The Path Forward

New Financing Arrangements STRONGER BALANCE SHEET Implementation of Cape Town Convention (CTC) in Canada provides: - - New and attractive source of aircraft financing in the U.S. markets Level playing field with U.S. airlines Successfully concluded a private offering of enhanced trust certificates (EETCS), which relies on CTC, to finance five new Boeing 777-300ER aircraft 2013 INVESTOR DAY 23 23

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