June 11, 2008

Deutsche Securities Limited announces Holdings in ACE Aviation Holdings Inc.

Deutsche Bank Securities Limited has announced that it has acquired a total of 4,635,270 Class A variable voting shares (“Class A shares”) of ACE Aviation Holdings Inc. (“ACE”), representing 11.3% of the class, adjusted for convertible securities held by Deutsche Bank Securities Limited.

The holdings of Deutsche Bank Securities Limited are comprised of 3,893,700 Class A shares, representing 9.66% of all outstanding Class A shares, and $19,000,000 principal amount of ACE’s 4.25% Convertible Senior Notes Due 2035 (“Notes”), which are currently convertible into 741,570 additional Class A shares.

Deutsche Bank Securities Limited acquired the Class A shares and Notes through market purchases on the Toronto Stock Exchange.

Deutsche Bank Securities Limited acquired 300,000 Class A shares on March 10, 2008, which, when taken together with its existing holdings of Class A shares and Notes, then comprised 10.53% of the class of Class A shares, adjusted for conversion of the Notes held by Deutsche Bank Securities Limited. Subsequently, through a series of further purchases and sales of Class A shares and Notes up to May 28, 2008, its security holdings on an as-converted basis fluctuated between 4,322,970 and 4,635,270 Class A shares, or 10.53% to 11.3% of the class, as adjusted.

Deutsche Bank Securities Limited has acquired the Class A shares and Notes for investment purposes only. Some of the securities have been acquired as passive investments in connection with certain hedging, swap and other derivative arrangements entered into by Deutsche Bank Securities Limited. Deutsche Bank Securities Limited may acquire or sell further Class A shares or Notes from time to time for such investment purposes.

The issuance of this news release is not an admission that an entity named in the news release owns or controls any described securities or is a joint actor with another named entity.

Deutsche Bank Securities Limited is located at 199 Bay Street, Suite 4700, Commerce Court West, Toronto, Ontario, M5L 1E9. A copy of the filed report which is the subject of this news release may be obtaining by calling Christine Sauriol at 416-682-8000.


For further information, please call:

John Gallagher +1 212-250-4516
Media Relations


Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 78,275 employees in 76 countries, the bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Deutsche Bank Securities Inc., member NYSE, FINRA and SIPC, is the investment banking and securities arm of Deutsche Bank AG in the United States.

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