The Path Forward

LOWER COST STRUCTURE Realizing Significant Cost Savings Through New Maintenance Agreements C$ (millions) 681 143 -7% 94 632 2011 Maintenance Annual benefits Volume & other 2013 Forecast factors expense 2013 INVESTOR DAY Annual benefits of $143M represent the value of pre- and post-Aveos rates • Expected revenue benefits of increased aircraft availability from improved turnaround times is estimated at $100M over the 2013-2016 period • Additional annual depreciation savings of $40M - incorporated in guidance 7

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