Company Profile For ACE Aviation Holdings Inc.

ACE Aviation Holdings Inc. (ACE) is a holding company of various aviation interests. The Company operates in two segments: Air Canada and Corporate Items and Eliminations (CIE). As of December 31, 2008, ACE held a 75% direct ownership interest in Air Canada and a 27.8% direct interest in Aero Technical Support & Services Holdings sarl (ACTS Aero), which owns 100% of Aveos Fleet Performance Inc. ACTS Aero changed its name to Aveos Fleet Performance Inc. (Aveos) on September 23, 2008. Air Canada is a Canada-based domestic and international airline and a provider of scheduled passenger services in the Canadian market, the Canada United States transborder market and in the International markets to and from Canada. CIE includes the corporate, financing and investing activities of ACE.

BRIEF: For the six months ended 30 June 2009, ACE Aviation Holdings Inc.'s revenues decreased 14% to C$4.72B. Net loss totaled C$234M, vs. an income of C$648M. Revenues reflect a decrease in passenger income and lower income from Cargo revenues. Higher loss reflects an increase in expenses related to capacity purchase with jazz, increased communication & information technology expenses and lower interest income.