ACE Aviation announces a secondary offering of units of Aeroplan Income Fund



    MONTREAL, Oct. 1 /CNW Telbec/ - ACE Aviation Holdings Inc. (ACE)
announced today that it has entered into an agreement with a group of
underwriters to sell an aggregate of 22.0 million trust units (the "Units") of
Aeroplan Income Fund (Fund) (TSX: AER.UN) at a price of $21.90 per Unit, for
gross proceeds of $481.8 million. The Fund will not receive any of the
proceeds from this secondary offering by ACE. ACE announced that the offering
is expected to close on or about October 22, 2007. Subject to the completion
of the offering, ACE will retain 40,285,585 units of the Fund, representing
20.1% of the 200,000,000 units issued and outstanding.

    CAUTION REGARDING FORWARD-LOOKING INFORMATION
    ---------------------------------------------

    Certain statements in this news release may contain forward-looking
statements. These forward-looking statements are identified by the use of
terms and phrases such as "anticipate", "believe", "could", "estimate",
"expect", "intend", "may", "plan", "predict", "project", "will", "would", and
similar terms and phrases, including references to assumptions. Such
statements may involve but are not limited to comments with respect to
strategies, expectations, planned operations or future actions.
Forward-looking statements, by their nature, are based on assumptions and are
subject to important risks and uncertainties. Any forecasts or forward-looking
predictions or statements cannot be relied upon due to, amongst other things,
changing external events, general uncertainties of the business and matters
that are not within the control of Aeroplan. Such statements involve known and
unknown risks, uncertainties and other factors that may cause the actual
results, performance or achievements to differ materially from those expressed
in the forward-looking statements. The forward-looking statements contained
herein represent Aeroplan's expectations as of the date they are made and are
subject to change after such date. However, Aeroplan disclaims any intention
or obligation to update or revise any forward-looking statements whether as a
result of new information, future events or otherwise, except as required
under applicable securities regulations.

    About Aeroplan

    Aeroplan is Canada's premier loyalty marketing company, dedicated to
developing and executing programs designed to engage the loyalty of its
prestigious membership.
    Aeroplan's millions of members earn Aeroplan Miles with its network of
more than 70 world-class partners, representing more than 150 brands in the
financial, retail, and travel sectors. Miles earned may be redeemed for
Aeroplan's industry-leading ClassicFlight Rewards, innovative ClassicPlus
Flight Rewards, and global Star Alliance Flight Rewards, offering travel to
more than 850 destinations worldwide. In 2006 alone, more than 1.4 million
round-trip flight rewards were issued. Aeroplan's roster of non-flight rewards
includes more than 400 exciting specialty, merchandise, and experiential
rewards, as well as hotel and car rental rewards. Members are encouraged to
stay engaged with Aeroplan and avoid mileage expiration due to inactivity by
earning or redeeming Aeroplan Miles at least once in any consecutive
twelve-month period.
    For more information about Aeroplan, please visit www.aeroplan.com.
    %SEDAR: 00022208EF




For further information:

For further information: Media: Gillian Hewitt, (416) 352-3706,
gillian.hewitt@aeroplan.com; Analysts: Trish Moran, (416) 564-4290,
trish.moran@aeroplan.com

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Aeroplan

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AEROPLAN INCOME FUND

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