Air Canada Reports Successful Issuer Bid

30th Nov 1999

Air Canada today confirmed that the conditions of the Issuer Bid it made for up to 36.4 per cent of its common shares and Class A non-voting shares at a cash price of $16.00 per share have been satisfied. In accordance with Canadian securities laws, Air Canada will take up and pay for the shares tendered within ten days.

As at the scheduled expiry time of 5:00 p.m. November 29, 1999, Air Canada shareholders holding approximately 174,197,673 common shares and Class A non-voting shares had tendered their shares. A total of 68,750,000 shares will be taken up, representing approximately 40% of the shares tendered by each tendering shareholder.

Funding for the Issuer Bid comes largely from Air Canada`s commercial partners. The transactions with United Airlines and Lufthansa and CIBC provide $620 million in cash. A net $480 million was provided from Air Canada`s substantial cash reserves. Through these transactions, Air Canada has not incurred additional debt.



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