Merrill Lynch reports change in trading position of holdings in Ace Aviation Holdings Inc. Class B shares

    TORONTO, June 27 /CNW/ - Merrill Lynch Canada Inc. ("Merrill Lynch")
announced today that it acquired 2,949,500 Class B common shares of Ace
Aviation Holdings Inc. ("ACE") yesterday on the Toronto Stock Exchange
("TSX"). These purchases represent approximately 12.86% of the Class B shares
of ACE. Taking into account these purchases and prior holdings, Merrill Lynch
owns a total of 3,914,877 Class B shares, or approximately 17.07% of the
outstanding Class B shares of ACE. The purpose of the change in the trading
position is to support Merrill Lynch's ordinary course trading operations. In
the future, Merrill Lynch or its affiliates may acquire or dispose of shares
of ACE in the ordinary course of its trading operations.

    Merrill Lynch is one of the world's leading wealth management, capital
markets and advisory companies with offices in 37 countries and territories
and total client assets of approximately $1.6 trillion. As an investment bank,
it is a leading global trader and underwriter of securities and derivatives
across a broad range of asset classes and serves as a strategic advisor to
corporations, governments, institutions and individuals worldwide. Merrill
Lynch owns approximately half of BlackRock, one of the world's largest
publicly traded investment management companies with more than $1 trillion in
assets under management. For more information on Merrill Lynch, please visit

For further information:

For further information: or to receive a copy of the early warning
report filed in connection with this press release, please contact: Danielle
Robinson, Merrill Lynch Canada Inc., BCE Place, 181 Bay Street, Suite 400,
Toronto, Ontario, M5J 2V8, Canada, (212) 449-0097

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