West Face Capital Inc. acquires units of Jazz Air Income Fund

    TORONTO, Jan. 16 /CNW/ - West Face Capital Inc. ("West Face") announced
today that on January 15, 2008 it entered into an agreement with ACE Aviation
Holdings Inc. ("ACE") to acquire, on behalf of certain funds and accounts
managed by West Face, 13,000,000 units ("Units") of Jazz Air Income Fund
("Jazz") at a price of $7.45 per Unit, for an aggregate purchase price of
$96,850,000. The transaction is expected to close on or about January 24,
    West Face currently exercises control or direction over 1,021,535 Units,
or approximately 0.8% of the issued and outstanding Units. As a result of this
transaction, upon closing, West Face will exercise control or direction over
an aggregate of 14,021,535 Units representing approximately 11.4% of the
issued and outstanding Units.
    The Units are being acquired for investment purposes only. West Face may
in the future acquire or dispose of Units or other securities of Jazz, in the
open market or in privately negotiated purchases or otherwise, in each case to
the extent then permitted by applicable law and regulation.

For further information:

For further information: Gregory Boland, 2 Bloor Street East, Suite 810,
Toronto, ON, M4W 1A8, Tel: (647) 724-8900

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