Air Canada Investor Presentation — September 2021

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Results for third quarter 2021

Operations resumed July 30

INVESTOR’S PRESENTATION

SEPTEMBER 2021Net cash burn better than earlier projections

attributable to increased bookings and our

continuing effective cost controlsCaution regarding forward -looking statements

2Thispresentation contains certain forward -looking statements with respect totheCorporation, including those regarding itsresults, itsfinancial position, theimpacts ofthecoronavirus [“COVID -19”]pandemic, itsoutlook forthefuture andplanned measures, including

inparticular thegradual resumption ofcertain flights andactions toimprove itscash flow.These forward -looking statements areidentified bytheuseofterms andphrases such as“anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,”

“potential,” “predict,” “project,” “will,” “would,” thenegative ofthese terms andsimilar terminology, including references toassumptions .Allsuch statements aremade pursuant toapplicable Canadian securities legislation .Such statements mayinvolve butarenot

limited tocomments with respect tostrategies, expectations, planned operations orfuture actions .Forward -looking statements, bytheir nature, involve risks anduncertainties that could cause actual results todiffer materially from those contemplated bythese

forward -looking statements .

AsatJuly31,2021,there exists material uncertainty thatmaycastsignificant doubt ontheCorporation’s ability tocontinue asagoing concern .TheFinancial position, liquidity andcapital resources section oftheMD&A andnote 2totheinterim condensed consolidated

financial statements contain more detail onthisissue..