - - - - - Leveraging Air Canada's unique competitive advantages and fleet investments Air Canada Rouge Revenue enhancement initiatives Revenue diversification points of sale revenue Ancillary sales Technology - International Continuous focus on cost transformation - - - - - New more-efficient narrow-body aircraft Lowering cost structures of regional partners Cost reduction initiatives Process/productivity improvements Technology Outstanding customer service Project annual EBITDAR margin of 17% to 20% over 2018 to 2020 period 75 55

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