Continued Strong EBITDAR Margins

Financial Information • • Financial information contained in this presentation has been derived from the historical consolidated financial statements of the Corporation for the applicable periods noted. Air Canada's consolidated financial statements are prepared in accordance with generally accepted accounting principles in Canada ("GAAP"), as set out in the CPA Canada Handbook Accounting ("CPA Handbook"), which incorporates International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") - The forward looking financial information in this presentation is based upon the accounting policies and assumptions in effect as of June 30, 2017 and does not reflect the impact of any accounting standard changes that may be applicable to the Corporation's financial statements in the future 121

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