Aeroplan Income Fund Announces Repurchase of Units



    MONTREAL, Dec. 11 /CNW Telbec/ - Aeroplan Income Fund (TSX: AER.UN)
announced today that it has received approval from the Toronto Stock Exchange
respecting its notice of intention to make a normal course issuer bid for its
units through the facilities of the Toronto Stock Exchange from December 13,
2007 to no later than February 29, 2008, in accordance with applicable
regulations of the Toronto Stock Exchange.
    In connection with the acquisition of Loyalty Management Group Limited
(LMG) (the operator of the Nectar loyalty program in the United Kingdom)
announced by the Fund on December 3, 2007, the purpose of the issuer bid is to
permit the Fund to purchase a number of issued and outstanding units equal to
the number of units to be issued by the Fund as consideration to certain
management shareholders of LMG upon the closing of the acquisition. The
closing of the acquisition of LMG is expected to take place prior to the end
of 2007.
    Under its normal course issue bid, the Fund intends to purchase for
cancellation up to but not more than 500,000 of its outstanding units,
representing 0.36 per cent of the 138,773,255 public float of units
outstanding on December 11, 2007. The Fund currently has 199,999,854 units
issued and outstanding. Within the past 12 months, the Fund has not purchased
any of its units. In accordance with the rules of the Toronto Stock Exchange,
the maximum number of units that can be purchased on a daily basis by the Fund
is 173,547 units, subject to the block purchase exception.

    About Aeroplan Income Fund

    Aeroplan is an unincorporated, open-ended trust established under the
laws of the Province of Ontario.
    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: please contact: Media: Gillian Hewitt, (416)
352-3706, gillian.hewitt@aeroplan.com; Analysts: Trish Moran, (416) 352-3706,
trish.moran@aeroplan.com

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AEROPLAN INCOME FUND

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