The Path Forward

Other Strategic Initiatives LOWER COST STRUCTURE • Air Canada is aggressively pursuing its claim for a meaningful reduction in the mark-up rate under the Jazz CPA - Arbitrator's decision is expected by the end of 2013 • Procurement initiatives - Since mid-2010, achieved annual savings of 12%, representing $70M per year on a run-rate basis Spend areas being addressed include marketing & communications, global airside services and IT end-user services 2013 INVESTOR DAY 6

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