Clarification - December 14, 1999 Announcement Air Canada Acquires Access To Tokyo

The press release announcing Air Canada`s access to Tokyo dated December 14,1999, refers to the bridge financing transaction with Canadian Airlines as a purchase of slots at Narita Airport. The transaction with Canadian Airlines should more accurately be described as a transfer of slots at Narita Airport. Japanese authorities prohibit slot purchases by airlines at Japanese airports although it is possible for airlines of the same country to transfer slots between them subject to compliance with procedure relating to slot rules. Other details of the transaction contained in the release remain unchanged.