The Path Forward

STRONGER BALANCE SHEET Solid Progress on Net Debt Reduction • Reduction accomplished through free cash flow C$ (millions) 5,460 Adjusted net debt down almost $1.5B from 2009 4,874 4,576 4,137 3,987 Dec 31 2011 Dec 31 2012 Mar 31 2013 2013 INVESTOR DAY Dec 31 2009 Dec 31 2010 Operating leases have been capitalized using 7x aircraft rent expense 16

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