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Meeting of Shareholders and Management Proxy Circular

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Meeting of Shareholders and Management Proxy Circular NOTICE OF 2008 ANNUAL MEETING OF SHAREHOLDERS AND MANAGEMENT PROXY CIRCULAR WHAT'S INSIDE NOTICE OF 2008 ANNUAL SHAREHOLDER MEETING.......................................................................................2 MANAGEMENT PROXY CIRCULAR.......................................................................................................................3 VOTING YOUR SHARES ...........................................................................................................................................4 BUSINESS OF THE MEETING.................................................................................................................................10 THE NOMINATED DIRECTORS .............................................................................................................................12 STATEMENT OF GOVERNANCE PRACTICES.....................................................................................................21 COMMITTEES ...........................................................................................................................................................27 COMPENSATION OF CERTAIN EXECUTIVE OFFICERS...................................................................................31 REPORT ON EXECUTIVE COMPENSATION BY THE HUMAN RESOURCES AND COMPENSATION COMMITTEE .............................................................................................................................................................37 PERFORMANCE GRAPHS.......................................................................................................................................41 OTHER IMPORTANT INFORMATION...................................................................................................................43 HOW TO REQUEST MORE INFORMATION .........................................................................................................45 SCHEDULE "A" RECORD OF ATTENDANCE BY DIRECTORS...................................................................... A-1 SCHEDULE "B" CHARTER OF THE BOARD OF DIRECTORS .........................................................................B-1 Letter from the Chairman and the President and Chief Executive Officer Dear Shareholders: You are cordially invited to attend our annual meeting of shareholders of Air Canada. It will be held on Wednesday, May 21, 2008 at 9:30 a.m. (Montreal time), at the International Civil Aviation Organization (ICAO) Conference Centre, 999 University Street, Montreal, Québec. As a shareholder of Air Canada, you have the right to vote your shares on all items that come before the meeting. You can vote your shares either by proxy or in person at the meeting. This management proxy circular will provide you with information about these items and how to exercise your right to vote. It will also tell you about the nominee directors, the proposed auditors, the compensation of directors and certain officers, and our corporate governance practices. During the meeting, we will also present management's report for 2007. Our business strategy remains focused on being a leading innovator in the airline industry in order to realize the full potential of our brand and franchise and in so doing, build shareholder value, broaden customer loyalty and promote employee satisfaction on a sustainable basis. To ensure all our efforts are directed to common, positive goals, in early 2008 we captured, refined and communicated to all employees Air Canada's mission, vision and values, which we will discuss at our annual shareholder meeting. We look forward to seeing you at our annual shareholder meeting. If you are unable to attend the meeting in person, please complete and return a proxy by the date indicated on your form. Sincerely, David I. Richardson Montie Brewer Chairman President and Chief Executive Officer 1 NOTICE OF 2008 ANNUAL SHAREHOLDER MEETING When You are entitled to receive notice of, and vote at, our annual shareholder meeting or any adjournment May 21, 2008 at 9:30 a.m. (Montreal time) thereof if you were a shareholder on April 2, 2008. Where Your vote is important International Civil Aviation Organization (ICAO) As a shareholder of Air Canada, it is very important that Conference Centre you read this material carefully and vote your shares, 999 University Street either by proxy or in person at the meeting. Montreal, Québec The following pages tell you more about how to exercise Webcast your right to vote your shares and provide additional information relating to the matters to be dealt with at the A webcast replay of management's presentation at the meeting. meeting will be made available at a later date on our website at www.aircanada.com. By Order of the Board of Directors, Business of the 2008 Annual Shareholder Meeting Corporate Secretary Four items will be covered at the meeting: 1. placement before shareholders of the consolidated Montreal, Québec financial statements of Air Canada for the year April 4, 2008 ended December 31, 2007, including the auditors' report thereon; 2. election of directors who will serve until the end of the next annual shareholder meeting or until their successors are appointed; 3. appointment of auditors; and 4. consideration of such other business, if any, that may properly come before the meeting or any adjournment thereof. 2 MANAGEMENT PROXY CIRCULAR In this management proxy circular ("circular"), you and If you have any questions about any of the information your refer to the shareholder. We, us, our, Air Canada in this circular, please call Shareholder Relations at and the Corporation refer to Air Canada. Unless (514) 205-7866 for service in English or in French. otherwise stated, all dollar amounts contained in this circular are expressed in Canadian dollars. Approval of this circular This circular is for our annual shareholder meeting to be The board of directors of Air Canada ("Board") held on May 21, 2008 ("meeting"). As a shareholder of approved the contents of this circular and authorized it to Air Canada, you have the right to vote your shares on be sent to each shareholder who is eligible to receive the election of the directors, the appointment of the notice of, and vote his or her shares at, our annual auditors, and on any other items that may properly come shareholder meeting, as well as to each director and to before the meeting or any adjournment thereof. the auditors. To help you make an informed decision, please read this circular. This circular tells you about the meeting, the nominee directors, the proposed auditors, our corporate governance practices, the compensation of directors and Corporate Secretary certain officers and other matters. The information in this document is current as at April 4, 2008 unless otherwise indicated. Financial information on Air Canada and its subsidiaries is provided in its Montreal, Québec consolidated financial statements and management's April 4, 2008 discussion and analysis for the year ended December 31, 2007. Your proxy is solicited by or on behalf of the management of Air Canada for use at the meeting. In addition to solicitation by mail, our employees or agents may solicit proxies by other means. The cost of any such solicitation will be borne by the Corporation. The Corporation may also reimburse brokers and other persons holding shares in their names or in the names of nominees, for their costs incurred in sending proxy materials to beneficial owners and obtaining their proxies or voting instructions. 3 VOTING YOUR SHARES Your vote is important Corporate Trust Offices of CIBC Mellon is set forth on page 44 of this circular. As a shareholder of Air Canada, it is very important that you read the following information on how to If you return your proxy by facsimile or mail, vote your shares and then vote your shares, either by you can appoint a person other than the directors proxy or in person at the meeting. or officers named in the form of proxy as your proxyholder. This person does not have to be a Voting shareholder. Fill in the name of the person you are appointing in the blank space provided on the You can attend the meeting or you can appoint form of proxy. Complete your voting someone else to vote for you as your proxyholder. A instructions, and date and sign the form. Make shareholder entitled to vote at the meeting may by sure that the person you appoint is aware that he means of a proxy appoint a proxyholder or one or or she has been appointed and attends the more alternate proxyholders, who are not required to meeting. be shareholders, to attend and act at the meeting in the manner and to the extent authorized by the proxy Please see the section titled "Completing the and with the authority conferred by the proxy. Voting form of proxy" for more information. by proxy means that you are giving the person named on your form of proxy or your voting instruction In person at the meeting form ("proxyholder") the authority to vote your shares for you at the meeting or any adjournment You do not need to complete or return your form thereof. of proxy. The persons who are named on the form of proxy or You will receive an admission ticket at the voting instruction form are directors or officers of the meeting upon registration at the registration Corporation and will vote your shares for you. You desk. have the right to appoint someone else to be your proxyholder. If you appoint someone else, he or she How to vote – non-registered shareholders must attend the meeting to vote your shares. You are
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