The Path Forward

Air Canada Express - Important Part of North American Strategy Provides feeder traffic to Air Canada's scheduled routes ✈ Cape+ express CRJ aircraft (41) 50-75 seats AIR CANADAR express Dash 8 and Q400 aircraft (86) 37-74 seats Embraer (15) 73 seats AIR CANADA express ATE CANADA + express Beech aircraft (17) 18 seats Jazz fleet at 122 aircraft (including 21 Q-400 aircraft) - Q-400 aircraft are optimized for short-haul operations and deliver fuel efficiency, passenger comfort and lower operating costs than the aircraft they replace New collective agreement with ACPA allows for transfer of jets/prop of less than 76 seats to regional carriers All 15 Embraer 175 aircraft transferred to Sky Regional by year-end 2013 under a Capacity Purchase Agreement with substantially lower cost than mainline 2013 INVESTOR DAY 18

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