Continued Strong EBITDAR Margins

Improved Fundamentals and Launch of Loyalty Program Should Support Drive for Multiple Expansion Despite record financial results and long-term upside potential, Air Canada trades at a discount to U.S. legacy airlines and at a significant discount to industrial companies EV/EBITDAR 4.4 5.2 3.6 5.3 4.8 AC U.S. Legacies Intl Legacies WJA U.S. LCCs Source: 2017E TD Securities (Aug 28, 2017) 96

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