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

On April 21, 2008, ACE Aviation Holdings Inc. completed a bought deal secondary offering pursuant to which it sold an aggregate of 20.4 million trust units of Aeroplan Income Fund at a price of $17.50 per unit for gross proceeds to ACE of $357 million. Immediately following the completion of the offering, ACE retained 9.9 per cent of the Aeroplan units issued and outstanding. The units were sold to a syndicate of underwriters led by RBC Dominion Securities Inc. and CIBC World Markets Inc., and including BMO Nesbitt Burns Inc., TD Securities Inc., National Bank Financial Inc., Scotia Capital Inc., Canaccord Capital Corporation, Raymond James Ltd., Blackmont Capital Inc., Desjardins Securities Inc., Dundee Securities Corporation and Research Capital Corporation.

Aeroplan was represented by Vice President, General Counsel and Corporate Secretary Mark Hounsell. ACE and Aeroplan were represented in Canada by Stikeman Elliott LLP with a team that included Jean Marc Huot, Robert Carelli, Luc Boucher, David Massé, Jean-Daniel Dufour-Neyron and Giancarlo Salvo (corporate), and Marie-Andrée Beaudry and Frank Mathieu (tax); and in the United States by Skadden, Arps, Slate, Meagher & Flom LLP with a team that included Christopher Morgan and David Beeston (corporate), and Paul Schockett (tax).

The underwriters were represented by Osler, Hoskin & Harcourt LLP with a team that included Robert Yalden, Christopher Main, Hugo-Pierre Gagnon and Bastien Gauthier (corporate), Elaine Marchand and Alain Fournier (tax), and Robert Lando and Julia Gray (US securities).


Robert M. Yalden Luc Boucher Robert C. Lando Christopher Main Elaine Marchand Robert Carelli Jean Marc Huot Alain Fournier Jean-Daniel Dufour-Neyron Marie-Andrée Beaudry Frank Mathieu Mark Hounsell Hugo-Pierre Gagnon


Stikeman Elliott LLP Skadden, Arps, Slate, Meagher & Flom LLP Osler, Hoskin & Harcourt LLP