Continued Strong EBITDAR Margins

Growth of Traffic Transiting Canada to/from the U.S. (6th Freedom) AC 6th Freedom Passengers Carried to/from U.S. +103% 2012 2013 2014 2015 2016 U.S.-ATL U.S.-PAC 12.9% 11.3% Market Share of International Traffic to/from U.S. 7.3% 6.7% Growing Air Canada Market Share of International traffic to/from U.S. to 2% represents approx. $1.2B of incremental annual revenue 5.0% 3.5% 3.1% 2.8% 2.1% 2.0% 1.9% 0.9% Connections Correspondances 40.5% UA DL AA BA LH AF VS KE KL CX JL AC Other 2016 Increasing U.S. revenues provides more U.S. net coverage and reduces net U.S. FX exposure 38

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