Continued Strong EBITDAR Margins

Investments Driving Higher Return ROIC % 20 15 10 4.7 5 4.2 0 -1.5 6.7 12.1 10.5 18.3 14.7 (5) 2009 2010 2011 2012 2013 2014 2015 2016 - Boeing 777/787 aircraft - Aircraft reconfigurations - Creation of Air Canada Rouge - - - - New Revenue Management system Introduction of on-board WiFi New website New Maple Leaf Lounges 12

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