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Jazz Air conversion to corporation approved by unitholders

Jazz Air Income Fund unitholders have approved the proposed conversion from an income trust to a corporate structure pursuant to a plan of arrangement, now approved by the Ontario Superior Court of Justice, with 99.9% of the votes cast in favour of the conversion.

The Fund’s new long-term incentive plan, under which participants may be granted restricted share units that vest over time or if specified performance goals are achieved, was also approved at this meeting.

"I sincerely thank our unitholders for their ongoing support, and anticipate the benefits of our corporate conversion will deliver ongoing value as we pursue our objectives of growth and diversification," said Joe Randell, president and chief executive officer of the Fund.

Subject to the receipt of certain approvals, units of the Fund will be exchanged for shares in the capital of a new public corporation, Chorus Aviation Inc. and the Fund’s obligations with respect to its outstanding convertible debentures will be assumed by Chorus.

The Toronto Stock Exchange has conditionally approved the listing of the Class A Variable Voting Shares, Class B Voting Shares and convertible debentures assumed by Chorus subject to the satisfaction of certain customary requirements under the respective stock symbols CHR.A, CHR.B, CHR.DB.

The plan of arrangement is expected to be completed on 31 December 2010.

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