Continued Strong EBITDAR Margins

We Will Continue to Focus on Delivering Sustained Profitability and Value for Shareholders . The launch of our own loyalty program, with our own co-branded credit card with a leading financial institution, will further contribute to our margins and free cash flow results NPV of $2.0B-$2.5B* from Loyalty Program * Assumes the current regulatory environment a discount rate in line with Air Canada's WACC and is on a pre-tax basis 114

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