NAV CANADA Files Shelf Prospectus

On February 23, 2004, NAV CANADA filed a short form debt shelf prospectus, qualifying the sale in all 13 Canadian jurisdictions of $950 million of medium term notes. The notes are intended to refinance four maturing bond and note issues during the two-year life of the prospectus.

NAV CANADA was represented by Guy David, Michael Boehm and Monte MacGregor (corporate finance and securities) and Carole Chouinard (tax) of Gowling Lafleur Henderson LLP in Ottawa, and Léonard Serafini and Pierre Lissoir in Montreal assisted on Quebec considerations. The dealers, led by RBC Dominion Securities Inc., were represented by Mihkel Voore, Maurice Swan and Susan Allen of Stikeman Elliott LLP in Toronto.