MONTREAL, Dec. 31 /CNW Telbec/ - Air Canada today announced that it has
concluded a secured revolving credit facility with the Canadian Imperial Bank
of Commerce which will provide the airline with up to $100 million of
revolving credit for a term of one year.
    Upon closing today, Air Canada has drawn funding of $50 million from the
credit facility. Additional draw downs are subject to certain conditions.
    This revolving credit facility replaces Air Canada's previous secured
syndicated 3-year revolving credit facility and represents an additional step
in the implementation of Air Canada's strategy of improving its short term and
longer term liquidity through both traditional and non-traditional means.

    CAUTION REGARDING FORWARD-LOOKING INFORMATION
    ---------------------------------------------

    This disclosure may include forward-looking statements within the meaning
of applicable securities laws. Forward-looking statements are based on
assumptions, are subject to important risks and uncertainties and cannot be
relied upon due to, amongst other things, changing external factors and
general uncertainties of the business. Results indicated in forward-looking
statements may differ materially from actual results due to a number of
factors, including without limitation, energy prices, general industry,
market, credit and economic conditions, currency exchange and interest rates,
competition, war, terrorist acts, epidemic diseases, insurance issues and
costs, changes in demand due to the seasonal nature of the business, the
ability to reduce operating costs, employee and labour relations, pension
issues, supply issues, changes in laws, regulatory developments or
proceedings, pending and future litigation and actions by third parties, as
well as the factors (including assumptions) identified in Air Canada's public
disclosure file and accessible through SEDAR at www.sedar.com. Any
forward-looking statements contained in this disclosure represent Air Canada's
expectations as of the date of this disclosure and are subject to change after
such date. Air Canada disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new information,
future events or otherwise, except as required under applicable securities
regulations.
    %SEDAR: 00001324EF