Air Canada Issues 10 Million Preferred Shares

1st Dec 1999

Air Canada today announced that it has issued 10 million Class A Convertible Participating Non-Voting Preferred Shares, Series 1 of its capital to Expo Investment Partnership, L.P., a partnership formed by UAL Corporation and Deutsche Lufthansa AG, two of its Star Alliance partners, for a consideration of $232,500,000. This issuance of shares is as contemplated by Air Canada`s Master Financing Agreement dated October 19, 1999 with UAL Corporation and Deutsche Lufthansa AG, previously disclosed as part of Air Canada`s comprehensive plan to provide value to its shareholders while assuming the lead in the restructuring of Canada`s airline industry.

Air Canada is a fully-privatized airline offering customers over 700 destinations in more than 110 countries.



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