Air Canada Rouge - First Five Years

Lower Leverage Supports Investment Grade Credit Ratings • . • Creating shareholder value by lowering gross debt and leverage remains a top priority followed by shareholder distributions via share buybacks Forecast continued improvement in financial leverage as debt is paid off and gross debt is reduced Reduced overall risk profile by aggressively managing our financial leverage, leading to credit rating upgrades - Standard & Poor's BB with positive outlook (from B- in 2010) Moody's Ba2 with stable outlook (from B3 in 2010) Expect projected decline in leverage ratio to 1.2 by the end of 2020 (1) to support drive for investment grade credit ratings 460 AIR CANADA 00000 (1) As reported on October 31, 2018 29

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