Continued Strong EBITDAR Margins

Cargo: Revenue Analysis Cargo has great revenue growth opportunity with long-haul capacity Revenue Growth - Cargo vs Passenger +22.5% 13,200 13,000 12,800 12,600 12,400 Passenger revenue Cargo revenue 12,200 12,000 11,800 11,804 11,600 11,400 11,200 11,000 +4.9% 11,021 10,800 10,737 400 488 200- 12,420 13,148 512 502 506 474 0 2012 2013 2014 2015 Grow revenue by pursuing all available strategic opportunities 2016 NADA NAGA AKH 040 AKE 05026 AC AKE 04882AC AIR CANADA AKE04615 AC AKE04063 AC AKH 16 AKE04359AC AIR CANADA EKE04359AC NADA AKH AKE04276 AC • Available cargo tonnage grew 29.6% (2012 - 2016) Cargo revenue grew 4.9% (2012 - 2016) 57 ADA

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