Air Canada Investor Presentation — March 2020

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Results for first quarter 2020

Adjusted net loss cut by half;

Outlook overshadowed by COVID -19

INVESTOR’S PRESENTATION

MARCH 2020TRANSACTION WITH AIR CANADA: The transaction is expected to

be completed in mid -2020 subject to regulatory approvals and other

closing conditions usual in this type of transactionForward -looking statements / Non -IFRS financial measures

This presentation contains certain forward -looking statements regarding the Corporation's expectation that travel

reservations will follow the trends .Inmaking these statements, the Corporation has assumed that the trends in

reservations and selling prices willcontinue, and that fuel prices, other costs and thevalue oftheCanadian dollar against

foreign currencies will remain stable .Ifthese assumptions prove incorrect, actual results and developments may differ

materially from those contemplated bytheforward -looking statements contained inthis news release .Results indicated

inforward -looking statements may differ materially from actual results foranumber ofreasons, including without

limitation, economic conditions, changes indemand due tothe seasonal nature ofthe business, extreme weather

conditions, climatic orgeological disasters, war, political instability, real orperceived terrorism, outbreaks ofepidemics

ordisease, consumer preferences and consumer habits, consumers’ perceptions ofthesafety ofdestination services and

aviation safety, demographic trends, disruptions tothe airtraffic control system, the cost ofprotective, safety and