ACE Aviation Holdings Inc. Announces Secondary Offering of Units of Aeroplan Income Fund


    MONTREAL, Oct. 1 /CNW Telbec/ - ACE Aviation Holdings Inc. 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 at a price of $21.90 per Unit, for gross proceeds of $481.8 million.
Aeroplan Income Fund will not receive any of the proceeds from the offering. A
preliminary short form prospectus will be filed in each of the provinces and
territories of Canada by October 5, 2007. The offering is expected to close on
or about October 22, 2007 and is subject to certain conditions including the
receipt of all required regulatory approvals. The underwriting syndicate is
being led by RBC Capital Markets and CIBC World Markets Inc.
    Immediately following the offering, ACE Aviation Holdings Inc. will
retain 40,285,585 units of Aeroplan Income Fund, representing 20.1% of the
200,000,000 units issued and outstanding.
    The securities offered have not been, and will not be, registered under
the United States Securities Act of 1933, as amended, and may not be offered
or sold in the United States absent registration or any applicable exemption
from the registration requirement of such Act.
    This press release does not constitute an offer to sell or the
solicitation of any offer to buy nor will there be any sale of these
securities in any province, state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such province, state or jurisdiction.


    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 ACE Aviation or 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 ACE Aviation's and Aeroplan's
expectations as of the date they are made and are subject to change after such
date. However, ACE Aviation and Aeroplan disclaim 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 ACE Aviation Holdings Inc.

    ACE Aviation Holdings Inc. is a holding company of various aviation
interests including Air Canada, Aeroplan Income Fund, Jazz Air Income Fund and

    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 further information:

For further information: ACE Aviation: Isabelle Arthur (Montréal), (514)
422-5788; Peter Fitzpatrick (Toronto), (416) 263-5576; Angela Mah (Vancouver),
(604) 270-5741;; Aeroplan: Gillian Hewitt, (416) 352-3706;

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