Continued Strong EBITDAR Margins

Air Canada's Growth Strategy We've Taken the Airline to New Heights Available Seat Miles Millions of ASM 95,000 90,000 85,000 80,000 75,000 70,000 65,000 60,000 55,000 52,553 50,000 +12.9% +56.3% 73,889 68,573 66,460 67,269 62,814 63,496 60,637 60,169 61,083 62,074 58,822 59,343 56,536 54,160 80,871 92,726 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 7

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