The Path Forward

Air Canada is Not Yet a Big Player in the USA International Market % of US-Europe/Asia Market by non-US Carriers 4.2% 3.2% 3.0% 2.8% 2.0% 0.9% 0.3% Air France Korean Air KLM Lufthansa Cathay Pacific Swiss Air Canada • Air Canada "fair share" is approximately 1.5% • Should Air Canada meet this target - this would equate to an additional 1.1M incremental passengers per year and over $400M in revenue ⚫ Canadian hubs have excellent geographic positioning & efficient transit facilities vs. other global hubs • Air Canada covers all major markets in the USA with multiple frequencies per day * Source: PaxIS - TME March 2013 2013 INVESTOR DAY 7

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