CHL converts, divi remains the same for now

CANADIAN HELICOPTERS INCOME FUND INTENDS TO CONVERT FROM AN INCOME TRUST TO A CORPORATION ON OR ABOUT JANUARY 1, 2011

Montréal, Québec, May 10, 2010 – Canadian Helicopters Income Fund (CHL.UN) (the “Fund”) is pleased to announce today its intention to proceed with the conversion of the Fund from an income trust to a dividend paying corporation, which will continue the helicopter transportation business of the Fund and its subsidiaries (the “Arrangement”). In reaction to changes in tax legislation affecting income trusts, the conversion, effected through the Arrangement, is intended to remove the uncertainty that exists in the income fund marketplace today, allow Canadian Helicopters to be more appropriately valued relative to its corporate peers, enhance Canadian Helicopters’ access to capital and simplify its corporate structure. Upon completion of the Arrangement, Canadian Helicopters expects to pay a monthly dividend of $0.091875, the same amount currently paid as a monthly distribution by the Fund.