MONTREAL, May 23 /CNW Telbec/ - Aeroplan Income Fund (the "Fund") today
announced that it has mailed to its unitholders a management information
circular relating to its proposed reorganization into a public corporation
announced on May 9, 2008. The proposed conversion is subject to a number of
conditions, including approval by not less than two-thirds of the votes cast
by unitholders voting in person or by proxy at an annual and special meeting
to be held on June 19, 2008.
    If approved, the Fund's income trust structure will be reorganized into
a growth oriented, dividend paying, global loyalty management public
corporation to be named "Groupe Aeroplan Inc.". Upon completion of the
reorganization, the former unitholders will become Groupe Aeroplan
shareholders.
    Groupe Aeroplan will have its own visual identity distinct from
Aeroplan's and its other subsidiaries including Nectar, which will continue to
represent the consumer facing loyalty programs in Canada and the United
Kingdom.
    The management information circular and further information and materials
are available on SEDAR (www.sedar.com) and Aeroplan's website
(www.aeroplan.com).

    About Aeroplan Income Fund

    Aeroplan Income Fund is an unincorporated, open-ended trust established
under the laws of the Province of Ontario. Aeroplan Income Fund is the owner
of Aeroplan Limited Partnership, Canada's premier loyalty marketing company
and operator of the Aeroplan loyalty program and Loyalty Management Group
Limited, operator of Nectar, the United Kingdom's leading coalition loyalty
program.

    For more information about Aeroplan, please visit www.aeroplan.com.