The Path Forward

FINANCIAL INFORMATION CONTAINED IN THIS PRESENTATION Financial information contained in this presentation has been derived from the historical consolidated financial statements of the Corporation for the applicable periods noted. Certain of the financial measures provided are non-GAAP financial measures. Reconciliations of those measures to comparable GAAP measures for the relevant periods can be found in Air Canada's Management's Discussion and Analysis reports, which are available on our website at aircanada.com. Financial information for the year 2009 and prior are based on old Canadian GAAP (prior to the adoption of IFRS) while financial information for the 2010 period and onwards is reported under IFRS. In addition, certain changes in IFRS were adopted on January 1, 2013 with retroactive restatement to January 1, 2012 - refer to Air Canada's interim unaudited condensed consolidated financial statements and notes for the first quarter of 2013 for additional information. Financial information for 2010 and 2011 have not been restated to be on the same basis. As a result of the above, financial information across periods may not be comparable. 2013 INVESTOR DAY 3

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