Continued Strong EBITDAR Margins

Non-GAAP Financial Measures Air Canada uses certain non-GAAP financial measures that are derived from its consolidated financial statements, but that are not recognized financial measures for financial statement presentation under GAAP. Reconciliations of those measures to comparable GAAP measures for the relevant periods can be found in Air Canada's Management's Discussion and Analysis reports, which are available on Air Canada's website at aircanada.com Adjusted Net Income (Loss) . Air Canada uses adjusted net income (loss) to assess the performance of its business without the effects of foreign exchange, net financing income (expense) relating to employee benefits, mark-to- market adjustments on derivatives and other financial instruments recorded at fair value, gain on sale and leaseback of assets, loss on debt settlements and special items 122

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