Continued Strong EBITDAR Margins

Air Canada Vacations (ACV): Growth Plan Strategic initiatives will help make ACV more competitive Today • Primarily Sun Destinations • Rely on 3rd Parties to Sell our Product Focused Strategic Initiatives • Brand has low recognition in B2C market Key Focus Areas • Leverage Air Canada brand globally Capture a share of inbound tourism market New web and mobile platform to enhance digital experience • Reduce reliance on third party resellers • Online dynamic pricing AIR CANADA VACATIONS SUN These initiatives are part of the plan to modernise ACV and make it more competitive 56

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