CONNECTING YOU TO THE WORLD

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1 CONNECTING YOU TO THE WORLD Fitti Lourenco Director, Federal Government Affairs and Ontario January 2018

2 OUR NEW LOOK 2

3 YOUR GLOBAL CHAMPION We offer Ontario unparalled access to global markets Business are not isolated by geography rather connected to other economic zones Human resources can travel to and from centres of excellence Your centres of excellence can attract people and export goods and services around the world agriculture centre to agriculture centre, business relationships, and expertise 3

4 OUR NETWORK IN ONTARIO Beginning in Ontario, 10 Ontario cities are linked to our Global Hub at Toronto Pearson Thunder Bay To Winnipeg Timmins Sault-Ste-Marie Sudbury North Bay Ottawa Montreal Kingston Sarnia Windsor London Toronto City Centre 4

5 TORONTO PEARSON: AIR CANADA IS BUILDING ITS GLOBAL HUB IN ONTARIO Today Air Canada Flies nearly 45 million passengers annually to over 200 destinations year-end numbers will be up from 2016 Approx. 200 of these destinations are directly linked to Toronto Pearson This means that Ontario has access like no one else in Canada and many other parts of the world 5

6 OUR NETWORK IN NORTH AMERICA Among the 15 largest airlines in the world An average of 123, 000 flying per people per day ~45M passengers 6

7 EXPANDING GLOBAL NETWORK Air Canada circles the world with new destinations launching in 2018: Toronto to Shannon, Zagreb, Porto, Bucharest. Montreal to Tokyo-Narita, Dublin, Bucharest, Lisbon, Tel Aviv. Vancouver to Paris and Zurich. In 2017, Air Canada launched 30 new routes, including 20 new international routes: Toronto to Mumbai, Berlin, Reykjavik, Cartagena. Montreal to Algiers, Marseille, Shanghai, Reykjavik, Lima. Vancouver to Taipei, Nagoya, London-Gatwick, Frankfurt, Melbourne. 7

8 THE ONGOING TRANSFORMATION TO BECOMING A GLOBAL CHAMPION Nearly six years ago, Air Canada was coming off of the two worst years in global aviation: Fuel was spike at $140/barrel and maintained around $100/barrel Air Canada had lost over $1 billion net Our pension plan deficit exceeded $4 billion and our stock was less than $1 dollar Many Canadians had already written off Air Canada, and other major Canadian companies following the Great Recession that began with the 2008 Wall Street collapse Air Canada took this as an opportunity to transform 8

9 TODAY COST AND SUSTAINABILITY 2016 revenue of $14.6 billion a growth of over 40% from earnings of $2.76 billion - an increase from last year and from 2009 when we earned $679 million Our pension now has a surplus of $1.9 billion versus a deficit of $2.7 billion from the end of adjusted net income of $1.14 billion According to Statistics Canada, air fares charged by airlines continue to drop Over 3000new hires in the last three years 9

10 OUR FOCUS To transform Air Canada we needed to focus on: Cost/Sustainability International Growth Customer Engagement Internal Culture Change 10

11 WE MUST BE SUSTAINABLE IT IS GOOD BUSINESS Air Canada has to be sustainable to provide quality service to customers and value to shareholders If fares are increasing, it is because taxes and fees collected by us for the government and third parties. The OECD continues to rank Canada as having one of the highest cost structures in air transportation in the world Fuel tax increase in Ontario is one example Increased cost for CATSA is a concern as airports now can top-up CATSA services Local officials, businesses and travelers must register these concerns with Federal and Provincial officials 11

12 COST COMPETITIVENESS GOING FORWARD As the current US administration continues to adopt policies favouring domestic companies, our own cost structure only hurts Canadian carriers and Canadian passengers more As in the past, Canadians near the border will look to US border airports for cheaper fares 12

13 AN UNCOMPETITIVE TAXATION REGIME From BUFFALO To ORLANDO From BUFFALO To ORLANDO 13

14 INCREASING COMPETITIVENESS: INVESTING IN A NEW FLEET $9 billion capital expenditure program One of the youngest fleets in the world Boeing 787 Boeing 737 MAX Bombardier Q400 Bombardier C Series ($3.8 billion) The fuel efficiency and range of these aircrafts allows us to enter more markets and increase our competitiveness in existing markets, in addition to offering customers a great experience We are also refurbishing our Boeing 777 fleet Installing Wi-Fi in all domestic and international mainline aircraft This investment in capital means hundreds of jobs for Canadian manufacturers and suppliers 14

15 CORPORATE REWARDS 15

16 THE AIR CANADA FOUNDATION The Air Canada Foundation carries out its charitable activities through a number of programs and initiatives, which have been developed and expanded over the course of many years fitti.lourenco@aircanada.ca 16

17 QUESTIONS AND CONCERNS What are your concerns? A few thoughts Experience in your region? Business travel? Loyalty? Future destinations? 17

18 THANK YOU ROMA 18

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