Air Canada Rouge - First Five Years

Investor Day Targets and Current Outlook (1) Annual EBITDAR Margin approximately 16% in 2018 17% - 20% in 2019 and 2020 Annual ROIC approximately 12% in 2018 13% 16% - in 2019 and 2020 Free Cash Flow $500-$600 million in 2018 Leverage Ratio (1) As reported on October 31, 2018 $2.0-$3.0 billion cumulative over 2018 to 2020 period 1.2 by end of 2020 25

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