ACE Aviation announces that Due Bill trading will apply to the initial distribution announced on May 9, 2012

MONTREAL, May 17, 2012 /CNW Telbec/ - ACE Aviation Holdings Inc. (ACE) announced today that the Toronto Stock Exchange ("TSX") has determined that its "Due Bill" trading procedures will apply to the initial distribution in the aggregate amount of $275 million (or approximately $8.46 per share) which was announced on May 9, 2012. The distribution is payable on June 8, 2012 and the record date for the distribution is June 1, 2012.

Pursuant to the TSX's "Due Bill" trading procedures, trades of common shares entered into from and including May 30, 2012 until and including June 8, 2012 will have a Due Bill attached which will allow the purchaser to receive the initial distribution instead of the seller, even if such trades are settled after the June 1, 2012 record date. Investors who enter into trades to purchase common shares on or after the ex-distribution date of June 11, 2012 will not be entitled to the distribution. The Due Bills will be redeemed on June 13, 2012 once all trades with attached Due Bills entered into up to June 8, 2012 have settled.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

Certain statements in this news release may contain forward-looking statements. Forward-looking statements may relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These statements may involve, but are not limited to, comments relating to strategies, expectations, planned operations, future actions, the application by the TSX of its trading rules. 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. 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 and general uncertainties of the business. Actual results may differ materially from results indicated in forward-looking statements due to a number of factors, including without limitation, market, regulatory developments or proceedings, and actions by third parties as well as the factors identified throughout ACE's filings with securities regulators in Canada and, in particular, those identified in the Risk Factors section of ACE's 2011 Annual MD&A and First Quarter 2012 MD&A. If ACE does not proceed with the winding-up in a timely manner, ACE will continue to incur operating costs and fees. The forward-looking statements contained in this news release represent ACE's expectations as of the date they are made, and are subject to change after such date. However, ACE 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.

SOURCE ACE AVIATION HOLDINGS INC.

For further information:

Internet: www.aceaviation.com

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ACE AVIATION HOLDINGS INC.

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