The Path Forward

Lower Cost Structure • If implemented today, cost reduction initiatives would be expected to decrease CASM by an estimated 15% Cents CDN -15% 17.5 17.0 16.5 16.0 15.5 15.0 14.5 14.0 13.5 1.5 1.0 0.5 0.0 2012 AC CASM High-density Boeing 777 Boeing 787's Air Canada rouge Other 2013 INVESTOR DAY Expected AC CASM* Assumes that all other cost drivers remain at 2012 levels 11

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