Air Canada today confirmed that it has received
written notification from The Nasdaq National Market that its Class A Non-
Voting Common Shares had closed at less than USD $3.00 per share over the
previous 30 consecutive trading days and as a result did not comply with
Marketplace Rule 4450(b)(4).
Consequently, in accordance with Marketplace Rule
4450(e)(2), Air Canada`s Class A Non-Voting Common Shares will be delisted
from The Nasdaq National Market at the opening of business December 3, 2002.

Air Canada`s Common Shares (Symbol: AC) and Class A Non-Voting Common Shares
(Symbol: AC.A) will continue to be listed on the Toronto Stock Exchange, and
all shareholders including U.S. shareholders will continue to be able to trade
shares using the facilities of the Toronto Stock Exchange.

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