The Path Forward
STRONGER BALANCE SHEET
Assuming Funding Relief Adopted, Plausible
Conditions (discount rate, return on assets) Could
Have Solvency Deficit Eliminated No Later Than
2020
$4.0
$3.0
$2.0
$1.0
-
-
-
Reflects funding relief to end of 2020
Assumed return on asset of 6.7% per year
Assumed discount rate of 3.0% on January 1, 2013
increasing to 3.3% over the long-term
Estimated Pension Unfunded Liability in ($B)
on solvency basis on January 1
2014
2015
2016
2017
2018
2019
2020
2021
Note: Actual results will be dependent on a number of factors, including the assumptions used, plan demographics,
plan provisions, pension legislation and changes in economic conditions, particularly asset returns and interest rates.
See Air Canada's 2012 and Q1 2013 MD&As for additional information.
$0.0
2013
($1.0)
($2.0)
2013 INVESTOR DAY
Without Benefit Reduction
With Benefit Reduction
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