ACE Aviation Holdings reports final results of its substantial issuer bid

ACE Aviation Holdings released the final results of its offer to purchase Cdn$1.5 billion of its Class A Variable Voting Shares and Class B Voting Shares, which expired at 5:00 p.m. (Montreal time) on January 10, 2008. Based on final reports from CIBC Mellon Trust Company, the depositary under the offer, ACE confirmed that it has taken up and accepted for purchase and cancellation a total of 40,023,427 Class A Variable Voting Shares and 9,894,166 Class B Voting Shares at Cdn$30.00 per share for an aggregate purchase price of approximately Cdn$1.498 billion in accordance with the terms of the offer. No Convertible Preferred Shares of ACE were deposited on an as converted basis under the offer.