The Path Forward

New Financing Arrangements cont'd . Offering comprised of three tranches of certificates (with the A tranche rated investment grade) with a combined face value of US$715M and blended coupon rate for all tranches of 4.7% for a maximum term of 12 years • Positive development for the financing of Air Canada's upcoming Boeing 787 aircraft deliveries as more financing alternatives overall should lead to more favourable terms STRONGER BALANCE SHEET 2013 INVESTOR DAY 24 24

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