Air Canada — Capital/Financing Update 2020

May 28, 2020

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May 27, 2020

VIA SEDAR

Alberta Securities Commission Autorité des marchés financiers British Columbia Securities Commission The Manitoba Securities Commission Financial and Consumer Services Commission, New Brunswick Office of the Superintendent of Securities Service Newfoundland and Labrador Office of the Superintendent of Securities, Northwest Territories Nova Scotia Securities Commission Nunavut Securities Office Ontario Securities Commission Office of the Superintendent of Securities, Prince Edward Island Financial and Consumer Affairs Authority of Saskatchewan Office of the Yukon Superintendent of Securities

RE: Air Canada (the “Company”) – Final Short Form Prospectus

Dear Sirs/Mesdames:

We refer to the final short form prospectus of the Company dated May 27, 2020 (the “ Prospectus ”) qualifying the distribution of Class A variable voting shares and/or Class B voting shares (“ Shares ”) of the Company at a price of $16.25 per Share, as further described in the Prospectus.

We hereby consent to (i) the reference to our name on the cover page of the Prospectus and under the heading “Legal Matters” in the Prospectus; and (ii) the reference to our name and opinion under the headings “Eligibility for Investment” and “Certain Canadian Federal Income Tax Considerations” in the Prospectus.

We confirm that we have read the Prospectus and that we have no reason to believe that there are any misrepresentations in the information contained in the Prospectus that are derived from our opinions in the Prospectus or that are within our knowledge as a result of services we performed in connection with the preparation of such opinions.

Yours very truly,

“Blake, Cassels & Graydon LLP”

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