Air Canada Media Advisory

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Media Advisory - Air Canada Agrees to Sell 35 Percent of Aeroplan(TM) to
Onex Corporation

     MONTREAL, Jan. 27 /CNW Telbec/ - Air Canada invites analysts and media to
take part in a question and answer session on the agreement announced today
between Air Canada and Onex Corporation. Details are as follows:

     ANALYST AND MEDIA CONFERENCE CALL/WEBCAST

     Date    :    MONDAY, JANUARY 27, 2003

     Time    :    1:00 P.M. EST

     Webcast :    www.newswire.ca Note: Listen-only mode; Windows Media Player
                  is required, please download well in advance of call. Also
                  available at www.aircanada.ca and www.onex.com

     By telephone:1-800-387-6216 or (416) 405-9328 in Toronto.

     Replay :     Available approximately 15 minutes after the call at
                  www.newswire.ca for 90 days or at 1-800-408-3053
                  (passcode 1366372) until midnight February 5, 2003.


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