• Proposal provided the best outcome for all Aimia stakeholders and Aeroplan members, and provided the only opportunity for all Aeroplan Miles to transfer into Air Canada's new loyalty program.
• Proposed transaction, including cash and assumption of Aeroplan's redemption liabilities, would have delivered a sizeable premium to Aimia share price.

TORONTO, Aug. 2, 2018 /CNW Telbec/ - Air Canada, The Toronto-Dominion Bank ("TD"), Canadian Imperial Bank of Commerce ("CIBC"), and Visa Canada Corporation ("Visa") today announced that Aimia Inc. ("Aimia") has rejected their proposal to acquire its Aeroplan loyalty business disclosed on July 25, 2018. The parties had set a deadline of August 2, 2018 for Aimia to accept the proposal.

Air Canada, TD, CIBC and Visa enhanced the offer and engaged in extensive discussions with Aimia over the past several days to attempt to reach an economically viable agreement.

The proposal would have ensured value and continuity for Aeroplan members as well as customers of Air Canada, TD, CIBC and Visa. As previously communicated, it would have also allowed Aeroplan Miles to transfer into Air Canada's new loyalty program in 2020, providing convenience and value for millions of Canadians.

The July 25 proposal was for a total consideration of $2.25 billion, including $250 million in cash and the assumption of approximately $2 billion of Aeroplan points liability. The proposal implied an estimated market equivalent value of $3.64 per Aimia share, a 52.3% premium to the 30-day VWAP and a 45.6% premium to the spot closing price as of July 24, 2018. The market equivalent value was comprised of the Aeroplan loyalty business proposal value of $1.64 per Aimia common share plus non Aeroplan loyalty program net assets valued at $2.00 per common share based on fair market value estimates contained in Mittleman Investment Management's Q1 2018 investor letter.*

About Air Canada
Air Canada is Canada's largest domestic and international airline serving more than 220 airports on six continents.  Canada's flag carrier is among the 20 largest airlines in the world and in 2017 served more than 48 million customers.  Air Canada provides scheduled passenger service directly to 64 airports in Canada, 59 in the United States and 98 in Europe, the Middle East, Africa, Asia, Australia, the Caribbean, Mexico, Central America and South America. Air Canada is a founding member of Star Alliance, the world's most comprehensive air transportation network serving 1,317 airports in 193 countries.  Air Canada is the only international network carrier in North America to receive a Four-Star ranking according to independent U.K. research firm Skytrax, which also named Air Canada the 2018 Best Airline in North America.  Air Canada was also named the 2018 Eco-Airline of the Year by the respected airline industry publication Air Transport World in its 44th Annual Airline Industry Achievement Awards for its commitment to emissions reductions through supporting the development of alternative fuels, its numerous green programs and partnerships, and being the first airline worldwide to voluntarily join the World Bank's IMF Carbon Pricing Leadership Coalition. For more information, please visit: www.aircanada.com/media, follow @AirCanada on Twitter and join Air Canada on Facebook.

About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by branches and serves more than 25 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with approximately 12 million active online and mobile customers. TD had CDN$1.3 trillion in assets on April 30, 2018. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.

About CIBC
CIBC is a leading Canadian-based global financial institution with 11 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.

About Visa Inc.
Visa Inc. (NYSE: V) is the world's leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company's relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere.  As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit visa.ca, visacorporate.tumblr.com and @VisaNewsCA.