Air Canada's Shares to Trade on TSX Under Single Ticker

Air Canada has confirmed that its Class A variable voting shares and Class B voting shares will trade under a single ticker on the Toronto Stock Exchange (TSX) effective 3 November 2014.

The Class A variable voting shares currently trade on the TSX under the symbol AC.A and bear CUSIP number CA0089117034. The Class B voting shares currently trade on the TSX under the symbol AC.B and bear CUSIP number CA0089118024.

As of 3 November 2014, each of the Class A variable voting shares and the Class B voting shares will trade on the TSX under a single ticker designated AC, will bear CUSIP number CA0089118776 and will be designated for purposes of trading on the TSX and reporting in brokerage accounts under the single designation of "Voting and Variable Voting Shares" of Air Canada.

This change, which will allow the demand and liquidity for both classes of shares on the TSX to be consolidated under a single ticker, is designed to improve the liquidity for the Class A variable voting shares which have historically had lower trading volumes.

The trading of the Class A variable voting shares and the Class B voting shares under a single ticker is limited solely to the administration of trading of the Air Canada shares on the TSX. This change does not involve any amendment to Air Canada's articles of incorporation, by-laws or share capital structure, nor to the terms and conditions or the voting and ownership restrictions attaching to the Class A variable voting shares and the Class B voting shares.

Pursuant to Air Canada's articles of incorporation, the Class A variable voting shares may only be held and controlled by non-Canadians, and the Class B voting shares may only be held and controlled by Canadians, and each class is automatically assigned based on the Canadian or non-Canadian status of their holder. If a non-Canadian acquires Air Canada shares on the TSX, such holder will automatically be assigned Class A variable voting shares. Similarly, if a Canadian acquires Air Canada shares on the TSX, such holder will automatically be assigned Class B voting shares.