ACE Aviation Holdings to sell 13 million units of Jazz Air Income Fund

ACE Aviation Holdings has accepted an offer to sell a total of 13,000,000 units of Jazz Air Income Fund on an exempt trade basis to certain funds and accounts managed by West Face Capital Inc. and to Sunrise Partners Limited Partnership at a price of $7.45 per unit representing total net proceeds to ACE of approximately $96.85 million. The sale is expected to close on or about January 24, 2008. Immediately following the completion of the sale, ACE will hold approximately 9.5% of the issued and outstanding units of Jazz Air Income Fund.