Air Canada Revised Investment Proposal

24th Nov 2003

Air Canada has received notice that
Ernst & Young Inc., the Court appointed monitor in Air Canada`s CCAA
proceedings, received late yesterday an unsolicited revised investment
proposal from Cerberus Capital Management, L.P., a New York based investment
The unsolicited proposal was made after completion of the
      Monitor-supervised equity solicitation process which resulted in the
Air Canada Board of Directors selecting Trinity Time Investments, a
corporation controlled by Victor T. K. Li to be the equity plan sponsor.
Cerberus had participated in that process and had not been selected. Further announcements will be made in due course as circumstances
This discussion contains certain forward-looking statements, which
involve a number of risks and uncertainties. As a result of many factors
including acts or potential acts of terrorism, international conflicts,
government regulations and government mandated restrictions on operations and
pricing, fuel prices, industry restructuring, labour negotiations, the
economic environment in general including foreign exchange and interest rates,
the airline competitive and pricing environment, industry capacity decisions
and new entrants as well as external events, actual results could differ from
expected results and the differences could be material.




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