|Notice to Non-Canadian Shareholders|
Due to regulations pertaining to ownership of Canadian airlines, Non-Canadian Shareholders may only hold Class A Variable Voting Shares. Except as to ownership and voting restrictions those shares are otherwise the same as the Class B Shares which can only be owned by Canadians (as defined in the Canada Transportation Act). Among other voting restrictions, the Class A Variable Voting Shares are limited in the total votes associated with that class to 25 percent of the total votes attaching to all shares of Chorus. For further details as to the characteristics of our shares please refer the management information circular of our predecessor issuer Jazz Air Income Fund (the "Fund") dated October 4, 2010 (http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9Mzk4NjE4fENoaWxkSUQ9NDA1MjA2fFR5cGU9MQ==&t=1), particularly pages 42 to 44. For complete details and share terms see the share terms in our articles.
Please also be advised that as was the case with the securities of the Fund that were listed only on the Toronto Stock Exchange, both classes of Chorus shares and the convertible debentures of Chorus are only listed on the Toronto Stock Exchange and are NOT registered in the United States or listed on a recognized stock exchange other than the Toronto Stock Exchange. Chorus understands that its shares may be traded off the Toronto Stock Exchange and information collated about such trades in the United States (often referred to as “grey market” trades), which US broker dealers report to their self-regulatory agencies, is being reported through various websites. Such information does not constitute a listing or an organized market. Neither the Fund nor Chorus was or is involved in any manner in facilitating any such trading off the Toronto Stock Exchange.
Non-Canadian investors purchasing Chorus shares are strongly encouraged to confirm with the broker dealer through whom they may trade that they are purchasing the Class A Variable Voting Securities and not the Class B Shares. All investors should consider, among other things, price transparency, price execution and liquidity in choosing the markets through which they execute their trades.