Continued Strong EBITDAR Margins

Accounting Standard Changes IFRS-15 Revenues From Contracts With Customers - Effective January 1, 2018 and will be applied retrospectively with adjustment to the opening consolidated statement of financial position as at January 1, 2017 Incremental costs of obtaining passenger revenues (such as credit card fees and global distribution system charges) will be capitalized at the time the flight is sold and expensed at the time of passenger revenue recognition This change is not expected to have a material impact on the consolidated statement of operations The impact of this change is not factored into Air Canada's 2017 Investor Day projections 118

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