The Path Forward

Tactical Approach to Cost Reduction Implemented a $50M cost reduction program to support earnings growth in short term - 1 - Company-wide hiring freeze Manpower cost reductions promoting undertime providing leave of absences • maintaining strict control on overtime Termination of consultant arrangements Reductions negotiated with key suppliers Further improvements being identified for Q3 and Q4 crew complements • peak December capacity • aircraft maintenance requirements 2013 INVESTOR DAY 12 12

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