Continued Strong EBITDAR Margins

Air Canada has Unique Competitive Advantages These advantages set Air Canada apart from the competition Dual Brand AIR CANADA AIR CANADA rouge Star Alliance Geographic Advantage STAR ALLIANCE Three Powerful Hubs (YYZ/YVR/YUL) Vancouver Montréal Toronto Competitive Fleet & Product AIR CANADA A++ Joint Venture + SEABAL Air Canada's advantages are unique - supporting a long-term market position 29

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