TRANSFORMING INTO A GLOBAL CHAMPION

FLEET FLEXIBILITY ■ Air Canada has positioned itself to adjust to any economic environment with fully unencumbered, older aircraft (both widebody and narrowbody), and with a sizeable amount of staggered leased aircraft expiries Staggered Airbus narrowbody lease expiries give Air Canada the opportunity to manage capacity, either up or down, as transitions to B737 MAX aircraft Longer-term flexibility exists in Air Canada's ability to defer a portion of B737 MAX aircraft deliveries 48 aircraft owned and unencumbered by year-end 2017 (57 aircraft by Dec 31, 2018) 58 aircraft with leases expiring in the next five years 11

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