An anonymous director reports

AIR CANADA REPAYS US$274 MILLION CONVERTIBLE SENIOR NOTES DUE JULY 2025 IN FULL

Air Canada has repaid $274.2-million (U.S.) aggregate principal amount of indebtedness representing all its outstanding 4.000 per cent convertible senior notes due July, 2025, for an aggregate amount of approximately $279.6-million (U.S.) ($381.6-million), including accrued interest. The notes were cancelled upon repayment.

Air Canada's repayment of the notes in cash at maturity, together with its recently completed $500-million substantial issuer bid, are further steps toward Air Canada's goals of reducing the fully diluted number of shares below 300 million by 2028, creating value for shareholders while investing in growth through a balanced long-term capital allocation strategy.

About Air Canada

Air Canada is Canada's largest airline, the country's flag carrier and a founding member of Star Alliance, the world's most comprehensive air transportation network. Air Canada provides scheduled service directly to more than 180 airports in Canada, the United States and internationally on six continents. It holds a four-star ranking from Skytrax. Air Canada's Aeroplan program is Canada's premier travel loyalty program, where members can earn or redeem points on the world's largest airline partner network of 45 airlines, plus through an extensive range of merchandise, hotel and car rental partners. Through Air Canada Vacations, it offers more travel choices than any other Canadian tour operator to hundreds of destinations worldwide, with a wide selection of hotels, flights, cruises, day tours and car rentals. Its freight division, Air Canada Cargo, provides air freight lift and connectivity to hundreds of destinations across six continents using Air Canada's passenger and freighter aircraft. Air Canada's climate-related ambition includes a long-term aspirational goal of net-zero greenhouse gas emissions by 2050.

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