Continued Strong EBITDAR Margins

Share Price Up 3,000% - Over $6.5 Over $6.5 Billion of Value Created Indexed Price Performance 3,500 3,000 2,500 2,000 1,500 1,000 500 June 10/13 AC hosts Investor Day June 2/15 AC hosts Investor Day Aug 1/16 AC reports record Q2 2017 May 11/16 AC announced its intention to launch its own loyalty program in 2020 Nov 7/16 AC reports record Q3 2016 results Sept 26/16 AC announced a debt refinancing transaction of C$1.25B results Share Price: April 1, 2009 $ 0.78 June 7, 2013 $ 2.27 June 1, 2015 $ 14.19 0 '09 '10 '11 '12 '13 '14 "15 "16 Air Canada NYSE Arca Airline S&P TSX "17 Source: FactSet Prices 13

View entire presentation