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Oggthebase's Avatar

11.20.2012 , 10:47 AM | #2
you get to keep all your characters, including all the races you had available while subbed. If you have more than 2 characters you won't be able to create another, but you can still play with all of the existing ones.

Source: Q&A

Look up the question from Ripster and the answer from Blaine Christine.
In the future, they may put mechanics in place to restrict to only two active characters for privileged/F2P players. No date announced.