Continued Strong EBITDAR Margins

Amended Pilot Contract ACPA APAC Boeing 767 •·rouge Airbus A319 / A321 Incremental Rouge NB Growth subject to Mainline Growth Additional growth over and above current Fleet plan "rouge" Increased Flexibility Additional growth within the current fleet plan Replace Tier 2 WESTJET (To be named ULCC) J jetlines norwegian FLAIR Airlines WOW air Rouge can operate to more destinations Number of aircraft can be expanded AIR CANADA EXPRESS Significant flexibility to respond to changing market conditions and ULCCS 48

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