Continued Strong EBITDAR Margins

High-level Financial Breakdown • · Over a 15-year period, net present value of the new loyalty program expected to be in the range of $2.0 billion to $2.5 billion*, on a pre-tax basis NPV includes approximately $85 million of up-front investments and uses a discount rate that approximates Air Canada's weighted average cost of capital * Assumes the current regulatory environment and a discount rate in line with Air Canada's WACC 100

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