Continued Strong EBITDAR Margins

Overall Risk Profile is Significantly Reduced Fleet Flexibility • • • • Positioned to adjust to different economic environments By the end of 2017, 50 aircraft or 23% of mainline/Rouge fleet will be fully-owned and unencumbered Staggered Airbus narrow-body aircraft lease expiries give Air Canada the opportunity to manage capacity, either up or down, as it transitions to Boeing 737 MAX aircraft Longer-term flexibility exists in Air Canada's ability to defer a portion of Boeing 737 MAX aircraft deliveries Both Boeing 737 MAX and C-Series orders have a significant number of options to provide flexibility 105

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