Continued Strong EBITDAR Margins

Flex-Capacity Strategy Older, less capital intensive aircraft are ideal for flex capacity Boeing 777 Airbus A330 AIR CANADA AIR CANADA Boeing 767 ANADA 10 leased 777s expire 2019 to 2021 (8x 77W, 2x 77L) 8 Owned 8 Owned, 2 Leased Airbus A319/320/321 AIR CANADA 5x A321 owned, 41x A320 lease expiries 2018 to 2020, 15x A319 lease expiries 2018 to 2020 Airbus A319 •rouge 14 of 25 are owned. Average age of over 20 years Significant flex capacity provides buffer in case of an economic downturn 42

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