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Press release from CNW Group

JAZZ AIR INCOME FUND RECEIVES AN INTERIM ORDER CALLING A SPECIAL UNITHOLDER MEETING TO APPROVE PLAN OF ARRANGEMENT TO CONVERT FROM AN INCOME TRUST TO A CORPORATE STRUCTURE

Monday, October 04, 2010

JAZZ AIR INCOME FUND RECEIVES AN INTERIM ORDER CALLING A SPECIAL UNITHOLDER MEETING TO APPROVE PLAN OF ARRANGEMENT TO CONVERT FROM AN INCOME TRUST TO A CORPORATE STRUCTURE18:20 EDT Monday, October 04, 2010 HALIFAX, Oct 4 /CNW/ - Jazz Air Income Fund ("Jazz" or the "Fund" TSX: JAZ.UN) is pleased to announce that the Ontario Superior Court of Justice has issued an interim order permitting the Fund to hold a special meeting of unitholders of the Fund on November 9, 2010 at 9:00 a.m. at the Sheraton Gateway Hotel, Terminal 3 of the Toronto Pearson International Airport, Toronto, Ontario in order for unitholders to consider and approve an arrangement to convert the Fund from an income trust to a corporate structure pursuant to a court approved plan of arrangement (the "Arrangement").  A proxy circular will be mailed to unitholders shortly and will also be available under the Fund's profile on SEDAR at www.sedar.com. CAUTION REGARDING FORWARD-LOOKING INFORMATION This news release should be read in conjunction with the Fund's unaudited interim consolidated financial statements for the three and six months ended June 30, 2010 and MD&A dated  August 3, 2010, filed with Canadian Securities regulatory authorities (available at www.sedar.com). Certain statements in this news release may contain statements which are forward-looking statements. These forward-looking statements are identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions.  Such statements may involve but are not limited to comments with respect to strategies, expectations, planned operations or future actions. Forward-looking statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and other uncertain events. Forward-looking statements, by their nature, are based on assumptions, including those described below, and are subject to important risks and uncertainties.  Any forecasts or forward-looking predictions or statements cannot be relied upon due to, amongst other things, changing external events and general uncertainties of the business. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to differ materially from those expressed in the forward-looking statements. Results indicated in forward-looking statements may differ materially from actual results for a number of reasons, including without limitation, risks relating to Jazz's relationship with Air Canada, risks relating to the airline industry, energy prices, general industry, market credit and economic conditions, competition, insurance issues and costs, supply issues, war, terrorist attacks, epidemic diseases, acts of God, changes in demand due to the seasonal nature of the business, the ability to reduce operating costs and employee counts, secure financing, employee relations, labour negotiations or disputes, restructuring, pension issues, currency exchange and interest rates, changes in laws, adverse regulatory developments or proceedings, pending and future litigation and actions by third parties, as well as the factors identified in the Risk Factors section of the Fund's MD&A dated August 3, 2010. The forward-looking statements contained in this discussion represent the expectations of the Fund and Jazz as of August 3, 2010, and are subject to change after such date.  However, the Fund and Jazz disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations. About Jazz Air Income Fund Jazz Air Income Fund is an unincorporated, open-ended trust established under the laws of the Province of Ontario, created to indirectly acquire and hold an interest in the outstanding limited partnership units of Jazz Air LP. About Jazz Air LP Jazz Air LP ("Jazz Air") is indirectly wholly owned by the Jazz Air Income Fund, and has a strong history in Canadian aviation with its roots going back to the 1930s. Since Jazz became publicly traded in February 2006, it has generated some of the strongest operational and financial results in the North American aviation industry. Under a capacity purchase agreement with Air Canada, Jazz Air provides service to and from lower-density markets as well as higher-density markets at off-peak times throughout Canada and to and from certain destinations in the United States. Jazz Air currently operates scheduled passenger service on behalf of Air Canada with approximately 840 departures per weekday to 85 destinations in Canada and in the United States with a fleet of Canadian-made Bombardier aircraft. For more information, visit www.flyjazz.ca. For further information: <table border="0" valign="top"><tr><td align="left" valign="top"><u>Media Contacts:</u>     </td></tr> <tr><td align="left" valign="top">Manon Stuart  <br/>Debra Williams </td> <td align="left" valign="top">(902) 873-5054 Halifax, Nova Scotia  <br/>(519) 457-8071 London, Ontario  </td> <td align="left" valign="top"><a href="mailto:manon.stuart@flyjazz.ca">manon.stuart@flyjazz.ca<br/></a><a href="mailto:debra.williams@flyjazz.ca">debra.williams@flyjazz.ca</a></td></tr> <tr><td align="left" valign="top"><u>Analyst Contact</u>:<br/><a href="http://www.flyjazz.ca/">www.flyjazz.ca</a> <br/><br/></td> <td align="left" valign="top" colspan="2">Nathalie Megann (902) 873-5094 Halifax, Nova Scotia<br/><a href="mailto:Nathalie.megann@flyjazz.ca">Nathalie.megann@flyjazz.ca</a></td></tr></table>