Continued Strong EBITDAR Margins

High-level Financial Breakdown Four main value drivers: - - - - Passenger Revenue: Increased wallet share, yield premium, and the flexibility to allocate redemption capacity differently (versus restrictive 8% across-the-board) Mileage Margin: Uplift from new credit card partnership and margin on mileage sales Data: Ownership of data and associated activation opportunities Distribution: Influence on channel participation and behaviours 101

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