2023 Consolidated Financial Statements and Notes

AIR CANADA 2023 Consolidated Financial Statements and Notes For the years ended December 31, 2023 and 2022 (Canadian dollars except where otherwise indicated) 1. GENERAL INFORMATION The accompanying audited consolidated financial statements (the "financial statements") are of Air Canada (the "Corporation"). The term Corporation also refers to, as the context may require, Air Canada and/or one or more of its subsidiaries, including its principal wholly-owned operating subsidiaries, Aeroplan Inc. ("Aeroplan"), Touram Limited Partnership doing business under the brand name Air Canada Vacations® ("Air Canada Vacations"), and Air Canada Rouge LP doing business under the brand name Air Canada Rouge® ("Air Canada Rouge"). Air Canada is incorporated and domiciled in Canada. The address of its registered office is 7373 Côte-Vertu Boulevard West, Saint-Laurent, Quebec. Air Canada is Canada's largest domestic, U.S. transborder and international airline and the largest provider of scheduled passenger services in the Canadian market, the Canada-U.S. transborder market as well as the international market to and from Canada. Certain of the scheduled passenger services offered on domestic and Canada-U.S. transborder routes are operated under the brand name "Air Canada Express" by third parties including Jazz Aviation LP ("Jazz"), a wholly-owned subsidiary of Chorus Aviation Inc. ("Chorus”), through capacity purchase and other commercial agreements. Through Air Canada's global route network, virtually every major market throughout the world is served either directly or through Star Alliance and other carriers. Air Canada also offers air cargo services on domestic and U.S. transborder routes as well as on international routes between Canada and major markets in Europe, Asia, South America and Australia. Aeroplan operates a loyalty rewards and recognition program that allows individuals to enroll as members and open an Aeroplan account, to accumulate Aeroplan Points through travel on Air Canada and select partners, as well as through the purchase of products and services from participating partners and suppliers, and to redeem Aeroplan Points for a variety of travel, merchandise, gift card, and other rewards provided directly by participating partners or made available through Aeroplan's intermediary suppliers. 12 12

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