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Press Release

AEROPLAN CONCLUDES ACQUISITION OF NECTAR PROGRAM OPERATOR, LMG, TO CREATE THE GLOBAL LEADER IN LOYALTY MANAGEMENT

Date: 20 December 2007

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Aeroplan Income Fund (TSX: AER.UN) today announced the completion of the acquisition of Loyalty Management Group (LMG), the leading loyalty marketing and customer-driven insight and analysis company that owns and operates the Nectar loyalty program in the United Kingdom. LMG operates in three main areas: Nectar, Insight & Communications (I&C) and Loyalty International.

"The combination of Aeroplan's and LMG's strengths and expertise create the leading global player in loyalty management," said Rupert Duchesne, President and CEO, Aeroplan. "Together, our unparalleled breadth of retail, financial services, travel, as well as data analytics skills and experience, means that each program continues to grow domestically, whilst we jointly pursue successfully international expansion opportunities."

The two loyalty programs, Nectar and Aeroplan, will continue to be operated separately. Members' participation in their respective program is unaffected. Rupert Duchesne will remain President and CEO of Aeroplan. Alex Moorhead and his executive team will continue the management of LMG. Aeroplan and LMG will move rapidly to consolidate new international expansion activities.

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