Air Canada Announces More Than 50 Per Cent Of Canadian Airlines Shares Tendered

Air Canada today announced that it has received confirmation from Montreal Trust Company, the depositary for the Offer by 853350 Alberta Ltd, a corporation owned in part by Air Canada, that as of 5:00 p.m. EST December 7, 1999, more than 50 per cent of the Common and Non-Voting Common shares of Canadian Airlines Corporation had been deposited under the Offer. This meets the minimum condition outlined in the Offer for the acquisition of Canadian Airlines Corporation to proceed subject to confirmation of deposits made under the guaranteed delivery procedures and subject to withdrawal rights.