Air Canada Reports November Traffic

Air Canada flew 8.4 per cent less revenue
passenger miles (RPMs) in November 2001 than in November 2000, according to
preliminary traffic figures. Capacity declined by 16.2 per cent, resulting in
a load factor of 67.8 per cent, compared to 62.0 per cent in November 2000.

“It is gratifying to see that our quick and decisive capacity reductions
achieved positive results,” said Rob Peterson, Executive Vice President and
Chief Financial Officer “We will continue to actively adjust capacity to
changing market conditions in the coming quarters.”