Aeroplan Income Fund Reports 2007 Year-End and Fourth Quarter Results



    MONTREAL, March 4 /CNW Telbec/ - Aeroplan Income Fund (Fund) (TSX:
AER.UN) today reported its 2007 consolidated year-end and fourth quarter
results.

    
    2007 Financial Highlights (Aeroplan Limited Partnership)

    - Gross billings of $952.2 million, a year over year increase of 11.8%
    - Operating income $189.7 million, or a 35.1% annual increase
    - Adjusted EBITDA(*) $252.1 million, an annual increase of 16.5%
    - Distributable cash(*) $245.7 million, or a 23.2% annual increase

    Fourth Quarter 2007 Financial Highlights (Aeroplan Limited Partnership)

    - Gross billings of $248.4 million, up 9.6 % from the comparative period
    - Operating income $46.3 million, or a 24.1 % increase
    - Adjusted EBITDA(*) $64.1 million, up 12.5 % from the comparative period
    - Distributable cash(*) $59.4 million, or a 12.1 % increase

    (*) See section entitled Non-GAAP Measures

    "2007 was the third consecutive year of solid double-digit financial
growth," said Rupert Duchesne, President and Chief Executive Officer. "We
launched new partners in different sectors and various promotions with
significant retailers. The year culminated with our strategic acquisition of
Loyalty Management Group paving the way to attaining a worldwide leadership
position in loyalty management."

    Financial Performance (Aeroplan Limited Partnership)

    Gross billings from the sale of Aeroplan Miles grew 11.8 % to
$952.2 million, compared to $851.9 million in 2006. Fourth quarter gross
billings went from $226.7 million in 2006 to $248.4 million in 2007, a 9.6 %
quarter over quarter increase as a result of general growth in consumer
spending experienced through credit and charge cards issued by Aeroplan's
accumulation partners and continued momentum in the travel industry.
    For the full fiscal year, operating income amounted to $189.7 million in
2007 compared to $140.5 million in 2006 or a 35.1 % increase. For the fourth
quarter, operating income amounted to $46.3 million, compared to $37.3 million
for the corresponding quarter of 2006, a 24.1 % increase, mainly attributable
to higher reward redemption activity, a higher proportion of Aeroplan Miles
redeemed, offset in part by the slight increase in redemption costs.
    At year end, the Fund had $456.0 million of cash and cash equivalents and
$123.4 million of short-term investments, for a total of $579.4 million
compared to $619.7 million held by the Aeroplan Limited Partnership at the end
of 2006. The Aeroplan Miles redemption reserve of $400.0 million is included
in this amount.
    On a year over year basis, adjusted EBITDA and distributable cash amounted
to $252.1 million and $245.7 million, respectively, compared to $216.4 million
and $199.4 million in 2006, respectively. In the fourth quarter, adjusted
EBITDA amounted to $64.1 million compared to $57.0 million in the fourth
quarter of 2006 and distributable cash was $59.4 million compared to $53.0
million for the fourth quarter of 2006.

    Fourth Quarter 2007 Key Operational Achievements

    Acquisitions

    Loyalty Management Group
    ------------------------

    On December 20, 2007, the Fund acquired privately-held Loyalty Management
Group Limited (LMG) for a purchase price of (pnds stlg)355.1 million
($715.4 million). LMG is the leading loyalty marketing and customer-driven
insight and analysis company that owns and operates the Nectar loyalty program
in the United Kingdom.
    LMG operates in three main areas: Nectar, Insight & Communication (I&C)
and Rewards Management Middle East (RMMEL). LMG also owns the worldwide
rights, trademarks and other intellectual property of the Air Miles brand and
receives royalty income from these assets. The Nectar Program is the United
Kingdom's largest loyalty program and only significant coalition loyalty
program. It was launched in September 2002 and enables its over 10 million
active members to earn points for making everyday household purchases at
leading retailers and service providers. The I&C business was established in
2007 to provide analytical services to retailers and their suppliers. RMMEL
manages loyalty programs under the Air Miles Trademark in Middle Eastern
markets, principally the United Arab Emirates, Bahrain and Qatar.
    The acquisition of LMG provides the Fund with an unparalleled breadth of
retail, financial services, travel, as well as data analytics skills and
experience as well as a leading position in one of the most important and
active loyalty markets in the world.
    The two loyalty programs, Nectar and Aeroplan, continue to be operated
separately. Members' participation in their respective program is unaffected.

    Rewards Management Middle East Limited (RMMEL)
    ----------------------------------------------

    On January 17, 2008, the Fund purchased an additional participation of 40%
in RMMEL for a purchase price of AED40 million ($11.2 million). As a result of
this transaction, the Fund now holds 60% of RMMEL.
    The Fund will continue to pursue international expansion opportunities.

    Carbon Offset Program

    Aeroplan Limited Partnership (Aeroplan) launched its Carbon Offset Program
- another loyalty industry first during December 2007. Under this program,
Aeroplan members can use their miles to offset emissions generated by their
flights and everyday activities. Aeroplan matches all miles redeemed for
carbon offset credits by 20 per cent and transfers the total sum to the Carbon
Reduction Fund (www.carbonreductionfund.org), an independent, non-profit
organization with the mission of funding only the highest-quality offset
projects.
    Aeroplan launched the Carbon Offset Program by contributing more than
2.5 million Aeroplan Miles to the Carbon Reduction Fund. Aeroplan's partners
American Express and CIBC have also generously contributed to the program's
launch, each donating 2 million Aeroplan Miles.

    Partnerships

    Air China and Shanghai Airlines
    -------------------------------

    Aeroplan welcomed Air China and Shanghai Airlines as travel partners,
bringing Aeroplan's roster of airline partners to 29.

    Bell Canada
    -----------

    Aeroplan and Bell Canada announced the end of their agreement to offer
Aeroplan Miles to Bell Canada customers as of January 2008. In the same month,
Aeroplan and Primus, the largest alternative communications carrier in Canada,
announced a multi-year national partnership which allows Aeroplan Members to
accumulate Aeroplan Miles across Primus' entire range of consumer products and
services. Members may earn three Aeroplan Miles for every dollar spent on
Primus' suite of products and services, including home phone, long distance,
wireless, and internet services, as well as Primus' bundled offerings.
Aeroplan Members can also earn valuable bonus Aeroplan Miles when they sign up
for Primus services.

    New Non-Flight Rewards

    Aeroplan announced that Starwood Hotels will offer Aeroplan members a
totally web-based means to search for, book and confirm hotel stays using
Aeroplan Miles. The new seamless process eliminates the need for vouchers and
coupons and, because the process is immediate, there is no longer a need to
book days in advance or call the hotel chain to make a reservation. Aeroplan
is the only loyalty program in Canada to offer this level of self-service
options for booking travel, including flight, car and hotel rewards.

    ACE Secondary Offering

    On October 22, 2007, ACE Aviation Holdings Inc. (ACE) sold an aggregate of
22.0 million Fund units at a price of $21.90 per unit, for gross proceeds of
$481.8 million. The Fund did not receive any of the proceeds from this
secondary offering by ACE. ACE retains 40,292,088 Fund units, representing
20.1% of the 199,968,791 units issued and outstanding.

    Corporate Structure

    To ensure that the Fund's capital structure is efficient and that
unitholder value is being maximized, the Board of Trustees and the Board of
Directors have requested that management retain independent financial advisors
to conduct an in-depth analysis to consider a potential reorganization of the
Fund's income trust structure to a corporate structure. Although no final
decision has been made at this time, the review may lead to a recommendation
in the near future that unitholders approve a conversion to a corporation.

    Non-GAAP Measures

    In order to provide a better understanding of the results, the following
terms are used:

    Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization
("Adjusted EBITDA")

    EBITDA adjusted for certain factors particular to the business, such as
changes in deferred revenue and future redemption costs ("Adjusted EBITDA") is
used by management to evaluate performance, and is used in measuring
compliance with debt covenants and in making decisions relating to
distributions to unitholders. Management believes Adjusted EBITDA assists
investors in comparing a company's performance on a consistent basis without
regard to depreciation and amortization, which are non-cash in nature and can
vary significantly depending on accounting methods and non-operating factors
such as historical cost.
    Adjusted EBITDA is a non-GAAP measurement and may not be comparable with
similar measures reported by other entities, and is not considered an
alternative to operating income or net income in measuring performance. For
reconciliation with GAAP, please refer to the selected Annual Information and
reconciliation of Adjusted EBITDA and Distributable Cash. Adjusted EBITDA
should not be used as an exclusive measure of cash flow because it does not
account for the impact of working capital growth, capital expenditures, debt
repayment and other sources and uses of cash, which are disclosed in the
statements of cash flows.
    Refer to the Selected Annual Information and Reconciliation of Adjusted
EBITDA and Distributable Cash for a summary of operating results and
reconciliation of Adjusted EBITDA and Distributable Cash.

    Distributable Cash

    Distributable cash is a non-GAAP measure generally used by Canadian
open-ended trusts as an indicator of financial performance, and it should not
be seen as a measurement of liquidity or a substitute for comparable metrics
prepared in accordance with GAAP. Distributable cash may differ from similar
calculations as reported by other entities and, accordingly, may not be
comparable to distributable cash as reported by such entities.
    The Fund intends to make equal monthly distributions to its partners of
record on the last business day of each month. Management and the board of
directors will periodically review cash distributions in order to take into
account current and prospective performance.
    Refer to the attached schedule for a reconciliation of Distributable Cash
to cash flows from operations.
    The annual financial statements and the Investor Presentation, as well as
unaudited supplementary financial information will be accessible on the
investor relations website at aeroplan.com.

    Quarterly Investor Conference Call / Audio Webcast

    The Fund will hold an analyst call at 14:30 a.m. (Eastern Standard Time)
on Tuesday March 4, 2008 to discuss its fourth quarter and year-end results.
The call may be accessed by dialling 416-340-2217 within the Toronto area, or
1-866-696-5910 (toll free) outside of Toronto. The call will be simultaneously
audio webcast at http://events.startcast.com/events/20/B0058.
    The conference call webcast and a presentation to investors and analysts
will be archived on the investor relations website at www.aeroplan.com. A
playback of the call can also be accessed until April 4, 2008 by dialling
416-695-5800, pass code 3238698#, from within the Toronto area, or
1-800-408-3053, pass code 3238698#, outside of Toronto.

    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 largest customer reward
program.
    For more information about the Fund, please visit www.aeroplan.com

    About Aeroplan

    Aeroplan, 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 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 2007 alone, more than 1.5 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.

    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 largest
customer reward 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 250 staff at its HQ in London and has operations in
Newcastle, England and Mumbai, India.
    For more information about LMG, please visit www.loyalty.co.uk.

    Caution Concerning Forward-Looking Statements

    This news release should be read in conjunction with Fund's 2007 year-end
and fourth quarter MD&A dated March 3, 2008 filed with Canadian securities
regulatory authorities (available at www.sedar.com). 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 and general uncertainties of
the business and its corporate structure. Results indicated in forward-looking
statements may differ materially from actual results for a number of reasons,
including without limitation, dependency on top accumulation partners, Air
Canada or travel industry disruptions, reduction in activity, usage and
accumulation of Aeroplan Miles, greater than expected redemptions for rewards,
industry competition, supply and capacity costs, unfunded future redemption
costs, changes to the Aeroplan and Nectar Programs, seasonal nature of the
business, regulatory matters, VAT appeal, control of the Fund, restrictions on
certain unitholders and liquidity of units, future sales or distributions of
units by ACE Aviation Holdings Inc., income tax matters, conversion to
corporate structure, as well as the other factors identified throughout the
MD&A. The forward-looking statements contained in this discussion represent
the Fund's expectations as of March 3, 2008, and are subject to change after
such date. However, the Fund 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.

      SELECTED ANNUAL INFORMATION AND RECONCILIATION OF ADJUSTED EBITDA
                           AND DISTRIBUTABLE CASH
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (in thousands, except
     miles, unit and per                                      Year over year
     unit information)          December 31,                       % change
                                                                2007    2006
                         2007(3)        2006(4)        2005(4)  over    over
                         -------        -------        -------  2006    2005
    -------------------------------------------------------------------------
    Number of Aeroplan
     Miles issued
     (in billions)         78.1           69.7           62.6   12.1    11.3
    -------------------------------------------------------------------------
    Number of Total
     Miles redeemed
     (in billions)         66.0           57.8           52.2   14.2    10.7
    -------------------------------------------------------------------------
    Number of Aeroplan
     Miles redeemed
     (in billions)         59.1           49.3           40.4   19.9    22.0
    -------------------------------------------------------------------------
    Gross Billings from
     the sale of
     Aeroplan Miles    $952,165       $851,851       $754,786   11.8    12.9
    -------------------------------------------------------------------------
    Aeroplan Miles
     revenue            848,665        709,269        582,883   19.7    21.7
    Tier management,
     contact centre
     management and
     marketing fees
     from Air Canada      9,371         10,121         12,666   (7.4)  (20.1)
    Other revenue        48,379         49,997         44,352   (3.2)   12.7
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total revenue       906,415        769,387        639,901   17.8    20.2
    Cost of rewards    (540,061)      (465,254)      (397,042)  16.1    17.2
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Gross margin        366,354        304,133        242,859   20.5    25.2
    Selling, general
     and
     administrative    (164,841)      (149,406)      (132,459)  10.3    12.8
    Depreciation and
     amortization       (11,804)       (14,260)        (8,491) (17.2)   67.9
    -------------------------------------------------------------------------
    Operating income
     before
     amortization of
     accumulation
     partners'
     contracts and
     technology        $189,709       $140,467       $101,909   35.1    37.8
    -------------------------------------------------------------------------
    Depreciation and
     amortization        11,804         14,260          8,491
    Change in deferred
     revenue
      Gross Billings
       from the sale
       of Aeroplan
       Miles            952,165        851,851        754,786
      Aeroplan Miles
       revenue         (848,665)      (709,269)      (582,883)
    Change in Future
     Redemption
     Costs(1)
      (Change in Net
       Aeroplan Miles
       outstanding x
       Average cost of
       rewards per Mile
       for the period)  (52,916)       (80,915)      (114,165) (34.6)  (29.1)
    -------------------------------------------------------------------------
    Adjusted EBITDA    $252,097       $216,394       $168,138   16.5    28.7
    -------------------------------------------------------------------------
    Net Interest
     Income (Expense)     9,889          4,941           (666) 100.1   841.9
    Maintenance
     Capital
     Expenditures       (16,325)       (21,923)       (15,284) (25.5)   43.4
    -------------------------------------------------------------------------
    Distributable
     Cash              $245,661       $199,412       $152,188   23.2    31.0
    -------------------------------------------------------------------------
    Standardized
     Distributable
     Cash (6)          $291,920       $299,054       $305,084   (2.4)   (2.0)
    -------------------------------------------------------------------------
    Weighted average
     number of
     units (Fund)   190,023,236  199,707,713(2)  187,739,727(2)
    Distributable
     Cash per unit        $1.29          $1.00           $0.81  29.0    23.4
    Standardized
     Distributable
     Cash per unit        $1.54          $1.50           $1.63   2.7    (8.0)
    -------------------------------------------------------------------------
    Adjusted net
     earnings(5)
     = Net
     earnings, in
     accordance with
     GAAP + amortization
     of accumulation
     partners' contracts
     and technology
     + income taxes     185,435       $143,529        $100,304  29.2    43.1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Earnings per unit,
     in accordance
     with GAAP,
     adjusted for
     amortization of
     accumulation
     partners' contracts
     and technology and
     income taxes         $0.98          $0.72           $0.53  36.1    35.8
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total assets
     (Fund)          $6,118,340       $824,383        $674,221
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total long-term
     liabilities
     (Fund)          $1,579,297       $967,921        $944,183
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total monthly
     distributions
     declared, post
     offering
     (Partnership)      168,000       $146,460         $70,740  14.7   107.0
    Total monthly
     distributions
     declared per
     unit, post
     offering             $0.84          $0.73           $0.38  15.1    92.1
    Distributions
     declared,
     pre-offering             -              -        $311,000
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (1) The per unit cost derived from this calculation is retroactively
        applied to all prior periods with the effect of revaluing the
        liability on the basis of the latest available average unit cost;
    (2) Represents weighted average number of units outstanding for the
        Partnership, as the YTD weighted average number of units for the Fund
        is not comparative;
    (3) Has been derived by adding the results of the Partnership prior to
        March 14, 2007 to the results of the Fund for the year;
    (4) 2006 and 2005 results presented for comparative purposes are those of
        the Partnership;
    (5) Adjusted net earnings is a non-GAAP measurement;
    (6) Has been derived by adding the results of the Partnership prior to
        March 14, 2007 to the results of the Fund for the year excluding the
        effect of LMG.

         RECONCILIATION OF CASH FLOWS FROM OPERATIONS TO STANDARDIZED
                  DISTRIBUTABLE CASH AND DISTRIBUTABLE CASH

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                     Years ended December 31,
                                                     ------------------------
    (in thousands)                                        2007(3)     2006(4)
                                                     ------------ -----------
    -------------------------------------------------------------------------
    Cash flows from operations                         $ 308,245   $ 320,977
    Maintenance Capital Expenditures                     (16,325)    (21,923)
    -------------------------------------------------------------------------
    Standardized Distributable Cash                      291,920     299,054
    Changes in non-cash working capital items(1)           5,226     (17,579)
    Stock Based compensation(1)                           (3,632)     (3,621)
    Funding of stock-based compensation plans(1)           5,063      (2,473)
    Change in future redemption costs(2)                 (52,916)    (80,915)
    -------------------------------------------------------------------------
    Distributable Cash                                 $ 245,661   $ 199,412
    -------------------------------------------------------------------------
    Distributions declared                             $ 168,000   $ 146,460
    Payout ratio - Distributions declared /
     Standardized Distributable Cash                          58%         49%
    Payout ratio - Distributions declared /
     Distributable Cash                                       68%         73%
    Standardized Cumulative Distributable Cash
     since IPO (June 29, 2005)                           768,578     476,658
    Cumulative distributions declared since IPO          385,200     217,200
    Cumulative payout ratio since inception                   50%         46%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (1) The impact of the respective items is considered in the calculation
        of Standardized Distributable Cash but they are not part of the
        Distributable Cash definition in accordance with the Limited
        Partnership Agreement. This eliminates the potential impact of timing
        distortions relating to the respective items;
    (2) Changes in future redemption costs are included to reflect the
        expected change in the future redemption liability on the basis of
        the most recently experienced redemption costs;
    (3) Represents cash flows from operations generated by the Partnership;
    (4) 2006 results presented for comparative purposes are those of the
        Partnership.



    SUMMARY OF QUARTERLY RESULTS

    This schedule includes sequential quarterly data for the eight quarters
    ended December 31, 2007.
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (in thousands, except
     per unit amounts)                               2007
    (unaudited)                      Q4          Q3        Q2(2)       Q1(2)
                                      $           $           $           $
    -------------------------------------------------------------------------
    Gross Billings              248,380     236,877     238,931     227,977
    -------------------------------------------------------------------------
    Total revenue               221,578     219,239     220,284     245,314
    Cost of rewards             129,181     127,205     128,541     155,134
    -------------------------------------------------------------------------
    Gross margin                 92,397      92,034      91,743      90,180
    Selling, general and
     administrative expenses     43,017      40,713      41,707      39,403
    Depreciation and
     amortization                 3,059       3,230       2,811       2,704
    -------------------------------------------------------------------------
    Operating income before
     amortization of
     accumulation partners'
     contracts and technology    46,321      48,091      47,225      48,073

    Amortization of
     accumulation partners'
     contracts and technology    18,112      18,112
    -------------------------------------------------------------------------
    Operating income             28,209      29,979      47,225      48,073
    -------------------------------------------------------------------------
    Adjusted net earnings(3)
     = Net earnings,
     in accordance with GAAP
     + amortization of
     accumulation partners'
     contracts and technology
     + income taxes              44,809      51,371      49,450      50,116
    -------------------------------------------------------------------------
    Net earnings                 51,697      32,259      49,450      50,116
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Adjusted EBITDA              64,131      64,519      65,171      59,980
    -------------------------------------------------------------------------
    Standardized Distributable
     Cash                        47,894      89,667      68,163      70,856
    Standardized Distributable
     Cash per unit                 0.24        0.45        0.34        0.36
    -------------------------------------------------------------------------
    Distributable Cash           59,380      63,015      64,886      60,120
    Distributable Cash
     per unit                      0.30        0.32        0.33        0.30
    -------------------------------------------------------------------------
    Earnings per unit, in
     accordance with
     GAAP - Fund                   0.26        0.16       (0.68)       0.16
    Earnings per unit,
     in accordance with
     GAAP - Partnership            0.24        0.26        0.25        0.25
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (in thousands, except per unit amounts)    2006
    (unaudited)                    Q4(2)      Q3(2)        Q2(2)       Q1(2)
                                      $          $            $           $
    Gross Billings              226,728    211,245      212,376     201,502
    -------------------------------------------------------------------------
    Total revenue               208,404    178,391      182,534     200,058
    Cost of rewards             120,160    107,741      112,470     124,883
    -------------------------------------------------------------------------
    Gross margin                 88,244     70,650       70,064      75,175
    Selling, general and
     administrative expenses     47,451     34,464       34,948      32,438
    Depreciation and
     amortization                 3,479      3,155        3,884       3,742
    -------------------------------------------------------------------------
    Operating income before
     amortization of
     accumulation partners'
     contracts and technology    37,314     33,031       31,232      38,995

    Amortization of
     accumulation partners'
     contracts and technology
    -------------------------------------------------------------------------
    Operating income             37,314     33,031       31,232      38,995
    -------------------------------------------------------------------------
    Adjusted net earnings(3)
     = Net earnings,
     in accordance with GAAP
     + amortization of
     accumulation partners'
     contracts and technology
     + income taxes              38,469     34,320       31,755      38,985
    -------------------------------------------------------------------------
    Net earnings                 38,469     34,320       31,755      38,985
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Adjusted EBITDA              56,975     53,359       51,470      54,390
    -------------------------------------------------------------------------
    Standardized Distributable
     Cash                        94,769    100,969     63,441(1)   39,875(1)
    Standardized Distributable
     Cash per unit                 0.47       0.50         0.32        0.20
    -------------------------------------------------------------------------
    Distributable Cash           52,996     50,664     47,073(1)   48,374(1)
    Distributable Cash             0.27       0.25         0.24        0.24
     per unit
    -------------------------------------------------------------------------
    Earnings per unit, in
     accordance with               0.13       0.07         0.11        0.16
     GAAP - Fund
    Earnings per unit, in
     accordance with
     GAAP - Partnership            0.19       0.17         0.16        0.19
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (1) Maintenance capital expenditures included in Distributable Cash for
        Q1 and Q2 2006 have been restated to reflect the actual amount of
        maintenance capital expenditures incurred in each period. The amounts
        previously reported were based upon a pro-ration of the estimated
        yearly spend.
    (2) Results presented for comparative purposes are those of the
        Partnership.
    (3) Adjusted net earnings is a non-GAAP measurement.
    




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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