1. Political Instability
Risks
External
Energy Costs
Environment
Political Instability
Regulation
Internal
Union Relations
Pension
Financial Health
Corporate Culture

2. Dual Class Voting Shares
Ownership Structure
Dual Class Voting Shares
75% Class B (Canadian Owned)
Air Canada Public Participation Act
Canada Transportation Act (CTA)
25% Class A (International)

3. Financial Performance

4. Share Performance

5. Share Performance

6. Recommendation – Don’t Buy
Cons
Unproven Success
Pension Liability
Labor Relations
Pollution
Energy Costs
Pros
Canadian Control
Government Bailout
Starting to be Profitable