Air Canada Supports Proposed Legislation to Remove 15 per cent Limit on Individual Share Ownership

Air Canada provides the following comment in
response to Minister Collenette`s announcement today that the federal
government will introduce legislation to remove the 15 per cent limit on
individual ownership of shares in Air Canada:
Air Canada is pleased with the Minister`s announcement, confirming the
airline`s previous request to remove ownership restrictions, as it will
facilitate access to the equity and capital markets. We view this as a
positive development as the Corporation continues to implement measures to
strengthen its financial and operating performance in the post September 11

In the same context, Air Canada supports an increase in foreign ownership
restriction from 25 per cent to 49 per cent.