Investor Relations

Montreal, Quebec - July 17, 2008 - Following the issuance by the Minister of Finance (Canada) on July 14, 2008 of proposed rules governing the conversion of income trusts into corporations (the "Proposed Conversion Rules"), Groupe Aeroplan Inc. (TSX: AER) (the "Corporation") today informed former unitholders of Aeroplan Income Fund (the "Fund") who held units of the Fund at the time of its conversion into the Corporation on June 25, 2008 (the “Former Unitholders”), that they should be able to defer any capital gain resulting from the exchange (the “Exchange”) of their units of the Fund in consideration for shares of the Corporation without the need to complete and file income tax elections.

The Proposed Conversion Rules generally afford automatic tax-deferred rollover treatment to unitholders of income trusts who exchange all of their units solely in consideration for shares of a single class of a corporation which, after giving effect to the exchange and within a 60-day period, owns 100 per cent of the equity of the trust then outstanding. The Proposed Conversion Rules do not require, nor permit, the filing by unitholders of income tax elections for the tax-deferred rollover treatment to apply. The automatic tax-deferred rollover treatment applies to transactions that occur on or after July 14, 2008 and before 2013. The treatment also applies to transactions that occurred on or after December 19, 2007 and before July 14, 2008, if the corporation that acquired the units of the income trust validly elects in writing in its tax return for its taxation year that includes the date of Royal Assent of the rules to have the treatment apply.

Based on the Proposed Conversion Rules, the Corporation intends to file a written election to have the tax-deferred rollover treatment apply to the Exchange. Consequently, Former Unitholders are instructed not to complete and send income tax elections to the Corporation, despite statements to the contrary contained in the Management Information Circular of the Fund dated May 16, 2008 (the “Circular”). Should the final conversion rules not provide for an automatic tax-deferred rollover available to Former Unitholders in connection with the Exchange, the Corporation will advise Former Unitholders accordingly and will extend the 90-day period from the effective date of the conversion referred to in the Circular for completing and sending the income tax elections. Neither the Fund nor the Corporation will be responsible for any interest or penalties arising from the late-filing, if any, of income tax elections.

Former Unitholders should consult their own tax advisors for advice with respect to the tax consequences to them of the Exchange in their particular circumstances.