Continued Strong EBITDAR Margins

Accounting Standard Changes IFRS-16 Leases Effective for annual periods beginning on January 1, 2019 Changes will significantly impact Air Canada's consolidated statement of operations and its consolidated statement of financial position It is expected that most leases will be on balance sheet as P&E assets and lease liabilities In particular, depreciation, aircraft rent, interest expense, regional airlines expense and maintenance expense will be impacted The impact of this change is not factored into Air Canada's 2017 Investor Day projections 119

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