Air Canada Rouge - First Five Years

Growth of Traffic Transiting Canada to/from the U.S. (6th Freedom) Growing market share to 2% would represent $930M of incremental annual revenue AC 6th Freedom Passengers Carried Market Share of International to/from U.S. 2013 2014 + 101% 2015 2016 2017 11.1% 10.9% Traffic to/from U.S. 41.9% 7.3% 6.9% 5.2% 3.2% 3.0% 2.4% 2.1% 1.9% 1.9% 1.1% DL UA AA BA LH AF VS KE KL CX JL AC Other US-ATL □ US-PAC Increasing U.S. revenues provides more U.S. net coverage and reduces net U.S. FX exposure 9

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