Investor Frequently Asked Questions

Where are Air Canada shares traded and what are the ticker symbols?

Air Canada Class A variable voting shares and Class B voting shares trade on the Toronto Stock Exchange (TSX) under a single ticker designated AC (also 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).

What is the difference between Class A variable voting shares and Class B voting shares?

The Class A variable voting shares may only be held, beneficially owned or controlled, directly or indirectly, by persons who are not Canadians. An issued and outstanding Class A variable voting share shall be converted into one Class B voting share, automatically and without any further act of Air Canada or the holder, if such Class A variable voting share becomes held, beneficially owned and controlled, directly or indirectly, otherwise than by way of security only, by a Canadian.

The Class B voting shares may only be held, beneficially owned and controlled, directly or indirectly, by Canadians. An issued and outstanding Class B voting share shall be converted into one Class A variable voting share, automatically and without any further act of Air Canada or the holder, if such Class B voting share becomes held, beneficially owned or controlled, directly or indirectly, otherwise than by way of security only, by a person who is not a Canadian.

"Canadian" under section 55(1) of the Canadian Transportation Act may, currently, be summarized as follows:

  1. Canadian citizen or a permanent resident within the meaning of the Immigration and Refugee Protection Act (Canada);
  2. government in Canada or an agent of such a government; or
  3. a corporation or other entity that is incorporated or formed under the laws of Canada or a province, that is controlled in fact by Canadians and of which at least 75%, or such lesser percentage as the Governor in Council may by regulation specify, of the voting interests are owned and controlled by Canadians.
Why does Air Canada have a dual share structure?

Currently, the Air Canada Public Participation Act (ACPPA) limits ownership of Air Canada’s voting interests by non-residents of Canada to a maximum of 25%. The Canada Transportation Act (CTA) also requires that Canadians own and control at least 75% of the voting interests of licensed Canadian carriers. Accordingly, Air Canada’s articles contain restrictions to ensure that it remains “Canadian” as defined under the CTA. The restrictions provide that non-Canadians can only hold variable voting shares of Air Canada, that such variable voting shares will not carry more than 25% (or any higher percentage that the Governor in Council may be regulation specify) of the aggregate votes attached to all issued and outstanding voting shares and that the total number of votes cast by the holders of such variable voting shares at any meeting of shareholders will not exceed 25% (or any such higher percentage) of the votes that may be cast at such meeting.

The Government of Canada's Bill C-10, the Budget Implementation Act 2009, contains provisions whereby the restrictions on voting securities in the ACPPA would be repealed and the CTA would be amended to provide the Governor in Council with flexibility to increase the foreign ownership limit from the existing 25% level to a maximum of 49%. These provisions will come into force on a date to be fixed by order of the Governor in Council made on the recommendation of the Minister of Finance, in the case of the ACPPA, and on the recommendation of the Minister of Transport in the case of the CTA.

What are the voting rights attached to a Class A variable voting share?

Each Class A variable voting share confers the right to one vote unless: (i) the number of Class A variable voting shares outstanding, as a percentage of the total number of voting shares outstanding of Air Canada exceeds 25% (or any higher percentage that the Governor in Council may by regulation specify), or (ii) the total number of votes cast by or on behalf of holders of Class A variable voting shares at any meeting exceeds 25% (or any higher percentage that the Governor in Council may by regulation specify) of the total number of votes that may be cast at such meeting. If either of the above noted thresholds would otherwise be surpassed at any time, the vote attached to each Class A variable voting share will decrease proportionately such that: (i) the Class A variable voting shares as a class do not carry more than 25% (or any higher percentage that the Governor in Council may by regulation specify) of the aggregate votes attached to all issued and outstanding voting shares of Air Canada and (ii) the total number of votes cast by or on behalf of holders of Class A variable voting shares at any meeting do not exceed 25% (or any higher percentage that the Governor in Council may by regulation specify) of the votes that may be cast at such meeting.

What are the voting rights attached to a Class B voting share?

Each Class B voting share confers the right to one vote at all shareholder meetings.

How can I buy and sell Air Canada shares?

Air Canada shares cannot be bought or sold directly with the Company. Air Canada shares can be purchased or sold through a brokerage firm or a financial institution that provides brokerage services.

Who is Air Canada’s transfer agent?

CST Trust Company
2001 University Street
Suite 1600
Montreal, Quebec
H3A 2A6
Tel: 1.800.387.0825
Email: inquiries@canstockta.com
Web: www.canstockta.com

How can I obtain copies of Air Canada's financial documents or an investor package?

Please visit our Financial Reports and Information page or SEDAR to download copies of Air Canada’s financial documents. You may also contact Investor Relations or Shareholder Relations for printed copies.

I received more than one copy of the annual or quarterly report. How can I cancel the receipt of duplicate copies?

If you are receiving more than one annual or quarterly report from us, it is likely you hold Air Canada shares in more than one account. Please contact either your brokerage firm or our transfer agent, Canadian Stock Transfer Company Inc., who can help cancel the duplicate mailings.

How do I change my name or address?

To ensure our share records are kept up-to-date, please contact either your brokerage firm or our transfer agent, Canadian Stock Transfer Company Inc., with any name or address changes.

When is Air Canada’s fiscal year-end?

Air Canada’s financial year ends on December 31.

Who are Air Canada’s external auditors?

PricewaterhouseCoopers LLP are Air Canada’s external auditors.

How can I contact Investor Relations?

Kathleen Murphy
Director, Investor Relations and Corporate Reporting
Tel.: +1 514.422.7849
Fax: +1 514.422.7877
Email: investors.investisseurs@aircanada.ca

How can I contact Shareholder Relations?

Tania Felicioni
Manager, Shareholder Relations
Tel.: +1 514.422.6644
Fax: +1 514.422.0296
Email: shareholders.actionnaires@aircanada.ca