Continued Strong EBITDAR Margins

Air Canada Rouge: Summary Air Canada leisure oriented product has proven its success Founded: July 2013 Destinations: 49 (Asia, Caribbean, Europe, USA) Vanco Summer '17 Finama Oty Lin Fleet: 49 Aircraft Vince Hubs: Toronto, Montreal and Vancouver Calpay Winter '18 San Jose name Cty rouge Advantages: Very Low CASM Aircraft LOPA, Low Ownership - and Labour Costs Alternating between Atlantic (summer) and Sun (winter) is a major competitive advantage 35

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