Makivvik and Inuvialuit Development Corporation Announce Entering into a Binding Agreement for the Sale of Their Ownership in Canadian North

Press Release

On our shareholders Makivvik Corporation and Inuvialuit Development Corporation announced they have entered into an agreement to sell Bradley Air Services Limited, which operates as Canadian North, to Exchange Income Corporation (EIC).

Read Makivvik’s full press release. Read EIC’s full press release.

It is important to note, the acquisition excludes the Montreal to Kuujjuaq route, which will be maintained by Air Inuit, and transitioned fully in the Fall of 2025.

Exchange Income Corporation (TSX: EIF) (“EIC” or the “Corporation”), is a diversified, acquisition-oriented company focused on opportunities in the Aerospace & Aviation and Manufacturing segments. Many will know EIC as a strong northern operator with many northern air carriers including Calm Air, Perimeter Aviation, Keewatin Air and Provincial Airlines being part of its group of companies. Within this transaction, Canadian North retains our brand and leadership team, and most importantly, our mission to make life better in the communities we serve.

Closing of the transaction is subject to obtaining required regulatory approvals and other customary closing conditions and is expected to occur later this year. More information will be provided as appropriate and when available.

Questions & Answers

I have a flight booked for Montreal/Kuujjuaq. What will happen to my ticket?

• Canadian North will continue to operate the YUL/YVP route until Fall 2025. Flights booked and travel taken during this time will continue as usual.
• As Air Inuit prepares to operate the Montreal-Kuujjuaq-Montreal route on October 1st, 2025, the following details will be provided in the coming weeks:
  • the opening of reservations at Air Inuit for travel on/after October 1^st via the different booking channels (website, call center, travel agencies)
  • the transfer of existing bookings for travel after October 1^st from Canadian North to Air Inuit
  • the transition of corporate agreements from Canadian North to Air Inuit
  • the changeover of cargo services

How will this acquisition impact my Aurora points and redemption?

• We don’t anticipate any impacts of this announcement on the Aurora program.

Can I use my Aurora points on Air Inuit?

• No. The Aurora loyalty program is owned and operated by Canadian North, and points are not applicable to other airlines.

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