ACE Aviation Holdings Inc. provides update on canadian tax status of deemed dividend under its previously announced substantial issuer bid

    MONTREAL, Jan. 8 /CNW Telbec/ - ACE Aviation Holdings Inc. (ACE)
(TSX: ACE.A, ACE.B) today announced that, for Canadian tax purposes, the
dividend deemed to be paid by ACE under the Offer will not be designated as an
"eligible dividend". Accordingly, such deemed dividend will not be eligible
for the enhanced gross-up and dividend tax credit under the Income Tax Act
(Canada) and under corresponding provincial legislation generally applicable
to Canadian individuals (including certain trusts).
    Shareholders should consult their own tax advisors for advice with
respect to the tax consequences to them of selling their shares pursuant to
the Offer, having regard to their own particular circumstances.
    The Offer is scheduled to expire at 5:00 p.m. (Montreal time) on
January 10, 2008.


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

For further information:

For further information: for ACE: Isabelle Arthur (Montréal), (514)
422-5788; Angela Mah (Vancouver), (604) 270-5741; Peter Fitzpatrick (Toronto),
(416) 263-5576; Inetrnet:

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