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Air Canada Announces Closing of Offering of Shares

Air Canada announced today the closing of its previously announced overnight marketed public offering of 35,420,000 Class A Variable Voting Shares and/or Class B Voting Shares of the Company (“Shares”) at a price to the public of C$24.00 per Share, for aggregate gross proceeds of approximately C$850 million (the “Offering”).

The Company has granted the underwriters an option to purchase up to an additional 15% of the Shares in the Offering, exercisable in whole or in part at any time until 30 days after the date hereof.

The Company will use the net proceeds from the Offering to supplement the Company’s working capital and for other general corporate purposes. The net proceeds from the Offering will serve to increase Air Canada’s cash position, thereby allowing for additional flexibility both from an operational standpoint and in the implementation of its planned mitigation and recovery measures in response to the COVID-19 pandemic.

TD Securities Inc., J.P. Morgan Securities Canada Inc., Citigroup Global Markets Canada Inc. and Morgan Stanley Canada Limited are acting as active joint book-running managers for the Offering.

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