TRANSFORMING INTO A GLOBAL CHAMPION

IMPROVING COMPETITIVENESS IN REGIONAL MARKETS express AIR CANADA express Diversification strategy being implemented - Sky Regional & Air Georgian have very competitive cost structures Air Canada will continue to add scale to Sky Regional and Air Georgian Significant enhancements to Jazz CPA driven by fleet changes and pilot mobility agreement - - - CPA extended to 2025 Estimated $550M in incremental value 2015-2020 Competitive cost structure post-2020 Incremental aircraft at competitive rates As reported on February 17, 2016 AIR CANADA express 15

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