In response to a question asked during a
presentation given this morning at the CIBC World Markets Frontenac
Institutional Investor Conference in Québec City, Air Canada`s President and
Chief Executive Officer, Robert Milton, said that Air Canada “was still very
much in the position that with three days to go we`ve got a good profitable
third quarter” and going forward, Air Canada was “looking at a more normalized
state, barring the unforeseen.”

As previously announced, the event was webcast simultaneously.

Mr. Milton`s slide presentation is available at www.aircanada.ca.
Air Canada anticipates that it will publicly release its third quarter
results on October 25, 2002.

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