Monday, December 5 2022

MISSISSAUGA, Ontario–(BUSINESS WIRE)–Magellan Aerospace Corporation (“Magellan or Corporation”) (TSX: MAL) announced today that the Toronto Stock Exchange has accepted the notice filed by Magellan to make a normal course issuer bid ( “OPRCN”) through the Toronto Stock Exchange (the “TSX”) or other Canadian alternative trading systems.

The notice provides that Magellan may, during the 12-month period beginning May 27, 2022 and ending May 26, 2023, purchase for cancellation up to 2,886,455, or 5% of the 57,729,106 common shares issued and outstanding as of May 19, 2022. Magellan will not acquire more than 4,004 common shares in any trading day, or 25% of 16,019, the average daily trading volume of its common shares on the TSX for the six calendar months preceding the date of approval of the OPRCN, subject to certain prescribed exceptions. The price Magellan will pay for these shares will be the market price at the time of acquisition. The actual number of Common Shares that may be purchased and the timing of such purchases will be determined by Magellan.

The Company’s Board of Directors believes that the issuer bid constitutes an efficient use of Magellan’s financial resources when the market price of its shares may not adequately reflect their underlying value. The issuer bid will be funded using Magellan’s existing cash resources, and all common shares repurchased by the company pursuant to the issuer bid will be cancelled.

Magellan also announced today that, as part of its public takeover bid, Magellan has renewed its Automatic Share Purchase Plan (the “ASPP”) with a Designated Broker to enable the purchase of its common shares in under the OPRA, once effective, at times when Magellan would not normally be active in the market due to applicable regulatory restrictions or internal trading blackout periods.

As of May 19, 2022, Magellan had not acquired any common shares under its current issuer bid, which permitted the purchase for cancellation of up to 2,886,455 common shares.

About Magellan Aerospace Corporation

Magellan Aerospace Corporation is a global aerospace company that provides complex assemblies and system solutions to aircraft and engine manufacturers, as well as defense and space agencies worldwide. Magellan manufactures aircraft engine and aerostructure assemblies and components for the aerospace markets, advanced proprietary products for the military and space markets, and provides engine and component repair and overhaul services worldwide . Magellan is a public company whose shares trade on the Toronto Stock Exchange (TSX: MAL), with operating units in North America, Europe and India.

Forward-looking statements

Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. When used herein, words such as “expect”, “anticipate”, “estimate”, “may”, “will”, “should”, “intend”, “believe”, and similar expressions, are intended to identify statements. Forward-looking statements are based on estimates and assumptions made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors the Company deems appropriate. in the circumstances. Many factors could cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by the forward-looking statements, including those described in the “Risk Factors” section of the Annual Information Form. of the Company (copies of which may be obtained at www.sedar.com). These factors should be carefully considered and readers should not place undue reliance on the Company’s forward-looking statements. The Company has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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