Aeroplan Income Fund announces restatement of December 31, 2007 and 2006 cash flow statements



    MONTREAL, March 31 /CNW Telbec/ - Aeroplan Income Fund (the "Fund")
(TSX: AER.UN) today announced the re-filing of its 2007 and 2006 year end
consolidated cash flow statements, restating the cash flows used in investing
activities and the cash flows from operations for the years ended
December 31, 2007 and 2006.

    
    The effect of the restatements on the consolidated statements of cash
    flows is summarized below:
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                              As previously
                                   reported      Adjustment      As restated
    -------------------------------------------------------------------------
                                          $               $                $
    -------------------------------------------------------------------------
    Consolidated Statement of
     Cash Flows - 2007

    Operating activities

    Third party accounts
     payable and accrued
     liabilities                       (865)        (22,000)         (22,865)
    Distributions received
     from the Partnership                 -          22,324           22,324
                                ---------------------------------------------
    Cash flows from operating
     activities                     252,093             324          252,417
                                ---------------------------------------------
                                ---------------------------------------------
    Investing activities

    Acquisition of LMG, net
     of cash acquired              (567,775)         22,000         (545,775)
    Distributions received
     from the Partnership            22,324         (22,324)               -
                                ---------------------------------------------
    Cash flows from
     investing activities           (64,475)           (324)         (64,779)
                                ---------------------------------------------
                                ---------------------------------------------

    Consolidated Statement of
     Cash Flows - 2006

    Operating activities

    Distributions received
     from the Partnership                 -          32,511           32,511
                                ---------------------------------------------

    Cash flows from
     operating activities              (467)         32,511           32,044
                                ---------------------------------------------
                                ---------------------------------------------
    Investing activities

    Distributions received
     from the Partnership            32,511         (32,511)               -
                                ---------------------------------------------
    Cash flows from
     investing activities            32,511         (32,511)               -
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    In addition, and applicable to the English version of the financial
statements only, the total on the statement of comprehensive income and the
future income tax asset detailed in note 13 have also been amended to correct
clerical errors.
    The Board of Trustees of the Fund, on the recommendation of the Audit,
Finance and Risk Committee of the Board and management, has concluded that it
is necessary to restate the Fund's audited cash flow statements for the years
ended December 31, 2007 and 2006. Accordingly, the Fund's financial statements
as previously filed in respect of these periods are now superseded.
    The restatement does not impact the consolidated statements of earnings,
unitholders' equity and financial position.

    About Aeroplan Income Fund

    Aeroplan Income Fund is an unincorporated, open-ended trust established
under the laws of the Province of Ontario. Aeroplan Income Fund is the owner
of Aeroplan Limited Partnership, Canada's premier loyalty marketing company
and operator of the Aeroplan loyalty program and Loyalty Management Group
Limited, operator of Nectar, the United Kingdom's leading coalition loyalty
program.

    For more information about Aeroplan, please visit www.aeroplan.com

    About Aeroplan

    Aeroplan Limited Partnership, Canada's premier loyalty marketing company
and operator of the Aeroplan loyalty program, is 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 over 70 world-class partners, representing more than 150 brands in
the financial, retail, and travel sectors. In 2007 alone, approximately
2 million rewards were issued to members - an average of 5,500 per day, or one
reward every 16 seconds. More than 1.5 million round-trip flights were issued
in 2007. Members can redeem miles for Aeroplan's industry-leading
ClassicFlight Rewards, ClassicPlus Flight Rewards, and global Star Alliance
Flight Rewards, which offer travel to more than 850 destinations worldwide.
More than 400,000 non-flight rewards were issued in 2007. Members have access
to more than 600 exciting specialty, merchandise, and experiential rewards, as
well as hotel and car rental rewards. For more information about Aeroplan,
please visit www.aeroplan.com.

    About LMG

    LMG is based in the United Kingdom and develops, owns and manages large
retail-based customer reward programs and provides customer data driven
marketing services to retailers, CPGs and service providers worldwide. The
group owns and operates the Nectar brand, the United Kingdom's leading
coalition loyalty program. It also majority owns the Air Miles programme in
the Middle East as well as owning the Air Miles trademark around the world. It
employs approximately 190 staff at its HQ in London.

    For more information about LMG, please visit www.loyalty.co.uk.




For further information:

For further information: Media: Michèle Meier, (514) 205-7028,
michele.meier@aeroplan.com; Analysts: Trish Moran, (416) 352-3728,
trish.moran@aeroplan.com

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AEROPLAN INCOME FUND

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