http://micro.newswire.ca/release.cgi...3213-0&Start=0

MONTREAL, Nov. 8 /CNW Telbec/ - Air Canada's Board of Directors at a
meeting today selected Trinity Time Investments, controlled by Victor T.K. Li,
from the two equity plan sponsor finalists. The Agreement contemplates a $650
million equity investment, which will represent approximately 31% of the
common equity in a restructured Air Canada.

The Investment will be funded from Mr. Li's personal financial resources
and may include investment from other family holdings and foundations and is
not subject to financing conditions. Mr. Victor T.K. Li, a Canadian citizen,
is the Deputy Chairman of Cheung Kong (Holdings) Limited. Mr. Li and his
family hold controlling interests in Cheung Kong as well as such other widely
held companies as Hutchison Whampoa Limited, Hongkong Electric Holdings
Limited and Husky Energy Inc. of Calgary. The Cheung Kong Group's businesses
encompass such diverse areas as property development and investment, real
estate agency and estate management, hotels, telecommunications and e-
commerce, finance and investment, retail and manufacturing, ports and related
services, energy, infrastructure projects and materials, media, and
biotechnology. The Cheung Kong Group ranks among the top 100 corporations in
the world, with businesses in close to 40 countries and over 165,000
employees.

[This message has been edited by jakob (edited 11-09-2003).]