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Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 554.40 Td (The MD&A) Tj ET Q q 0 0 0 rg BT 115.68 554.40 Td ( is prepared as at ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 187.72 554.40 Td (May12, 2016) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 242.25 554.40 Td ( and should be read in conjunction with the accompanying interim ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 540.90 Td (consolidated financial statements of ) Tj ET Q q 0 0 0 rg BT 216.75 540.90 Td (Aimia for the ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 269.77 540.90 Td (three months ended) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 349.83 540.90 Td ( ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 352.33 540.90 Td (March31, 2016) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 414.87 540.90 Td ( and the notes thereto, the ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 527.40 Td (audited consolidated financial statements of ) Tj ET Q q 0 0 0 rg BT 248.78 527.40 Td (Aimia for the year ended December 31, 2015 and the notes thereto, the ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 513.90 Td (annual management's discussion and analysis for ) Tj ET Q q 0 0 0 rg BT 272.50 513.90 Td (Aimia for the year ended December 31, 2015 \(the 2015 MD&A\), ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 500.40 Td (and ) Tj ET Q q 0 0 0 rg BT 89.18 500.40 Td (Aimia's Management Information Circular and ) Tj ET Q q 0 0 0 rg BT 273.65 500.40 Td (Annual Information Form, respectively dated March 14 and March ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 486.90 Td (23, 2016.) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 464.40 Td (The earnings and cash flows of ) Tj ET Q q 0 0 0 rg BT 198.74 464.40 Td (Aimia are affected by certain risks. For a description of those risks, please refer to the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 450.90 Td (Risks and Uncertainties) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 166.54 450.90 Td ( section.) 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Td (41) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 239.35 Td (42) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 217.35 Td (42) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 195.35 Td (42) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 173.35 Td (43) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 151.35 Td (44) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 129.35 Td (44) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 107.35 Td (45) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 85.35 Td (46) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 63.35 Td (47) Tj ET Q BT /F3 9.00 Tf ET endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 534.55 750.73 Td (3) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 138.7880859375 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (GLOSSAR) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 130.89 666.30 Td (Y) Tj ET Q BT /F2 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 640.80 Td ("Accumulation Partners") Tj ET Q BT /F3 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 179.06 640.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 181.56 640.80 Td (- means Commercial Partners that purchase coalition loyalty services, including Loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (Units;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 604.80 Td ("Aeroplan" ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 122.04 604.80 Td (- means ) Tj ET Q q 0 0 0 rg BT 156.56 604.80 Td (Aimia Canada Inc. \(formerly known as ) Tj ET Q q 0 0 0 rg BT 310.62 604.80 Td (Aeroplan Canada Inc.\);) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 582.30 Td ("Aeroplan Miles") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 144.55 582.30 Td ( - means the miles issued by ) Tj ET Q q 0 0 0 rg BT 260.60 582.30 Td (Aeroplan under the ) Tj ET Q q 0 0 0 rg BT 339.16 582.30 Td (Aeroplan Program;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 559.80 Td ("Aeroplan Program") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 159.05 559.80 Td ( - means the coalition loyalty program owned and operated by ) Tj ET Q q 0 0 0 rg BT 407.20 559.80 Td (Aeroplan;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 537.30 Td ("Aimia" or the "Corporation") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 195.07 537.30 Td ( - means ) Tj ET Q q 0 0 0 rg BT 232.09 537.30 Td (Aimia Inc., and where the context requires, includes its subsidiaries and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 523.80 Td (af) Tj ET Q q 0 0 0 rg BT 79.34 523.80 Td (filiates;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 501.30 Td ("A) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 82.43 501.30 Td (verage Cost of Rewards per Loyalty Unit") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 259.74 501.30 Td ( - means for any reporting period, the cost of rewards for such period ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 487.80 Td (divided by the number of Loyalty Units redeemed for rewards during the period;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 465.30 Td ("Breakage") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 121.06 465.30 Td ( - means the estimated Loyalty Units sold which are not expected to be redeemed. By its nature, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 451.80 Td (Breakage is subject to estimates and judgment. Management's consolidated weighted average breakage estimate at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 438.30 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 134.54 438.30 Td ( is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 146.04 438.30 Td (12%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 164.05 438.30 Td ( \() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.55 438.30 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 232.09 438.30 Td (: 12%\), and is calculated based on the total Loyalty Units outstanding under ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 424.80 Td (the Corporation's loyalty programs;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 402.30 Td ("Broken Loyalty Units" ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 173.05 402.30 Td (- means Loyalty Units issued, but not expired and not expected to be redeemed;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 379.80 Td ("Broken Miles") Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 136.55 379.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 139.05 379.80 Td (- means the ) Tj ET Q q 0 0 0 rg BT 188.58 379.80 Td (Aeroplan Miles issued, but not expired and not expected to be redeemed;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 357.30 Td ("Canada Loyalty Solutions Group of CGUs" ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 261.05 357.30 Td (- means the non-platform based loyalty services business in Canada ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 343.80 Td (and the Canada-based Enhancement Services business.) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 321.30 Td ("Card Migration Provision") Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 187.55 321.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.05 321.30 Td (- means the provision in relation to the net migration of ) Tj ET Q q 0 0 0 rg BT 409.17 321.30 Td (Aeroplan-branded credit card ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 307.80 Td (accounts between CIBC and ) Tj ET Q q 0 0 0 rg BT 188.41 307.80 Td (TD as described under the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 296.96 307.80 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 343.81 307.80 Td ( CARD ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 373.98 307.80 Td (AGREEMENTS) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 436.99 307.80 Td ( section;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 285.30 Td ("Cardlytics") Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 124.05 285.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.55 285.30 Td (- means Cardlytics, Inc., ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 225.58 291.85 310.65 -8.45 re f /GS0 gs q 0 0 0 rg BT 225.58 285.30 Td (a US-based private company operating in card-linked marketing for electronic ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.00 278.35 31.53 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.00 271.80 Td (banking) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 103.53 271.80 Td (;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 249.30 Td ("Change in Future Redemption Costs") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 236.54 249.30 Td ( - means the change in the estimated Future Redemption Cost liability for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 235.80 Td (any quarter \(for interim periods\) or fiscal year \(for annual reporting purposes\). For the purposes of this calculation, the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 222.30 Td (opening balance of the Future Redemption Cost liability is revalued by retroactively applying to all prior periods the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 208.80 Td (latest available ) Tj ET Q q 0 0 0 rg BT 133.54 208.80 Td (A) Tj ET Q q 0 0 0 rg BT 139.38 208.80 Td (verage Cost of Rewards per Loyalty Unit, experienced during the most recent quarter \(for interim ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 195.30 Td (periods\) or fiscal year \(for annual reporting purposes\). It is calculated by multiplying the change in estimated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 181.80 Td (Unbroken Loyalty Units outstanding between periods by the ) Tj ET Q q 0 0 0 rg BT 311.65 181.80 Td (A) Tj ET Q q 0 0 0 rg BT 317.49 181.80 Td (verage Cost of Rewards per Loyalty Unit for the period; ) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 159.30 Td ("Commercial Partners") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 171.07 159.30 Td ( - means ) Tj ET Q q 0 0 0 rg BT 208.09 159.30 Td (Accumulation Partners and Redemption Partners;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 136.80 Td ("CRA" ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 102.53 136.80 Td (- means the Canada Revenue ) Tj ET Q q 0 0 0 rg BT 224.61 136.80 Td (Agency;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 114.30 Td ("Expired Miles") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 138.56 114.30 Td ( - means the ) Tj ET Q q 0 0 0 rg BT 190.58 114.30 Td (Aeroplan Miles that have been removed from members' accounts and are no longer ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 100.80 Td (redeemable; ) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 534.55 750.73 Td (4) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 668.45 Td ("Future Redemption Costs") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 190.54 668.45 Td ( - means the total estimated liability of the future costs of rewards for Loyalty Units ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (which have been sold and remain outstanding, net of Breakage and valued at the ) Tj ET Q q 0 0 0 rg BT 397.23 654.95 Td (A) Tj ET Q q 0 0 0 rg BT 403.07 654.95 Td (verage Cost of Rewards per ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (Loyalty Unit, experienced during the most recent quarter \(for interim periods\) or fiscal year \(for annual reporting ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.95 Td (purposes\);) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 605.45 Td ("GAAP") Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 106.54 605.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.04 605.45 Td (- means generally accepted accounting principles in Canada which are in accordance with IFRS;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 582.95 Td ("Gross Billings") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 141.55 582.95 Td ( - means gross proceeds from the sale of Loyalty Units, from loyalty services, analytics and insights ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 569.45 Td (services and from other services rendered or to be rendered;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 546.95 Td ("Gross Billings from the sale of Loyalty Units") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 270.07 546.95 Td ( - means gross proceeds from the sale of Loyalty Units;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 524.45 Td ("IFRS") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 101.03 524.45 Td ( - means International Financial Reporting Standards; ) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 501.95 Td ("i2c") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 93.05 501.95 Td ( - means Insight 2 Communication LLP; ) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 479.45 Td ("Loyalty Units") Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 137.04 479.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 139.54 479.45 Td (- means the miles, points or other loyalty program units issued by ) Tj ET Q q 0 0 0 rg BT 401.16 479.45 Td (Aimia's subsidiaries under the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 465.95 Td (respective programs owned and operated by each of the entities;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 443.45 Td ("Nectar", "Nectar UK" ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 168.10 443.45 Td (or the ) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 193.61 443.45 Td ("Nectar Program") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 269.67 443.45 Td ( - means the coalition loyalty program operated by our International ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 429.95 Td (Coalitions segment in the United Kingdom;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 407.45 Td ("Nectar Italia" ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 134.06 407.45 Td (or the ) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 159.57 407.45 Td ("Nectar Italia Program") Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 258.64 407.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 261.15 407.45 Td (- means the coalition loyalty program formerly operated by our ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 393.95 Td (International Coalitions segment in Italy;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 371.45 Td ("Nectar Points") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 138.55 371.45 Td ( - means the points accumulated by members under the Nectar Program;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 348.95 Td ("Nectar Italia Points") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 161.56 348.95 Td ( - means the points accumulated by members under the Nectar Italia Program;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 326.45 Td ("PLM") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 99.53 326.45 Td ( - means PLM Premier) Tj ET Q q 0 0 0 rg BT 189.06 326.45 Td (, S.A.P) Tj ET Q q 0 0 0 rg BT 215.91 326.45 Td (.I. de C.V) Tj ET Q q 0 0 0 rg BT 252.60 326.45 Td (., together with its predecessor Premier Loyalty & Marketing, S.A.P) Tj ET Q q 0 0 0 rg BT 517.55 326.45 Td (.I. de ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 312.95 Td (C.V) Tj ET Q q 0 0 0 rg BT 86.18 312.95 Td (., owner and operator of Club Premier) Tj ET Q q 0 0 0 rg BT 236.25 312.95 Td (, a Mexican coalition loyalty program;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 290.45 Td ("Prismah") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 116.05 290.45 Td ( - means Prismah Fidelidade S.A.;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 267.95 Td ("Redemption Partners") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 171.55 267.95 Td ( - means Commercial Partners that of) Tj ET Q q 0 0 0 rg BT 320.94 267.95 Td (fer air travel, shopping discounts or other rewards to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 254.45 Td (members upon redemption of Loyalty Units;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 231.95 Td ("Smart Button") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 137.53 231.95 Td ( - means Smart Button ) Tj ET Q q 0 0 0 rg BT 229.57 231.95 Td (Associates, Inc., which of) Tj ET Q q 0 0 0 rg BT 330.45 231.95 Td (fers clients a turnkey) Tj ET Q q 0 0 0 rg BT 412.32 231.95 Td (, feature rich, software as a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 218.45 Td (service loyalty solution;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 195.95 Td ("Think Big") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 121.53 195.95 Td ( - means ) Tj ET Q q 0 0 0 rg BT 158.88 195.95 Td (Think Big Digital Sdn Bhd, the owner and operator of BIG, ) Tj ET Q q 0 0 0 rg BT 391.51 195.95 Td (AirAsia and ) Tj ET Q q 0 0 0 rg BT 439.88 195.95 Td (T) Tj ET Q q 0 0 0 rg BT 445.04 195.95 Td (une Group's loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 182.45 Td (program;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 159.95 Td ("T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 81.10 159.95 Td (otal Miles") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 126.37 159.95 Td ( - means all redeemable ) Tj ET Q q 0 0 0 rg BT 224.93 159.95 Td (Aeroplan Miles \(including Broken Miles but not Expired Miles\), under the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 146.45 Td (Aeroplan Program;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 123.95 Td ("T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 81.27 123.95 Td (ravel Club") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 129.05 123.95 Td ( - means ) Tj ET Q q 0 0 0 rg BT 166.06 123.95 Td (Air Miles Espaa, S.A., the owner and operator of ) Tj ET Q q 0 0 0 rg BT 366.01 123.95 Td (T) Tj ET Q q 0 0 0 rg BT 371.17 123.95 Td (ravel Club, a Spanish coalition loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 110.45 Td (program;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 87.95 Td ("Unbroken Loyalty Units" ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 184.05 87.95 Td (- means Loyalty Units issued, not expired and expected to be redeemed;) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 534.55 750.73 Td (5) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 136.458984375 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (OVER) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 105.79 666.30 Td (VIEW) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 640.80 Td (Aimia, a data-driven marketing and loyalty analytics company) Tj ET Q q 0 0 0 rg BT 315.45 640.80 Td (, through its subsidiaries, operates in the following ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (business segments as of January 1, 2016: ) Tj ET Q q 0 0 0 rg BT 245.10 627.30 Td (Americas Coalitions, International Coalitions and Global Loyalty Solutions ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 613.80 Td (\(GLS\).) Tj ET Q BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 586.80 Td (Americas Coalitions) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 561.30 Td (Within the ) Tj ET Q q 0 0 0 rg BT 114.02 561.30 Td (Americas Coalitions segment, ) Tj ET Q q 0 0 0 rg BT 235.07 561.30 Td (Aimia owns and operates the ) Tj ET Q q 0 0 0 rg BT 353.14 561.30 Td (Aeroplan Program, Canada's premier coalition ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 547.80 Td (loyalty program. ) Tj ET Q q 0 0 0 rg BT 138.03 547.80 Td (Also included in this segment are the Corporation's Canadian non-platform based loyalty services ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 534.30 Td (business, its Enhancement Services business, based in Canada, and its U.S. Channel and Employee Loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 520.80 Td (business. ) Tj ET Q BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 493.80 Td (International Coalitions) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 468.30 Td (Within the International Coalitions segment, ) Tj ET Q q 0 0 0 rg BT 247.60 468.30 Td (Aimia owns and operatesNectar) Tj ET Q q 0 0 0 rg BT 377.17 468.30 Td (, the United Kingdom's largest coalition ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 454.80 Td (loyalty program, and ) Tj ET Q q 0 0 0 rg BT 155.54 454.80 Td (AirMiles Middle East, the leading coalition loyalty program in the UAE, Qatar and Bahrain. ) Tj ET Q q 0 0 0 rg BT 517.06 454.80 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 441.30 Td (segment also includes the Corporation) Tj ET Q q 0 0 0 rg BT 227.43 441.30 Td (s Shopper Insights and Communications business, which provides data-driven ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 427.80 Td (analytics and insights services to retailers and their suppliers globally through its Intelligent Shopper Solutions \(ISS\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 414.30 Td (business and its 50% participation in i2c, a joint venture with Sainsbury's. ) Tj ET Q q 0 0 0 rg BT 364.88 414.30 Td (Aimia also operated Nectar Italia, an Italian ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 400.80 Td (coalition program which ceased its operations on March 1, 2016, and owns a 25% interest in ) Tj ET Q q 0 0 0 rg BT 442.05 400.80 Td (T) Tj ET Q q 0 0 0 rg BT 447.21 400.80 Td (ravel Club, a coalition ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 387.30 Td (loyalty program in Spain.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 364.80 Td (On March 20, 2016, ) Tj ET Q q 0 0 0 rg BT 153.55 364.80 Td (Aimia acquired the remaining 40% of the issued shares of Rewards Management Middle East ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 351.30 Td (Free Zone LLC, the company that owns and operates the ) Tj ET Q q 0 0 0 rg BT 302.14 351.30 Td (Air Miles Middle East program. For more information, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 337.80 Td (please refer to the condensed interim consolidated financial statements for the three months ended March 31, 2016.) Tj ET Q BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 310.80 Td (Global Loyalty Solutions) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 285.30 Td (Within this segment, ) Tj ET Q q 0 0 0 rg BT 155.03 285.30 Td (Aimia provides clients with comprehensive end-to-end loyalty solutions across the globe with ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 271.80 Td (operations in ) Tj ET Q q 0 0 0 rg BT 125.54 271.80 Td (Americas, Europe and ) Tj ET Q q 0 0 0 rg BT 216.59 271.80 Td (Asia Pacific. GLS provides clients with loyalty strategy) Tj ET Q q 0 0 0 rg BT 431.01 271.80 Td (, program design, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 258.30 Td (implementation, campaign, analytics and rewards fulfillment. GLS also deploys ) Tj ET Q q 0 0 0 rg BT 387.16 258.30 Td (Aimia) Tj ET Q q 0 0 0 rg BT 411.50 258.30 Td (s loyalty platforms including the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 244.80 Td (Aimia Loyalty Platform and Smart Button as part of its loyalty solutions.) Tj ET Q BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 217.80 Td (Corporate) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 192.30 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 114.89 192.30 Td (includes ) Tj ET Q q 0 0 0 rg BT 150.77 192.30 Td (global ) Tj ET Q q 0 0 0 rg BT 177.65 192.30 Td (shared ) Tj ET Q q 0 0 0 rg BT 208.04 192.30 Td (services, ) Tj ET Q q 0 0 0 rg BT 246.41 192.30 Td (product ) Tj ET Q q 0 0 0 rg BT 279.29 192.30 Td (development ) Tj ET Q q 0 0 0 rg BT 333.69 192.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 357.56 192.30 Td (and ) Tj ET Q q 0 0 0 rg BT 375.44 192.30 Td (share-based ) Tj ET Q q 0 0 0 rg BT 428.34 192.30 Td (compensation ) Tj ET Q q 0 0 0 rg BT 487.24 192.30 Td (that ) Tj ET Q q 0 0 0 rg BT 505.11 192.30 Td (have ) Tj ET Q q 0 0 0 rg BT 527.49 192.30 Td (not ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 178.80 Td (been ) Tj ET Q q 0 0 0 rg BT 94.24 178.80 Td (allocated ) Tj ET Q q 0 0 0 rg BT 132.49 178.80 Td (to ) Tj ET Q q 0 0 0 rg BT 142.22 178.80 Td (divisions, ) Tj ET Q q 0 0 0 rg BT 181.45 178.80 Td (as ) Tj ET Q q 0 0 0 rg BT 193.18 178.80 Td (well ) Tj ET Q q 0 0 0 rg BT 210.90 178.80 Td (as ) Tj ET Q q 0 0 0 rg BT 222.63 178.80 Td (investments. ) Tj ET Q q 0 0 0 rg BT 275.37 178.80 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 317.61 178.80 Td (investments ) Tj ET Q q 0 0 0 rg BT 367.85 178.80 Td (include ) Tj ET Q q 0 0 0 rg BT 398.59 178.80 Td (a ) Tj ET Q q 0 0 0 rg BT 405.82 178.80 Td (48.9% ) Tj ET Q q 0 0 0 rg BT 433.56 178.80 Td (interest ) Tj ET Q q 0 0 0 rg BT 465.29 178.80 Td (in, ) Tj ET Q q 0 0 0 rg BT 477.02 178.80 Td (and ) Tj ET Q q 0 0 0 rg BT 494.25 178.80 Td (joint ) Tj ET Q q 0 0 0 rg BT 512.99 178.80 Td (control ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 165.30 Td (with ) Tj ET Q q 0 0 0 rg BT 89.36 165.30 Td (Grupo ) Tj ET Q q 0 0 0 rg BT 115.46 165.30 Td (Aeromexico ) Tj ET Q q 0 0 0 rg BT 164.33 165.30 Td (of, ) Tj ET Q q 0 0 0 rg BT 175.69 165.30 Td (PLM, ) Tj ET Q q 0 0 0 rg BT 198.04 165.30 Td (the ) Tj ET Q q 0 0 0 rg BT 211.91 165.30 Td (owner ) Tj ET Q q 0 0 0 rg BT 237.77 165.30 Td (and ) Tj ET Q q 0 0 0 rg BT 254.14 165.30 Td (operator ) Tj ET Q q 0 0 0 rg BT 289.02 165.30 Td (of ) Tj ET Q q 0 0 0 rg BT 297.88 165.30 Td (Club ) Tj ET Q q 0 0 0 rg BT 317.74 165.30 Td (Premier) Tj ET Q q 0 0 0 rg BT 348.75 165.30 Td (, ) Tj ET Q q 0 0 0 rg BT 352.60 165.30 Td (a ) Tj ET Q q 0 0 0 rg BT 358.96 165.30 Td (Mexican ) Tj ET Q q 0 0 0 rg BT 393.83 165.30 Td (coalition ) Tj ET Q q 0 0 0 rg BT 428.20 165.30 Td (loyalty ) Tj ET Q q 0 0 0 rg BT 455.06 165.30 Td (program. ) Tj ET Q q 0 0 0 rg BT 492.16 165.30 Td (Additionally) Tj ET Q q 0 0 0 rg BT 537.52 165.30 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 151.80 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 114.11 151.80 Td (includes ) Tj ET Q q 0 0 0 rg BT 149.21 151.80 Td (investments ) Tj ET Q q 0 0 0 rg BT 199.32 151.80 Td (in ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 208.35 158.35 334.15 -8.45 re f /GS0 gs q 0 0 0 rg BT 208.27 151.80 Td (Think ) Tj ET Q q 0 0 0 rg BT 232.36 151.80 Td (Big, ) Tj ET Q q 0 0 0 rg BT 249.96 151.80 Td (the ) Tj ET Q q 0 0 0 rg BT 264.56 151.80 Td (owner ) Tj ET Q q 0 0 0 rg BT 291.15 151.80 Td (and ) Tj ET Q q 0 0 0 rg BT 308.25 151.80 Td (operator ) Tj ET Q q 0 0 0 rg BT 343.86 151.80 Td (of ) Tj ET Q q 0 0 0 rg BT 353.45 151.80 Td (BIG, ) Tj ET Q q 0 0 0 rg BT 373.13 151.80 Td (AirAsia ) Tj ET Q q 0 0 0 rg BT 403.72 151.80 Td (and ) Tj ET Q q 0 0 0 rg BT 420.69 151.80 Td (T) Tj ET Q q 0 0 0 rg BT 425.85 151.80 Td (une ) Tj ET Q q 0 0 0 rg BT 442.95 151.80 Td (Group) Tj ET Q q 0 0 0 rg BT 469.80 151.80 Td (s ) Tj ET Q q 0 0 0 rg BT 476.39 151.80 Td (loyalty ) Tj ET Q q 0 0 0 rg BT 503.98 151.80 Td (program, ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.00 144.85 17.65 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.00 138.30 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.65 138.30 Td (China ) Tj ET Q q 0 0 0 rg BT 115.80 138.30 Td (Rewards, ) Tj ET Q q 0 0 0 rg BT 156.45 138.30 Td (a ) Tj ET Q q 0 0 0 rg BT 164.09 138.30 Td (China ) Tj ET Q q 0 0 0 rg BT 190.25 138.30 Td (based ) Tj ET Q q 0 0 0 rg BT 217.40 138.30 Td (retail ) Tj ET Q q 0 0 0 rg BT 239.55 138.30 Td (coalition ) Tj ET Q q 0 0 0 rg BT 275.20 138.30 Td (loyalty ) Tj ET Q q 0 0 0 rg BT 303.35 138.30 Td (progr) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 324.36 144.85 218.15 -8.45 re f /GS0 gs q 0 0 0 rg BT 324.36 138.30 Td (am ) Tj ET Q q 0 0 0 rg BT 339.50 138.30 Td (start-up, ) Tj ET Q q 0 0 0 rg BT 375.15 138.30 Td (as ) Tj ET Q q 0 0 0 rg BT 387.29 138.30 Td (well ) Tj ET Q q 0 0 0 rg BT 405.43 138.30 Td (as ) Tj ET Q q 0 0 0 rg BT 417.57 138.30 Td (minority ) Tj ET Q q 0 0 0 rg BT 451.71 138.30 Td (interests ) Tj ET Q q 0 0 0 rg BT 488.36 138.30 Td (in ) Tj ET Q q 0 0 0 rg BT 498.00 138.30 Td (Cardlytics, ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.00 131.35 470.52 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.00 124.80 Td (a ) Tj ET Q q 0 0 0 rg BT 79.02 124.80 Td (US-based ) Tj ET Q q 0 0 0 rg BT 121.05 124.80 Td (private ) Tj ET Q q 0 0 0 rg BT 150.08 124.80 Td (company ) Tj ET Q q 0 0 0 rg BT 188.61 124.80 Td (operating ) Tj ET Q q 0 0 0 rg BT 228.15 124.80 Td (in ) Tj ET Q q 0 0 0 rg BT 237.17 124.80 Td (card-linked ) Tj ET Q q 0 0 0 rg BT 283.20 124.80 Td (marketing ) Tj ET Q q 0 0 0 rg BT 324.73 124.80 Td (for ) Tj ET Q q 0 0 0 rg BT 337.24 124.80 Td (electronic ) Tj ET Q q 0 0 0 rg BT 377.77 124.80 Td (banking, ) Tj ET Q q 0 0 0 rg BT 413.81 124.80 Td (and ) Tj ET Q q 0 0 0 rg BT 430.84 124.80 Td (Fractal ) Tj ET Q q 0 0 0 rg BT 459.96 124.80 Td (Analytics, ) Tj ET Q q 0 0 0 rg BT 500.48 124.80 Td (a ) Tj ET Q q 0 0 0 rg BT 507.50 124.80 Td (provider ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.00 117.85 89.06 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.00 111.30 Td (of ) Tj ET Q q 0 0 0 rg BT 82.01 111.30 Td (advanced ) Tj ET Q q 0 0 0 rg BT 123.54 111.30 Td (analytics.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.06 111.30 Td ( ) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 534.55 750.73 Td (6) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 163.34765625 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (OUR BUSINESS) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 640.80 Td (W) Tj ET Q q 0 0 0 rg BT 80.33 640.80 Td (e provide our clients with the customer insights they need to make smarter business decisions and build relevant ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (and rewarding one-to-one relationships to the benefit of both their business and customers. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 604.80 Td (W) Tj ET Q q 0 0 0 rg BT 80.33 604.80 Td (e do this through permission-based data analytics for the programs we run for ourselves and for our clients -) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.30 Td (drawing insights from all the customer interactions collected by individual companies, financial institutions and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 577.80 Td (through loyalty rewards programs. Our data analysts find hidden patterns and actionable insights to help marketers ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 564.30 Td (work more ef) Tj ET Q q 0 0 0 rg BT 123.85 564.30 Td (fectively and get more value from their resources.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 541.80 Td (W) Tj ET Q q 0 0 0 rg BT 80.33 541.80 Td (e help our clients make business personal, providing their customers with experiences and interactions that are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 528.30 Td (uniquely relevant and rewarding.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 505.80 Td (T) Tj ET Q q 0 0 0 rg BT 76.50 505.80 Td (o do this we have developed advanced technology platforms and operational experience. Our experts use those ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 492.30 Td (tools and experience to evolve and improve our of) Tj ET Q q 0 0 0 rg BT 270.96 492.30 Td (fering, for the benefit of our clients, partners and our company) Tj ET Q q 0 0 0 rg BT 518.93 492.30 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 469.80 Td (There are three main ways that our clients work with us:) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 447.30 Td (Coalition Loyalty) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 424.80 Td (A) Tj ET Q q 0 0 0 rg BT 77.51 424.80 Td ( coalition program is one that brings together many partners in a loyalty rewards program. Partners benefit from the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 411.30 Td (insights gained from a more complete picture of customer behaviour and preferences they get from pooling data, and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 397.80 Td (members of the program benefit from an ability to collect and redeem rewards in multiple ways. In addition to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 384.30 Td (providing a complete array of services for the coalition programs that we own and operate, ) Tj ET Q q 0 0 0 rg BT 433.19 384.30 Td (Aimia) Tj ET Q q 0 0 0 rg BT 457.53 384.30 Td (s coalition experts ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 370.80 Td (evolve others) Tj ET Q q 0 0 0 rg BT 127.20 370.80 Td ( programs to continuously provide better value and adapt to changing consumer behaviour and client ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 357.30 Td (needs, launch new coalitions, and transform individual programs into coalitions. ) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 334.80 Td (Loyalty Solutions) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 312.30 Td (While coalition programs connect many partners under one rewards umbrella, ) Tj ET Q q 0 0 0 rg BT 383.65 312.30 Td (Aimia also provides individual ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 298.80 Td (companies with loyalty programs and support. ) Tj ET Q q 0 0 0 rg BT 257.09 298.80 Td (Aimia) Tj ET Q q 0 0 0 rg BT 281.43 298.80 Td (s loyalty service experts design, launch and operate client ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 285.30 Td (programs, and advance existing programs leveraging our technology platforms, and our digital, mobile and analytical ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 271.80 Td (expertise. W) Tj ET Q q 0 0 0 rg BT 121.85 271.80 Td (e also create incentive programs and loyalty solutions to encourage loyalty) Tj ET Q q 0 0 0 rg BT 417.85 271.80 Td (, increase sales and deliver ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 258.30 Td (improved results for employee and channel networks.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 235.80 Td (Analytics and Insights) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 213.30 Td (For coalition programs we own and operate and loyalty programs we manage on behalf of clients, we draw insights ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 199.80 Td (from the data created. In addition, we provide analytics and insights services to other clients. By looking at the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 186.30 Td (transactional, behavioural and contextual data that is collected through our programs and technology) Tj ET Q q 0 0 0 rg BT 472.09 186.30 Td (, our data ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 172.80 Td (analysts find hidden patterns and insights that marketers use to better predict customer behaviours. Using those ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 159.30 Td (findings, our clients can provide relevant of) Tj ET Q q 0 0 0 rg BT 242.43 159.30 Td (fers that will influence customer behaviourfrom the companies they do ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 145.80 Td (business with and for the products and services they buy) Tj ET Q q 0 0 0 rg BT 297.46 145.80 Td (. ) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 534.55 750.73 Td (7) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 512.220703125 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (PERFORMANCE INDICA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 209.78 666.30 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 216.89 666.30 Td (ORS \(INCLUDING CERT) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 352.00 666.30 Td (AIN NON-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 441.11 666.30 Td ( FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 508.89 666.30 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 649.9986328125 m 144.005859375 649.9986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 651.90 Td (MEASURES\)) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 621.90 Td (GROSS BILLINGS) Tj ET Q BT /F5 10.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 597.90 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 572.40 Td (Aimia derives cash inflows from the sale of Loyalty Units to ) Tj ET Q q 0 0 0 rg BT 308.10 572.40 Td (Accumulation Partners with respect to its coalition loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 558.90 Td (programs. ) Tj ET Q q 0 0 0 rg BT 114.85 558.90 Td (These inflows are referred to as Gross Billings from the sale of Loyalty Units.) Tj ET Q BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 534.90 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 509.40 Td (Aimia also derives cash inflows from loyalty services rendered or to be rendered to customers, from analytics and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 495.90 Td (insights services, as well as various other loyalty related services. ) Tj ET Q q 0 0 0 rg BT 337.94 495.90 Td (These inflows are referred to as Gross Billings ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 482.40 Td (from Loyalty Services and Other.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 452.40 Td (OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 113.78 452.40 Td (TING INCOME) Tj ET Q BT /F5 10.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 428.40 Td (Revenue) Tj ET Q BT /F5 10.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 94.50 404.40 Td (Coalition Loyalty ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 94.50 378.90 Td (A) Tj ET Q q 0 0 0 rg BT 100.01 378.90 Td ( key characteristic of ) Tj ET Q q 0 0 0 rg BT 184.04 378.90 Td (Aimia's multi-partner or shared currency loyalty programs business is that the gross ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 365.40 Td (proceeds received from the sale of Loyalty Units to partners, known as "Gross Billings from the sale of Loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 351.90 Td (Units, are deferred and recognized as revenue upon the redemption of Loyalty Units by the members. Based ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 338.40 Td (upon past experience, management anticipates that a number of Loyalty Units sold will never be redeemed by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 324.90 Td (members. ) Tj ET Q q 0 0 0 rg BT 136.85 324.90 Td (This is known as Breakage. For those Loyalty Units that ) Tj ET Q q 0 0 0 rg BT 366.95 324.90 Td (Aimia does not expect will be redeemed by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 311.40 Td (members, ) Tj ET Q q 0 0 0 rg BT 136.51 311.40 Td (Aimia recognizes revenue based on the number of Loyalty Units redeemed in a period in relation to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 297.90 Td (the total number expected to be redeemed. ) Tj ET Q BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 94.50 273.90 Td (Loyalty Services and Other) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 94.50 248.40 Td (Aimia derives loyalty services fees related to direct marketing, sales promotion and the design, development ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 234.90 Td (and administration of loyalty programs on behalf of its clients, as well as from software of) Tj ET Q q 0 0 0 rg BT 447.00 234.90 Td (fered as a service. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 221.40 Td (These loyalty service fees are included in Gross Billings and recognized as revenue when the amount, stage of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 207.90 Td (completion and costs for the service can be measured reliably and it is probable that the economic benefits ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 194.40 Td (associated with the service will be realized.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 171.90 Td (Loyalty services and other revenue also include:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 147.90 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.00 147.90 Td (analytics and insights service fees from services and tools licensed to clients to collect, analyze and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.00 134.40 Td (derive actionable insight from their customer data which is used to improve marketing return-on-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.00 120.90 Td (investment; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 105.90 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.00 105.90 Td (charges to coalition loyalty members for various services; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 90.90 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.00 90.90 Td (loyalty industry related business know-how) Tj ET Q q 0 0 0 rg BT 296.09 90.90 Td (, trademarks and expertise, royalties earned with respect to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.00 77.40 Td (the ) Tj ET Q q 0 0 0 rg BT 140.52 77.40 Td (Air Miles and Nectar trademarks; and ) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 534.55 750.73 Td (8) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 668.10 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.00 668.10 Td (the management of ) Tj ET Q q 0 0 0 rg BT 205.55 668.10 Td (Air Canada's tier membership program for its most frequent flyers.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 645.60 Td (These fees are also included in Gross Billings and are recognized as revenue when the services are rendered or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 632.10 Td (on an accrual basis, in accordance with the substance of the agreements in the case of royalties.) Tj ET Q BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 608.10 Td (Cost of Rewards, Direct Costs and Operating Expenses) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 582.60 Td (Cost of rewards consists of the cost to purchase airline seats or other products or services from Redemption Partners ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 569.10 Td (in order to deliver rewards chosen by members upon redemption of their Loyalty Units. ) Tj ET Q q 0 0 0 rg BT 420.67 569.10 Td (At that time, the costs of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 555.60 Td (chosen rewards are incurred and recognized. ) Tj ET Q q 0 0 0 rg BT 254.94 555.60 Td (The total cost of rewards varies with the number of Loyalty Units ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 542.10 Td (redeemed and the cost of the individual rewards purchased in connection with such redeemed Loyalty Units.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 519.60 Td (The ) Tj ET Q q 0 0 0 rg BT 89.51 519.60 Td (A) Tj ET Q q 0 0 0 rg BT 95.35 519.60 Td (verage Cost of Rewards per Loyalty Unit redeemed is an important measurement metric since a small ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 506.10 Td (fluctuation may have a significant impact on overall costs due to the high volume of Loyalty Units redeemed.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 483.60 Td (Direct costs consist of those costs directly attributable to the delivery of loyalty services and analytics and insights ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 470.10 Td (services. Direct costs include labour) Tj ET Q q 0 0 0 rg BT 215.06 470.10 Td (, technology) Tj ET Q q 0 0 0 rg BT 262.92 470.10 Td (, reward fulfillment and commissions.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 447.60 Td (Operating expenses incurred include contact centre operations, consisting primarily of salaries and wages, as well as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 434.10 Td (advertising and promotion, information technology and systems and other general administrative expenses.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 404.10 Td (ADJUSTED EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 378.60 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 141.53 378.60 Td ( is not a measurement based on GAAP) Tj ET Q q 0 0 0 rg BT 296.46 378.60 Td (, is not considered an alternative to operating income or net ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 365.10 Td (earnings in measuring performance, and is not comparable to similar measures used by other issuers. Management ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 351.60 Td (does not believe that ) Tj ET Q q 0 0 0 rg BT 157.06 351.60 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 226.60 351.60 Td ( has an appropriate directly comparable GAAP) Tj ET Q q 0 0 0 rg BT 412.04 351.60 Td ( measure. However) Tj ET Q q 0 0 0 rg BT 489.57 351.60 Td (, a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 338.10 Td (reconciliation to operating income is provided. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 315.60 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 141.53 315.60 Td ( is used by management to evaluate performance and to measure compliance with debt covenants. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 302.10 Td (Management believes ) Tj ET Q q 0 0 0 rg BT 162.06 302.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 231.59 302.10 Td ( assists investors in comparing ) Tj ET Q q 0 0 0 rg BT 356.14 302.10 Td (Aimia's performance on a consistent basis ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 288.60 Td (without regard to depreciation and amortization and impairment charges, which are non-cash in nature and can vary ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 275.10 Td (significantly depending on accounting methods, and non-operating factors such as historical cost. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 252.60 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 141.53 252.60 Td ( is operating income adjusted to exclude depreciation, amortization and impairment charges, as well ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 239.10 Td (as adjusted for certain factors particular to the business, such as changes in deferred revenue and Future ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 225.60 Td (Redemption Costs. ) Tj ET Q q 0 0 0 rg BT 150.54 225.60 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 220.07 225.60 Td ( also includes distributions and dividends received or receivable from equity-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 212.10 Td (accounted investments.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 189.60 Td (Change in deferred revenue is calculated as the dif) Tj ET Q q 0 0 0 rg BT 274.97 189.60 Td (ference between Gross Billings and revenue recognized, including ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 176.10 Td (recognition of Breakage.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 153.60 Td (Future Redemption Costs represent management's estimated future cost of rewards in respect of Loyalty Units sold ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 140.10 Td (which remain outstanding and unbroken at the end of any given period. Future Redemption Costs are revalued at the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 126.60 Td (end of any given period by taking into account the most recently determined average unit cost per Loyalty Unit ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 113.10 Td (redeemed for that period \(cost of rewards / Loyalty Units redeemed\) and applying it to the total Unbroken Loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 99.60 Td (Units outstanding at the end of that period. ) Tj ET Q q 0 0 0 rg BT 243.62 99.60 Td (As a result, Future Redemption Costs and the Change in Future ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 86.10 Td (Redemption Costs must be calculated at the end of any given period and for that period. ) Tj ET Q q 0 0 0 rg BT 425.05 86.10 Td (The simple addition of ) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 534.55 750.73 Td (9) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (sequential inter-period changes to arrive at a cumulative change for a particular period may result in inaccurate ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (results depending on the fluctuation in the ) Tj ET Q q 0 0 0 rg BT 240.62 654.95 Td (A) Tj ET Q q 0 0 0 rg BT 246.46 654.95 Td (verage Cost of Rewards per Loyalty Unit redeemed for the period in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (question.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 618.95 Td (For a reconciliation of ) Tj ET Q q 0 0 0 rg BT 160.04 618.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 229.58 618.95 Td ( to GAAP) Tj ET Q q 0 0 0 rg BT 265.94 618.95 Td (, please refer to the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 345.98 618.95 Td (SUMMAR) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 385.65 618.95 Td (Y) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 391.49 618.95 Td ( OF) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 406.32 618.95 Td ( CONSOLIDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 461.17 618.95 Td (TED OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 512.51 618.95 Td (TING ) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 605.45 Td (RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 101.34 605.45 Td (TS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 115.01 605.45 Td (AND RECONCILIA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 190.85 605.45 Td (TION OF) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.17254901960784313 0.16862745098039217 0.4823529411764706 rg BT 227.19 605.45 Td ( ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 229.35 605.45 Td (ADJUSTED EBITDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 311.53 605.45 Td ( ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 313.70 605.45 Td (AND FREE CASH FLOW ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 417.71 605.45 Td (included in the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 478.25 605.45 Td (Operating and ) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 591.95 Td (Financial Results) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 140.53 591.95 Td ( section. ) Tj ET Q q 0 0 0 rg BT 176.05 591.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 245.58 591.95 Td ( should not be used as an exclusive measure of cash flow because it ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 578.45 Td (does not account for the impact of working capital growth, capital expenditures, debt repayments and other sources ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 564.95 Td (and uses of cash, which are disclosed in the statements of cash flows.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 538.55 Td (ADJUSTED NET EARNINGS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 233.57 538.55 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 262.46 538.55 Td (ADJUSTED NET EARNINGS PER COMMON ) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 524.15 Td (SHARE) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 498.65 Td (Adjusted Net Earnings and ) Tj ET Q q 0 0 0 rg BT 181.07 498.65 Td (Adjusted Net Earnings per common share are not measurements based on GAAP) Tj ET Q q 0 0 0 rg BT 506.58 498.65 Td (, are not ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 485.15 Td (considered alternatives to net earnings or net earnings per common share in measuring profitability) Tj ET Q q 0 0 0 rg BT 465.54 485.15 Td (, and are not ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 471.65 Td (comparable to similar measures used by other issuers. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 449.15 Td (Adjusted Net Earnings provides a measurement of profitability calculated on a basis consistent with ) Tj ET Q q 0 0 0 rg BT 468.71 449.15 Td (Adjusted ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 435.65 Td (EBITDA. Net earnings attributable to equity holders of the Corporation are adjusted to exclude ) Tj ET Q q 0 0 0 rg BT 450.72 435.65 Td (Amortization of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 422.15 Td (Accumulation Partners' contracts, customer relationships and technology) Tj ET Q q 0 0 0 rg BT 361.20 422.15 Td (, share of net earnings \(loss\) of equity-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 408.65 Td (accounted investments and impairment charges. ) Tj ET Q q 0 0 0 rg BT 270.11 408.65 Td (Adjusted Net Earnings includes the change in deferred revenue ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 395.15 Td (and Change in Future Redemption Costs, net of the income tax ef) Tj ET Q q 0 0 0 rg BT 333.99 395.15 Td (fect and non controlling interest ef) Tj ET Q q 0 0 0 rg BT 468.91 395.15 Td (fect \(where ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 381.65 Td (applicable\) on these items at an entity level basis. ) Tj ET Q q 0 0 0 rg BT 272.11 381.65 Td (Adjusted Net Earnings also includes distributions and dividends ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 368.15 Td (received or receivable from equity-accounted investments.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 345.65 Td (Adjusted Net Earnings per common share provides a measurement of profitability per common share on a basis ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 332.15 Td (consistent with ) Tj ET Q q 0 0 0 rg BT 133.03 332.15 Td (Adjusted Net Earnings and is calculated as ) Tj ET Q q 0 0 0 rg BT 306.14 332.15 Td (Adjusted Net Earnings less dividends declared on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 318.65 Td (preferred shares divided by the weighted average number of basic and diluted common shares outstanding for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 305.15 Td (period. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 282.65 Td (For a reconciliation of ) Tj ET Q q 0 0 0 rg BT 160.04 282.65 Td (Adjusted Net Earnings to net earnings attributable to equity holders of the Corporation \(GAAP\), ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 269.15 Td (please refer to the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 147.05 269.15 Td (Reconciliation of ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 215.25 269.15 Td (Adjusted Net Earnings) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 304.80 269.15 Td ( section. ) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 239.15 Td (FREE CASH FLOW ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 182.88 239.15 Td (AND FREE CASH FLOW BEFORE DIVIDENDS P) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 452.67 239.15 Td (AID) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 213.65 Td (Free Cash Flow and Free Cash Flow before Dividends Paid are non-GAAP) Tj ET Q q 0 0 0 rg BT 370.48 213.65 Td ( measures and are not comparable to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 200.15 Td (similar measures used by other issuers. ) Tj ET Q q 0 0 0 rg BT 232.90 200.15 Td (They are used in order to provide a consistent and comparable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 186.65 Td (measurement of cash generated from operations and used as indicators of financial strength and performance. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 164.15 Td (Free Cash Flow is defined as cash flows from operating activities, as reported in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 484.53 164.15 Td (, less ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 150.65 Td (adjustments for: ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 128.15 Td (a\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 128.15 Td (total capital expenditures as reported in accordance with GAAP; and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 114.65 Td (b\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 114.65 Td (dividends paid.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 92.15 Td (Free Cash Flow before Dividends Paid is defined as cash flows from operating activities as reported in accordance ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 78.65 Td (with GAAP) Tj ET Q q 0 0 0 rg BT 114.35 78.65 Td (, less capital expenditures as reported in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 369.33 78.65 Td (. ) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (10) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (Free Cash Flow before Dividends Paid per common share is calculated as follows: Free Cash Flow before Dividends ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (Paid less dividends paid on preferred shares and to non-controlling interests over the weighted average number of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (basic and diluted common shares outstanding for the period.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 618.95 Td (For a reconciliation of Free Cash Flow and Free Cash Flow before Dividends Paid to cash flows from operations ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 605.45 Td (\(GAAP\), please refer to the) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.17254901960784313 0.16862745098039217 0.4823529411764706 rg BT 180.55 605.45 Td ( ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 183.05 605.45 Td (SUMMAR) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 222.71 605.45 Td (Y) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 228.56 605.45 Td ( OF) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 243.39 605.45 Td ( CONSOLIDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 298.23 605.45 Td (TED OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 349.58 605.45 Td (TING RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.92 605.45 Td (TS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 416.58 605.45 Td (AND RECONCILIA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 492.43 605.45 Td (TION OF) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 528.76 605.45 Td ( ) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 591.95 Td (ADJUSTED EBITDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 154.18 591.95 Td ( ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 156.34 591.95 Td (AND FREE CASH FLOW ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 260.35 591.95 Td (included in the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 320.90 591.95 Td (Operating and Financial Results) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 448.97 591.95 Td ( section. ) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 561.95 Td (CONST) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 113.11 561.95 Td (ANT CURRENCY) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 536.45 Td (Because exchange rates are an important factor in understanding period to period comparisons, the presentation of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 522.95 Td (various financial metrics on a constant currency basis or after giving ef) Tj ET Q q 0 0 0 rg BT 351.97 522.95 Td (fect to foreign exchange translation, in addition ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 509.45 Td (to the reported metrics, help improve the ability to understand operating results and evaluate performance in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 495.95 Td (comparison to prior periods. Constant Currency information compares results between periods as if exchange rates ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 482.45 Td (had remained constant over the periods. Constant Currency is derived by calculating current period results using ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 468.95 Td (foreign currency exchange rates from the same period in the prior year) Tj ET Q q 0 0 0 rg BT 352.64 468.95 Td (. Results calculated on a Constant Currency ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 455.45 Td (basis should be considered in addition to, not as a substitute for) Tj ET Q q 0 0 0 rg BT 325.16 455.45 Td (, results reported in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 497.08 455.45 Td ( and may ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 441.95 Td (not be comparable to similarly titled measures used by other companies. Constant Currency is a basis of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 428.45 Td (consideration mostly for ) Tj ET Q q 0 0 0 rg BT 169.04 428.45 Td (Aimia) Tj ET Q q 0 0 0 rg BT 193.39 428.45 Td (s foreign operations \(those with a functional currency which is not the Canadian dollar\). ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 414.95 Td (Our International Coalitions and GLS segments operate under varying foreign currencies, the U.S. Channel and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 401.45 Td (Employee Loyalty business in our ) Tj ET Q q 0 0 0 rg BT 208.08 401.45 Td (Americas Coalitions segment operates in U.S. dollars and global product ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 387.95 Td (development activities in Corporate operate primarily in pounds sterling.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 347.0486328125 m 300.890625 347.0486328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 348.95 Td (OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 113.78 348.95 Td (TING ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 145.34 348.95 Td (AND FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 239.11 348.95 Td ( RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 282.22 348.95 Td (TS ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 323.45 Td (Certain of the following financial information of ) Tj ET Q q 0 0 0 rg BT 258.10 323.45 Td (Aimia has been derived from, and should be read in conjunction with, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 309.95 Td (the interim consolidated financial statements for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.61 309.95 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.67 309.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.17 309.95 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.71 309.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.72 309.95 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.74 309.95 Td (, and the related ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 296.45 Td (notes. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 273.95 Td (Historically) Tj ET Q q 0 0 0 rg BT 114.84 273.95 Td (, the ) Tj ET Q q 0 0 0 rg BT 134.35 273.95 Td (Aeroplan Program, which is reported within the ) Tj ET Q q 0 0 0 rg BT 322.95 273.95 Td (Americas Coalitions segment, has been marked by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 260.45 Td (seasonality relating to high redemption activity in the first half of the year and high accumulation activity in the second ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 246.95 Td (half of the year) Tj ET Q q 0 0 0 rg BT 131.04 246.95 Td (. ) Tj ET Q q 0 0 0 rg BT 138.38 246.95 Td (The Nectar Program, which is reported within the International Coalitions segment, is characterized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 233.45 Td (by high redemption activity in the last quarter of the year as a result of the holiday season. While the reward ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 219.95 Td (fulfillment component of loyalty solutions is also af) Tj ET Q q 0 0 0 rg BT 270.94 219.95 Td (fected by similar seasonality in the last quarter of the year) Tj ET Q q 0 0 0 rg BT 500.05 219.95 Td (, also ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 206.45 Td (related to the holiday season, the impact at the consolidated level is not significant due to the lower size of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 192.95 Td (business compared to that of the ) Tj ET Q q 0 0 0 rg BT 204.58 192.95 Td (Aeroplan Program and the Nectar Program.) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 746.5 m 564 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.75 750.73 Td ( 1) Tj ET Q q 0 0 0 rg BT 556.05 750.73 Td (1) Tj ET Q BT /F2 17.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 40.50 726.60 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 294.52 726.60 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 335.44 726.60 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 381.56 726.60 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 40.50 706.20 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 131.79 706.20 Td ( CONDITIONS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 247.33 706.20 Td (AND ) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 288.88 706.20 Td (RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 345.24 706.20 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 459.21 706.20 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 690.7 m 564 690.7 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 40.5 664.3986328125 m 510.498046875 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 40.50 666.30 Td (SUMMAR) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 94.05 666.30 Td (Y) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 101.84 666.30 Td ( OF CONSOLIDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 196.28 666.30 Td (TED OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 265.39 666.30 Td (TING RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 337.17 666.30 Td (TS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 355.39 666.30 Td (AND RECONCILIA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 458.50 666.30 Td (TION OF ) Tj ET Q BT /F2 12.00 Tf ET 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 40.5 649.9986328125 m 292.9453125 649.9986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 40.50 651.90 Td (ADJUSTED EBITDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 152.73 651.90 Td ( ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 155.62 651.90 Td (AND FREE CASH FLOW) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 41.00 629.40 350.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 391.00 629.40 134.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 525.00 629.40 38.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 41.00 605.40 350.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 391.00 605.40 67.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 458.00 605.40 67.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 525.00 605.40 38.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 593.40 49.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 593.40 18.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 574.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 574.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 562.40 49.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 562.40 18.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 549.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 549.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 537.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 537.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 525.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 525.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 513.40 49.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 513.40 18.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 502.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 502.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 490.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 490.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 478.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 478.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 466.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 466.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 454.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 454.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 442.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 442.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 430.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 430.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 418.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 418.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 406.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 406.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 394.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 394.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 382.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 382.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 370.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 370.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 358.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 358.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 346.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 346.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 334.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 334.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 322.40 49.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 322.40 18.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 303.40 49.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 303.40 18.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 292.40 49.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 292.40 18.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 273.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 273.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 261.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 261.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 249.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 249.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 237.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 237.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 225.40 49.00 -15.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 225.40 18.00 -15.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 210.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 210.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 198.40 49.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 198.40 18.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 179.40 49.00 -15.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 179.40 18.00 -15.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 164.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 164.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 152.40 49.00 -15.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 152.40 18.00 -15.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 137.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 137.40 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.00 125.40 49.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 440.00 125.40 18.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 562.4 m 391 562.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 562.4 m 440 562.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 562.4 m 458 562.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 562.4 m 507 562.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 562.4 m 525 562.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 562.4 m 563 562.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 549.4 m 391 549.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 549.4 m 440 549.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 549.4 m 458 549.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 549.4 m 507 549.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 549.4 m 525 549.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 549.4 m 563 549.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 525.4 m 391 525.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 525.4 m 440 525.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 525.4 m 458 525.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 525.4 m 507 525.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 525.4 m 525 525.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 525.4 m 563 525.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 525.4 m 458 525.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 525.4 m 507 525.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 525.4 m 525 525.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 478.4 m 391 478.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 478.4 m 440 478.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 478.4 m 458 478.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 478.4 m 507 478.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 478.4 m 525 478.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 478.4 m 563 478.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 454.4 m 391 454.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 454.4 m 440 454.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 454.4 m 458 454.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 454.4 m 507 454.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 454.4 m 525 454.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 454.4 m 563 454.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 442.4 m 391 442.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 442.4 m 440 442.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 442.4 m 458 442.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 442.4 m 507 442.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 442.4 m 525 442.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 442.4 m 563 442.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 418.4 m 391 418.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 418.4 m 440 418.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 418.4 m 458 418.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 418.4 m 507 418.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 418.4 m 525 418.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 418.4 m 563 418.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 406.4 m 391 406.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 418.4 m 440 418.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 418.4 m 458 418.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 418.4 m 507 418.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 418.4 m 525 418.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 418.4 m 563 418.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 406.4 m 391 406.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 406.4 m 440 406.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 406.4 m 458 406.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 406.4 m 507 406.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 406.4 m 525 406.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 406.4 m 563 406.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 334.4 m 391 334.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 334.4 m 440 334.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 334.4 m 458 334.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 334.4 m 507 334.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 334.4 m 525 334.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 334.4 m 563 334.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 322.4 m 391 322.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 322.4 m 440 322.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 322.4 m 458 322.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 322.4 m 507 322.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 322.4 m 525 322.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 322.4 m 563 322.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 322.4 m 458 322.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 322.4 m 507 322.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 322.4 m 525 322.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 292.4 m 391 292.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 292.4 m 440 292.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 292.4 m 458 292.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 292.4 m 507 292.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 292.4 m 525 292.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 292.4 m 563 292.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 249.39999999999998 m 391 249.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 249.39999999999998 m 440 249.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 249.39999999999998 m 458 249.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 249.39999999999998 m 507 249.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 249.39999999999998 m 525 249.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 249.39999999999998 m 563 249.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 225.39999999999998 m 391 225.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 225.39999999999998 m 440 225.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 225.39999999999998 m 458 225.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 225.39999999999998 m 507 225.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 225.39999999999998 m 525 225.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 225.39999999999998 m 563 225.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 198.39999999999998 m 391 198.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 198.39999999999998 m 440 198.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 198.39999999999998 m 458 198.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 198.39999999999998 m 507 198.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 198.39999999999998 m 525 198.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 198.39999999999998 m 563 198.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 152.39999999999998 m 391 152.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 152.39999999999998 m 440 152.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 152.39999999999998 m 458 152.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 152.39999999999998 m 507 152.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 152.39999999999998 m 525 152.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 152.39999999999998 m 563 152.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 137.39999999999998 m 391 137.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 137.39999999999998 m 440 137.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 137.39999999999998 m 458 137.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 137.39999999999998 m 507 137.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 137.39999999999998 m 525 137.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 137.39999999999998 m 563 137.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 113.39999999999998 m 391 113.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 113.39999999999998 m 440 113.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 113.39999999999998 m 458 113.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 113.39999999999998 m 507 113.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 113.39999999999998 m 525 113.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 113.39999999999998 m 563 113.39999999999998 l s BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 424.80 619.10 Td (Three Months Ended ) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 441.90 612.10 Td (March 31,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 529.90 619.10 Td (Variance) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 540.35 612.10 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 43.50 597.18 Td (\(in millions of Canadian dollars, except share and per share information\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 416.20 597.40 Td (2016) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 483.20 597.40 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 538.80 597.40 Td (Q1) Tj ET Q BT /F2 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 43.50 578.40 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 416.55 578.40 Td (425.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 483.60 578.45 Td (445.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 540.05 578.45 Td (\(4.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.15 578.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 566.40 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 416.55 566.40 Td (147.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 483.60 566.45 Td (150.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 540.05 566.45 Td (\(1.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.15 566.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 553.40 Td (Total Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 416.55 553.40 Td (573.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 483.60 553.45 Td (595.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 540.05 553.45 Td (\(3.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.15 553.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 541.40 Td (Total revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 416.55 541.40 Td (570.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 483.60 541.45 Td (660.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 536.15 541.40 Td (\(13.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.15 541.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 529.40 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 414.25 529.40 Td (\(369.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 434.15 529.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 481.30 529.45 Td (\(430.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 501.15 529.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 536.15 529.40 Td (\(14.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.15 529.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 517.40 Td (Gross margin before depreciation and amortization ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 215.81 520.74 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 416.55 517.40 Td (200.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 483.60 517.45 Td (229.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 536.15 517.40 Td (\(12.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.15 517.40 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 49.50 506.18 Td (Gross margin as a % of total revenue) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 422.45 506.18 Td (35.2) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 434.15 506.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 489.45 506.18 Td (34.8) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 501.15 506.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 543.80 506.18 Td (0.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 552.15 506.18 Td ( pp) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 494.40 Td (Depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 418.15 494.40 Td (\(12.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 434.15 494.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 485.15 494.40 Td (\(12.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 501.15 494.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 542.40 494.40 Td (4.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 482.40 Td (Amortization of Accumulation Partners' contracts, customer relationships and technology) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 418.15 482.40 Td (\(32.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 434.15 482.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 485.15 482.40 Td (\(33.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 501.15 482.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 540.05 482.45 Td (\(1.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.15 482.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 470.40 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 416.55 470.40 Td (154.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 483.60 470.45 Td (183.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 536.15 470.40 Td (\(15.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.15 470.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 458.40 Td (Operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 414.25 458.40 Td (\(163.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 434.15 458.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 481.30 458.45 Td (\(157.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 501.15 458.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 542.40 458.40 Td (3.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 446.40 Td (Operating income \(loss\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 422.00 446.40 Td (\(8.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 434.15 446.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.50 446.40 Td (26.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 540.75 446.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 434.40 Td (Depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 420.50 434.40 Td (12.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.50 434.40 Td (12.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 542.40 434.40 Td (4.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 422.40 Td (Amortization of Accumulation Partners' contracts, customer relationships and technology) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 420.50 422.40 Td (32.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.50 422.40 Td (33.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 540.05 422.45 Td (\(1.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.15 422.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 410.40 Td (Operating income excluding depreciation, amortization and impairment charges ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 311.50 413.74 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 420.50 410.40 Td (36.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.50 410.40 Td (71.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 536.15 410.40 Td (\(48.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.15 410.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 398.40 Td (Adjustments:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 49.50 386.40 Td (Change in deferred revenue) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 67.50 374.40 Td (Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 416.55 374.40 Td (573.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 483.60 374.45 Td (595.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 67.50 362.40 Td (Total revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 414.25 362.40 Td (\(570.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 434.15 362.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 481.30 362.45 Td (\(660.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 501.15 362.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 49.50 350.40 Td (Change in Future Redemption Costs ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 165.06 353.74 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 424.40 350.40 Td (3.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.50 350.40 Td (45.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 49.50 338.40 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 424.40 338.40 Td (5.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.15 338.40 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 326.40 Td (Subtotal of Adjustments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 420.50 326.40 Td (11.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 485.15 326.40 Td (\(19.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 501.15 326.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 307.40 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 101.19 307.40 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 103.13 310.74 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 420.50 307.40 Td (48.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.50 307.40 Td (52.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 540.05 307.45 Td (\(6.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.15 307.40 Td (\)) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 49.50 296.18 Td (Adjusted EBITDA as a % of total Gross Billings) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 425.80 296.18 Td (8.5) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 434.15 296.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 492.80 296.18 Td (8.8) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 501.15 296.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 541.80 296.18 Td (\(0.3) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 552.15 296.18 Td (\) pp) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 277.40 Td (Net earnings \(loss\) attributable to equity holders of the Corporation) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 418.15 277.40 Td (\(14.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 434.15 277.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.50 277.40 Td (21.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 265.40 Td (Weighted average number of shares) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 395.20 265.40 Td (152,737,987) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 462.20 265.40 Td (170,753,997) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 253.40 Td (Earnings \(loss\) per common share ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 152.43 256.74 Td (\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 418.15 253.40 Td (\(0.12) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 434.15 253.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.50 253.40 Td (0.10) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 241.40 Td (Adjusted Net Earnings) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 118.57 244.74 Td (\(c\)\(f\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 420.50 241.40 Td (23.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.50 241.40 Td (30.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 536.15 241.40 Td (\(22.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.15 241.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 229.40 Td (Adjusted Net Earnings per common share ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 175.40 232.74 Td (\(c\)\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 420.50 229.40 Td (0.13) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.50 229.40 Td (0.15) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 214.40 Td (Cash from operating activities) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 424.40 214.40 Td (0.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.50 214.40 Td (25.7) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 512.40 216.61 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 202.40 Td (Capital expenditures) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 418.15 202.40 Td (\(19.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 434.15 202.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 485.15 202.40 Td (\(20.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 501.15 202.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 183.40 Td (Free Cash Flow before Dividends Paid ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 172.64 186.74 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 418.15 183.40 Td (\(18.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 434.15 183.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.40 183.40 Td (5.2) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 512.40 187.61 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 540.75 183.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 168.40 Td (Free Cash Flow before Dividends Paid per common share ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 225.58 171.74 Td (\(c\)\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 418.15 168.40 Td (\(0.15) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 434.15 168.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.50 168.40 Td (0.00) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 512.40 170.61 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 156.40 Td (Dividends paid to equity holders of the Corporation) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 418.15 156.40 Td (\(33.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 434.15 156.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 485.15 156.40 Td (\(35.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 501.15 156.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 141.40 Td (Free Cash Flow ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 97.18 144.74 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 418.15 141.40 Td (\(52.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 434.15 141.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 485.15 141.40 Td (\(30.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 501.15 141.40 Td (\)) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 512.40 143.61 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 536.15 141.40 Td (\(70.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.15 141.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 129.40 Td (Total assets) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 410.75 129.40 Td (4,964.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 477.75 129.40 Td (5,331.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 117.40 Td (Total long-term liabilities) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 410.75 117.40 Td (2,301.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 477.75 117.40 Td (2,421.7) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (12) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 669.55 Td (\(a\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 669.55 Td (Excludes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 308.88 669.55 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 658.30 Td (technology) Tj ET Q q 0 0 0 rg BT 125.72 658.30 Td (.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 635.80 Td (\(b\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 635.80 Td (The per unit cost derived from this calculation is retroactively applied to all prior periods with the ef) Tj ET Q q 0 0 0 rg BT 415.04 635.80 Td (fect of revaluing the Future ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 624.55 Td (Redemption Cost liability on the basis of the latest available average unit cost.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 602.05 Td (\(c\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 602.05 Td (A) Tj ET Q q 0 0 0 rg BT 94.59 602.05 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 132.39 602.05 Td ( measurement. Please refer to ) Tj ET Q BT /F4 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 235.36 602.05 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 409.34 602.05 Td ( financial measures\)) Tj ET Q BT /F3 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 476.46 602.05 Td (.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 579.55 Td (\(d\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 579.55 Td (Earnings \(loss\) per common share, ) Tj ET Q q 0 0 0 rg BT 208.39 579.55 Td (Adjusted Net Earnings per common share and Free Cash Flow before Dividends Paid per common ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 568.30 Td (share are calculated after deducting dividends on preferred shares.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 545.80 Td (\(e\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 545.80 Td (Includes an amount of $20.4 million received in the first quarter of 2015 from Revenue Quebec related to the income tax refund of loss ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 534.55 Td (carry back applied in Canada.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 512.05 Td (\(f\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 512.05 Td (For a reconciliation of ) Tj ET Q q 0 0 0 rg BT 163.38 512.05 Td (Adjusted Net Earnings to GAAP) Tj ET Q q 0 0 0 rg BT 268.30 512.05 Td (, please refer to the ) Tj ET Q BT /F4 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 335.01 512.05 Td (Reconciliation of ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 391.85 512.05 Td (Adjusted Net Earnings) Tj ET Q BT /F3 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 466.48 512.05 Td ( section.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 478.30 Td (** ) Tj ET Q q 0 0 0 rg BT 99.00 478.30 Td ( Information not meaningful.) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (13) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 180.005859375 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (QUARTER ENDED ) Tj ET Q BT /F2 12.00 Tf ET 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 180.005859375 664.3986328125 m 274.7109375 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 180.01 666.30 Td (MARCH31, 2016) Tj ET Q BT /F2 12.00 Tf ET 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 274.7109375 664.3986328125 m 478.27734375 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 274.71 666.30 Td ( COMP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 313.15 666.30 Td (ARED T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.60 666.30 Td (O QUARTER ENDED ) Tj ET Q BT /F2 12.00 Tf ET 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 649.9986328125 m 166.705078125 649.9986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 651.90 Td (MARCH31, 2015) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 166.71 651.90 Td ( ) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 621.90 Td (CONSOLIDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 143.11 621.90 Td (TED OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 212.23 621.90 Td (TING RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 284.00 621.90 Td (TS ) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 599.40 213.00 -24.00 re f /GS0 gs 0 0.6627450980392157 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m 325.5 384.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 396.4 m 347.5 396.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 384.4 m 347.5 384.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 396.4 m 386.5 396.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 384.4 m 386.5 384.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 396.4 m 408.5 396.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 384.4 m 408.5 384.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 396.4 m 441.5 396.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 384.4 m 441.5 384.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 396.4 m 474.5 396.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 384.4 m 474.5 384.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 396.4 m 507.5 396.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 384.4 m 507.5 384.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 396.4 m 540.5 396.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 384.4 m 540.5 384.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 372.4 m 285.5 372.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 372.4 m 325.5 372.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 372.4 m 347.5 372.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 372.4 m 386.5 372.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 372.4 m 408.5 372.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 372.4 m 441.5 372.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 372.4 m 474.5 372.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 372.4 m 507.5 372.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 372.4 m 540.5 372.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 349.4 m 285.5 349.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 349.4 m 325.5 349.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 349.4 m 347.5 349.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 349.4 m 386.5 349.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 349.4 m 408.5 349.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 349.4 m 441.5 349.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 349.4 m 474.5 349.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 349.4 m 507.5 349.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 349.4 m 540.5 349.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 313.4 m 325.5 313.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 313.4 m 386.5 313.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 313.4 m 285.5 313.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 301.4 m 285.5 301.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 313.4 m 325.5 313.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 301.4 m 325.5 301.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 313.4 m 347.5 313.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 301.4 m 347.5 301.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 313.4 m 386.5 313.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 301.4 m 386.5 301.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 313.4 m 408.5 313.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 301.4 m 408.5 301.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 313.4 m 441.5 313.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 301.4 m 441.5 301.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 313.4 m 474.5 313.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 301.4 m 474.5 301.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 313.4 m 507.5 313.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 301.4 m 507.5 301.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 313.4 m 540.5 313.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 301.4 m 540.5 301.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 301.4 m 285.5 301.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 289.4 m 285.5 289.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 301.4 m 325.5 301.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 289.4 m 325.5 289.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 301.4 m 347.5 301.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 289.4 m 347.5 289.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 301.4 m 386.5 301.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 289.4 m 386.5 289.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 301.4 m 408.5 301.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 289.4 m 408.5 289.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 301.4 m 441.5 301.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 289.4 m 441.5 289.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 301.4 m 474.5 301.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 289.4 m 474.5 289.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 301.4 m 507.5 301.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 289.4 m 507.5 289.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 301.4 m 540.5 301.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 289.4 m 540.5 289.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 277.4 m 285.5 277.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 289.4 m 325.5 289.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 277.4 m 325.5 277.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 277.4 m 347.5 277.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 289.4 m 386.5 289.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 277.4 m 386.5 277.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 277.4 m 408.5 277.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 277.4 m 441.5 277.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 277.4 m 474.5 277.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 277.4 m 507.5 277.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 277.4 m 540.5 277.4 l s BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 297.25 585.60 Td (Three Months Ended March 31,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 427.40 585.60 Td (Variance) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 478.90 585.60 Td (V) Tj ET Q q 1 1 1 rg BT 483.05 585.60 Td (ariance C.C. ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 523.90 588.94 Td (\(d\)\(e\)) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 75.00 567.18 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 297.20 567.40 Td (2016) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 358.70 567.40 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 422.55 567.40 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 454.35 567.40 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 488.55 567.40 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 520.35 567.40 Td (%) Tj ET Q BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 543.40 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 302.10 543.40 Td (425.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.05 543.40 Td (445.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 543.60 Td (\(20.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 543.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.50 543.60 Td (\(4.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 543.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.65 543.60 Td (\(27.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 543.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 543.65 Td (\(6.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 543.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 531.40 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 302.10 531.40 Td (147.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.05 531.40 Td (150.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 426.50 531.60 Td (\(2.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 531.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.50 531.60 Td (\(1.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 531.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.55 531.65 Td (\(9.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 531.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 531.65 Td (\(6.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 531.60 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 519.40 Td (Total Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 302.10 519.40 Td (573.0) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 328.00 519.88 Td (\(b\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.05 519.40 Td (595.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 389.00 519.88 Td (\(b\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 519.60 Td (\(22.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 519.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.50 519.60 Td (\(3.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 519.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.65 519.60 Td (\(36.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 519.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 519.65 Td (\(6.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 519.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 507.40 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 302.10 507.40 Td (421.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.05 507.40 Td (508.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 507.60 Td (\(86.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 507.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 447.65 507.60 Td (\(17.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 507.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.65 507.60 Td (\(93.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 507.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 507.60 Td (\(18.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 507.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 495.40 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 302.10 495.40 Td (148.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.05 495.40 Td (151.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 426.50 495.60 Td (\(3.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 495.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.50 495.60 Td (\(2.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 495.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.65 495.60 Td (\(10.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 495.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 495.65 Td (\(6.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 495.60 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 483.40 Td (Total revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 302.10 483.40 Td (570.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.05 483.40 Td (660.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 483.60 Td (\(90.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 483.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 447.65 483.60 Td (\(13.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 483.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 484.80 483.65 Td (\(104.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 483.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 483.60 Td (\(15.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 483.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 471.40 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 302.10 471.40 Td (369.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.05 471.40 Td (430.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 471.60 Td (\(61.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 471.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 447.65 471.60 Td (\(14.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 471.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.65 471.60 Td (\(68.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 471.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 471.60 Td (\(16.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 471.60 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 459.40 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 302.10 459.40 Td (200.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.05 459.40 Td (229.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 459.60 Td (\(28.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 459.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 447.65 459.60 Td (\(12.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 459.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.65 459.60 Td (\(35.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 459.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 459.60 Td (\(15.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 459.60 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 448.18 Td (Gross margin as a % of total revenue) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 307.95 448.18 Td (35.2) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 319.65 448.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 368.95 448.18 Td (34.8) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 380.65 448.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 433.30 448.38 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 455.30 448.38 Td (0.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 463.65 448.38 Td ( pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 499.30 448.38 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 521.30 448.38 Td (0.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 529.65 448.38 Td ( pp) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 436.40 Td (Depreciation and amortization ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 169.94 439.74 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 306.00 436.40 Td (45.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 367.00 436.40 Td (45.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.90 436.60 Td (0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.90 436.60 Td (0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.55 436.65 Td (\(0.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 436.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 436.65 Td (\(1.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 436.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 424.40 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 302.10 424.40 Td (154.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.05 424.40 Td (183.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 424.60 Td (\(28.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 424.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 447.65 424.60 Td (\(15.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 424.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.65 424.60 Td (\(35.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 424.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 424.60 Td (\(19.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 424.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 412.40 Td (Operating expenses before share-based compensation) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 302.10 412.40 Td (161.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.05 412.40 Td (155.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.90 412.60 Td (6.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 452.60 412.60 Td (4.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.90 412.60 Td (0.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.90 412.60 Td (0.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 400.40 Td ( Share-based compensation) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 309.90 400.40 Td (2.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 370.90 400.40 Td (2.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 426.50 400.60 Td (\(0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 400.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.30 400.60 Td (\(8.7\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.55 400.65 Td (\(0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 400.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 400.65 Td (\(8.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 400.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 388.40 Td (Total operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 302.10 388.40 Td (163.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.05 388.40 Td (157.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.90 388.60 Td (6.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 452.60 388.60 Td (3.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.90 388.60 Td (0.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.90 388.60 Td (0.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 376.40 Td (Operating income \(loss\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 307.55 376.40 Td (\(8.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 319.65 376.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 367.00 376.40 Td (26.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 376.60 Td (\(35.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 376.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.75 376.60 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.65 376.60 Td (\(35.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 376.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 376.60 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 364.40 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 132.69 364.40 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 134.63 367.74 Td (\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 306.00 364.40 Td (48.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 367.00 364.40 Td (52.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 426.50 364.60 Td (\(3.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 364.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.30 364.60 Td (\(6.5\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.55 364.65 Td (\(4.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 364.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 364.65 Td (\(7.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 364.60 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 353.18 Td (Adjusted EBITDA as a % of total Gross Billings) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 311.30 353.23 Td (8.5) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 319.65 353.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 372.30 353.18 Td (8.8) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 380.65 353.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 433.30 353.53 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 453.30 353.53 Td (\(0.3) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 463.65 353.53 Td (\) pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 499.30 353.53 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 519.30 353.53 Td (\(0.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 529.65 353.53 Td (\) pp) Tj ET Q BT /F3 7.00 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 75 340.40576171875 m 166.83056640625 340.40576171875 l s q 0 0 0 rg BT 75.00 341.40 Td (Included in Adjusted EBITDA:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.00 329.40 Td (Change in Future Redemption Costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 309.90 329.40 Td (3.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 367.00 329.40 Td (45.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 329.80 Td (\(41.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 329.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 447.65 329.80 Td (\(91.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 329.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 329.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 329.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.00 317.40 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 309.90 317.40 Td (5.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.65 317.40 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.90 317.80 Td (5.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.75 317.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 317.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 317.80 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 305.40 Td (Adjusted Net Earnings ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 152.01 308.74 Td (\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 306.00 305.40 Td (23.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 367.00 305.40 Td (30.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 426.50 305.80 Td (\(6.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 305.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 448.35 305.80 Td (\(22.1\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 305.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 305.80 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 293.40 Td (Free Cash Flow before Dividends Paid ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 204.14 296.74 Td (\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 303.65 293.40 Td (\(18.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 319.65 293.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 370.90 293.40 Td (5.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 389.00 293.88 Td (\(c\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 293.80 Td (\(24.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 293.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.75 293.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 293.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 293.80 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 281.40 Td (Free Cash Flow ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 128.68 284.74 Td (\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 303.65 281.40 Td (\(52.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 319.65 281.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 364.65 281.40 Td (\(30.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 380.65 281.40 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 389.00 281.88 Td (\(c\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 281.80 Td (\(21.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 281.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 448.35 281.80 Td (\(70.8\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 281.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 281.80 Td (**) Tj ET Q BT /F1 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 99.00 259.90 Td (Refer to section entitled ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 185.27 259.90 Td (Notations to Financial T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 268.57 259.90 Td (ables) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 287.70 259.90 Td ( for details on notations in the table above beginning on page ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 506.09 259.90 Td (46) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.98 259.90 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 234.40 Td (A) Tj ET Q q 0 0 0 rg BT 77.51 234.40 Td ( discussion of ) Tj ET Q q 0 0 0 rg BT 134.04 234.40 Td (Aimia's consolidated operating results follows. For a detailed discussion of the segmented operating ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 220.90 Td (results, refer to the section entitled ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 212.07 220.90 Td (Segmented Operating Results) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 332.64 220.90 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 198.40 Td (Gross Billings) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 133.01 198.40 Td ( generated for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.12 198.40 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.66 198.40 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.70 198.40 Td ($573.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.23 198.40 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.23 198.40 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.76 198.40 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 184.90 Td ($22.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 184.90 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.53 184.90 Td (3.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.05 184.90 Td (. On a constant currency basis, Gross Billings ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.12 184.90 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.15 184.90 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.65 184.90 Td ($36.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.18 184.90 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.19 184.90 Td (6.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.70 184.90 Td ( mainly due to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 171.40 Td (a $27.7 million decrease in Gross Billings from the sale of Loyalty Units, of which $27.1 million is attributable to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 157.90 Td (International Coalitions, primarily related to a decrease in the Nectar Program and closure of the Nectar Italia ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 144.40 Td (Program. ) Tj ET Q q 0 0 0 rg BT 113.52 144.40 Td (Additionally) Tj ET Q q 0 0 0 rg BT 158.88 144.40 Td (, the variance is the result of lower Gross Billings from Loyalty Services and Other) Tj ET Q q 0 0 0 rg BT 483.51 144.40 Td (, representing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 130.90 Td (a decrease of $9.2 million, driven by lost contracts and lower reward fulfillment activity in ) Tj ET Q q 0 0 0 rg BT 425.16 130.90 Td (Americas Coalitions, of) Tj ET Q q 0 0 0 rg BT 517.03 130.90 Td (fset ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 117.40 Td (in part by improvements from International Coalitions due to the signing of a new ISS client in the Shopper Insights & ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 103.90 Td (Communications business. ) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (14) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (Aimia's ability to generate Gross Billings is a function of the underlying behaviour of the ) Tj ET Q q 0 0 0 rg BT 420.41 668.45 Td (Accumulation Partners' ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (respective customer base and their spending patterns, loyalty services and analytics and insights clients, which are in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (turn af) Tj ET Q q 0 0 0 rg BT 97.35 641.45 Td (fected by the general economic conditions present in the countries in which the loyalty programs are operated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.95 Td (and the services are rendered. ) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 605.45 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 77.16 605.45 Td (otal Revenue ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 135.68 605.45 Td (generated for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.29 605.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.83 605.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.86 605.45 Td ($570.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.40 605.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.40 605.45 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.93 605.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.95 Td ($90.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 591.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.53 591.95 Td (13.6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.05 591.95 Td (. On a constant currency basis, total revenue ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.15 591.95 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.17 591.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.68 591.95 Td ($104.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.21 591.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.22 591.95 Td (15.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.74 591.95 Td ( and is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 578.45 Td (mostly explained by a decrease of $93.9 million in revenue from Loyalty Units, of which $88.6 million is attributable to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 564.95 Td (International Coalitions primarily due to lower redemptions in the Nectar Italia and Nectar programs, with the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 551.45 Td (remaining $5.3 million decrease in ) Tj ET Q q 0 0 0 rg BT 210.58 551.45 Td (Americas Coalitions, mostly due to lower redemptions in the ) Tj ET Q q 0 0 0 rg BT 451.19 551.45 Td (Aeroplan Program. In ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 537.95 Td (addition, a decrease of $10.4 million in revenue from Loyalty Services and Other is mainly due to lost contracts and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 524.45 Td (lower rewards fulfillment activity in ) Tj ET Q q 0 0 0 rg BT 210.05 524.45 Td (Americas Coalitions, partially of) Tj ET Q q 0 0 0 rg BT 335.43 524.45 Td (fset by the signing of a new ISS client in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 510.95 Td (Shopper Insights & Communications business in International Coalitions.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 488.45 Td (Given the large volume of Loyalty Units issued and redeemed, slight fluctuations in the selling price of a Loyalty Unit ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 474.95 Td (will have a significant impact on results. On a consolidated basis, the impact of a 1% change to the average selling ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 461.45 Td (price of a Loyalty Unit would have resulted in a fluctuation in revenue and earnings before income taxes of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.75 461.45 Td ($4.2 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 447.95 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 447.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.58 447.95 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.12 447.95 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 425.45 Td (Cost of Rewards and Direct Costs) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 217.03 425.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.07 425.45 Td ($369.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.60 425.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.67 425.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.21 425.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.21 425.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 411.95 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.02 411.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 121.53 411.95 Td ($61.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 172.06 411.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 185.06 411.95 Td (14.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.58 411.95 Td (. On a constant currency basis, cost of rewards and direct costs ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.19 411.95 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.22 411.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 398.45 Td ($68.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 398.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.53 398.45 Td (16.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.05 398.45 Td ( and is mainly explained by lower cost of rewards in International Coalitions due to lower ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 384.95 Td (redemption activity from Nectar Italia and Nectar) Tj ET Q q 0 0 0 rg BT 264.08 384.95 Td (, as well as a decrease in ) Tj ET Q q 0 0 0 rg BT 367.14 384.95 Td (Americas Coalitions due to lower ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 371.45 Td (redemption activity and a lower redemption cost per mile in the ) Tj ET Q q 0 0 0 rg BT 323.63 371.45 Td (Aeroplan Program. ) Tj ET Q q 0 0 0 rg BT 403.67 371.45 Td (A) Tj ET Q q 0 0 0 rg BT 409.17 371.45 Td ( decrease from loyalty services ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 357.95 Td (direct costs in ) Tj ET Q q 0 0 0 rg BT 129.02 357.95 Td (Americas Coalitions as a result of lost contracts and lower reward fulfillment activity largely contributed ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 344.45 Td (to the remainder of the decrease.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 321.95 Td (Given the large volume of Loyalty Units issued and redeemed, slight fluctuations in the ) Tj ET Q q 0 0 0 rg BT 418.20 321.95 Td (A) Tj ET Q q 0 0 0 rg BT 424.04 321.95 Td (verage Cost of Rewards per ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 308.45 Td (Loyalty Unit will have a significant impact on results. On a consolidated basis, the impact of a 1% change to the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 294.95 Td (A) Tj ET Q q 0 0 0 rg BT 77.84 294.95 Td (verage Cost of Rewards per Loyalty Unit would have resulted in a fluctuation in cost of sales and earnings before ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 281.45 Td (income taxes of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 137.53 281.45 Td ($3.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 183.05 281.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 296.13 281.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.66 281.45 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 258.95 Td (Gross Margin before Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 237.70 258.95 Td (Amortization) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 292.70 258.95 Td ( represented ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.73 258.95 Td (35.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.25 258.95 Td ( of total revenue for the three months ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 245.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 99.53 245.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.07 245.45 Td (, an increase of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.10 245.45 Td (0.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.61 245.45 Td ( percentage-point or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.67 245.45 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.20 245.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.70 245.45 Td (0.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.21 245.45 Td ( percentage-point on a constant ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 231.95 Td (currency basis compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 185.05 231.95 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 205.07 231.95 Td (, a direct result of the factors described above.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 207.95 Td (Operating Expenses) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 159.03 207.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.07 207.95 Td ($163.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.60 207.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.67 207.95 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.21 207.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.21 207.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.74 207.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.25 207.95 Td ($6.2 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 194.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 194.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 194.45 Td (3.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.02 194.45 Td (. On a constant currency basis, operating expenses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.64 194.45 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.66 194.45 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.17 194.45 Td ($0.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.69 194.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.69 194.45 Td (0.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.21 194.45 Td (, mostly due to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 180.95 Td (higher operating expenses in ) Tj ET Q q 0 0 0 rg BT 189.58 180.95 Td (Americas Coalitions and GLS, of) Tj ET Q q 0 0 0 rg BT 319.48 180.95 Td (fset in part by lower operating expenses in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 167.45 Td (International Coalitions and Corporate. ) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 144.95 Td (Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 147.18 144.95 Td (Amortization) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 202.18 144.95 Td (, including amortization of ) Tj ET Q q 0 0 0 rg BT 306.24 144.95 Td (Accumulation Partners' contracts, customer relationships ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 131.45 Td (and technology) Tj ET Q q 0 0 0 rg BT 132.38 131.45 Td (, amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.92 131.45 Td ($45.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 240.45 131.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.52 131.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.06 131.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.06 131.45 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.59 131.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.09 131.45 Td ($0.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.62 131.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 117.95 Td (0.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.51 117.95 Td (. On a constant currency basis, depreciation and amortization, including amortization of ) Tj ET Q q 0 0 0 rg BT 441.20 117.95 Td (Accumulation Partners' ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 104.45 Td (contracts, customer relationships and technology) Tj ET Q q 0 0 0 rg BT 266.44 104.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.44 104.45 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.47 104.45 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.97 104.45 Td ($0.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.50 104.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.50 104.45 Td (1.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 407.01 104.45 Td (.) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (15) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 668.45 Td (Operating Income \(Loss\)) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 178.01 668.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.05 668.45 Td ($\(8.9\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 284.57 668.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.64 668.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.18 668.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.18 668.45 Td (a deterioration) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.72 668.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td ($35.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 654.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.53 654.95 Td ($35.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 186.06 654.95 Td ( on a constant currency basis, a direct result of the factors described above. ) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 632.45 Td (Net Financial Expenses ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 175.04 632.45 Td (for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 285.61 632.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.15 632.45 Td ( consists primarily of interest expense on long-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 618.95 Td (term debt of $9.7 million and other net financial expenses of $4.3 million; of) Tj ET Q q 0 0 0 rg BT 370.51 618.95 Td (fset in part by interest revenue of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 605.45 Td ($2.2million earned on cash and cash equivalents, short-term investments on deposit and long-term investments in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.95 Td (bonds.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 567.95 Td (Net Earnings \(Loss\)) Tj ET Q BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.23529411764705882 0.5647058823529412 0.8156862745098039 rg BT 157.01 567.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 159.79 567.95 Td (for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.36 567.95 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.90 567.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.92 567.95 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.94 567.95 Td ( include the ef) Tj ET Q q 0 0 0 rg BT 428.81 567.95 Td (fect of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.83 567.95 Td ($1.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.35 567.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.37 567.95 Td ($3.5 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 554.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 554.45 Td ( of current income tax expenses, respectively) Tj ET Q q 0 0 0 rg BT 276.92 554.45 Td (, as well as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 323.94 554.45 Td ($3.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.46 554.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.48 554.45 Td ($2.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 554.45 Td ( of deferred income tax ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 540.95 Td (recoveries, respectively) Tj ET Q q 0 0 0 rg BT 165.37 540.95 Td (. Net earnings \(loss\) for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.97 540.95 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.51 540.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 441.52 540.95 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.54 540.95 Td ( also include the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 527.45 Td (share of net earnings of equity-accounted investments of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 300.63 527.45 Td ($5.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.16 527.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.17 527.45 Td ($3.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.70 527.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 463.55 527.45 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 504.95 Td (Current income taxes are primarily attributable to our Canadian operations. Consistent with the prior year) Tj ET Q q 0 0 0 rg BT 488.71 504.95 Td (, deferred ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 491.45 Td (income taxes related to foreign operations have not all been recognized. Consequently) Tj ET Q q 0 0 0 rg BT 419.05 491.45 Td (, the deferred income tax ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 477.95 Td (recovery recorded during the current period, which is primarily related to the Canadian operations, was not increased ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 464.45 Td (by deferred income tax recoveries in our foreign operations, resulting in a distorted ef) Tj ET Q q 0 0 0 rg BT 410.02 464.45 Td (fective tax rate which is not ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 450.95 Td (meaningful or comparative.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 428.45 Td (Adjusted EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 146.50 428.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.54 428.45 Td ($48.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.07 428.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.14 428.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.68 428.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.68 428.45 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.21 428.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.71 428.45 Td ($3.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.24 428.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 414.95 Td (or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.50 414.95 Td (6.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 103.02 414.95 Td (. On a constant currency basis, ) Tj ET Q q 0 0 0 rg BT 229.08 414.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 298.61 414.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 301.11 414.95 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.14 414.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.65 414.95 Td ($4.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.17 414.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.18 414.95 Td (7.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.69 414.95 Td (, mainly attributable to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 401.45 Td (lower Gross Billings of $36.9 million, partially of) Tj ET Q q 0 0 0 rg BT 259.91 401.45 Td (fset by a $28.0 million decrease in cost of rewards and direct costs ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 387.95 Td (net of the change in future redemption costs and the receipt of a $4.5 million distribution from PLM in the current ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 374.45 Td (period.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 350.45 Td (Adjusted Net Earnings) Tj ET Q BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.23529411764705882 0.5647058823529412 0.8156862745098039 rg BT 168.51 350.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 171.29 350.45 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 223.83 350.45 Td ($23.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.36 350.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.36 350.45 Td (4.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.87 350.45 Td (% \(as a % of Gross Billings\) for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 336.95 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 134.54 336.95 Td (. ) Tj ET Q q 0 0 0 rg BT 139.04 336.95 Td (Adjusted Net Earnings for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.67 336.95 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.20 336.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.24 336.95 Td ($30.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.77 336.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 323.45 Td (5.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.51 323.45 Td (% \(as a % of Gross Billings\). ) Tj ET Q q 0 0 0 rg BT 200.88 323.45 Td (The ef) Tj ET Q q 0 0 0 rg BT 226.23 323.45 Td (fective tax rate has been impacted as described under the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 459.87 323.45 Td (Net Earnings \(Loss\) ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 309.95 Td (section) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 100.52 309.95 Td (. ) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 287.45 Td (Free Cash Flow) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 138.52 287.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.59 287.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.13 287.45 Td (, amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.66 287.45 Td ($\(52.1\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.19 287.45 Td ( compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.21 287.45 Td ($\(30.5\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.74 287.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 273.95 Td (for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.57 273.95 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.11 273.95 Td (. ) Tj ET Q q 0 0 0 rg BT 249.95 273.95 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.96 273.95 Td (unfavourable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.00 273.95 Td ( variance of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.02 273.95 Td ($21.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.55 273.95 Td ( is mainly the result of:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 251.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 251.45 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.53 251.45 Td ( in cash from operating activities of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.59 251.45 Td ($25.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.12 251.45 Td (, explained primarily by the receipt of $20.4 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 237.95 Td (million from Revenue Quebec in the first quarter of 2015. ) Tj ET Q q 0 0 0 rg BT 336.45 237.95 Td (The remaining unfavourable variance of $4.7 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 224.45 Td (million is primarily related to a net unfavourable variance in the change in operating assets of $40.4 million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 210.95 Td (that included severance payments made in relation to restructuring activities announced in the prior year ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 197.45 Td (totaling $6.9 million, a decrease in Gross Billings of $22.2 million and higher operating expenses before ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 183.95 Td (share-based compensation expense of $6.4 million; of) Tj ET Q q 0 0 0 rg BT 323.47 183.95 Td (fset in part by) Tj ET Q q 0 0 0 rg BT 376.83 183.95 Td (, lower cost of rewards and direct costs ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 170.45 Td (of $61.2 million and higher distributions from equity accounted investments of $3.7 million;) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 156.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 156.95 Td (lower) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.51 156.95 Td ( capital expenditures of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.56 156.95 Td ($1.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.09 156.95 Td (; and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 143.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 143.45 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.53 143.45 Td ( in dividends paid on common shares and preferred shares of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.67 143.45 Td ($2.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.19 143.45 Td (, explained by lower ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 129.95 Td (dividends paid on common shares due to a lower number of common shares outstanding as a result of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 116.45 Td (share repurchases under the NCIB program, which was partially of) Tj ET Q q 0 0 0 rg BT 372.96 116.45 Td (fset by the increase in the quarterly ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 102.95 Td (dividend rate per common share; and lower dividends paid on preferred shares as a result of the conversion ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 89.45 Td (of a portion of the Series 1 Preferred Shares into Series 2 Preferred Shares, and the rate reset on the ) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (16) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 668.45 Td (remainder of the Series 1 Preferred Shares, in each case resulting in a lower quarterly dividend rate per ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 654.95 Td (preferred share. ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 632.45 Td (Adjusted EBITDA, ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 146.70 632.45 Td (Adjusted Net Earnings) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 236.25 632.45 Td (, and ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 258.77 632.45 Td (Free Cash Flow) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 322.29 632.45 Td ( are non-GAAP) Tj ET Q q 0 0 0 rg BT 383.15 632.45 Td ( measures. Please refer to the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 618.95 Td (PERFORMANCE INDICA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 174.34 618.95 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 179.67 618.95 Td (ORS \(INCLUDING CER) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 275.52 618.95 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 280.35 618.95 Td (AIN NON-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 345.52 618.95 Td ( FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 394.87 618.95 Td ( MEASURES\)) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 450.88 618.95 Td ( section for additional ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 605.45 Td (information on these measures.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 566.45 Td (SEGMENTED OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 193.13 566.45 Td (TING RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 264.90 566.45 Td (TS) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 540.95 Td (This section provides a discussion of each of the segment's operating results.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 503.36552734375 m 189.7783203125 503.36552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 504.95 Td (AMERICAS COALITIONS) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 485.45 222.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 294.50 485.45 118.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 412.50 485.45 64.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 476.50 485.45 64.00 -19.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 466.45 222.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 294.50 466.45 43.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 337.50 466.45 16.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 353.50 466.45 43.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 396.50 466.45 16.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 412.50 466.45 32.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 444.50 466.45 32.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 476.50 466.45 32.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 508.50 466.45 32.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 440.45 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 440.45 16.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 426.45 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 426.45 16.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 412.45 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 412.45 16.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 398.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 398.45 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 386.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 386.45 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 374.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 374.45 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 362.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 362.45 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 350.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 350.45 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 338.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 338.45 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 326.45 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 326.45 16.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 312.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 312.45 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 300.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 300.45 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 288.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 288.45 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 276.45 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 276.45 16.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 262.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 262.45 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 250.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 250.45 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 238.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 238.45 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 226.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 226.45 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 214.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 214.45 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 202.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 202.45 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 190.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 190.45 16.00 -12.00 re f /GS0 gs 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412.45000000000005 m 508.5 412.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 412.45000000000005 m 540.5 412.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 398.45000000000005 m 294.5 398.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 398.45000000000005 m 337.5 398.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 398.45000000000005 m 353.5 398.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 398.45000000000005 m 396.5 398.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 398.45000000000005 m 412.5 398.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 398.45000000000005 m 444.5 398.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 398.45000000000005 m 476.5 398.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 398.45000000000005 m 508.5 398.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 398.45000000000005 m 540.5 398.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 398.45000000000005 m 508.5 398.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 374.45000000000005 m 294.5 374.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 374.45000000000005 m 337.5 374.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 374.45000000000005 m 353.5 374.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 374.45000000000005 m 396.5 374.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 374.45000000000005 m 412.5 374.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 374.45000000000005 m 444.5 374.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 374.45000000000005 m 476.5 374.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 374.45000000000005 m 508.5 374.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 374.45000000000005 m 540.5 374.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 350.45000000000005 m 508.5 350.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 350.45000000000005 m 294.5 350.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 350.45000000000005 m 337.5 350.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 350.45000000000005 m 353.5 350.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 350.45000000000005 m 396.5 350.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 350.45000000000005 m 412.5 350.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 350.45000000000005 m 444.5 350.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 350.45000000000005 m 476.5 350.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 350.45000000000005 m 508.5 350.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 350.45000000000005 m 540.5 350.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 312.45000000000005 m 294.5 312.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 312.45000000000005 m 337.5 312.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 312.45000000000005 m 353.5 312.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 312.45000000000005 m 396.5 312.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 312.45000000000005 m 412.5 312.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 312.45000000000005 m 444.5 312.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 312.45000000000005 m 476.5 312.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 312.45000000000005 m 508.5 312.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 312.45000000000005 m 540.5 312.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 288.45000000000005 m 294.5 288.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 288.45000000000005 m 337.5 288.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 288.45000000000005 m 353.5 288.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 288.45000000000005 m 396.5 288.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 288.45000000000005 m 412.5 288.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 288.45000000000005 m 444.5 288.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 288.45000000000005 m 476.5 288.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 288.45000000000005 m 508.5 288.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 288.45000000000005 m 540.5 288.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 276.45000000000005 m 294.5 276.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 276.45000000000005 m 337.5 276.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 276.45000000000005 m 353.5 276.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 276.45000000000005 m 396.5 276.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 276.45000000000005 m 412.5 276.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 276.45000000000005 m 444.5 276.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 276.45000000000005 m 476.5 276.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 276.45000000000005 m 508.5 276.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 276.45000000000005 m 540.5 276.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 250.45000000000005 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3 M 353.5 250.45000000000005 m 396.5 250.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 226.45000000000005 m 294.5 226.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 226.45000000000005 m 337.5 226.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 226.45000000000005 m 353.5 226.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 226.45000000000005 m 396.5 226.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 226.45000000000005 m 412.5 226.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 226.45000000000005 m 444.5 226.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 226.45000000000005 m 476.5 226.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 226.45000000000005 m 508.5 226.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 226.45000000000005 m 540.5 226.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 166.45000000000005 m 294.5 166.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 166.45000000000005 m 337.5 166.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 166.45000000000005 m 353.5 166.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 166.45000000000005 m 396.5 166.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 166.45000000000005 m 412.5 166.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 166.45000000000005 m 444.5 166.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 166.45000000000005 m 476.5 166.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 166.45000000000005 m 508.5 166.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 166.45000000000005 m 540.5 166.45000000000005 l s BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 303.75 474.15 Td (Three Months Ended March 31,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 430.40 474.15 Td (Variance) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 480.05 474.15 Td (V) Tj ET Q q 1 1 1 rg BT 484.20 474.15 Td (ariance C.C. ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 525.05 477.49 Td (\(b\)\(c\)) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 75.00 456.23 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 307.70 456.45 Td (2016) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 366.70 456.45 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 426.05 456.45 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 456.85 456.45 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 490.05 456.45 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 520.85 456.45 Td (%) Tj ET Q BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 430.45 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.85 430.45 Td (284.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.80 430.45 Td (284.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 430.45 Td (\(0.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 430.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.50 430.45 Td (\(0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 430.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 430.50 Td (\(0.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 430.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 430.50 Td (\(0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 430.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 416.45 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.75 416.45 Td (67.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.75 416.45 Td (77.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 416.45 Td (\(10.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 416.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 416.45 Td (\(13.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 416.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 416.45 Td (\(13.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 416.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 416.45 Td (\(17.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 416.45 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 402.45 Td (Total Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.85 402.45 Td (351.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.80 402.45 Td (361.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 402.45 Td (\(10.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 402.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.50 402.45 Td (\(2.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 402.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 402.45 Td (\(13.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 402.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 402.50 Td (\(3.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 402.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 390.45 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.85 390.45 Td (299.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.80 390.45 Td (304.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 390.45 Td (\(5.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 390.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.50 390.45 Td (\(1.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 390.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 390.50 Td (\(5.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 390.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 390.50 Td (\(1.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 390.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 378.45 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.75 378.45 Td (68.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.75 378.45 Td (78.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 378.45 Td (\(10.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 378.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 378.45 Td (\(13.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 378.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 378.45 Td (\(14.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 378.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 378.45 Td (\(17.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 378.45 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 366.45 Td (Total revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.85 366.45 Td (367.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.80 366.45 Td (383.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 366.45 Td (\(16.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 366.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.50 366.45 Td (\(4.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 366.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 366.45 Td (\(19.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 366.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 366.50 Td (\(5.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 366.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 354.45 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.85 354.45 Td (238.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.80 354.45 Td (258.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 354.45 Td (\(19.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 354.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.50 354.45 Td (\(7.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 354.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 354.45 Td (\(20.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 354.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 354.50 Td (\(7.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 354.45 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 342.45 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.85 342.45 Td (129.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.80 342.45 Td (125.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.90 342.45 Td (3.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.90 342.45 Td (2.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 342.45 Td (1.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.90 342.45 Td (0.9) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 330.23 Td (Gross margin as a % of total revenue) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 316.70 330.23 Td (35.1) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 331.65 330.23 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 375.70 330.23 Td (32.7) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 390.65 330.23 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 436.30 330.23 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 457.30 330.23 Td (2.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 465.65 330.23 Td ( pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 500.30 330.23 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 521.30 330.23 Td (2.0) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 529.65 330.23 Td ( pp) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 316.45 Td (Depreciation and amortization ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 169.94 319.79 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.75 316.45 Td (36.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.75 316.45 Td (37.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 316.45 Td (\(1.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 316.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.50 316.45 Td (\(2.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 316.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 316.50 Td (\(1.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 316.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 316.50 Td (\(3.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 316.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 304.45 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.75 304.45 Td (92.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.75 304.45 Td (87.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.90 304.45 Td (4.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.90 304.45 Td (5.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 304.45 Td (2.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.90 304.45 Td (2.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 292.45 Td (Total operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.75 292.45 Td (84.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.75 292.45 Td (79.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.90 292.45 Td (4.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.90 292.45 Td (5.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 292.45 Td (1.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.90 292.45 Td (2.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 280.45 Td (Operating income) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 318.65 280.45 Td (8.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 377.65 280.45 Td (8.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.90 280.45 Td (0.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.90 280.45 Td (3.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 280.45 Td (0.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.90 280.45 Td (7.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 266.45 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 132.69 266.45 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 134.63 269.79 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.75 266.45 Td (49.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.75 266.45 Td (53.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 266.45 Td (\(4.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 266.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.50 266.45 Td (\(7.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 266.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 266.50 Td (\(4.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 266.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 266.50 Td (\(7.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 266.45 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 254.23 Td (Adjusted EBITDA as a % of total Gross Billings) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 316.70 254.23 Td (14.0) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 331.65 254.23 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 375.70 254.23 Td (14.8) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 390.65 254.23 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 436.30 254.23 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 455.30 254.23 Td (\(0.8) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 465.65 254.23 Td (\) pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 500.30 254.23 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 519.30 254.23 Td (\(0.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 529.65 254.23 Td (\) pp) Tj ET Q BT /F3 7.00 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 75 241.45576171875007 m 166.83056640625 241.45576171875007 l s q 0 0 0 rg BT 75.00 242.45 Td (Included in Adjusted EBITDA:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 230.45 Td (Change in Future Redemption Costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.75 230.45 Td (20.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.75 230.45 Td (29.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 230.45 Td (\(8.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 230.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 230.45 Td (\(29.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 230.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 230.50 Td (\(8.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 230.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 230.45 Td (\(29.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 230.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 75 217.45576171875007 m 134.51708984375 217.45576171875007 l s q 0 0 0 rg BT 75.00 218.45 Td (Operating metrics \() Tj ET Q BT /F4 7.00 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 134.51708984375 217.45576171875007 m 208.18115234375 217.45576171875007 l s q 0 0 0 rg BT 134.52 218.45 Td (year) Tj ET Q q 0 0 0 rg BT 148.01 218.45 Td (-over) Tj ET Q q 0 0 0 rg BT 163.83 218.45 Td (-year variance) Tj ET Q BT /F3 7.00 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 208.18115234375 217.45576171875007 m 212.45703125 217.45576171875007 l s q 0 0 0 rg BT 208.18 218.45 Td (\):) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 206.45 Td (Accumulation activity - Aeroplan) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.30 206.50 Td (\(0.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 328.40 206.45 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.40 206.45 Td (\(10.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 387.40 206.45 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.55 206.45 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 206.45 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.55 206.45 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 206.45 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 194.45 Td (Redemption activity - Aeroplan) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.30 194.50 Td (\(3.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 328.40 194.45 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 375.25 194.45 Td (\(1.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 387.40 194.45 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.55 194.45 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 194.45 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.55 194.45 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 194.45 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 182.45 Td (Total rewards issued - Aeroplan) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.30 182.50 Td (\(3.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 328.40 182.45 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 377.65 182.45 Td (2.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 389.75 182.45 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.55 182.45 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 182.45 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.55 182.45 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 182.45 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 170.45 Td (Total air rewards issued - Aeroplan) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.30 170.50 Td (\(5.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 328.40 170.45 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 377.65 170.45 Td (2.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 389.75 170.45 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.55 170.45 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 170.45 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.55 170.45 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 170.45 Td (**) Tj ET Q BT /F1 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 99.00 148.95 Td (Refer to section entitled ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 185.27 148.95 Td (Notations to Financial T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 268.57 148.95 Td (ables) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 287.70 148.95 Td ( for details on notations in the table above beginning on page ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 506.09 148.95 Td (46) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.98 148.95 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 123.45 Td (Gross Billings) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 133.01 123.45 Td ( generated for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.12 123.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.66 123.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.70 123.45 Td ($351.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.23 123.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.23 123.45 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.76 123.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 109.95 Td ($10.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 109.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.53 109.95 Td (2.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.05 109.95 Td (. On a constant currency basis, Gross Billings ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.12 109.95 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.15 109.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.65 109.95 Td ($13.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.18 109.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.19 109.95 Td (3.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.70 109.95 Td (. ) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (17) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (The dif) Tj ET Q q 0 0 0 rg BT 99.35 668.45 Td (ferent Gross Billings categories were af) Tj ET Q q 0 0 0 rg BT 255.76 668.45 Td (fected in the following manner:) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 645.95 Td (Gross Billings from the Sale of Loyalty Units) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 262.53 645.95 Td ( generated for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.64 645.95 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.18 645.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 632.45 Td ($284.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.53 632.45 Td (, broadly stable relative to the prior year) Tj ET Q q 0 0 0 rg BT 285.12 632.45 Td (. ) Tj ET Q q 0 0 0 rg BT 292.12 632.45 Td (An improvement of $3.1 million in the retail and other travel ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 618.95 Td (sectors, mainly due to a new client on-boarding, was more than of) Tj ET Q q 0 0 0 rg BT 333.98 618.95 Td (fset by a decrease of $3.2 million in the airline ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 605.45 Td (sector) Tj ET Q q 0 0 0 rg BT 96.01 605.45 Td (, partly explained by a shift in consumer demand towards a lower fare product of) Tj ET Q q 0 0 0 rg BT 415.02 605.45 Td (fered by the program) Tj ET Q q 0 0 0 rg BT 500.40 605.45 Td (s main ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.95 Td (airline partner) Tj ET Q q 0 0 0 rg BT 126.53 591.95 Td (. ) Tj ET Q q 0 0 0 rg BT 131.37 591.95 Td (The financial sector was relatively stable as improved performance from the program's main financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 578.45 Td (partner) Tj ET Q q 0 0 0 rg BT 100.02 578.45 Td (, due mainly to higher purchase volumes, was of) Tj ET Q q 0 0 0 rg BT 292.46 578.45 Td (fset by the impact of interchange on yield in the financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 564.95 Td (sector) Tj ET Q q 0 0 0 rg BT 96.01 564.95 Td (, and reduced purchase volumes from other financial partners.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 542.45 Td (Accumulation ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 133.67 542.45 Td (Activity ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 168.68 542.45 Td (- ) Tj ET Q q 0 0 0 rg BT 173.69 542.45 Td (Aeroplan Miles issued during the three month period ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.33 542.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.87 542.45 Td ( were relatively ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 528.95 Td (flat to the prior year) Tj ET Q q 0 0 0 rg BT 149.04 528.95 Td (. ) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 506.45 Td (Gross Billings from Loyalty Services and Other ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 276.56 506.45 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.10 506.45 Td ($67.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.63 506.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.70 506.45 Td (March31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 492.95 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.02 492.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.02 492.95 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.55 492.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 154.06 492.95 Td ($10.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 204.59 492.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 217.59 492.95 Td (13.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 243.11 492.95 Td (. On a constant currency basis, Gross Billings from Loyalty Services and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 479.45 Td (Other ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.01 479.45 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 139.04 479.45 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.54 479.45 Td ($13.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 204.07 479.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 217.08 479.45 Td (17.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 242.60 479.45 Td (, mainly explained by a decrease in Gross Billings from lost contracts and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 465.95 Td (lower rewards fulfillment activity) Tj ET Q q 0 0 0 rg BT 197.87 465.95 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 443.45 Td (Redemption ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 126.17 443.45 Td (Activity) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 158.68 443.45 Td ( - ) Tj ET Q q 0 0 0 rg BT 166.51 443.45 Td (T) Tj ET Q q 0 0 0 rg BT 171.01 443.45 Td (otal Miles redeemed under the ) Tj ET Q q 0 0 0 rg BT 294.59 443.45 Td (Aeroplan Program) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 367.62 443.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 370.13 443.45 Td (for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.70 443.45 Td (March31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 429.95 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.02 429.95 Td ( decreased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 151.06 429.95 Td (3.6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 171.57 429.95 Td (. ) Tj ET Q q 0 0 0 rg BT 176.41 429.95 Td (The total number of rewards issued decreased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.51 429.95 Td (3.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.03 429.95 Td ( and the total number of air rewards ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 416.45 Td (issued decreased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 157.05 416.45 Td (5.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 177.57 416.45 Td ( compared to the same period in the prior year) Tj ET Q q 0 0 0 rg BT 361.67 416.45 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 393.95 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 77.16 393.95 Td (otal Revenue ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 135.68 393.95 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.22 393.95 Td ($367.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 243.75 393.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.82 393.95 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.36 393.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.36 393.95 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.89 393.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.40 393.95 Td ($16.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.93 393.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 380.45 Td (or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.50 380.45 Td (4.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 103.02 380.45 Td (. On a constant currency basis, total revenue ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 284.11 380.45 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.14 380.45 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.65 380.45 Td ($19.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.17 380.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.18 380.45 Td (5.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.69 380.45 Td (, explained primarily by:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 357.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 357.95 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.53 357.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.04 357.95 Td ($14.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 215.56 357.95 Td ( in revenue from Loyalty Services and Other mostly related to lost contracts and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 344.45 Td (lower rewards fulfillment activity; as well as,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 330.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 330.95 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.53 330.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.04 330.95 Td ($5.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.56 330.95 Td ( in revenue from Loyalty Units due to a decrease in redemption volumes, partially ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 317.45 Td (of) Tj ET Q q 0 0 0 rg BT 115.34 317.45 Td (fset by an increase in the cumulative average selling price of an ) Tj ET Q q 0 0 0 rg BT 370.49 317.45 Td (Aeroplan Mile.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 290.45 Td (Cost of Rewards and Direct Costs) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 217.03 290.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.07 290.45 Td ($238.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.60 290.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.67 290.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.21 290.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.21 290.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 276.95 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.02 276.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 121.53 276.95 Td ($19.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 172.06 276.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 185.06 276.95 Td (7.6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 205.58 276.95 Td (. On a constant currency basis, cost of rewards and direct costs ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.19 276.95 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.22 276.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 263.45 Td ($20.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 263.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.53 263.45 Td (7.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.05 263.45 Td (, mainly attributable to the following factors: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 239.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 239.45 Td (a lower volume of redemptions in the ) Tj ET Q q 0 0 0 rg BT 257.08 239.45 Td (Aeroplan Program for the period, representing $8.3 million; as well as,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 225.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 225.95 Td (a lower redemption cost per ) Tj ET Q q 0 0 0 rg BT 221.06 225.95 Td (Aeroplan Mile redeemed, representing $4.7 million, mostly due to a shift to a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 212.45 Td (lower cost product mix, partially of) Tj ET Q q 0 0 0 rg BT 243.39 212.45 Td (fset by the unfavourable impact of changes in foreign currency; and,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 198.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 198.95 Td (a decrease in loyalty services direct costs of $7.4 million due mostly to lost contracts and lower rewards ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 185.45 Td (fulfillment activity) Tj ET Q q 0 0 0 rg BT 175.35 185.45 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 158.45 Td (Gross Margin before Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 237.70 158.45 Td (Amortization ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 295.20 158.45 Td (represented ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.73 158.45 Td (35.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.25 158.45 Td ( of total revenue for the three month ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 144.95 Td (period ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.05 144.95 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.58 144.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 194.59 144.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.11 144.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.62 144.95 Td (2.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 266.13 144.95 Td ( percentage-points or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.69 144.95 Td (2.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.20 144.95 Td ( percentage-points on a constant currency ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 131.45 Td (basis compared to the same period in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.58 131.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 244.60 131.45 Td (, a direct result of the factors described above.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 108.95 Td (Operating Expenses) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 159.03 108.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.07 108.95 Td ($84.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.59 108.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.67 108.95 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.20 108.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.21 108.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.73 108.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 504.24 108.95 Td ($4.4 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 95.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 95.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 95.45 Td (5.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.02 95.45 Td (. On a constant currency basis, operating expenses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.64 95.45 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.66 95.45 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.17 95.45 Td ($1.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.69 95.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.69 95.45 Td (2.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.21 95.45 Td (, mostly ) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (18) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (explained by information technology expenses associated with the implementation of an outsourcing arrangement, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (of) Tj ET Q q 0 0 0 rg BT 79.34 654.95 Td (fset in part by operational ef) Tj ET Q q 0 0 0 rg BT 190.25 654.95 Td (ficiencies related to organizational changes implemented in the prior year) Tj ET Q q 0 0 0 rg BT 480.92 654.95 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 632.45 Td (Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 147.18 632.45 Td (Amortization) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 202.18 632.45 Td (, including amortization of ) Tj ET Q q 0 0 0 rg BT 306.24 632.45 Td (Accumulation Partners' contracts, customer relationships ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 618.95 Td (and technology) Tj ET Q q 0 0 0 rg BT 132.38 618.95 Td (, amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.92 618.95 Td ($36.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 240.45 618.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.52 618.95 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.06 618.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.06 618.95 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.59 618.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.09 618.95 Td ($1.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.62 618.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 605.45 Td (2.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.51 605.45 Td (. On a constant currency basis, depreciation and amortization, including amortization of ) Tj ET Q q 0 0 0 rg BT 441.20 605.45 Td (Accumulation Partners' ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.95 Td (contracts, customer relationships and technology) Tj ET Q q 0 0 0 rg BT 266.44 591.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.44 591.95 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.47 591.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.97 591.95 Td ($1.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.50 591.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.50 591.95 Td (3.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 407.01 591.95 Td (. ) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 569.45 Td (Operating Income ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 151.01 569.45 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 203.55 569.45 Td ($8.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 249.07 569.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.14 569.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.68 569.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 429.68 569.45 Td (an improvement) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.21 569.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.72 569.45 Td ($0.3 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 555.95 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 555.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 555.95 Td (3.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.02 555.95 Td (. On a constant currency basis, operating income ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.12 555.95 Td (improved) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.14 555.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.65 555.95 Td ($0.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.17 555.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.17 555.95 Td (7.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.69 555.95 Td (, a direct result of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 542.45 Td (the factors described above.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 519.95 Td (Adjusted EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 146.50 519.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.54 519.95 Td ($49.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.07 519.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.14 519.95 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.68 519.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.68 519.95 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.21 519.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.71 519.95 Td ($4.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.24 519.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 506.45 Td (or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.50 506.45 Td (7.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 103.02 506.45 Td (. On a constant currency basis, ) Tj ET Q q 0 0 0 rg BT 229.08 506.45 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 298.61 506.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 301.11 506.45 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.14 506.45 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.65 506.45 Td ($4.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.17 506.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.18 506.45 Td (7.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.69 506.45 Td (, primarily due to higher ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 492.95 Td (operating expenses across the division, as well as a decrease in contribution from loyalty services, partially of) Tj ET Q q 0 0 0 rg BT 507.05 492.95 Td (fset by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 479.45 Td (improved contribution from the ) Tj ET Q q 0 0 0 rg BT 195.56 479.45 Td (Aeroplan Program, mainly due to a decrease in redemption cost per ) Tj ET Q q 0 0 0 rg BT 467.71 479.45 Td (Aeroplan Mile.) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 456.95 Td (Adjusted EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 142.03 456.95 Td ( is a non-GAAP) Tj ET Q q 0 0 0 rg BT 203.90 456.95 Td ( measure. Please refer to the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 324.96 456.95 Td (PERFORMANCE INDICA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 427.30 456.95 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 432.63 456.95 Td (ORS \(INCLUDING ) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 443.45 Td (CER) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 90.84 443.45 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 95.67 443.45 Td (AIN NON-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.84 443.45 Td ( FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 210.19 443.45 Td ( MEASURES\)) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 266.20 443.45 Td ( section for additional information on this measure.) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (19) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 666.16552734375 m 217.1806640625 666.16552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 667.75 Td (INTERNA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 115.70 667.75 Td (TIONAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 152.74 667.75 Td ( COALITIONS) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 648.25 222.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 294.50 648.25 118.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 412.50 648.25 64.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 476.50 648.25 64.00 -19.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 629.25 222.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 294.50 629.25 43.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 337.50 629.25 16.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 353.50 629.25 43.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 396.50 629.25 16.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 412.50 629.25 32.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 444.50 629.25 32.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 476.50 629.25 32.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 508.50 629.25 32.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 603.25 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 603.25 16.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 589.25 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 589.25 16.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 575.25 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 575.25 16.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 561.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 561.25 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 549.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 549.25 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 537.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 537.25 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 525.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 525.25 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 513.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 513.25 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 501.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 501.25 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 489.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 489.25 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 477.25 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 477.25 16.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 463.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 463.25 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 451.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 451.25 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 439.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 439.25 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 427.25 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 427.25 16.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 413.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 413.25 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 401.25 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 401.25 16.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 387.25 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 387.25 16.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 373.25 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 373.25 16.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 359.25 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 359.25 16.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 345.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 345.25 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 333.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 333.25 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 321.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 321.25 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 309.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 309.25 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 297.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 297.25 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 285.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 285.25 16.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 575.25 m 294.5 575.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 575.25 m 337.5 575.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 575.25 m 353.5 575.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 575.25 m 396.5 575.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 575.25 m 412.5 575.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 575.25 m 444.5 575.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 575.25 m 476.5 575.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 575.25 m 508.5 575.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 575.25 m 540.5 575.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 561.25 m 294.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 561.25 m 337.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 561.25 m 353.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 561.25 m 396.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 561.25 m 412.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 561.25 m 444.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 561.25 m 476.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 561.25 m 508.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 561.25 m 540.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 561.25 m 508.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 525.25 m 508.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 525.25 m 294.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 525.25 m 337.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 525.25 m 353.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 525.25 m 396.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 525.25 m 412.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 525.25 m 444.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 525.25 m 476.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 525.25 m 508.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 525.25 m 540.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 501.25 m 508.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 501.25 m 294.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 501.25 m 337.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 501.25 m 353.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 501.25 m 396.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 501.25 m 412.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 501.25 m 444.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 501.25 m 476.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 501.25 m 508.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 501.25 m 540.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 463.25 m 294.5 463.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 463.25 m 337.5 463.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 463.25 m 353.5 463.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 463.25 m 396.5 463.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 463.25 m 412.5 463.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 463.25 m 444.5 463.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 463.25 m 476.5 463.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 463.25 m 508.5 463.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 463.25 m 540.5 463.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 439.25 m 294.5 439.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 439.25 m 337.5 439.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 439.25 m 353.5 439.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 439.25 m 396.5 439.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 439.25 m 412.5 439.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 439.25 m 444.5 439.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 439.25 m 476.5 439.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 439.25 m 508.5 439.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 439.25 m 540.5 439.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 427.25 m 294.5 427.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 427.25 m 337.5 427.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 427.25 m 353.5 427.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 427.25 m 396.5 427.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 427.25 m 412.5 427.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 427.25 m 444.5 427.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 427.25 m 476.5 427.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 427.25 m 508.5 427.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 427.25 m 540.5 427.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 401.25 m 294.5 401.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 401.25 m 337.5 401.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 401.25 m 353.5 401.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 401.25 m 396.5 401.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 401.25 m 412.5 401.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 401.25 m 444.5 401.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 401.25 m 476.5 401.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 401.25 m 508.5 401.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 401.25 m 540.5 401.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 359.25 m 294.5 359.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 359.25 m 337.5 359.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 359.25 m 353.5 359.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 359.25 m 396.5 359.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 359.25 m 412.5 359.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 359.25 m 444.5 359.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 359.25 m 476.5 359.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 359.25 m 508.5 359.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 359.25 m 540.5 359.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 273.25 m 294.5 273.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 273.25 m 337.5 273.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 273.25 m 353.5 273.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 273.25 m 396.5 273.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 273.25 m 412.5 273.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 273.25 m 444.5 273.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 273.25 m 476.5 273.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 273.25 m 508.5 273.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 273.25 m 540.5 273.25 l s BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 303.75 636.95 Td (Three Months Ended March 31,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 430.40 636.95 Td (Variance) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 480.05 636.95 Td (V) Tj ET Q q 1 1 1 rg BT 484.20 636.95 Td (ariance C.C. ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 525.05 640.29 Td (\(b\)\(c\)) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 75.00 619.03 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 307.70 619.25 Td (2016) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 366.70 619.25 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 426.05 619.25 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 456.85 619.25 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 490.05 619.25 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 520.85 619.25 Td (%) Tj ET Q BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 593.25 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.85 593.25 Td (141.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.80 593.25 Td (160.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 593.25 Td (\(19.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 593.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 593.25 Td (\(12.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 593.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 593.25 Td (\(27.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 593.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 593.25 Td (\(16.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 593.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 579.25 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.75 579.25 Td (25.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.75 579.25 Td (19.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.90 579.25 Td (5.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 452.00 579.25 Td (29.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 579.25 Td (4.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 516.00 579.25 Td (21.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 565.25 Td (Total Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.85 565.25 Td (166.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.80 565.25 Td (180.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 565.25 Td (\(13.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 565.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.50 565.25 Td (\(7.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 565.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 565.25 Td (\(22.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 565.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 565.25 Td (\(12.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 565.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 553.25 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.85 553.25 Td (122.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.80 553.25 Td (203.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 553.25 Td (\(81.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 553.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 553.25 Td (\(40.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 553.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 553.25 Td (\(88.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 553.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 553.25 Td (\(43.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 553.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 541.25 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.75 541.25 Td (25.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.75 541.25 Td (19.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.90 541.25 Td (5.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.15 541.25 Td (29.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 541.25 Td (4.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.15 541.25 Td (21.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 529.25 Td (Intercompany revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 318.65 529.25 Td (0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 377.65 529.25 Td (0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 529.25 Td (\(0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 529.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.85 529.25 Td (\(50.0\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 529.30 Td (\(0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 529.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 514.85 529.25 Td (\(50.0\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 517.25 Td (Total revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.85 517.25 Td (147.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.80 517.25 Td (223.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 517.25 Td (\(75.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 517.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 517.25 Td (\(33.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 517.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 517.25 Td (\(84.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 517.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 517.25 Td (\(37.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 517.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 505.25 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.75 505.25 Td (98.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.80 505.25 Td (141.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 505.25 Td (\(43.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 505.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 505.25 Td (\(30.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 505.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 505.25 Td (\(49.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 505.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 505.25 Td (\(35.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 505.25 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 493.25 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.75 493.25 Td (49.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.75 493.25 Td (81.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 493.25 Td (\(31.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 493.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 493.25 Td (\(39.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 493.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 493.25 Td (\(34.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 493.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 493.25 Td (\(42.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 493.25 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 481.03 Td (Gross margin as a % of total revenue) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 316.70 481.03 Td (33.7) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 331.65 481.03 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 375.70 481.03 Td (36.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 390.65 481.03 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 436.30 481.03 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 455.30 481.03 Td (\(2.8) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 465.65 481.03 Td (\) pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 500.30 481.03 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 519.30 481.03 Td (\(2.8) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 529.65 481.03 Td (\) pp) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 467.25 Td (Depreciation and amortization ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 169.94 470.59 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 318.65 467.25 Td (4.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 377.65 467.25 Td (3.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.90 467.25 Td (0.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 452.00 467.25 Td (10.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 467.25 Td (0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.90 467.25 Td (5.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 455.25 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.75 455.25 Td (45.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.75 455.25 Td (77.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 455.25 Td (\(32.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 455.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 455.25 Td (\(41.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 455.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 455.25 Td (\(35.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 455.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 455.25 Td (\(45.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 455.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 443.25 Td (Total operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.75 443.25 Td (35.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.75 443.25 Td (35.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 443.25 Td (\(0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 443.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.50 443.25 Td (\(0.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 443.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 443.30 Td (\(1.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 443.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 443.30 Td (\(4.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 443.25 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 431.25 Td (Operating income) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.75 431.25 Td (10.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.75 431.25 Td (42.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 431.25 Td (\(32.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 431.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.85 431.25 Td (\(76.2\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 431.25 Td (\(33.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 431.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 431.25 Td (\(79.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 431.25 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 417.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 132.69 417.25 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 134.63 420.59 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.75 417.25 Td (17.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.75 417.25 Td (18.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 417.25 Td (\(1.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 417.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.50 417.25 Td (\(8.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 417.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 417.30 Td (\(2.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 417.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 417.25 Td (\(14.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 417.25 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 405.03 Td (Adjusted EBITDA as a % of total Gross Billings) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 316.70 405.03 Td (10.2) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 331.65 405.03 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 375.70 405.03 Td (10.3) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 390.65 405.03 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 436.30 405.03 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 455.30 405.03 Td (\(0.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 465.65 405.03 Td (\) pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 500.30 405.03 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 519.30 405.03 Td (\(0.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 529.65 405.03 Td (\) pp) Tj ET Q BT /F3 7.00 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 75 390.25576171875 m 166.83056640625 390.25576171875 l s q 0 0 0 rg BT 75.00 391.25 Td (Included in Adjusted EBITDA:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 377.25 Td (Change in Future Redemption Costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 312.40 377.25 Td (\(17.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 328.40 377.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.75 377.25 Td (15.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 377.25 Td (\(32.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 377.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 377.25 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 499.55 377.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 377.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 363.25 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 318.65 363.25 Td (0.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 380.40 363.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.90 363.25 Td (0.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 363.25 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 499.55 363.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 363.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 75 348.25576171875 m 134.51708984375 348.25576171875 l s q 0 0 0 rg BT 75.00 349.25 Td (Operating metrics \() Tj ET Q BT /F4 7.00 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 134.51708984375 348.25576171875 m 208.18115234375 348.25576171875 l s q 0 0 0 rg BT 134.52 349.25 Td (year) Tj ET Q q 0 0 0 rg BT 148.01 349.25 Td (-over) Tj ET Q q 0 0 0 rg BT 163.83 349.25 Td (-year variance) Tj ET Q BT /F3 7.00 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 208.18115234375 348.25576171875 m 212.45703125 348.25576171875 l s q 0 0 0 rg BT 208.18 349.25 Td (\):) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 337.25 Td (Accumulation activity - Nectar) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 312.40 337.25 Td (\(11.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 328.40 337.25 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 377.65 337.25 Td (0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 389.75 337.25 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.55 337.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 337.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.55 337.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 337.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 325.25 Td (Accumulation activity - Air Miles Middle East) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.30 325.30 Td (\(1.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 328.40 325.25 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 377.65 325.25 Td (4.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 389.75 325.25 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.55 325.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 325.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.55 325.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 325.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 313.25 Td (Accumulation activity - Nectar Italia) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 312.40 313.25 Td (\(98.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 328.40 313.25 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.40 313.25 Td (\(40.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 387.40 313.25 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.55 313.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 313.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.55 313.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 313.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 301.25 Td (Redemption activity - Nectar) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 312.40 301.25 Td (\(15.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 328.40 301.25 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 377.65 301.25 Td (7.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 389.75 301.25 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.55 301.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 301.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.55 301.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 301.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 289.25 Td (Redemption activity - Air Miles Middle East) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 318.65 289.25 Td (1.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 330.75 289.25 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.75 289.25 Td (11.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 389.75 289.25 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.55 289.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 289.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.55 289.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 289.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 277.25 Td (Redemption activity - Nectar Italia) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 312.40 277.25 Td (\(98.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 328.40 277.25 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.80 277.25 Td (262.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 389.75 277.25 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.55 277.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 277.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.55 277.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 277.25 Td (**) Tj ET Q BT /F1 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 99.00 255.75 Td (Refer to section entitled ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 185.27 255.75 Td (Notations to Financial T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 268.57 255.75 Td (ables) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 287.70 255.75 Td ( for details on notations in the table above beginning on page ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 506.09 255.75 Td (46) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.98 255.75 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 230.25 Td (Gross Billings) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 133.01 230.25 Td ( generated for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.12 230.25 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.66 230.25 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.70 230.25 Td ($166.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.23 230.25 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.23 230.25 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.76 230.25 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 216.75 Td ($13.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 216.75 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.53 216.75 Td (7.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.05 216.75 Td (. On a constant currency basis, Gross Billings ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.12 216.75 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.15 216.75 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.65 216.75 Td ($22.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.18 216.75 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.19 216.75 Td (12.6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.71 216.75 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 194.25 Td (The dif) Tj ET Q q 0 0 0 rg BT 99.35 194.25 Td (ferent Gross Billings categories were af) Tj ET Q q 0 0 0 rg BT 255.76 194.25 Td (fected in the following manner:) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 171.75 Td (Gross Billings from the Sale of Loyalty Units) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.4 0.6 1 rg BT 262.53 171.75 Td ( ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 265.03 171.75 Td (generated for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.64 171.75 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.18 171.75 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 158.25 Td ($141.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.53 158.25 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 132.53 158.25 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 177.06 158.25 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.57 158.25 Td ($19.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 240.10 158.25 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.10 158.25 Td (12.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 278.62 158.25 Td (. On a constant currency basis, Gross Billings from the sale of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 144.75 Td (Loyalty Units ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.02 144.75 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 168.05 144.75 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.56 144.75 Td ($27.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.09 144.75 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.09 144.75 Td (16.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.61 144.75 Td ( and is mostly explained by a decrease of $15.5 million in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 131.25 Td (Nectar Program driven by the impact of regulatory restrictions in the energy sector and lower base accumulation net ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 117.75 Td (of increased bonus activity in the grocery sector) Tj ET Q q 0 0 0 rg BT 261.60 117.75 Td (, as well as a decrease of $10.1 million in Gross Billings from the sale ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 104.25 Td (of Loyalty Units in the Nectar Italia Program resulting from the loss of the program) Tj ET Q q 0 0 0 rg BT 398.98 104.25 Td (s anchor partner on March 1, 2015 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 90.75 Td (and subsequent closure of the program on March 1, 2016. ) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (20) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 668.45 Td (Accumulation ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 133.67 668.45 Td (Activity) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 166.18 668.45 Td ( - Nectar Points issued during the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.31 668.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.84 668.45 Td ( decreased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 505.88 668.45 Td (1) Tj ET Q q 0 0 0 rg BT 510.22 668.45 Td (1.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.73 668.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (as a result of the factors described above. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 632.45 Td (Air Miles Middle East Loyalty Units issued during the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.15 632.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.69 632.45 Td ( decreased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.72 632.45 Td (1.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.24 632.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 618.95 Td (compared to the same period in the prior year) Tj ET Q q 0 0 0 rg BT 253.60 618.95 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 596.45 Td (Nectar Italia Points issued during the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.64 596.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.17 596.45 Td ( decreased significantly due to the loss of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 582.95 Td (the program's anchor partner in the first quarter of 2015 and subsequent closure of the program on March 1, 2016.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 560.45 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 274.06 560.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.10 560.45 Td ($25.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.63 560.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.70 560.45 Td (March31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 546.95 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.02 546.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.02 546.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 143.55 546.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.06 546.95 Td ($5.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.58 546.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.58 546.95 Td (29.6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 240.10 546.95 Td (. On a constant currency basis, Gross Billings from Loyalty Services and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 533.45 Td (Other ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.01 533.45 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.03 533.45 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 150.54 533.45 Td ($4.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.06 533.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.07 533.45 Td (21.6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.58 533.45 Td ( and is primarily explained by the signing of a new ISS client in the Shopper ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 519.95 Td (Insights & Communications business.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 497.45 Td (Redemption ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 126.17 497.45 Td (Activity) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 158.68 497.45 Td ( - Redemption activity in the Nectar Program decreased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.78 497.45 Td (15.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.30 497.45 Td ( mainly driven by a change of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 483.95 Td (accumulation terms in the previous year which led to higher redemptions in the first quarter in anticipation of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 470.45 Td (change.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 447.95 Td (T) Tj ET Q q 0 0 0 rg BT 76.50 447.95 Td (otal points redeemed in the Nectar Italia Program for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.67 447.95 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.21 447.95 Td ( decreased ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 434.45 Td (significantly compared to the same period in the prior year due to the expiry of points in the first quarter of 2015.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 411.95 Td (Redemption activity in the ) Tj ET Q q 0 0 0 rg BT 177.06 411.95 Td (Air Miles Middle East program increased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.12 411.95 Td (1.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.64 411.95 Td ( due to an increase in miles in circulation.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 389.45 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 77.16 389.45 Td (otal Revenue ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 135.68 389.45 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.22 389.45 Td ($147.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 243.75 389.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.82 389.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.36 389.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.36 389.45 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.89 389.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.40 389.45 Td ($75.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.93 389.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 375.95 Td (or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.50 375.95 Td (33.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.02 375.95 Td (. On a constant currency basis, total revenue ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.12 375.95 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.15 375.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.65 375.95 Td ($84.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.18 375.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.18 375.95 Td (37.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.70 375.95 Td ( and is explained mostly ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 362.45 Td (by the following: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 338.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 338.45 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.53 338.45 Td ( of $70.3 million in revenue from Loyalty Units in the Nectar Italia Program driven by lower ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 324.95 Td (redemptions;) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 311.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 311.45 Td (a decrease of $17.5 million in revenue from Loyalty Units in the Nectar Program due to lower redemptions; ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 297.95 Td (of) Tj ET Q q 0 0 0 rg BT 115.34 297.95 Td (fset in part by) Tj ET Q q 0 0 0 rg BT 168.70 297.95 Td (,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 284.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 284.45 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 154.53 284.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 167.04 284.45 Td ($4.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.56 284.45 Td ( in revenue from Loyalty Services and Other) Tj ET Q q 0 0 0 rg BT 387.65 284.45 Td (, primarily explained by the signing of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 270.95 Td (a new ISS client in the Shopper Insights & Communications business.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 248.45 Td (Cost of Rewards and Direct Costs) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 217.03 248.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.07 248.45 Td ($98.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.59 248.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.67 248.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.20 248.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.20 248.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 234.95 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.02 234.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 121.53 234.95 Td ($43.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 172.06 234.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 185.06 234.95 Td (30.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.58 234.95 Td (. On a constant currency basis, cost of rewards and direct costs ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.19 234.95 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.22 234.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 221.45 Td ($49.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 221.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.53 221.45 Td (35.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.05 221.45 Td ( and is mainly attributable to the following factors: ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 198.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 198.95 Td (a decrease in the Nectar Italia Program driven by lower redemption activity) Tj ET Q q 0 0 0 rg BT 404.47 198.95 Td (, representing $35.8 million; and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 185.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 185.45 Td (a decrease in the Nectar Program driven by lower redemption activity) Tj ET Q q 0 0 0 rg BT 382.96 185.45 Td (, representing $13.6 million.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 158.45 Td (Gross Margin before Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 237.70 158.45 Td (Amortization) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 292.70 158.45 Td ( represented ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.73 158.45 Td (33.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.25 158.45 Td ( of total revenue for the three month ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 144.95 Td (period ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.05 144.95 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.58 144.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 194.59 144.95 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.12 144.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.62 144.95 Td (2.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.13 144.95 Td ( percentage-points on a reported and constant currency basis, a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 131.45 Td (direct result of the factors described above. ) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 108.95 Td (Operating Expenses) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 159.03 108.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.07 108.95 Td ($35.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.59 108.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.67 108.95 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.20 108.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.21 108.95 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.74 108.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.24 108.95 Td ($0.2 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 95.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 95.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 95.45 Td (0.6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.02 95.45 Td (. On a constant currency basis, operating expenses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.64 95.45 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.67 95.45 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.17 95.45 Td ($1.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.70 95.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.70 95.45 Td (4.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.21 95.45 Td (, mostly ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 81.95 Td (explained by the impact of the closure of the Nectar Italia Program, as well as operational ef) Tj ET Q q 0 0 0 rg BT 437.03 81.95 Td (ficiencies related to ) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (21) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (organizational changes announced in the prior year) Tj ET Q q 0 0 0 rg BT 276.14 668.45 Td (, of) Tj ET Q q 0 0 0 rg BT 288.49 668.45 Td (fset in part by an increase in marketing spend in the Nectar ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (Program in the current period which was phased later in the prior year) Tj ET Q q 0 0 0 rg BT 349.64 654.95 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 632.45 Td (Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 147.18 632.45 Td (Amortization) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 202.18 632.45 Td (, including amortization of ) Tj ET Q q 0 0 0 rg BT 306.24 632.45 Td (Accumulation Partners' contracts, customer relationships ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 617.45 Td (and technology) Tj ET Q q 0 0 0 rg BT 132.38 617.45 Td (, amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.92 617.45 Td ($4.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.44 617.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.51 617.45 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.05 617.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.05 617.45 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.58 617.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.09 617.45 Td ($0.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.61 617.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 603.95 Td (10.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.52 603.95 Td (. On a constant currency basis, depreciation and amortization, including amortization of ) Tj ET Q q 0 0 0 rg BT 446.21 603.95 Td (Accumulation Partners' ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 590.45 Td (contracts, customer relationships and technology) Tj ET Q q 0 0 0 rg BT 266.44 590.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.44 590.45 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.46 590.45 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.97 590.45 Td ($0.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.49 590.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.49 590.45 Td (5.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.01 590.45 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 567.95 Td (Operating Income ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 151.01 567.95 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 203.55 567.95 Td ($10.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.08 567.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 367.15 567.95 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 429.69 567.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.69 567.95 Td (a deterioration) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.23 567.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 504.73 567.95 Td ($32.0 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 554.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 554.45 Td (. On a constant currency basis, operating income decreased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.14 554.45 Td ($33.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.67 554.45 Td (, a direct result of the factors ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 540.95 Td (described above.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 518.45 Td (Adjusted EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 146.50 518.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.54 518.45 Td ($17.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.07 518.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.14 518.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.68 518.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.68 518.45 Td (a deterioration) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.21 518.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.72 518.45 Td ($1.5 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 504.95 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 504.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 504.95 Td (8.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.02 504.95 Td (. On a constant currency basis, ) Tj ET Q q 0 0 0 rg BT 257.08 504.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 326.62 504.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.12 504.95 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.15 504.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.66 504.95 Td ($2.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.18 504.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.18 504.95 Td (14.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.70 504.95 Td (, mostly ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 491.45 Td (explained by lower Gross Billings from Loyalty Units and higher marketing expenses in the Nectar Program, as well ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 477.95 Td (as the closure of the Nectar Italia Program, partially of) Tj ET Q q 0 0 0 rg BT 286.44 477.95 Td (fset by improved performance in the Shopper Insights & ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 464.45 Td (Communications business and operational ef) Tj ET Q q 0 0 0 rg BT 251.44 464.45 Td (ficiencies across the division related to organizational changes ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 450.95 Td (announced in the prior year) Tj ET Q q 0 0 0 rg BT 181.08 450.95 Td (.) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 428.45 Td (Adjusted EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 142.03 428.45 Td ( is a non-GAAP) Tj ET Q q 0 0 0 rg BT 203.90 428.45 Td ( measure. Please refer to the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 324.96 428.45 Td (PERFORMANCE INDICA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 427.30 428.45 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 432.63 428.45 Td (ORS \(INCLUDING ) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 414.95 Td (CER) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 90.84 414.95 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 95.67 414.95 Td (AIN NON-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.84 414.95 Td ( FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 210.19 414.95 Td ( MEASURES\)) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 266.20 414.95 Td ( section for additional information on this measure.) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (22) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 666.16552734375 m 222.751953125 666.16552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 667.75 Td (GLOBAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 114.04 667.75 Td ( LOY) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 136.45 667.75 Td (AL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 149.04 667.75 Td (TY) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 161.64 667.75 Td ( SOLUTIONS) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 648.25 212.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 284.50 648.25 120.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 404.50 648.25 68.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 472.50 648.25 68.00 -19.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 629.25 212.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 284.50 629.25 43.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 327.50 629.25 17.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 344.50 629.25 43.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 387.50 629.25 17.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 404.50 629.25 34.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 438.50 629.25 34.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 472.50 629.25 34.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 506.50 629.25 34.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 284.50 603.25 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 327.50 603.25 17.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 284.50 589.25 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 327.50 589.25 17.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 284.50 575.25 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 327.50 575.25 17.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 284.50 561.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 327.50 561.25 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 284.50 549.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 327.50 549.25 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 284.50 537.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 327.50 537.25 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 284.50 525.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 327.50 525.25 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 284.50 513.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 327.50 513.25 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 284.50 501.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 327.50 501.25 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 284.50 489.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 327.50 489.25 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 284.50 477.25 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 327.50 477.25 17.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 284.50 463.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 327.50 463.25 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 284.50 451.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 327.50 451.25 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 284.50 439.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 327.50 439.25 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 284.50 427.25 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 327.50 427.25 17.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 284.50 413.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 327.50 413.25 17.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 575.25 m 284.5 575.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 284.5 575.25 m 327.5 575.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 575.25 m 344.5 575.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 344.5 575.25 m 387.5 575.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 575.25 m 404.5 575.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 575.25 m 438.5 575.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 575.25 m 472.5 575.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 575.25 m 506.5 575.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 575.25 m 540.5 575.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 561.25 m 284.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 284.5 561.25 m 327.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 561.25 m 344.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 344.5 561.25 m 387.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 561.25 m 404.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 561.25 m 438.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 561.25 m 472.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 561.25 m 506.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 561.25 m 540.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 561.25 m 506.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 525.25 m 506.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 525.25 m 284.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 284.5 525.25 m 327.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 525.25 m 344.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 344.5 525.25 m 387.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 525.25 m 404.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 525.25 m 438.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 525.25 m 472.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 525.25 m 506.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 525.25 m 540.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 501.25 m 506.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 501.25 m 284.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 284.5 501.25 m 327.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 501.25 m 344.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 344.5 501.25 m 387.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 501.25 m 404.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 501.25 m 438.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 501.25 m 472.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 501.25 m 506.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 501.25 m 540.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 463.25 m 284.5 463.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 284.5 463.25 m 327.5 463.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 463.25 m 344.5 463.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 344.5 463.25 m 387.5 463.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 463.25 m 404.5 463.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 463.25 m 438.5 463.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 463.25 m 472.5 463.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 463.25 m 506.5 463.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 463.25 m 540.5 463.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 439.25 m 284.5 439.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 284.5 439.25 m 327.5 439.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 439.25 m 344.5 439.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 344.5 439.25 m 387.5 439.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 439.25 m 404.5 439.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 439.25 m 438.5 439.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 439.25 m 472.5 439.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 439.25 m 506.5 439.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 439.25 m 540.5 439.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 427.25 m 284.5 427.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 284.5 427.25 m 327.5 427.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 427.25 m 344.5 427.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 344.5 427.25 m 387.5 427.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 427.25 m 404.5 427.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 427.25 m 438.5 427.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 427.25 m 472.5 427.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 427.25 m 506.5 427.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 427.25 m 540.5 427.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 401.25 m 284.5 401.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 284.5 401.25 m 327.5 401.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 401.25 m 344.5 401.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 344.5 401.25 m 387.5 401.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 401.25 m 404.5 401.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 401.25 m 438.5 401.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 401.25 m 472.5 401.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 401.25 m 506.5 401.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 401.25 m 540.5 401.25 l s BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 294.75 636.95 Td (Three Months Ended March 31,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 424.40 636.95 Td (Variance) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 478.05 636.95 Td (V) Tj ET Q q 1 1 1 rg BT 482.20 636.95 Td (ariance C.C. ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 523.05 640.29 Td (\(b\)\(c\)) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 75.00 619.03 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 303.70 619.25 Td (2016) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 363.70 619.25 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 419.05 619.25 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 451.85 619.25 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 487.05 619.25 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 519.85 619.25 Td (%) Tj ET Q BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 593.25 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 312.65 593.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 374.65 593.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.65 593.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.65 593.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 496.65 593.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 522.65 593.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 579.25 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 306.00 579.25 Td (55.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 368.00 579.25 Td (53.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.90 579.25 Td (1.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.90 579.25 Td (2.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.55 579.30 Td (\(0.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.65 579.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 579.30 Td (\(1.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 579.25 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 565.25 Td (Total Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 306.00 565.25 Td (55.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 368.00 565.25 Td (53.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.90 565.25 Td (1.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.90 565.25 Td (2.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.55 565.30 Td (\(0.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.65 565.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 565.30 Td (\(1.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 565.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 553.25 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 312.65 553.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 374.65 553.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.65 553.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.65 553.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 496.65 553.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 522.65 553.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 541.25 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 306.00 541.25 Td (54.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 368.00 541.25 Td (53.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.90 541.25 Td (1.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.90 541.25 Td (2.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.55 541.30 Td (\(0.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.65 541.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 541.30 Td (\(1.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 541.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 529.25 Td (Intercompany revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 309.90 529.25 Td (0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.90 529.25 Td (0.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 423.50 529.25 Td (\(0.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.65 529.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 445.85 529.25 Td (\(75.0\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.55 529.30 Td (\(0.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.65 529.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.85 529.25 Td (\(75.0\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 517.25 Td (Total revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 306.00 517.25 Td (54.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 368.00 517.25 Td (53.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.90 517.25 Td (1.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.90 517.25 Td (2.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.55 517.30 Td (\(0.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.65 517.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 517.30 Td (\(1.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 517.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 505.25 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 306.00 505.25 Td (32.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 368.00 505.25 Td (30.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.90 505.25 Td (1.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.90 505.25 Td (6.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.90 505.25 Td (1.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.90 505.25 Td (3.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 493.25 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 306.00 493.25 Td (22.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 368.00 493.25 Td (22.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 423.50 493.25 Td (\(0.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.65 493.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.50 493.25 Td (\(3.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.65 493.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.55 493.30 Td (\(2.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.65 493.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 493.30 Td (\(8.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 493.25 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 481.03 Td (Gross margin as a % of total revenue) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 307.95 481.03 Td (40.1) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 321.65 481.03 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 369.95 481.03 Td (42.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 381.65 481.03 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 430.30 481.03 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 451.30 481.03 Td (\(2.3) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 461.65 481.03 Td (\) pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 498.30 481.03 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 519.30 481.03 Td (\(3.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 529.65 481.03 Td (\) pp) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 467.25 Td (Depreciation and amortization ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 169.94 470.59 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 309.90 467.25 Td (1.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.90 467.25 Td (1.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.65 467.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.65 467.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.55 467.30 Td (\(0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.65 467.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 467.30 Td (\(6.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 467.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 455.25 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 306.00 455.25 Td (20.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 368.00 455.25 Td (21.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 423.50 455.25 Td (\(0.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.65 455.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.50 455.25 Td (\(3.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.65 455.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.55 455.30 Td (\(1.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.65 455.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 455.30 Td (\(9.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 455.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 443.25 Td (Total operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 306.00 443.25 Td (25.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 368.00 443.25 Td (21.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.90 443.25 Td (4.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 448.00 443.25 Td (19.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.90 443.25 Td (2.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 516.00 443.25 Td (12.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 431.25 Td (Operating income \(loss\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 307.55 431.25 Td (\(4.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 319.65 431.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 374.65 431.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 423.50 431.25 Td (\(4.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.65 431.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 452.25 431.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.55 431.30 Td (\(4.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.65 431.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.25 431.25 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 417.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 132.69 417.25 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 134.63 420.59 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 307.55 417.25 Td (\(2.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 319.65 417.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.90 417.25 Td (1.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 423.50 417.25 Td (\(4.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.65 417.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 452.25 417.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.55 417.30 Td (\(4.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.65 417.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.25 417.25 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 405.03 Td (Adjusted EBITDA as a % of total Gross Billings) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 309.30 405.08 Td (\(5.1) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 319.65 405.03 Td (\)%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 373.30 405.03 Td (3.0) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 381.65 405.03 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 430.30 405.03 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 451.30 405.03 Td (\(8.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 461.65 405.03 Td (\) pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 498.30 405.03 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 519.30 405.03 Td (\(8.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 529.65 405.03 Td (\) pp) Tj ET Q BT /F1 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 99.00 383.75 Td (Refer to section entitled ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 185.27 383.75 Td (Notations to Financial T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 268.57 383.75 Td (ables) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 287.70 383.75 Td ( for details on notations in the table above beginning on page ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 506.09 383.75 Td (46) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.98 383.75 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 358.25 Td (Gross Billings) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 133.01 358.25 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.05 358.25 Td ($55.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.58 358.25 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.65 358.25 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 414.19 358.25 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.19 358.25 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.72 358.25 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.23 358.25 Td ($1.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.75 358.25 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 344.75 Td (2.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.51 344.75 Td (. On a constant currency basis, Gross Billings ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 276.59 344.75 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.62 344.75 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 333.12 344.75 Td ($0.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.65 344.75 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.65 344.75 Td (1.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.16 344.75 Td ( and is primarily explained by a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 331.25 Td (decrease in rewards fulfillment activity and consulting projects, partially of) Tj ET Q q 0 0 0 rg BT 363.97 331.25 Td (fset by an increase in Gross Billings from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 317.75 Td (loyalty platforms. ) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 293.75 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 77.16 293.75 Td (otal Revenue ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 135.68 293.75 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.22 293.75 Td ($54.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.75 293.75 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.82 293.75 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.36 293.75 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.36 293.75 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.89 293.75 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.39 293.75 Td ($1.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.92 293.75 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 280.25 Td (2.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.51 280.25 Td (. On a constant currency basis, total revenue ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.61 280.25 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.64 280.25 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.14 280.25 Td ($0.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.67 280.25 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.67 280.25 Td (1.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.18 280.25 Td ( and is primarily explained by a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 266.75 Td (decrease in rewards fulfillment activity and consulting projects, partially of) Tj ET Q q 0 0 0 rg BT 363.97 266.75 Td (fset by an increase in revenue from loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 253.25 Td (platforms.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 230.75 Td (Cost of Rewards and Direct Costs) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 217.03 230.75 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.07 230.75 Td ($32.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.59 230.75 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.67 230.75 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.20 230.75 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.20 230.75 Td (an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 217.25 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 106.02 217.25 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.52 217.25 Td ($1.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 164.05 217.25 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 177.05 217.25 Td (6.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 197.56 217.25 Td (. On a constant currency basis, cost of rewards and direct costs ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.18 217.25 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.20 217.25 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.71 217.25 Td ($1.1 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 203.75 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 203.75 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 203.75 Td (3.6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.02 203.75 Td ( and is primarily explained by an increase in direct costs related to loyalty platforms, partially of) Tj ET Q q 0 0 0 rg BT 507.03 203.75 Td (fset by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 190.25 Td (a decrease in rewards fulfillment activity) Tj ET Q q 0 0 0 rg BT 230.40 190.25 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 167.75 Td (Gross Margin before Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 237.70 167.75 Td (Amortization) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 292.70 167.75 Td ( represented ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.73 167.75 Td (40.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.25 167.75 Td ( of total revenue for the three month ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 154.25 Td (period ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.05 154.25 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.58 154.25 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 194.59 154.25 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.12 154.25 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.62 154.25 Td (2.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.13 154.25 Td ( percentage-points or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.69 154.25 Td (3.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.20 154.25 Td ( percentage-points on a constant currency ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 140.75 Td (basis, a direct result of the factors described above. ) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 118.25 Td (Operating Expenses) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 159.03 118.25 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.07 118.25 Td ($25.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.59 118.25 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.67 118.25 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.20 118.25 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.21 118.25 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.73 118.25 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 504.24 118.25 Td ($4.0 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 104.75 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 104.75 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 104.75 Td (19.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.03 104.75 Td (. On a constant currency basis, operating expenses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.64 104.75 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.67 104.75 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.17 104.75 Td ($2.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.70 104.75 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.70 104.75 Td (12.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.22 104.75 Td ( mostly due to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 91.25 Td (increased spend to support new clients and in relation to the implementation of outsourcing arrangements in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 77.75 Td (technology) Tj ET Q q 0 0 0 rg BT 114.86 77.75 Td (.) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (23) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 668.45 Td (Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 147.18 668.45 Td (Amortization) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 202.18 668.45 Td (, including amortization of ) Tj ET Q q 0 0 0 rg BT 306.24 668.45 Td (Accumulation Partners' contracts, customer relationships ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (and technology) Tj ET Q q 0 0 0 rg BT 132.38 654.95 Td (, amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.92 654.95 Td ($1.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.44 654.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.51 654.95 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.05 654.95 Td (, in line with the prior year) Tj ET Q q 0 0 0 rg BT 513.10 654.95 Td (. On a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (constant currency basis, depreciation and amortization, including amortization of ) Tj ET Q q 0 0 0 rg BT 393.68 641.45 Td (Accumulation Partners' contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.95 Td (customer relationships and technology) Tj ET Q q 0 0 0 rg BT 224.92 627.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.92 627.95 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.95 627.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.46 627.95 Td ($0.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.98 627.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.98 627.95 Td (6.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.50 627.95 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 605.45 Td (Operating Income \(Loss\) ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 180.51 605.45 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.05 605.45 Td ($\(4.7\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 284.57 605.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.64 605.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.18 605.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.18 605.45 Td (a deterioration) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.72 605.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.95 Td ($4.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 117.52 591.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 130.53 591.95 Td ($4.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 176.05 591.95 Td ( on a constant currency basis, a direct result of the factors described above.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 569.45 Td (Adjusted EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 146.50 569.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.54 569.45 Td ($\(2.8\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.05 569.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.13 569.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.66 569.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.67 569.45 Td (a deterioration) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.20 569.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.71 569.45 Td ($4.4 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 555.95 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 555.95 Td (. On a constant currency basis, ) Tj ET Q q 0 0 0 rg BT 223.57 555.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 293.10 555.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.60 555.95 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.63 555.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.14 555.95 Td ($4.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.66 555.95 Td (, a direct result of the factors ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 542.45 Td (described above.) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 519.95 Td (Adjusted EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 142.03 519.95 Td ( is a non-GAAP) Tj ET Q q 0 0 0 rg BT 203.90 519.95 Td ( measure. Please refer to the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 324.96 519.95 Td (PERFORMANCE INDICA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 427.30 519.95 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 432.63 519.95 Td (ORS \(INCLUDING ) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 506.45 Td (CER) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 90.84 506.45 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 95.67 506.45 Td (AIN NON-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.84 506.45 Td ( FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 210.19 506.45 Td ( MEASURES\)) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 266.20 506.45 Td ( section for additional information on this measure.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 471.86552734375 m 135.1494140625 471.86552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 473.45 Td (CORPORA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 122.37 473.45 Td (TE) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 453.95 212.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 284.50 453.95 120.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 404.50 453.95 68.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 472.50 453.95 68.00 -19.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 434.95 212.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 284.50 434.95 43.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 327.50 434.95 17.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 344.50 434.95 43.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 387.50 434.95 17.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 404.50 434.95 34.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 438.50 434.95 34.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 472.50 434.95 34.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 506.50 434.95 34.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 284.50 408.95 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 327.50 408.95 17.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 284.50 394.95 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 327.50 394.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 284.50 382.95 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 327.50 382.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 284.50 370.95 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 327.50 370.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 284.50 358.95 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 327.50 358.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 284.50 346.95 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 327.50 346.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 284.50 334.95 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 327.50 334.95 17.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 284.50 320.95 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 327.50 320.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 284.50 308.95 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 327.50 308.95 17.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 394.95 m 284.5 394.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 284.5 394.95 m 327.5 394.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 394.95 m 344.5 394.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 344.5 394.95 m 387.5 394.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 394.95 m 404.5 394.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 394.95 m 438.5 394.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 394.95 m 472.5 394.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 394.95 m 506.5 394.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 394.95 m 540.5 394.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 394.95 m 506.5 394.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 358.95 m 284.5 358.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 346.95 m 284.5 346.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 284.5 358.95 m 327.5 358.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 284.5 346.95 m 327.5 346.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 358.95 m 344.5 358.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 346.95 m 344.5 346.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 344.5 358.95 m 387.5 358.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 344.5 346.95 m 387.5 346.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 358.95 m 404.5 358.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 346.95 m 404.5 346.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 358.95 m 438.5 358.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 346.95 m 438.5 346.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 358.95 m 472.5 358.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 346.95 m 472.5 346.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 358.95 m 506.5 358.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 346.95 m 506.5 346.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 358.95 m 540.5 358.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 346.95 m 540.5 346.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 334.95 m 284.5 334.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 320.95 m 284.5 320.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 284.5 334.95 m 327.5 334.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 284.5 320.95 m 327.5 320.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 334.95 m 344.5 334.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 320.95 m 344.5 320.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 344.5 334.95 m 387.5 334.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 344.5 320.95 m 387.5 320.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 334.95 m 404.5 334.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 320.95 m 404.5 320.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 334.95 m 438.5 334.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 320.95 m 438.5 320.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 334.95 m 472.5 334.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 320.95 m 472.5 320.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 334.95 m 506.5 334.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 320.95 m 506.5 320.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 334.95 m 540.5 334.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 320.95 m 540.5 320.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 296.95 m 284.5 296.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 284.5 296.95 m 327.5 296.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 296.95 m 344.5 296.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 344.5 296.95 m 387.5 296.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 296.95 m 404.5 296.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 296.95 m 438.5 296.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 296.95 m 472.5 296.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 296.95 m 506.5 296.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 296.95 m 540.5 296.95 l s BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 294.75 442.65 Td (Three Months Ended March 31,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 424.40 442.65 Td (Variance) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 478.05 442.65 Td (V) Tj ET Q q 1 1 1 rg BT 482.20 442.65 Td (ariance C.C. ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 523.05 445.99 Td (\(c\)\(d\)) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 75.00 424.73 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 305.00 424.95 Td (2016) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 365.00 424.95 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 419.05 424.95 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 451.85 424.95 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 487.05 424.95 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 519.85 424.95 Td (%) Tj ET Q BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 398.95 Td (Depreciation and amortization ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 169.94 402.29 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.90 398.95 Td (3.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 374.90 398.95 Td (2.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.90 398.95 Td (0.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 456.00 398.95 Td (32.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.90 398.95 Td (0.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 524.00 398.95 Td (28.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 386.95 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 312.55 386.95 Td (\(3.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.65 386.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 372.50 386.95 Td (\(2.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 384.65 386.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 423.50 386.95 Td (\(0.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.65 386.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.65 386.95 Td (\(32.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 469.65 386.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.55 387.00 Td (\(0.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.65 386.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.65 386.95 Td (\(28.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.65 386.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 374.95 Td (Operating expenses before share-based compensation) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 311.00 374.95 Td (17.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.00 374.95 Td (19.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 423.50 374.95 Td (\(1.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.65 374.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.50 374.95 Td (\(9.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 469.65 374.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.55 375.00 Td (\(2.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.65 374.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.65 374.95 Td (\(11.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.65 374.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 362.95 Td ( Share-based compensation) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.90 362.95 Td (2.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 374.90 362.95 Td (2.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 423.50 362.95 Td (\(0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.65 362.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.50 362.95 Td (\(8.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 469.65 362.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.55 363.00 Td (\(0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.65 362.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 525.55 363.00 Td (\(8.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.65 362.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 350.95 Td (T) Tj ET Q q 0 0 0 rg BT 78.50 350.95 Td (otal operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 152.83 350.95 Td ( ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 154.78 354.29 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 311.00 350.95 Td (19.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.00 350.95 Td (21.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 423.50 350.95 Td (\(2.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.65 350.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.50 350.95 Td (\(9.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 469.65 350.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.55 351.00 Td (\(2.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.65 350.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.65 350.95 Td (\(10.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.65 350.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 338.95 Td (Operating loss) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 308.65 338.95 Td (\(22.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.65 338.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 368.65 338.95 Td (\(23.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 384.65 338.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.90 338.95 Td (1.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.90 338.95 Td (5.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.90 338.95 Td (1.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 527.90 338.95 Td (6.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 324.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 132.69 324.95 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 134.63 328.29 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 308.65 324.95 Td (\(14.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.65 324.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 368.65 324.95 Td (\(21.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 384.65 324.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.90 324.95 Td (6.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 456.00 324.95 Td (30.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.90 324.95 Td (6.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 524.00 324.95 Td (31.8) Tj ET Q BT /F3 7.00 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 75 311.95576171874995 m 166.83056640625 311.95576171874995 l s q 0 0 0 rg BT 75.00 312.95 Td (Included in Adjusted EBITDA:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 300.95 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.90 300.95 Td (4.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 377.65 300.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.90 300.95 Td (4.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.55 300.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 497.55 300.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.55 300.95 Td (**) Tj ET Q BT /F1 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 99.00 279.45 Td (Refer to section entitled ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 185.27 279.45 Td (Notations to Financial T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 268.57 279.45 Td (ables) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 287.70 279.45 Td ( for details on notations in the table above beginning on page ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 506.09 279.45 Td (46) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.98 279.45 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 253.95 Td (Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 147.18 253.95 Td (Amortization) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 202.18 253.95 Td (, including amortization of ) Tj ET Q q 0 0 0 rg BT 306.24 253.95 Td (Accumulation Partners' contracts, customer relationships ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 238.95 Td (and technology) Tj ET Q q 0 0 0 rg BT 132.38 238.95 Td (, amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.92 238.95 Td ($3.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.44 238.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.51 238.95 Td (March31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.05 238.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.05 238.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.58 238.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.09 238.95 Td ($0.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.61 238.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 225.45 Td (32.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.52 225.45 Td (. On a constant currency basis, depreciation and amortization, including amortization of ) Tj ET Q q 0 0 0 rg BT 446.21 225.45 Td (Accumulation Partners' ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 211.95 Td (contracts, customer relationships and technology) Tj ET Q q 0 0 0 rg BT 266.44 211.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.44 211.95 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.46 211.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.97 211.95 Td ($0.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.49 211.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.49 211.95 Td (28.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.01 211.95 Td (, mainly due to increased global ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 198.45 Td (product development activities.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 175.95 Td (Operating Expenses) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 159.03 175.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.07 175.95 Td ($19.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.59 175.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.67 175.95 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.20 175.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.21 175.95 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.74 175.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.24 175.95 Td ($2.1 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 162.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 162.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 162.45 Td (9.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.02 162.45 Td (. On a constant currency basis, operating expenses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.64 162.45 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.67 162.45 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.17 162.45 Td ($2.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.70 162.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.70 162.45 Td (10.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.22 162.45 Td (, mainly ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 148.95 Td (attributable to lower compensation costs and cost savings initiatives.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 126.45 Td (Adjusted EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 146.50 126.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.54 126.45 Td ($\(14.8\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.06 126.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.13 126.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.67 126.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.67 126.45 Td (an improvement) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.20 126.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.71 126.45 Td ($6.6 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 112.95 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 112.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 112.95 Td (30.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.03 112.95 Td (. On a constant currency basis, ) Tj ET Q q 0 0 0 rg BT 262.09 112.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 331.62 112.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.13 112.95 Td (improved) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.14 112.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.65 112.95 Td ($6.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.17 112.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.17 112.95 Td (31.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.69 112.95 Td (, explained by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 99.45 Td (the distribution from PLM in the current period and lower operating expenses.) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (24) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 668.45 Td (Adjusted EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 142.03 668.45 Td ( is a non-GAAP) Tj ET Q q 0 0 0 rg BT 203.90 668.45 Td ( measure. Please refer to the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 324.96 668.45 Td (PERFORMANCE INDICA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 427.30 668.45 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 432.63 668.45 Td (ORS \(INCLUDING ) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 654.95 Td (CER) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 90.84 654.95 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 95.67 654.95 Td (AIN NON-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.84 654.95 Td ( FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 210.19 654.95 Td ( MEASURES\)) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 266.20 654.95 Td ( section for additional information on this measure.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 614.0486328125 m 235.107421875 614.0486328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 615.95 Td (SEGMENTED INFORMA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 206.44 615.95 Td (TION) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 590.45 Td (Ef) Tj ET Q q 0 0 0 rg BT 80.34 590.45 Td (fective January 1, 2016, the Corporation was reorganized into a divisional structure, which consists of the following ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 576.95 Td (operating segments: ) Tj ET Q q 0 0 0 rg BT 155.55 576.95 Td (Americas Coalitions, International Coalitions and GLS. Previously) Tj ET Q q 0 0 0 rg BT 415.51 576.95 Td (, the Corporation was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 563.45 Td (organized in a regional structure and its operating segments were Canada, EMEA) Tj ET Q q 0 0 0 rg BT 397.19 563.45 Td ( and US & ) Tj ET Q q 0 0 0 rg BT 440.21 563.45 Td (AP) Tj ET Q q 0 0 0 rg BT 451.55 563.45 Td (AC. ) Tj ET Q q 0 0 0 rg BT 468.89 563.45 Td (The changes ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 549.95 Td (focus the Corporation on its core businesses for growth and leadership in data-driven marketing and loyalty analytics, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 536.45 Td (while also simplifying ) Tj ET Q q 0 0 0 rg BT 158.04 536.45 Td (Aimia's operations. ) Tj ET Q q 0 0 0 rg BT 235.79 536.45 Td (As a result, the comparative information has been restated to conform with ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 522.95 Td (the new segmentation.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 497.45 Td (Accounting policies relating to each segment are identical to those used for the purposes of the consolidated financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 483.95 Td (statements. Management of global shared services, global product development costs and share-based ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 470.45 Td (compensation is centralized and, consequently) Tj ET Q q 0 0 0 rg BT 257.95 470.45 Td (, these expenses are not allocated to the operating segments. For ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 456.95 Td (additional information on the determination of reportable and operating segments, refer to the interim consolidated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 443.45 Td (financial statements for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.06 443.45 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 262.11 443.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.61 443.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.15 443.45 Td (.) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 27.00 594.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 566.5 m 762.5 566.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 750.10 570.73 Td (25) Tj ET Q BT /F1 10.00 Tf ET BT /F2 17.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 27.00 546.60 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 280.71 546.60 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 321.63 546.60 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.28 546.60 Td (YSIS OF FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 530.37 546.60 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 634.57 546.60 Td (AND ) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 27.00 526.20 Td (RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 83.35 526.20 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 197.32 526.20 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 510.7 m 762.5 510.7 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 27.00 488.45 Td (The table below summarizes the relevant financial information by operating segment:) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 26.50 468.95 153.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 179.50 468.95 585.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 26.50 444.95 153.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 179.50 444.95 49.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 228.50 444.95 50.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 278.50 444.95 49.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 327.50 444.95 51.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 378.50 444.95 50.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 428.50 444.95 50.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 478.50 444.95 48.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 526.50 444.95 48.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 574.50 444.95 40.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 614.50 444.95 40.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 654.50 444.95 54.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 708.50 444.95 56.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 179.50 420.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 215.50 420.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 420.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 420.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 420.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 420.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 420.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 420.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 420.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 420.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 420.95 35.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 689.50 420.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 179.50 408.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 215.50 408.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 408.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 408.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 408.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 408.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 408.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 408.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 408.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 408.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 408.95 35.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 689.50 408.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 179.50 396.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 215.50 396.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 396.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 396.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 396.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 396.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 396.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 396.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 396.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 396.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 396.95 35.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 689.50 396.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 179.50 384.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 215.50 384.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 384.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 384.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 384.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 384.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 384.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 384.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 384.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 384.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 384.95 35.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 689.50 384.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 179.50 372.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 215.50 372.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 372.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 372.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 372.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 372.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 372.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 372.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 372.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 372.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 372.95 35.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 689.50 372.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 179.50 360.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 215.50 360.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 360.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 360.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 360.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 360.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 360.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 360.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 360.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 360.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 360.95 35.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 689.50 360.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 179.50 348.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 215.50 348.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 348.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 348.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 348.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 348.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 348.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 348.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 348.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 348.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 348.95 35.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 689.50 348.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 179.50 336.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 215.50 336.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 336.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 336.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 336.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 336.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 336.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 336.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 336.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 336.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 336.95 35.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 689.50 336.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 179.50 324.95 36.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 215.50 324.95 13.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 324.95 36.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 324.95 13.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 324.95 36.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 324.95 14.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 324.95 36.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 324.95 12.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 324.95 36.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 324.95 4.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 324.95 35.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 689.50 324.95 19.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 179.50 305.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 215.50 305.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 305.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 305.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 305.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 305.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 305.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 305.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 305.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 305.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 305.95 35.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 689.50 305.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 179.50 293.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 215.50 293.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 293.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 293.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 293.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 293.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 293.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 293.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 293.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 293.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 293.95 35.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 689.50 293.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 179.50 281.95 36.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 215.50 281.95 13.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 281.95 36.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 281.95 13.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 281.95 36.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 281.95 14.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 281.95 36.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 281.95 12.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 281.95 36.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 281.95 4.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 281.95 35.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 689.50 281.95 19.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 179.50 264.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 215.50 264.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 264.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 264.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 264.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 264.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 264.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 264.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 264.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 264.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 264.95 35.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 689.50 264.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 179.50 252.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 215.50 252.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 252.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 252.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 252.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 252.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 252.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 252.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 252.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 252.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 252.95 35.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 689.50 252.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 179.50 240.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 215.50 240.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 240.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 240.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 240.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 240.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 240.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 240.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 240.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 240.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 240.95 35.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 689.50 240.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 179.50 228.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 215.50 228.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 228.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 228.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 228.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 228.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 228.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 228.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 228.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 228.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 228.95 35.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 689.50 228.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 179.50 216.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 215.50 216.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 216.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 216.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 216.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 216.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 216.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 216.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 216.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 216.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 216.95 35.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 689.50 216.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 179.50 204.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 215.50 204.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 204.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 204.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 204.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 204.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 204.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 204.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 204.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 204.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 204.95 35.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 689.50 204.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 179.50 192.95 36.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 215.50 192.95 13.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 192.95 36.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 192.95 13.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 192.95 36.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 192.95 14.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 192.95 36.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 192.95 12.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 192.95 36.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 192.95 4.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 192.95 35.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 689.50 192.95 19.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 179.50 173.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 215.50 173.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 173.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 173.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 173.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 173.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 173.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 173.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 173.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 173.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 173.95 35.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 689.50 173.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 179.50 161.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 215.50 161.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 161.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 161.95 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 161.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 161.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 161.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 161.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 161.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 161.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 161.95 35.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 689.50 161.95 19.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 396.95 m 179.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 179.5 396.95 m 215.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 215.5 396.95 m 228.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 228.5 396.95 m 264.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 264.5 396.95 m 278.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 396.95 m 314.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 396.95 m 327.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 396.95 m 363.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 396.95 m 378.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 396.95 m 414.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 396.95 m 428.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 396.95 m 464.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 396.95 m 478.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 396.95 m 514.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 396.95 m 526.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 396.95 m 562.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 562.5 396.95 m 574.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 396.95 m 610.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 610.5 396.95 m 614.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 396.95 m 650.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 650.5 396.95 m 654.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 654.5 396.95 m 689.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 689.5 396.95 m 708.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 708.5 396.95 m 743.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 396.95 m 764.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 384.95 m 179.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 179.5 384.95 m 215.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 215.5 384.95 m 228.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 228.5 384.95 m 264.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 264.5 384.95 m 278.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 384.95 m 314.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 384.95 m 327.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 384.95 m 363.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 384.95 m 378.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 384.95 m 414.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 384.95 m 428.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 384.95 m 464.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 384.95 m 478.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 384.95 m 514.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 384.95 m 526.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 384.95 m 562.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 562.5 384.95 m 574.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 384.95 m 610.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 610.5 384.95 m 614.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 384.95 m 650.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 650.5 384.95 m 654.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 654.5 384.95 m 689.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 689.5 384.95 m 708.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 708.5 384.95 m 743.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 384.95 m 764.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 179.5 348.95 m 215.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 228.5 348.95 m 264.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 348.95 m 314.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 348.95 m 363.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 348.95 m 414.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 348.95 m 464.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 348.95 m 514.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 348.95 m 562.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 348.95 m 610.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 348.95 m 650.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 348.95 m 179.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 179.5 348.95 m 215.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 215.5 348.95 m 228.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 228.5 348.95 m 264.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 264.5 348.95 m 278.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 348.95 m 314.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 348.95 m 327.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 348.95 m 363.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 348.95 m 378.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 348.95 m 414.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 348.95 m 428.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 348.95 m 464.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 348.95 m 478.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 348.95 m 514.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 348.95 m 526.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 348.95 m 562.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 562.5 348.95 m 574.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 348.95 m 610.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 610.5 348.95 m 614.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 348.95 m 650.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 650.5 348.95 m 654.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 654.5 348.95 m 689.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 689.5 348.95 m 708.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 708.5 348.95 m 743.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 348.95 m 764.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 179.5 324.95 m 215.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 228.5 324.95 m 264.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 324.95 m 314.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 324.95 m 363.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 324.95 m 414.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 324.95 m 464.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 324.95 m 514.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 324.95 m 562.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 324.95 m 610.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 324.95 m 650.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 324.95 m 179.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 179.5 324.95 m 215.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 215.5 324.95 m 228.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 228.5 324.95 m 264.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 264.5 324.95 m 278.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 324.95 m 314.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 324.95 m 327.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 324.95 m 363.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 324.95 m 378.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 324.95 m 414.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 324.95 m 428.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 324.95 m 464.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 324.95 m 478.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 324.95 m 514.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 324.95 m 526.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 324.95 m 562.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 562.5 324.95 m 574.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 324.95 m 610.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 610.5 324.95 m 614.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 324.95 m 650.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 650.5 324.95 m 654.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 654.5 324.95 m 689.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 689.5 324.95 m 708.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 708.5 324.95 m 743.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 324.95 m 764.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 293.95 m 179.5 293.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 179.5 293.95 m 215.5 293.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 215.5 293.95 m 228.5 293.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 228.5 293.95 m 264.5 293.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 264.5 293.95 m 278.5 293.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 293.95 m 314.5 293.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 293.95 m 327.5 293.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 293.95 m 363.5 293.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 293.95 m 378.5 293.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 293.95 m 414.5 293.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 293.95 m 428.5 293.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 293.95 m 464.5 293.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 293.95 m 478.5 293.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 293.95 m 514.5 293.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 293.95 m 526.5 293.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 293.95 m 562.5 293.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 562.5 293.95 m 574.5 293.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 293.95 m 610.5 293.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 610.5 293.95 m 614.5 293.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 293.95 m 650.5 293.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 650.5 293.95 m 654.5 293.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 654.5 293.95 m 689.5 293.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 689.5 293.95 m 708.5 293.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 708.5 293.95 m 743.5 293.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 293.95 m 764.5 293.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 252.95 m 179.5 252.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 179.5 252.95 m 215.5 252.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 215.5 252.95 m 228.5 252.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 228.5 252.95 m 264.5 252.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 264.5 252.95 m 278.5 252.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 252.95 m 314.5 252.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 252.95 m 327.5 252.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 252.95 m 363.5 252.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 252.95 m 378.5 252.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 252.95 m 414.5 252.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 252.95 m 428.5 252.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 252.95 m 464.5 252.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 252.95 m 478.5 252.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 252.95 m 514.5 252.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 252.95 m 526.5 252.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 252.95 m 562.5 252.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 562.5 252.95 m 574.5 252.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 252.95 m 610.5 252.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 610.5 252.95 m 614.5 252.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 252.95 m 650.5 252.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 650.5 252.95 m 654.5 252.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 654.5 252.95 m 689.5 252.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 689.5 252.95 m 708.5 252.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 708.5 252.95 m 743.5 252.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 252.95 m 764.5 252.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 252.95 m 179.5 252.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 240.95 m 179.5 240.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 179.5 252.95 m 215.5 252.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 179.5 240.95 m 215.5 240.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 215.5 252.95 m 228.5 252.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 215.5 240.95 m 228.5 240.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 228.5 252.95 m 264.5 252.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 228.5 240.95 m 264.5 240.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 264.5 252.95 m 278.5 252.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 264.5 240.95 m 278.5 240.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 252.95 m 314.5 252.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 240.95 m 314.5 240.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 252.95 m 327.5 252.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 240.95 m 327.5 240.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 252.95 m 363.5 252.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 240.95 m 363.5 240.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 252.95 m 378.5 252.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 240.95 m 378.5 240.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 252.95 m 414.5 252.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 240.95 m 414.5 240.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 252.95 m 428.5 252.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 240.95 m 428.5 240.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 252.95 m 464.5 252.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 240.95 m 464.5 240.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 252.95 m 478.5 252.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 240.95 m 478.5 240.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 252.95 m 514.5 252.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 240.95 m 514.5 240.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 252.95 m 526.5 252.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 240.95 m 526.5 240.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 252.95 m 562.5 252.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 240.95 m 562.5 240.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 562.5 252.95 m 574.5 252.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 562.5 240.95 m 574.5 240.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 252.95 m 610.5 252.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 240.95 m 610.5 240.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 610.5 252.95 m 614.5 252.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 610.5 240.95 m 614.5 240.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 252.95 m 650.5 252.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 240.95 m 650.5 240.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 650.5 252.95 m 654.5 252.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 650.5 240.95 m 654.5 240.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 654.5 252.95 m 689.5 252.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 654.5 240.95 m 689.5 240.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 689.5 252.95 m 708.5 252.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 689.5 240.95 m 708.5 240.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 708.5 252.95 m 743.5 252.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 708.5 240.95 m 743.5 240.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 252.95 m 764.5 252.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 240.95 m 764.5 240.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 228.95 m 179.5 228.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 216.95 m 179.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 179.5 228.95 m 215.5 228.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 179.5 216.95 m 215.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 215.5 228.95 m 228.5 228.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 215.5 216.95 m 228.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 228.5 228.95 m 264.5 228.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 228.5 216.95 m 264.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 264.5 228.95 m 278.5 228.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 264.5 216.95 m 278.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 228.95 m 314.5 228.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 216.95 m 314.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 228.95 m 327.5 228.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 216.95 m 327.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 228.95 m 363.5 228.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 216.95 m 363.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 228.95 m 378.5 228.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 216.95 m 378.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 228.95 m 414.5 228.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 216.95 m 414.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 228.95 m 428.5 228.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 216.95 m 428.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 228.95 m 464.5 228.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 216.95 m 464.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 228.95 m 478.5 228.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 216.95 m 478.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 228.95 m 514.5 228.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 216.95 m 514.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 228.95 m 526.5 228.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 216.95 m 526.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 228.95 m 562.5 228.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 216.95 m 562.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 562.5 228.95 m 574.5 228.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 562.5 216.95 m 574.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 228.95 m 610.5 228.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 216.95 m 610.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 610.5 228.95 m 614.5 228.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 610.5 216.95 m 614.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 228.95 m 650.5 228.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 216.95 m 650.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 650.5 228.95 m 654.5 228.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 650.5 216.95 m 654.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 654.5 228.95 m 689.5 228.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 654.5 216.95 m 689.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 689.5 228.95 m 708.5 228.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 689.5 216.95 m 708.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 708.5 228.95 m 743.5 228.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 708.5 216.95 m 743.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 228.95 m 764.5 228.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 216.95 m 764.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 179.5 216.95 m 215.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 228.5 216.95 m 264.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 216.95 m 314.5 216.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 173.95 m 179.5 173.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 179.5 173.95 m 215.5 173.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 215.5 173.95 m 228.5 173.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 228.5 173.95 m 264.5 173.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 264.5 173.95 m 278.5 173.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 173.95 m 314.5 173.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 173.95 m 327.5 173.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 173.95 m 363.5 173.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 173.95 m 378.5 173.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 173.95 m 414.5 173.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 173.95 m 428.5 173.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 173.95 m 464.5 173.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 173.95 m 478.5 173.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 173.95 m 514.5 173.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 173.95 m 526.5 173.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 173.95 m 562.5 173.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 562.5 173.95 m 574.5 173.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 173.95 m 610.5 173.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 610.5 173.95 m 614.5 173.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 173.95 m 650.5 173.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 650.5 173.95 m 654.5 173.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 654.5 173.95 m 689.5 173.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 689.5 173.95 m 708.5 173.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 708.5 173.95 m 743.5 173.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 173.95 m 764.5 173.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 149.95 m 179.5 149.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 149.95 m 215.5 149.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 149.95 m 228.5 149.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 149.95 m 264.5 149.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 149.95 m 278.5 149.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 149.95 m 314.5 149.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 149.95 m 327.5 149.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 149.95 m 363.5 149.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 149.95 m 378.5 149.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 149.95 m 414.5 149.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 149.95 m 428.5 149.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 149.95 m 464.5 149.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 149.95 m 478.5 149.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 149.95 m 514.5 149.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 149.95 m 526.5 149.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 149.95 m 562.5 149.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 149.95 m 574.5 149.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 574.5 149.95 m 610.5 149.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 610.5 149.95 m 614.5 149.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 614.5 149.95 m 650.5 149.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 650.5 149.95 m 654.5 149.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 654.5 149.95 m 689.5 149.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 689.5 149.95 m 708.5 149.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 708.5 149.95 m 743.5 149.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 743.5 149.95 m 764.5 149.95 l s BT /F2 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 419.75 455.15 Td (Three Months Ended March 31,) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 29.00 436.73 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 195.70 436.95 Td (2016) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 245.20 436.95 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 294.70 436.95 Td (2016) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 344.70 436.95 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 395.20 436.95 Td (2016) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 445.20 436.95 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 494.20 436.95 Td (2016) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 542.20 436.95 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 586.20 436.95 Td (2016) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 626.20 436.95 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 673.20 436.95 Td (2016) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 728.20 436.95 Td (2015) Tj ET Q BT /F2 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 29.00 424.95 Td (Operating Segments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 194.85 424.95 Td (Americas Coalitions) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 289.10 424.95 Td (International Coalitions) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 420.80 424.95 Td (GLS) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 505.35 424.95 Td (Corporate ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 540.74 428.29 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 593.15 424.95 Td (Eliminations) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 686.80 424.95 Td (Consolidated) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 412.95 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 195.10 412.95 Td (284.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 244.10 412.95 Td (284.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 294.10 413.00 Td (141.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 343.05 412.95 Td (160.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 404.65 412.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.65 412.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.65 412.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.65 412.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 600.65 412.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 640.65 412.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 669.10 412.95 Td (425.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 412.95 Td (445.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 400.95 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 199.00 400.95 Td (67.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 248.00 400.95 Td (77.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.00 400.95 Td (25.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.00 400.95 Td (19.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 398.00 400.95 Td (55.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 448.00 400.95 Td (53.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.65 400.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.65 400.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 595.55 400.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 607.65 400.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 635.55 400.95 Td (\(0.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 647.65 400.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 669.10 400.95 Td (147.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 400.95 Td (150.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 29.00 388.95 Td (Total Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 195.10 388.95 Td (351.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 244.10 388.95 Td (361.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 294.10 389.00 Td (166.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 343.05 388.95 Td (180.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 398.00 388.95 Td (55.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 448.00 388.95 Td (53.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.65 388.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.65 388.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 595.55 388.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 607.65 388.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 635.55 388.95 Td (\(0.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 647.65 388.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 669.10 388.95 Td (573.0) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 692.00 389.43 Td (\(c\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 388.95 Td (595.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 746.00 389.43 Td (\(c\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 376.95 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 195.10 376.95 Td (299.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 244.10 376.95 Td (304.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 294.10 377.00 Td (122.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 343.05 376.95 Td (203.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 404.65 376.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.65 376.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.65 376.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.65 376.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 600.65 376.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 640.65 376.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 669.10 376.95 Td (421.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 376.95 Td (508.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 364.95 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 199.00 364.95 Td (68.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 248.00 364.95 Td (78.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.00 364.95 Td (25.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.00 364.95 Td (19.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 398.00 364.95 Td (54.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 448.00 364.95 Td (53.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.65 364.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.65 364.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 600.65 364.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 640.65 364.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 669.10 364.95 Td (148.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 364.95 Td (151.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 352.95 Td (Intercompany revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 205.65 352.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 254.65 352.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 301.90 352.95 Td (0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 350.90 352.95 Td (0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 401.90 352.95 Td (0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.90 352.95 Td (0.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.65 352.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.65 352.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 595.55 352.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 607.65 352.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 635.55 352.95 Td (\(0.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 647.65 352.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 679.65 352.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 733.65 352.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 29.00 340.95 Td (Total revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 195.10 340.95 Td (367.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 244.10 340.95 Td (383.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 294.10 341.00 Td (147.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 343.05 340.95 Td (223.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 398.00 340.95 Td (54.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 448.00 340.95 Td (53.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.65 340.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.65 340.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 595.55 340.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 607.65 340.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 635.55 340.95 Td (\(0.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 647.65 340.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 669.10 340.95 Td (570.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 340.95 Td (660.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 328.95 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 195.10 328.95 Td (238.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 244.10 328.95 Td (258.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.00 328.95 Td (98.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 343.05 328.95 Td (141.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 398.00 328.95 Td (32.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 448.00 328.95 Td (30.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.65 328.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.65 328.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 600.65 328.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 635.55 328.95 Td (\(0.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 647.65 328.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 669.10 328.95 Td (369.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 328.95 Td (430.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 29.00 316.95 Td (Gross margin before depreciation and) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 309.95 Td (amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 195.10 309.95 Td (129.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 244.10 309.95 Td (125.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.00 309.95 Td (49.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.00 309.95 Td (81.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 398.00 309.95 Td (22.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 448.00 309.95 Td (22.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.65 309.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.65 309.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 595.55 309.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 607.65 309.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 635.55 309.95 Td (\(0.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 647.65 309.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 669.10 309.95 Td (200.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 309.95 Td (229.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 297.95 Td (Depreciation and amortization ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 123.94 301.29 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 199.00 297.95 Td (36.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 248.00 297.95 Td (37.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 301.90 297.95 Td (4.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 350.90 297.95 Td (3.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 401.90 297.95 Td (1.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.90 297.95 Td (1.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 501.90 297.95 Td (3.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 549.90 297.95 Td (2.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 600.65 297.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 640.65 297.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 673.00 297.95 Td (45.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 727.00 297.95 Td (45.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 285.95 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 199.00 285.95 Td (92.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 248.00 285.95 Td (87.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.00 285.95 Td (45.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.00 285.95 Td (77.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 398.00 285.95 Td (20.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 448.00 285.95 Td (21.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 499.55 286.00 Td (\(3.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 511.65 285.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 547.55 285.95 Td (\(2.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 559.65 285.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 595.55 285.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 607.65 285.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 635.55 285.95 Td (\(0.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 647.65 285.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 669.10 285.95 Td (154.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 285.95 Td (183.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 274.35 Td (Operating expenses before share-based) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 267.35 Td (compensation) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 199.00 268.95 Td (84.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 248.00 268.95 Td (79.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.00 268.95 Td (35.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.00 268.95 Td (35.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 398.00 268.95 Td (25.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 448.00 268.95 Td (21.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 498.00 268.95 Td (17.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 546.00 268.95 Td (19.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 595.55 268.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 607.65 268.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 635.55 268.95 Td (\(0.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 647.65 268.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 669.10 268.95 Td (161.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 268.95 Td (155.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 256.95 Td ( Share-based compensation) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 205.65 256.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 254.65 256.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 304.65 256.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 353.65 256.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 404.65 256.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.65 256.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 501.90 256.95 Td (2.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 549.90 256.95 Td (2.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 600.65 256.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 640.65 256.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 676.90 256.95 Td (2.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 730.90 256.95 Td (2.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 244.95 Td (Total operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 199.00 244.95 Td (84.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 248.00 244.95 Td (79.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.00 244.95 Td (35.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.00 244.95 Td (35.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 398.00 244.95 Td (25.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 448.00 244.95 Td (21.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 498.00 244.95 Td (19.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 546.00 244.95 Td (21.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 595.55 244.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 607.65 244.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 635.55 244.95 Td (\(0.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 647.65 244.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 669.10 244.95 Td (163.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 244.95 Td (157.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 29.00 232.95 Td (Operating income \(loss\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 202.90 232.95 Td (8.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 251.90 232.95 Td (8.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.00 232.95 Td (10.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.00 232.95 Td (42.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 399.50 232.95 Td (\(4.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 411.65 232.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.65 232.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 495.65 232.95 Td (\(22.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 511.65 232.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 543.65 232.95 Td (\(23.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 559.65 232.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 600.65 232.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 640.65 232.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 674.55 232.95 Td (\(8.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 686.65 232.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 727.00 232.95 Td (26.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 29.00 220.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 86.69 220.95 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 88.63 224.29 Td (\(f\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 199.00 220.95 Td (49.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 248.00 220.95 Td (53.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.00 220.95 Td (17.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.00 220.95 Td (18.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 399.50 220.95 Td (\(2.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 411.65 220.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.90 220.95 Td (1.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 495.65 220.95 Td (\(14.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 511.65 220.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 543.65 220.95 Td (\(21.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 559.65 220.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 600.65 220.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 640.65 220.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 673.00 220.95 Td (48.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 727.00 220.95 Td (52.1) Tj ET Q BT /F3 7.00 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 29 207.95576171874995 m 120.83056640625 207.95576171874995 l s q 0 0 0 rg BT 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169.29 Td (\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 202.90 165.95 Td (8.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 248.00 165.95 Td (12.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 301.90 165.95 Td (5.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 350.90 165.95 Td (4.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 401.90 165.95 Td (1.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.90 165.95 Td (0.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 501.90 165.95 Td (4.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 549.90 165.95 Td (3.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 595.20 165.95 Td (N/A) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 635.70 165.95 Td (N/A) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 673.00 165.95 Td (19.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 727.00 165.95 Td (20.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 153.95 Td (Non-current assets ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 90.08 157.29 Td (\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 189.25 153.95 Td 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RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (26) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG 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Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 636.20 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 636.20 Td (Includes global shared services, global product development costs and share-based compensation. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 615.20 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 615.20 Td (Includes third party Gross Billings of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 219.83 615.20 Td ($317.8 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 269.20 615.20 Td ( in Canada, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 312.34 615.20 Td ($159.0 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.70 615.20 Td ( in the UK and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 414.62 615.20 Td ($41.1 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.54 615.20 Td ( in the US for the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 603.20 Td (three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 161.16 603.20 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 163.38 603.20 Td (March31, 2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 218.97 603.20 Td (, compared to third party Gross Billings of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 367.92 603.20 Td ($327.6 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 417.29 603.20 Td ( in Canada, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.43 603.20 Td ($161.0 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 509.79 603.20 Td ( in the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 591.20 Td (UK and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 118.91 591.20 Td ($43.4 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 163.82 591.20 Td ( in the US for the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 226.07 591.20 Td (three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 297.23 591.20 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 299.46 591.20 Td (March31, 2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 355.05 591.20 Td (. ) Tj ET Q q 0 0 0 rg BT 359.35 591.20 Td (Third party Gross Billings are attributed to a ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 579.20 Td (country on the basis of the country where the contractual and management responsibility for the customer resides.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 558.20 Td (\(d\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 558.20 Td (Non-current assets include amounts relating to goodwill, intangible assets and property and equipment.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 537.20 Td (\(e\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 537.20 Td (Includes non-current assets of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 199.39 537.20 Td ($2,877.2 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 255.43 537.20 Td ( in Canada, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 298.57 537.20 Td ($554.4 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 347.93 537.20 Td ( in the UK and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.85 537.20 Td ($64.7 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.77 537.20 Td ( in the US as of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.68 537.20 Td (March31, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 525.20 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 107.80 525.20 Td (, compared to non-current assets of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 236.30 525.20 Td ($3,000.9 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 292.34 525.20 Td ( in Canada, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 335.48 525.20 Td ($503.7 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.84 525.20 Td ( in the UK and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.77 525.20 Td ($73.1 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.68 525.20 Td ( in the US as of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 513.20 Td (March31, 2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 145.59 513.20 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 492.20 Td (\(f\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 492.20 Td (A) Tj ET Q q 0 0 0 rg BT 94.89 492.20 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 135.21 492.20 Td ( measurement. Please refer to ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 245.04 492.20 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 430.61 492.20 Td ( financial measures\)) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 502.20 492.20 Td (.) Tj ET Q endstream endobj 57 0 obj <> endobj 58 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 36.00 594.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 566.5 m 755.5 566.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 743.10 570.73 Td (27) Tj ET Q BT /F1 10.00 Tf ET BT /F2 17.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 27.00 546.60 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 280.71 546.60 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 321.63 546.60 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.28 546.60 Td (YSIS OF FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 530.37 546.60 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 634.57 546.60 Td (AND ) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 27.00 526.20 Td (RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 83.35 526.20 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 197.32 526.20 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 510.7 m 755.5 510.7 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 27 484.3986328125 m 243.462890625 484.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 27.00 486.30 Td (SUMMAR) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 80.55 486.30 Td (Y) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 88.34 486.30 Td ( OF QUARTERL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 177.23 486.30 Td (Y) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 185.02 486.30 Td ( RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 228.13 486.30 Td (TS) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 27.00 460.80 Td (This section includes sequential quarterly data for the eight quarters ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.18 460.80 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.72 460.80 Td (.) 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426.30 16.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 311.50 413.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 413.30 17.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 311.50 400.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 400.30 17.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 311.50 387.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 387.30 17.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 311.50 374.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 374.30 17.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 311.50 361.30 39.00 -13.00 re f /GS0 gs 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0.807843137254902 rg /GS0 gs 311.50 288.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 288.30 17.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 311.50 275.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 275.30 17.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 311.50 262.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 262.30 17.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 311.50 249.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 249.30 17.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 311.50 236.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 236.30 17.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 311.50 223.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 223.30 17.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 311.50 210.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 210.30 17.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 311.50 197.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 197.30 17.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 311.50 184.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 184.30 17.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 311.50 171.30 39.00 -13.00 re f /GS0 gs 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RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 575.5 145.3 m 591.5 145.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 591.5 158.3 m 591.5 145.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 591.5 158.3 m 630.5 158.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 591.5 145.3 m 630.5 145.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 630.5 158.3 m 647.5 158.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 630.5 145.3 m 647.5 145.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 647.5 158.3 m 686.5 158.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 647.5 145.3 m 686.5 145.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 686.5 158.3 m 701.5 158.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 686.5 145.3 m 701.5 145.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 701.5 158.3 m 740.5 158.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 701.5 145.3 m 740.5 145.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 740.5 158.3 m 756.5 158.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 740.5 145.3 m 756.5 145.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 145.3 m 311.5 145.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 132.3 m 311.5 132.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 145.3 m 350.5 145.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 132.3 m 350.5 132.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 145.3 m 367.5 145.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 132.3 m 367.5 132.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 145.3 m 367.5 132.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 145.3 m 406.5 145.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 132.3 m 406.5 132.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 145.3 m 423.5 145.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 132.3 m 423.5 132.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 145.3 m 462.5 145.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 132.3 m 462.5 132.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 145.3 m 478.5 145.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 132.3 m 478.5 132.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 145.3 m 517.5 145.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 132.3 m 517.5 132.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 145.3 m 536.5 145.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 132.3 m 536.5 132.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 145.3 m 575.5 145.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 536.5 132.3 m 575.5 132.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 575.5 145.3 m 591.5 145.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 575.5 132.3 m 591.5 132.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 591.5 145.3 m 591.5 132.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 591.5 145.3 m 630.5 145.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 591.5 132.3 m 630.5 132.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 630.5 145.3 m 647.5 145.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 630.5 132.3 m 647.5 132.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 647.5 145.3 m 686.5 145.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 647.5 132.3 m 686.5 132.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 686.5 145.3 m 701.5 145.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 686.5 132.3 m 701.5 132.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 701.5 145.3 m 740.5 145.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 701.5 132.3 m 740.5 132.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 740.5 145.3 m 756.5 145.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 740.5 132.3 m 756.5 132.3 l s BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 321.60 430.53 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 470.10 430.53 Td (2015) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 664.60 430.53 Td (2014) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 30.00 417.25 Td (\(in millions of Canadian dollars, except per share amounts\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 325.15 417.53 Td (Q1) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 381.15 417.53 Td (Q4) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 437.15 417.53 Td (Q3) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 492.15 417.53 Td (Q2) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 550.15 417.53 Td (Q1) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 605.15 417.53 Td (Q4) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 656.85 417.53 Td (Q3 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 1 1 1 rg BT 669.74 421.34 Td (\(d\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 710.85 417.53 Td (Q2 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 1 1 1 rg BT 723.74 421.34 Td (\(d\)) Tj ET Q BT /F2 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 30.00 404.53 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.25 404.53 Td (425.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.25 404.53 Td (506.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 439.25 404.53 Td (422.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.25 404.53 Td (458.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 552.25 404.53 Td (445.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 607.25 404.53 Td (497.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 663.25 404.53 Td (472.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 717.25 404.53 Td (491.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 391.53 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.25 391.53 Td (147.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.25 391.53 Td (181.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 439.25 391.53 Td (157.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.25 391.53 Td (147.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 552.25 391.53 Td (150.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 607.25 391.53 Td (191.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 663.25 391.53 Td (160.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 717.25 391.53 Td (157.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 378.53 Td (Gross Billings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.25 378.53 Td (573.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.25 378.53 Td (688.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 439.25 378.53 Td (580.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.25 378.53 Td (605.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 552.25 378.53 Td (595.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 607.25 378.53 Td (688.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 663.25 378.53 Td (633.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 717.25 378.53 Td (648.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 365.53 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.25 365.53 Td (570.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.25 365.53 Td (734.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 439.25 365.53 Td (529.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.25 365.53 Td (536.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 552.25 365.53 Td (660.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 607.25 365.53 Td (761.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 633.00 365.08 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 663.25 365.53 Td (543.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 717.25 365.53 Td (555.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 30.00 352.53 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.55 352.53 Td (\(369.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.30 352.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.55 352.53 Td (\(483.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 403.30 352.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.55 352.53 Td (\(341.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.30 352.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 491.60 352.53 Td (\(346.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.30 352.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.60 352.53 Td (\(430.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 572.30 352.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 604.60 352.53 Td (\(493.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 627.30 352.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 660.60 352.53 Td (\(353.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 683.30 352.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 714.60 352.53 Td (\(354.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 737.30 352.53 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 339.53 Td (Gross margin before depreciation and amortization ) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 226.93 343.34 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.25 339.53 Td (200.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.25 339.53 Td (250.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 439.25 339.53 Td (187.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.25 339.53 Td (190.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 552.25 339.53 Td (229.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 607.25 339.53 Td (267.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 633.00 339.08 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 663.25 339.53 Td (190.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 717.25 339.53 Td (200.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 30.00 326.53 Td (Operating expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.55 326.53 Td (\(163.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.30 326.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.55 326.53 Td (\(215.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 403.30 326.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 409.00 326.08 Td (\(e\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.55 326.53 Td (\(171.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.30 326.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 491.60 326.53 Td (\(120.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.30 326.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 520.00 326.08 Td (\(f\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.60 326.53 Td (\(157.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 572.30 326.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 604.60 326.53 Td (\(189.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 627.30 326.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 660.60 326.53 Td (\(160.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 683.30 326.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 714.60 326.53 Td (\(168.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 737.30 326.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 30.00 313.53 Td (Depreciation and amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.05 313.53 Td (\(12.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.30 313.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 385.05 313.53 Td (\(16.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 403.30 313.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.05 313.53 Td (\(15.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.30 313.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 496.05 313.53 Td (\(13.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.30 313.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 554.05 313.53 Td (\(12.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 572.30 313.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 609.05 313.53 Td (\(15.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 627.30 313.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 665.05 313.53 Td (\(12.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 683.30 313.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 719.05 313.53 Td (\(12.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 737.30 313.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 30.00 300.53 Td (Amortization of Accumulation Partners contracts, customer relationships and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 292.53 Td (technology) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.05 292.53 Td (\(32.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.30 292.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 385.05 292.53 Td (\(37.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 403.30 292.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.05 292.53 Td (\(33.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.30 292.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 496.05 292.53 Td (\(33.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.30 292.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 554.05 292.53 Td (\(33.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 572.30 292.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 609.05 292.53 Td (\(34.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 627.30 292.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 665.05 292.53 Td (\(32.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 683.30 292.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 719.05 292.53 Td (\(33.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 737.30 292.53 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 279.53 Td (Operating income \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.50 279.53 Td (\(8.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.30 279.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 385.05 279.53 Td (\(18.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 403.30 279.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 409.00 279.08 Td (\(e\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.05 279.53 Td (\(32.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.30 279.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 498.70 279.53 Td (23.3) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 520.00 279.08 Td (\(f\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 556.70 279.53 Td (26.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 611.70 279.53 Td (28.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 633.00 279.08 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 665.05 279.53 Td (\(16.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 683.30 279.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 719.05 279.53 Td (\(12.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 737.30 279.53 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 266.53 Td (Net earnings \(loss\) attributable to equity holders of the Corporation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.05 266.53 Td (\(14.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.30 266.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 385.05 266.53 Td (\(26.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 403.30 266.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 409.00 266.08 Td (\(e\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.05 266.53 Td (\(26.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.30 266.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 498.70 266.53 Td (31.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 520.00 266.08 Td (\(h\)\(i\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 556.70 266.53 Td (21.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 611.70 266.53 Td (20.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 633.00 266.08 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 665.05 266.53 Td (\(24.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 683.30 266.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 719.05 266.53 Td (\(19.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 737.30 266.53 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 253.53 Td (Adjusted EBITDA) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 96.22 253.53 Td ( ) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 98.45 257.34 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.70 253.53 Td (48.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.70 253.53 Td (63.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 443.70 253.53 Td (46.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.25 253.53 Td (107.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 520.00 253.08 Td (\(f\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 556.70 253.53 Td (52.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 611.70 253.53 Td (60.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 667.70 253.53 Td (63.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 721.70 253.53 Td (58.7) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 30 239.38515625000002 m 134.94921875 239.38515625000002 l s q 0 0 0 rg BT 30.00 240.53 Td (Included in Adjusted EBITDA:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 30.00 227.53 Td (Change in Future Redemption Costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.15 227.53 Td (3.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.70 227.53 Td (43.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.05 227.53 Td (\(25.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.30 227.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 496.05 227.53 Td (\(40.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.30 227.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 556.70 227.53 Td (45.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 611.70 227.53 Td (49.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 665.05 227.53 Td (\(59.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 683.30 227.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 719.05 227.53 Td (\(73.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 737.30 227.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 30.00 214.53 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.15 214.53 Td (5.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.70 214.53 Td (16.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 448.15 214.53 Td (4.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 498.70 214.53 Td (10.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 564.25 214.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 616.15 214.53 Td (5.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 672.15 214.53 Td (3.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 726.15 214.53 Td (7.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 201.53 Td (Net earnings \(loss\) attributable to equity holders of the Corporation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.05 201.53 Td (\(14.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.30 201.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 385.05 201.53 Td (\(26.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 403.30 201.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 409.00 201.08 Td (\(e\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.05 201.53 Td (\(26.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.30 201.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 498.70 201.53 Td (31.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 520.00 201.08 Td (\(h\)\(i\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 556.70 201.53 Td (21.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 611.70 201.53 Td (20.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 633.00 201.08 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 665.05 201.53 Td (\(24.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 683.30 201.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 719.05 201.53 Td (\(19.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 737.30 201.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 30.00 188.53 Td (Earnings \(loss\) per common share) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 152.27 192.34 Td ( \(c\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.05 188.53 Td (\(0.12) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.30 188.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 385.05 188.53 Td (\(0.19) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 403.30 188.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 409.00 188.08 Td (\(e\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.05 188.53 Td (\(0.20) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.30 188.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 498.70 188.53 Td (0.17) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 520.00 188.08 Td (\(h\)\(i\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 556.70 188.53 Td (0.10) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 611.70 188.53 Td (0.09) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 633.00 188.08 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 665.05 188.53 Td (\(0.17) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 683.30 188.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 719.05 188.53 Td (\(0.14) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 737.30 188.53 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 175.53 Td (Free Cash Flow before Dividends Paid ) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 177.59 179.34 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.05 175.53 Td (\(18.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.30 175.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.70 175.53 Td (78.9) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 409.00 175.08 Td (\(g\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 443.70 175.53 Td (59.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 498.70 175.53 Td (59.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 561.15 175.53 Td (5.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 578.00 175.08 Td (\(j\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 611.70 175.53 Td (17.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 633.00 175.08 Td (\(j\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 667.70 175.53 Td (56.3) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 689.00 175.08 Td (\(g\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 717.25 175.53 Td (153.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 743.00 175.08 Td (\(j\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 162.53 Td (Free Cash Flow) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 89.13 166.34 Td ( \(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.05 162.53 Td (\(52.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.30 162.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.70 162.53 Td (45.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 409.00 162.08 Td (\(g\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 443.70 162.53 Td (24.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 498.70 162.53 Td (22.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 554.05 162.53 Td (\(30.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 572.30 162.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 578.00 162.08 Td (\(j\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 609.05 162.53 Td (\(19.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 627.30 162.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 633.00 162.08 Td (\(j\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 667.70 162.53 Td (19.9) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 689.00 162.08 Td (\(g\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 717.25 162.53 Td (116.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 743.00 162.08 Td (\(j\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 30.00 149.53 Td (Future Redemption Cost liability - Unbroken Loyalty Units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.55 149.53 Td (2,293.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.55 149.53 Td (2,305.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 432.55 149.53 Td (2,351.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.60 149.53 Td (2,332.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 545.60 149.53 Td (2,293.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 600.60 149.53 Td (2,225.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 656.60 149.53 Td (2,284.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 710.60 149.53 Td (2,226.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 30.00 136.53 Td (Potential redemption liability - Broken Loyalty Units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.25 136.53 Td (890.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.25 136.53 Td (883.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 439.25 136.53 Td (863.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.25 136.53 Td (860.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 552.25 136.53 Td (852.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 607.25 136.53 Td (862.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 663.25 136.53 Td (815.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 717.25 136.53 Td (800.0) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 59 0 obj <> endobj 60 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (28) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 669.20 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 669.20 Td (Excludes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 323.46 669.20 Td (Accumulation Partners' contracts, customer relationships ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 657.20 Td (and technology) Tj ET Q q 0 0 0 rg BT 143.67 657.20 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 639.20 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 639.20 Td (A) Tj ET Q q 0 0 0 rg BT 94.89 639.20 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 135.21 639.20 Td ( measurement. Please refer to ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 245.04 639.20 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 430.61 639.20 Td ( financial measures\)) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 502.20 639.20 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 621.20 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 621.20 Td (After deducting dividends declared on preferred shares.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 603.20 Td (\(d\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 603.20 Td (The financial information does not include any ef) Tj ET Q q 0 0 0 rg BT 261.52 603.20 Td (fect related to the change in Breakage estimate made during the fourth quarter ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 591.20 Td (of 2014 in the Nectar Italia Program.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 573.20 Td (\(e\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 573.20 Td (Operating expenses, operating loss and net loss attributable to equity holders of the Corporation include impairment charges ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 561.20 Td (amounting to $13.5 million recorded during the three months ended December 31, 2015 related to the Canada Loyalty ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 549.20 Td (Solutions group of CGUs. Net loss attributable to equity holders of the Corporation also includes an income tax recovery of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 537.20 Td ($3.6 million related to these impairment charges.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 519.20 Td (\(f\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 519.20 Td (Includes the favourable impact of $45.7 million resulting from the reduction of the Card Migration Provision during the three ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 507.20 Td (months ended June30, 2015. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 489.20 Td (\(g\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 489.20 Td (Includes a deposit of $20.7 million made to Revenue Quebec during the third quarter of 2014 to act as security for the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 477.20 Td (assessment. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 459.20 Td (Following the successful objection process with the CRA, Revenue Quebec issued a new reassessment and the deposit of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 447.20 Td ($20.7 million was reimbursed to ) Tj ET Q q 0 0 0 rg BT 204.28 447.20 Td (Aimia in the fourth quarter of 2015. Please refer to the ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 397.28 447.20 Td (Income T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 429.89 447.20 Td (axes) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 446.79 447.20 Td ( section of the 2015 ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 435.20 Td (MD&A) Tj ET Q q 0 0 0 rg BT 112.67 435.20 Td ( for more information.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 417.20 Td (\(h\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 417.20 Td (Includes the favourable impact of $33.6 million, net of an income tax expense of $12.1 million, resulting from the reduction of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 405.20 Td (the Card Migration Provision during the three months ended June30, 2015.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 387.20 Td (\(i\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 387.20 Td (Includes the impact of the gain on the sale of the investment in ) Tj ET Q q 0 0 0 rg BT 313.25 387.20 Td (Air Canada Class B shares of $18.6 million, net of an income ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 375.20 Td (tax expense of $2.9 million.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 357.20 Td (\(j\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 357.20 Td (The Free Cash Flow for the three month period ended June 30, 2014 includes an amount of $83.4 million received from the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 345.20 Td (CRA) Tj ET Q q 0 0 0 rg BT 106.45 345.20 Td ( related to the income tax refund of loss carry back applied in Canada.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 327.20 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 327.20 Td (The Free Cash Flow for the three month period ended December 31, 2014 includes an amount of $7.5 million received from ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 315.20 Td (Revenue Quebec related to the income tax refund of loss carry back applied in Canada.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 297.20 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 297.20 Td (The Free Cash Flow for the three month period ended March 31, 2015 includes an amount of $20.4 million received from ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 285.20 Td (Revenue Quebec related to the income tax refund of loss carry back applied in Canada.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 267.20 Td (\(k\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 267.20 Td (Includes the impact of the change in the Breakage estimate in the Nectar Italia Program which resulted in an increase of $19.4 ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 255.20 Td (million to revenue from Loyalty Units, of which $13.4 million is attributable to the years prior to 2014, $4.1 million to the nine ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 243.20 Td (month period ended September 30, 2014 and $1.9 million to the three month period ended December 31, 2014.) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (29) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 433.353515625 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (FINANCING STRA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 173.77 666.30 Td (TEGY) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 205.11 666.30 Td (, LIQUIDITY) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 270.90 666.30 Td ( ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 273.79 666.30 Td (AND CAPIT) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 338.23 666.30 Td (AL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 354.01 666.30 Td ( RESOURCES) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 640.80 Td (Aimia generates suf) Tj ET Q q 0 0 0 rg BT 151.38 640.80 Td (ficient cash flow internally to fund cash dividends, capital expenditures and to service its debt ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (obligations. Management believes that ) Tj ET Q q 0 0 0 rg BT 227.60 627.30 Td (Aimia's internally generated cash flows, combined with its ability to access ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 613.80 Td (undrawn credit facilities and external capital, provide suf) Tj ET Q q 0 0 0 rg BT 294.96 613.80 Td (ficient resources to finance its cash requirements for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 600.30 Td (foreseeable future and to maintain available liquidity) Tj ET Q q 0 0 0 rg BT 278.46 600.30 Td (. Dividends are expected to continue to be funded from internally ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 586.80 Td (generated cash flows.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 564.30 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 564.30 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 145.54 564.30 Td (, ) Tj ET Q q 0 0 0 rg BT 150.05 564.30 Td (Aimia had ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 192.57 564.30 Td ($382.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 248.10 564.30 Td ( of cash and cash equivalents, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.68 564.30 Td ($20.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.21 564.30 Td ( of restricted cash, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.24 564.30 Td ($9.9 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 550.80 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 550.80 Td ( of short-term investments and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.55 550.80 Td ($298.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.09 550.80 Td ( of long-term investments in bonds, for a total of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.68 550.80 Td ($712.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.22 550.80 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 537.30 Td (Approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.52 537.30 Td ($3.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 177.05 537.30 Td ( of the total amount is invested in Bankers' ) Tj ET Q q 0 0 0 rg BT 347.86 537.30 Td (Acceptances and term deposits maturing on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 523.80 Td (various dates through to ) Tj ET Q q 0 0 0 rg BT 170.56 523.80 Td (April 2016 and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 231.11 523.80 Td ($308.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.64 523.80 Td ( is mostly invested in corporate, federal and provincial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 510.30 Td (government bonds maturing at various dates between December 2016 and July 2020. ) Tj ET Q q 0 0 0 rg BT 419.05 510.30 Td (The ) Tj ET Q q 0 0 0 rg BT 436.56 510.30 Td (Aeroplan Miles ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 496.80 Td (redemption reserve described under) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.17254901960784313 0.16862745098039217 0.4823529411764706 rg BT 216.58 496.80 Td ( ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 219.08 496.80 Td (Redemption Reserve) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 303.62 496.80 Td ( is included in short-term investments and long-term ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 483.30 Td (investments. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 460.80 Td (The following table provides a reconciliation between ) Tj ET Q q 0 0 0 rg BT 284.63 460.80 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 354.16 460.80 Td ( and Free Cash Flow for the periods indicated:) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 441.30 340.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 412.50 441.30 128.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 417.30 340.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 412.50 417.30 51.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 463.50 417.30 13.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 476.50 417.30 51.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 527.50 417.30 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 412.50 404.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 463.50 404.30 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 412.50 391.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 463.50 391.30 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 412.50 378.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 463.50 378.30 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 412.50 365.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 463.50 365.30 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 412.50 352.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 463.50 352.30 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 412.50 339.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 463.50 339.30 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 412.50 326.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 463.50 326.30 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 412.50 313.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 463.50 313.30 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 412.50 300.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 463.50 300.30 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 412.50 287.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 463.50 287.30 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 412.50 274.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 463.50 274.30 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 412.50 261.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 463.50 261.30 13.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 326.29999999999995 m 463.5 326.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 326.29999999999995 m 527.5 326.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 326.29999999999995 m 412.5 326.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 326.29999999999995 m 463.5 326.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 326.29999999999995 m 476.5 326.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 326.29999999999995 m 527.5 326.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 326.29999999999995 m 540.5 326.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 300.29999999999995 m 412.5 300.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 300.29999999999995 m 463.5 300.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 300.29999999999995 m 476.5 300.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 300.29999999999995 m 527.5 300.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 300.29999999999995 m 540.5 300.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 261.29999999999995 m 412.5 261.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 261.29999999999995 m 463.5 261.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 261.29999999999995 m 476.5 261.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 261.29999999999995 m 527.5 261.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 261.29999999999995 m 540.5 261.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 248.29999999999995 m 412.5 248.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 248.29999999999995 m 463.5 248.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 248.29999999999995 m 476.5 248.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 248.29999999999995 m 527.5 248.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 248.29999999999995 m 540.5 248.29999999999995 l s BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 419.70 427.28 Td (Three Months Ended March 31,) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 408.25 Td (\(in millions of Canadian dollars , except per share information\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 442.20 408.53 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 506.20 408.53 Td (2015) Tj ET Q BT /F2 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 395.53 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 140.93 395.53 Td ( ) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 143.15 399.34 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.70 395.58 Td (48.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.70 395.58 Td (52.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 382.53 Td (Change in Future Redemption Costs ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 207.07 386.34 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.50 382.58 Td (\(3.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.30 382.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 506.05 382.58 Td (\(45.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.30 382.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 369.53 Td (Share-based compensation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.15 369.53 Td (2.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 513.15 369.53 Td (2.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 356.53 Td (Income taxes received \(paid\), net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.50 356.58 Td (\(3.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.30 356.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.70 356.58 Td (18.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 343.53 Td (Net cash interest paid) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.05 343.58 Td (\(10.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.30 343.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.50 343.58 Td (\(9.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.30 343.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 330.53 Td (Change in operating assets and liabilities and other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.05 330.58 Td (\(33.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.30 330.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 513.15 330.53 Td (7.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 317.53 Td (Cash from operating activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.15 317.53 Td (0.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.70 317.58 Td (25.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 304.53 Td (Capital expenditures) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.05 304.58 Td (\(19.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.30 304.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 506.05 304.58 Td (\(20.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.30 304.53 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 291.53 Td (Free Cash Flow before Dividends Paid ) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 222.59 295.34 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.05 291.58 Td (\(18.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.30 291.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 513.15 291.53 Td (5.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 278.53 Td (Free Cash Flow before Dividends Paid per common share ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 283.09 282.34 Td (\(a\)\(c\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.05 278.58 Td (\(0.15) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.30 278.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.70 278.58 Td (0.00) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 265.53 Td (Dividends paid to equity holders of the Corporation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.05 265.58 Td (\(33.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.30 265.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 506.05 265.58 Td (\(35.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.30 265.53 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 252.53 Td (Free Cash Flow ) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 136.35 256.34 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.05 252.58 Td (\(52.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.30 252.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 506.05 252.58 Td (\(30.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.30 252.53 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 221.80 Td (\(a\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 221.80 Td (A) Tj ET Q q 0 0 0 rg BT 121.59 221.80 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 159.39 221.80 Td ( measurement. Please refer to ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 262.36 221.80 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 447.93 221.80 Td ( financial measures\)) Tj ET Q BT /F3 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 519.52 221.80 Td (.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 199.30 Td (\(b\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 199.30 Td (The per unit cost derived from this calculation is retroactively applied to all prior periods with the ef) Tj ET Q q 0 0 0 rg BT 442.04 199.30 Td (fect of revaluing the Future ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 188.05 Td (Redemption Cost liability on the basis of the latest available average unit cost.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 165.55 Td (\(c\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 165.55 Td (After deducting dividends paid on preferred shares.) Tj ET Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (30) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (The following table provides an overview of ) Tj ET Q q 0 0 0 rg BT 246.10 668.45 Td (Aimia's cash flows for the periods indicated:) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 657.95 330.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 402.50 657.95 126.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 528.50 657.95 12.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 633.95 330.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 402.50 633.95 57.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 459.50 633.95 12.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 471.50 633.95 57.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 528.50 633.95 12.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 402.50 620.95 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 620.95 12.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 402.50 607.95 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 607.95 12.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 402.50 594.95 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 594.95 12.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 402.50 581.95 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 581.95 12.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 402.50 568.95 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 568.95 12.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 402.50 555.95 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 555.95 12.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 607.95 m 402.5 607.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 607.95 m 459.5 607.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 607.95 m 471.5 607.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 607.95 m 528.5 607.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 607.95 m 540.5 607.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 607.95 m 459.5 607.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 555.95 m 459.5 555.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 555.95 m 528.5 555.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 555.95 m 540.5 555.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 555.95 m 402.5 555.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 543.95 m 402.5 543.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 541.95 m 402.5 541.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 555.95 m 459.5 555.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 543.95 m 459.5 543.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 541.95 m 459.5 541.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 555.95 m 471.5 555.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 543.95 m 471.5 543.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 541.95 m 471.5 541.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 555.95 m 528.5 555.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 543.95 m 528.5 543.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 541.95 m 528.5 541.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 555.95 m 540.5 555.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 543.95 m 540.5 543.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 541.95 m 540.5 541.95 l s BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 408.70 643.93 Td (Three Months Ended March 31,) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 624.90 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 438.20 625.43 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 507.20 625.43 Td (2015) Tj ET Q BT /F2 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 612.43 Td (Cash and cash equivalents, beginning of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.25 612.48 Td (482.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.25 612.48 Td (567.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 599.43 Td (Cash from operating activities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.15 599.43 Td (0.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 509.70 599.48 Td (25.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 586.43 Td (Cash used in investing activities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 438.05 586.48 Td (\(21.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.30 586.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 507.05 586.48 Td (\(21.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 525.30 586.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 573.43 Td (Cash used in financing activities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 438.05 573.48 Td (\(57.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.30 573.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 507.05 573.48 Td (\(76.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 525.30 573.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 560.43 Td (Translation adjustment related to cash) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 438.05 560.48 Td (\(22.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.30 560.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 509.70 560.48 Td (19.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 547.43 Td (Cash and cash equivalents, end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.25 547.48 Td (382.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.25 547.48 Td (514.4) Tj ET Q BT /F1 10.00 Tf ET BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 513.45 Td (OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 113.78 513.45 Td (TING ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 145.34 513.45 Td (ACTIVITIES) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 211.34 513.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 487.95 Td (Cash from operating activities is generated primarily from the collection of Gross Billings and is reduced by the cash ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 474.45 Td (required to deliver rewards when Loyalty Units are redeemed, and by the cash required to provide loyalty solutions ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 460.95 Td (and analytics and insights services. Cash flow from operating activities is also reduced by operating expenses and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 447.45 Td (interest and income taxes paid.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 424.95 Td (Cash flows from operating activities amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 268.59 424.95 Td ($0.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.12 424.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.63 424.95 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.69 424.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.19 424.95 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.73 424.95 Td (, compared ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 411.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.01 411.45 Td ($25.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 132.53 411.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 163.05 411.45 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 243.11 411.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.61 411.45 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.14 411.45 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 388.95 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.01 388.95 Td (unfavourable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.05 388.95 Td ( variance of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.07 388.95 Td ($25.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.60 388.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.12 388.95 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.17 388.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.67 388.95 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 417.21 388.95 Td ( compared to the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.25 388.95 Td (three months ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 375.45 Td (ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.03 375.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 99.53 375.45 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.07 375.45 Td ( is explained primarily by the receipt of $20.4 million from Revenue Quebec in the first quarter ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 361.95 Td (of 2015. ) Tj ET Q q 0 0 0 rg BT 106.87 361.95 Td (The remaining unfavourable variance of $4.7 million is primarily related to a net unfavourable variance in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 348.45 Td (change in operating assets of $40.4 million that included severance payments made in relation to restructuring ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 334.95 Td (activities announced in the prior year totaling $6.9 million, a decrease in Gross Billings of $22.2 million and higher ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 321.45 Td (operating expenses before share-based compensation expense of $6.4 million; of) Tj ET Q q 0 0 0 rg BT 396.54 321.45 Td (fset in part by) Tj ET Q q 0 0 0 rg BT 449.90 321.45 Td (, lower cost of rewards ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 307.95 Td (and direct costs of $61.2 million and higher distributions from equity accounted investments of $3.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 285.45 Td (Please refer to the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 148.04 285.45 Td (Free Cash Flow) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 211.56 285.45 Td ( section for more information.) Tj ET Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (31) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (INVESTING ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 139.56 666.30 Td (ACTIVITIES ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 640.80 Td (Investing activities for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 175.55 640.80 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.60 640.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.10 640.80 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.64 640.80 Td ( reflect proceeds from short-term investments of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.21 640.80 Td ($44.5 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 627.30 Td ( and long-term investments made of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 243.58 627.30 Td ($46.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.10 627.30 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 604.80 Td (Capital expenditures for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 184.57 604.80 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.62 604.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.12 604.80 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.66 604.80 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.70 604.80 Td ($19.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.23 604.80 Td (. ) Tj ET Q q 0 0 0 rg BT 442.23 604.80 Td (Anticipated capital ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.30 Td (expenditures for 2016 are expected to approximate between ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.66 591.30 Td ($75.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.19 591.30 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.20 591.30 Td ($85.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.73 591.30 Td (.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 561.30 Td (FINANCING ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 141.55 561.30 Td (ACTIVITIES) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 535.80 Td (Financing activities for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.55 535.80 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.60 535.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 261.11 535.80 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 323.64 535.80 Td ( reflect the payment of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.19 535.80 Td ($33.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.72 535.80 Td ( related to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 522.30 Td (common and preferred dividends and the repurchase of common shares amounting to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 417.19 522.30 Td ($24.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.72 522.30 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 499.80 Td (During the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 116.02 499.80 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.08 499.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.58 499.80 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 261.12 499.80 Td (, financing activities also reflect the receipt by the Corporation of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.75 499.80 Td ($0.5 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 486.30 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 486.30 Td ( upon the exercise of stock options. ) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 456.30 Td (LIQUIDITY) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 430.80 Td (Aimia anticipates that total capital requirements for the 2016 fiscal year will be between ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.68 430.80 Td ($212.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.22 430.80 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.23 430.80 Td ($222.3 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 417.30 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 417.30 Td (, consisting of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 155.03 417.30 Td ($137.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.57 417.30 Td ( in respect of anticipated cash dividends to its common and preferred shareholders ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 403.80 Td (and between ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.04 403.80 Td ($75.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 176.57 403.80 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.59 403.80 Td ($85.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.12 403.80 Td ( in respect of capital expenditures. ) Tj ET Q q 0 0 0 rg BT 386.03 403.80 Td (The capital requirements will be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 390.30 Td (funded from operations, cash and securities, available cash on deposit from the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 390.68 390.30 Td (Redemption Reserve) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 475.22 390.30 Td ( to the extent ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 376.80 Td (required and where applicable \(i.e. in periods of unusually high redemption activity\) and undrawn credit facilities, if ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 363.30 Td (necessary) Tj ET Q q 0 0 0 rg BT 112.35 363.30 Td (.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 333.30 Td (REDEMPTION RESER) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 196.46 333.30 Td (VE) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 307.80 Td (Aeroplan maintains the ) Tj ET Q q 0 0 0 rg BT 166.06 307.80 Td (Aeroplan Miles redemption reserve \(the Reserve\), which, subject to compliance with the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 294.30 Td (provisions of the Corporation's credit facilities, may be used to supplement cash flows generated from operations in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 280.80 Td (order to pay for rewards during periods of unusually high redemption activity associated with ) Tj ET Q q 0 0 0 rg BT 440.70 280.80 Td (Aeroplan Miles under ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 267.30 Td (the ) Tj ET Q q 0 0 0 rg BT 86.52 267.30 Td (Aeroplan Program. In the event that the Reserve is accessed, ) Tj ET Q q 0 0 0 rg BT 334.15 267.30 Td (Aeroplan has agreed to replenish it as soon as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 253.80 Td (practicable, with available cash generated from operations. ) Tj ET Q q 0 0 0 rg BT 308.97 253.80 Td (T) Tj ET Q q 0 0 0 rg BT 313.47 253.80 Td (o date, ) Tj ET Q q 0 0 0 rg BT 343.00 253.80 Td (Aimia has not used the funds held in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 240.30 Td (Reserve. ) Tj ET Q q 0 0 0 rg BT 112.52 240.30 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 123.52 240.30 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 186.06 240.30 Td (, the Reserve amounted to $300.0 million and was included in short-term investments ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 226.80 Td (and long-term investments. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 204.30 Td (The amount held in the Reserve, as well as the types of securities in which it may be invested, are based on policies ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 190.80 Td (established by management, which are reviewed periodically) Tj ET Q q 0 0 0 rg BT 313.46 190.80 Td (. ) Tj ET Q q 0 0 0 rg BT 320.47 190.80 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.47 190.80 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.01 190.80 Td (, the Reserve was invested in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 177.30 Td (corporate, federal and provincial bonds. Management is of the opinion that the Reserve is suf) Tj ET Q q 0 0 0 rg BT 442.56 177.30 Td (ficient to cover ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 163.80 Td (redemption costs, including redemption costs incurred in periods of unusually high redemption activity) Tj ET Q q 0 0 0 rg BT 475.55 163.80 Td (, as they ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 150.30 Td (become due, in the normal course of business. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 127.80 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 127.80 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 145.54 127.80 Td (, the Reserve, as well as other assets held to comply with a contractual covenant with a major ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 114.30 Td (Accumulation Partner) Tj ET Q q 0 0 0 rg BT 157.54 114.30 Td (, amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 215.08 114.30 Td ($441.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.62 114.30 Td (, representing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 328.15 114.30 Td (19.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.67 114.30 Td ( of the consolidated Future Redemption Cost ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 100.80 Td (liability) Tj ET Q q 0 0 0 rg BT 98.34 100.80 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 78.30 Td (The deferred revenue presented in the balance sheet represents accumulated unredeemed Loyalty Units valued at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 64.80 Td (their weighted average selling price and unrecognized Breakage. ) Tj ET Q q 0 0 0 rg BT 333.00 64.80 Td (The estimated consolidated Future Redemption ) Tj ET Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (32) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (Cost liability of those Loyalty Units, calculated at the current ) Tj ET Q q 0 0 0 rg BT 311.62 668.45 Td (A) Tj ET Q q 0 0 0 rg BT 317.46 668.45 Td (verage Cost of Rewards per Loyalty Unit redeemed, is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 130.53 654.95 Td ($2,293.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.57 654.95 Td (. ) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 624.95 Td (CREDIT F) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 126.67 624.95 Td (ACILITIES ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 187.56 624.95 Td (AND LONG-TERM DEBT) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 599.45 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 599.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 145.54 599.45 Td (, ) Tj ET Q q 0 0 0 rg BT 150.05 599.45 Td (Aimia had Senior Secured Notes outstanding in the amount of $650.0million maturing at various ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 585.95 Td (dates through May 17, 2019. In addition, ) Tj ET Q q 0 0 0 rg BT 235.12 585.95 Td (Aimia had an authorized revolving credit facility of $300.0million maturing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 572.45 Td (on ) Tj ET Q q 0 0 0 rg BT 84.01 572.45 Td (April 23, 2019, and irrevocable letters of credit in the aggregate amount of $13.9 million which reduce the available ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 558.95 Td (credit under this facility) Tj ET Q q 0 0 0 rg BT 162.87 558.95 Td (. ) Tj ET Q q 0 0 0 rg BT 167.71 558.95 Td (The revolving facility is provided by a syndicate that consists of eight institutional lenders. It is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 545.45 Td (Aimia's intention to renew or replace its credit facility as it comes due or earlier if credit market conditions permit. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 522.95 Td (The continued availability of the credit facility is subject to ) Tj ET Q q 0 0 0 rg BT 302.12 522.95 Td (Aimia) Tj ET Q q 0 0 0 rg BT 326.46 522.95 Td (s ability to maintain certain leverage, debt service ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 509.45 Td (and interest coverage covenants, as well as other af) Tj ET Q q 0 0 0 rg BT 279.46 509.45 Td (firmative and negative covenants, including certain limitations of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 495.95 Td (distributions in the form of dividends or equity repayments in any given fiscal year) Tj ET Q q 0 0 0 rg BT 395.17 495.95 Td (, as set out in the credit agreement. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 482.45 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 482.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 145.54 482.45 Td (, ) Tj ET Q q 0 0 0 rg BT 150.05 482.45 Td (Aimia complied with all such covenants.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 459.95 Td (On ) Tj ET Q q 0 0 0 rg BT 86.01 459.95 Td (April 1) Tj ET Q q 0 0 0 rg BT 110.85 459.95 Td (1, 2016, ) Tj ET Q q 0 0 0 rg BT 145.38 459.95 Td (Aimia concluded an amendment to its existing credit facility with its lending syndicate, extending ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 446.45 Td (the term of its revolving facility by one year to ) Tj ET Q q 0 0 0 rg BT 254.08 446.45 Td (April 23, 2020.) Tj ET Q endstream endobj 69 0 obj <> endobj 70 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (33) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 464.701171875 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (INVESTMENTS IN EQUITY) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 220.46 666.30 Td ( INSTRUMENTS, ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 316.69 666.30 Td (ASSOCIA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 370.47 666.30 Td (TES ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 396.70 666.30 Td (AND JOINT ) Tj ET Q BT /F2 12.00 Tf ET 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 649.9986328125 m 174.66796875 649.9986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 651.90 Td (ARRANGEMENTS) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 626.40 Td (The table below summarizes ) Tj ET Q q 0 0 0 rg BT 188.55 626.40 Td (Aimia's investments in equity instruments, associates and joint arrangements at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 612.90 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 134.54 612.90 Td (:) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 593.40 94.00 -45.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 166.50 593.40 90.00 -45.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 256.50 593.40 66.00 -45.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 322.50 593.40 55.00 -45.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 377.50 593.40 65.00 -45.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 442.50 593.40 43.00 -45.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 485.50 593.40 55.00 -45.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 429.4 m 166.5 429.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 429.4 m 256.5 429.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 429.4 m 322.5 429.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 429.4 m 377.5 429.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 429.4 m 442.5 429.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 429.4 m 485.5 429.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 429.4 m 540.5 429.4 l s BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 75.00 568.88 Td (Name) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 169.00 568.88 Td (Nature of business) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 259.00 572.88 Td (Nature of) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 259.00 564.88 Td (investment) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 325.00 572.88 Td (Reporting) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 325.00 564.88 Td (segment) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 380.00 580.88 Td (Country of) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 380.00 572.88 Td (incorporation) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 380.00 564.88 Td (and place of) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 380.00 556.88 Td (business) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 445.00 576.88 Td (% of) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 445.00 568.88 Td (ownership) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 445.00 560.88 Td (interest) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 488.00 572.88 Td (Measurement) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 488.00 564.88 Td (method) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 539.88 Td (PLM) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 169.00 539.63 Td (Coalition Loyalty) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.00 539.63 Td (Joint venture) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.00 539.63 Td (Corporate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.00 539.88 Td (Mexico) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.40 539.88 Td (48.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.35 539.88 Td (Equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 523.38 Td (i2c) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 169.00 523.38 Td (Analytics and Insights) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.00 523.38 Td (Joint venture) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.00 527.08 Td (International) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.00 519.08 Td (Coalitions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.00 523.38 Td (United Kingdom) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.40 523.38 Td (50.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.35 523.38 Td (Equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 506.88 Td (Think Big) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 169.00 506.88 Td (Coalition Loyalty) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.00 506.88 Td (Joint venture) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.00 506.88 Td (Corporate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.00 506.88 Td (Malaysia) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.40 506.88 Td (20.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.35 506.88 Td (Equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 493.88 Td (China Rewards) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 169.00 493.88 Td (Coalition Loyalty) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.00 493.88 Td (Associate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.00 493.88 Td (Corporate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.00 493.88 Td (China) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.50 493.88 Td (< 20.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.35 493.88 Td (Equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 477.38 Td (Travel Club) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 169.00 477.38 Td (Coalition Loyalty) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.00 477.38 Td (Associate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.00 481.08 Td (International) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.00 473.08 Td (Coalitions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.00 477.38 Td (Spain) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.40 477.38 Td (25.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.35 477.38 Td (Equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 457.38 Td (Cardlytics) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 169.00 461.08 Td (Loyalty Solutions &) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 169.00 453.08 Td (Analytics and Insights) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.00 461.08 Td (Equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.00 453.08 Td (instrument) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.00 457.38 Td (Corporate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.00 457.38 Td (United States) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.50 457.38 Td (< 20.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.90 457.38 Td (Fair value) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 437.38 Td (Fractal Analytics) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 169.00 437.38 Td (Analytics and Insights) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.00 441.08 Td (Equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.00 433.08 Td (instrument) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.00 437.38 Td (Corporate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.00 437.38 Td (India) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.50 437.38 Td (< 20.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.90 437.38 Td (Fair value) Tj ET Q BT /F1 10.00 Tf ET BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 399.90 Td (EQUITY) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 116.01 399.90 Td (-ACCOUNTED INVESTMENTS) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 377.40 320.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 392.50 377.40 72.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 464.50 377.40 4.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 468.50 377.40 72.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 353.40 320.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 392.50 353.40 72.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 464.50 353.40 4.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 468.50 353.40 72.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 392.50 340.40 72.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 392.50 327.40 72.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 392.50 314.40 72.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 392.50 301.40 72.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 392.5 301.4 m 464.5 301.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 301.4 m 540.5 301.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 301.4 m 392.5 301.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 289.4 m 392.5 289.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 287.4 m 392.5 287.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 392.5 301.4 m 464.5 301.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 289.4 m 464.5 289.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 287.4 m 464.5 287.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 301.4 m 468.5 301.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 289.4 m 468.5 289.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 287.4 m 468.5 287.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 301.4 m 540.5 301.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 289.4 m 540.5 289.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 287.4 m 540.5 287.4 l s BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 75.00 363.38 Td (As at) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 425.40 363.38 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 486.75 363.38 Td (December 31,) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 345.10 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 443.20 344.88 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 519.20 344.88 Td (2015) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 331.88 Td (Investment in PLM ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 143.47 335.69 Td (\(a\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.70 331.93 Td (80.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.70 331.93 Td (85.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 318.88 Td (Other equity-accounted investments in joint ventures ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 263.54 322.69 Td (\(b\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.70 318.93 Td (25.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.70 318.93 Td (25.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 305.88 Td (Equity-accounted investments in associates) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 450.15 305.88 Td (6.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.15 305.88 Td (7.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 292.88 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.25 292.93 Td (112.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.25 292.93 Td (117.8) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 264.90 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 264.90 Td (During the three months ended ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 220.52 264.90 Td (March31, 2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 276.11 264.90 Td (, ) Tj ET Q q 0 0 0 rg BT 280.11 264.90 Td (Aimia received a distribution from PLM of $4.5 million \(US$3.4 million\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 252.90 Td (\(March 31, 2015: nil\). ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 228.90 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 228.90 Td (On January 9, 2015 and January 29, 2015, ) Tj ET Q q 0 0 0 rg BT 261.89 228.90 Td (Aimia invested additional amounts totaling $1.0 million \(US$0.8 million\) in ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 216.90 Td (Prismah to fund certain costs associated with the wind-up of the joint arrangement, which was completed on March 7, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 204.90 Td (2015. ) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 182.40 323.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 395.50 182.40 4.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 399.50 182.40 142.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 158.40 323.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 395.50 158.40 4.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 399.50 158.40 71.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 470.50 158.40 71.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 399.50 145.40 71.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 399.50 132.40 71.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 399.50 119.40 71.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 399.50 106.40 71.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 395.5 106.39999999999998 m 399.5 106.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 399.5 106.39999999999998 m 470.5 106.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 470.5 106.39999999999998 m 541.5 106.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 106.39999999999998 m 395.5 106.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 94.39999999999998 m 395.5 94.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 92.39999999999998 m 395.5 92.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 395.5 106.39999999999998 m 399.5 106.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 94.39999999999998 m 399.5 94.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 92.39999999999998 m 399.5 92.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 399.5 106.39999999999998 m 470.5 106.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 94.39999999999998 m 470.5 94.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 92.39999999999998 m 470.5 92.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 470.5 106.39999999999998 m 541.5 106.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 94.39999999999998 m 541.5 94.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 92.39999999999998 m 541.5 92.39999999999998 l s BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 75.00 168.38 Td (Share of net earnings \(loss\) of equity-accounted investments) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 413.70 168.38 Td (Three Months Ended March 31,) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 150.10 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 449.20 149.88 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 520.20 149.88 Td (2015) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 136.88 Td (Investment in PLM) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.15 136.88 Td (5.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 527.15 136.88 Td (3.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 123.88 Td (Other equity-accounted investments in joint ventures) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.15 123.88 Td (0.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 527.15 123.88 Td (0.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 110.88 Td (Equity-accounted investments in associates) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.50 110.93 Td (\(0.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.30 110.88 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.50 110.93 Td (\(0.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 538.30 110.88 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 97.88 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.15 97.88 Td (5.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 527.15 97.88 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (34) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (PLM reported Gross Billings of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.55 668.45 Td ($54.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.08 668.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.59 668.45 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.65 668.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.15 668.45 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.69 668.45 Td ( compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.72 668.45 Td ($47.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.24 668.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 100.02 654.95 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 180.07 654.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.57 654.95 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.11 654.95 Td (. ) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 614.0486328125 m 254.3349609375 614.0486328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 615.95 Td (MEASUREMENT UNCERT) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 218.44 615.95 Td (AINTY) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 590.45 Td (Aimia may be required to provide rewards to members for unexpired Loyalty Units accounted for as Breakage on the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 576.95 Td (Loyalty Units issued to date for which the revenue has been recognized or deferred and for which no liability has ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 563.45 Td (been recorded. ) Tj ET Q q 0 0 0 rg BT 134.88 563.45 Td (The potential redemption cost for such Loyalty Units is estimated to be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 417.52 563.45 Td ($890.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.06 563.45 Td ( at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.56 563.45 Td (March31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 549.95 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.02 549.95 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 527.45 Td (The potential redemption costs, noted above, have been calculated on the basis of the current average redemption ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 513.95 Td (cost, reflecting actual prices with Redemption Partners, including ) Tj ET Q q 0 0 0 rg BT 331.63 513.95 Td (Air Canada, and the experienced mix of the various ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 500.45 Td (types of rewards that members have selected, based on past experience. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 477.95 Td (Management has calculated that the cumulative ef) Tj ET Q q 0 0 0 rg BT 272.46 477.95 Td (fect of a 1% change in Breakage in each individual program would ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 464.45 Td (have a consolidated impact on revenue and earnings before income taxes of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.20 464.45 Td ($187.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.73 464.45 Td ( for the period in which ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 450.95 Td (the change occurred, with ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 177.56 450.95 Td ($182.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.09 450.95 Td ( relating to prior years and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.15 450.95 Td ($4.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.67 450.95 Td ( relating to the current three month ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 437.45 Td (period. ) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 396.5486328125 m 420.908203125 396.5486328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 398.45 Td (PROVISIONS, CONTINGENT LIABILITIES ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 307.57 398.45 Td (AND GUARANTEES) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 368.45 Td (PROVISIONS) Tj ET Q BT /F5 10.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 344.45 Td (Asset Purchase ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 149.45 344.45 Td (Agreement) Tj ET Q BT /F5 10.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 201.68 344.45 Td ( ) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 321.95 392.00 -30.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 464.50 321.95 76.00 -30.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 464.50 226.95 76.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 464.50 213.95 76.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 464.50 200.95 76.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 464.50 187.95 76.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 464.50 174.95 76.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 464.50 161.95 76.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 464.50 148.95 76.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 278.95000000000005 m 464.5 278.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 278.95000000000005 m 540.5 278.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 278.95000000000005 m 464.5 278.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 239.95000000000005 m 464.5 239.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 239.95000000000005 m 464.5 239.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 226.95000000000005 m 464.5 226.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 239.95000000000005 m 540.5 239.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 226.95000000000005 m 540.5 226.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 226.95000000000005 m 540.5 226.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 187.95000000000005 m 464.5 187.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 187.95000000000005 m 540.5 187.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 175.95000000000005 m 464.5 175.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 173.95000000000005 m 464.5 173.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 175.95000000000005 m 540.5 175.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 173.95000000000005 m 540.5 173.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 134.95000000000005 m 464.5 134.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 134.95000000000005 m 540.5 134.95000000000005 l s BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 75.00 305.15 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 484.50 308.93 Td (Card Migration) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 504.05 300.93 Td (Provision) Tj ET Q BT /F2 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 77.00 283.43 Td (Balance at December 31, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.70 283.48 Td (50.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 270.43 Td (Provision recorded during the year) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.30 270.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 257.43 Td (Provision received \(used\) during the year) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.15 257.18 Td (1.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 244.43 Td (Provision reversed during the year) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 519.05 244.23 Td (\(45.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.30 244.18 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 231.43 Td (Balance at December 31, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.15 231.43 Td (6.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 218.43 Td (Provision recorded during the period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.30 218.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 205.43 Td (Provision received \(used\) during the period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.50 205.48 Td (\(0.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 205.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 192.43 Td (Provision reversed during the period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.30 192.48 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 179.43 Td (Balance at March 31, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.15 179.43 Td (5.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 166.43 Td (Represented by:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 153.43 Td (Current portion) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.15 153.43 Td (0.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 139.93 Td (Long-term portion) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.15 139.93 Td (4.9) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 112.95 Td (In relation to the asset purchase and migration agreements with ) Tj ET Q q 0 0 0 rg BT 327.98 112.95 Td (TD and CIBC and the net migration of ) Tj ET Q q 0 0 0 rg BT 480.56 112.95 Td (Aeroplan-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 99.45 Td (branded credit card accounts between CIBC and ) Tj ET Q q 0 0 0 rg BT 268.45 99.45 Td (TD, a provision totaling $50.0 million was recorded in general and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 85.95 Td (administrative expenses during the fourth quarter of 2013. ) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (35) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (During the second quarter of 2015, based on actual card migration data for the eighteen month period ending June ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (30, 2015 and management) Tj ET Q q 0 0 0 rg BT 181.42 654.95 Td (s estimate of migration patterns going forward, the Card Migration Provision was reduced ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (by an amount of $45.7 million. ) Tj ET Q q 0 0 0 rg BT 194.41 641.45 Td (The adjustment was recorded as a reduction to general and administrative expenses. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.95 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.36 627.95 Td (, an amount of $1.7 million was received during the second quarter of 2015, representing the payment ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 614.45 Td (relating to the 2014 calendar year in accordance with the terms of the migration agreement. ) Tj ET Q q 0 0 0 rg BT 438.04 614.45 Td (There was no change to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 600.95 Td (the total provision during the third and fourth quarters of 2015. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 578.45 Td (During the first quarter of 2016, an amount of $0.6 million was paid by ) Tj ET Q q 0 0 0 rg BT 351.66 578.45 Td (Aimia, representing the payment relating to the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 564.95 Td (2015 calendar year in accordance with the terms of the migration agreement. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 539.45 Td (At this time, the provision represents management's best estimate. Please refer to the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 415.89 539.45 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 462.73 539.45 Td ( CARD ) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 525.95 Td (AGREEMENTS) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 135.01 525.95 Td ( section for more information.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 495.95 Td (CONTINGENT LIABILITIES ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 226.22 495.95 Td (AND GUARANTEES) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 470.45 Td (Aimia has agreed to indemnify its directors and of) Tj ET Q q 0 0 0 rg BT 268.94 470.45 Td (ficers, and the directors and of) Tj ET Q q 0 0 0 rg BT 389.84 470.45 Td (ficers of its subsidiaries, to the extent ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 456.95 Td (permitted under corporate law) Tj ET Q q 0 0 0 rg BT 191.07 456.95 Td (, against costs and damages incurred as a result of lawsuits or any other judicial, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 443.45 Td (administrative or investigative proceeding in which said directors or of) Tj ET Q q 0 0 0 rg BT 348.47 443.45 Td (ficers are sued as a result of their services. ) Tj ET Q q 0 0 0 rg BT 521.88 443.45 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 429.95 Td (directors and of) Tj ET Q q 0 0 0 rg BT 133.87 429.95 Td (ficers are covered by directors) Tj ET Q q 0 0 0 rg BT 256.08 429.95 Td ( and of) Tj ET Q q 0 0 0 rg BT 283.44 429.95 Td (ficers) Tj ET Q q 0 0 0 rg BT 306.61 429.95 Td ( liability insurance. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 407.45 Td (In limited circumstances, ) Tj ET Q q 0 0 0 rg BT 172.53 407.45 Td (Aimia may provide guarantees and/or indemnifications to third parties to support the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 393.95 Td (performance obligations of its subsidiaries under commercial contracts. ) Tj ET Q q 0 0 0 rg BT 357.13 393.95 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.13 393.95 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.67 393.95 Td (, ) Tj ET Q q 0 0 0 rg BT 435.18 393.95 Td (Aimia) Tj ET Q q 0 0 0 rg BT 459.52 393.95 Td (s maximum ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 380.45 Td (exposure under such guarantees was estimated to amount to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.65 380.45 Td ($97.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.18 380.45 Td (. No amount has been recorded in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 366.95 Td (financial statements with respect to the indemnification and guarantee agreements.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 344.45 Td (On July 2, 2009, ) Tj ET Q q 0 0 0 rg BT 139.54 344.45 Td (Aimia was served with a motion for authorization to institute a class action and to obtain the status of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 330.95 Td (representative in the Superior Court of Quebec. ) Tj ET Q q 0 0 0 rg BT 263.44 330.95 Td (The motion was heard on May 9 and 10, 201) Tj ET Q q 0 0 0 rg BT 441.39 330.95 Td (1 and ) Tj ET Q q 0 0 0 rg BT 465.91 330.95 Td (Aeroplan was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 317.45 Td (added as a potential defendant. In a judgment dated March 6, 2012, the Superior Court of Quebec authorized the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 303.95 Td (motion for the petitioner to bring a class action. ) Tj ET Q q 0 0 0 rg BT 260.94 303.95 Td (That motion was the first procedural step before any class action ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 290.45 Td (could be instituted. ) Tj ET Q q 0 0 0 rg BT 149.05 290.45 Td (A) Tj ET Q q 0 0 0 rg BT 154.56 290.45 Td ( notice of the judgment authorizing the class action was published on ) Tj ET Q q 0 0 0 rg BT 430.73 290.45 Td (April 6, 2013.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 267.95 Td (On October 1, 2013, the petitioner served and filed its class action proceeding seeking to nullify the changes made to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 254.45 Td (the mileage expiry and accumulation rules of the ) Tj ET Q q 0 0 0 rg BT 267.11 254.45 Td (Aeroplan Program announced on October 16, 2006, reimbursement ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 240.95 Td (of any amounts expended by ) Tj ET Q q 0 0 0 rg BT 189.58 240.95 Td (Aeroplan members to reinstate their expired miles, $50 in compensatory damages and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 227.45 Td (an undetermined amount in exemplary damages on behalf of each class member) Tj ET Q q 0 0 0 rg BT 394.69 227.45 Td (. ) Tj ET Q q 0 0 0 rg BT 399.52 227.45 Td (The parties have agreed upon a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 213.95 Td (timetable for procedural matters leading up to readiness for trial.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 191.45 Td (Management has filed a strong defence to this class action lawsuit and believes that it is more likely than not that its ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 177.95 Td (position will be sustained, consequently) Tj ET Q q 0 0 0 rg BT 228.93 177.95 Td (, no liability has been recognized in the financial statements. If the ultimate ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 164.45 Td (resolution of this class action lawsuit dif) Tj ET Q q 0 0 0 rg BT 228.91 164.45 Td (fers from this assessment and assumptions, a material adjustment to the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 150.95 Td (financial position and results of operations could result.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 128.45 Td (From time to time, ) Tj ET Q q 0 0 0 rg BT 146.51 128.45 Td (Aimia becomes involved in various claims and litigation as part of its normal course of business. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 114.95 Td (While the final outcome thereof cannot be predicted, based on the information currently available, management ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 101.45 Td (believes the resolution of current pending claims and litigation will not have a material impact on ) Tj ET Q q 0 0 0 rg BT 455.21 101.45 Td (Aimia) Tj ET Q q 0 0 0 rg BT 479.55 101.45 Td (s financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 87.95 Td (position and results of operations. ) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (36) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 262.001953125 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 136.44 666.30 Td ( CARD ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 177.33 666.30 Td (AGREEMENTS) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 640.80 Td (On September 16, 2013, ) Tj ET Q q 0 0 0 rg BT 172.57 640.80 Td (Aimia entered into ten-year financial credit card agreements with each of ) Tj ET Q q 0 0 0 rg BT 463.56 640.80 Td (TD Bank Group ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (\("TD"\) and Canadian Imperial Bank of Commerce \("CIBC"\), ef) Tj ET Q q 0 0 0 rg BT 317.70 627.30 Td (fective from January 1, 2014. Under these agreements ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 613.80 Td (TD became ) Tj ET Q q 0 0 0 rg BT 120.52 613.80 Td (Aeroplan's primary financial services partner and credit card issuer) Tj ET Q q 0 0 0 rg BT 385.36 613.80 Td (, while CIBC continues to be an issuer ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 600.30 Td (of ) Tj ET Q q 0 0 0 rg BT 81.51 600.30 Td (Aeroplan credit cards. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 577.80 Td (On September 16, 2013, ) Tj ET Q q 0 0 0 rg BT 172.57 577.80 Td (Aimia also entered into an asset purchase agreement with ) Tj ET Q q 0 0 0 rg BT 406.54 577.80 Td (TD and CIBC. ) Tj ET Q q 0 0 0 rg BT 464.89 577.80 Td (These agreements ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 564.30 Td (were subject to certain regulatory approvals and other closing conditions, all of which were fulfilled on December 27, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 550.80 Td (2013. Pursuant to this agreement, ) Tj ET Q q 0 0 0 rg BT 209.92 550.80 Td (TD acquired on December 27, 2013 approximately half of the ) Tj ET Q q 0 0 0 rg BT 455.56 550.80 Td (Aeroplan credit card ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 537.30 Td (portfolio from CIBC and CIBC retained the balance, comprised of ) Tj ET Q q 0 0 0 rg BT 332.63 537.30 Td (Aeroplan cardholders who have broader banking ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 523.80 Td (relationships with CIBC. ) Tj ET Q q 0 0 0 rg BT 172.04 523.80 Td (As a result, a payment of $150.0 million in relation to the sale of approximately half of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 510.30 Td (Aeroplan card portfolio to ) Tj ET Q q 0 0 0 rg BT 174.90 510.30 Td (TD, was made by ) Tj ET Q q 0 0 0 rg BT 246.92 510.30 Td (Aimia to CIBC and recorded in general and administrative expenses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 496.80 Td (during the fourth quarter of 2013. Concurrent with the asset purchase agreement, the parties entered into a migration ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 483.30 Td (agreement. Depending on the net migration of ) Tj ET Q q 0 0 0 rg BT 257.63 483.30 Td (Aeroplan-branded credit card accounts between CIBC and ) Tj ET Q q 0 0 0 rg BT 493.10 483.30 Td (TD over ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 469.80 Td (the first five years of the agreement \(meaning the net amount of cardholders retained by CIBC who choose to move ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 456.30 Td (to ) Tj ET Q q 0 0 0 rg BT 81.84 456.30 Td (TD and the cardholders purchased by ) Tj ET Q q 0 0 0 rg BT 234.77 456.30 Td (TD who choose to move to CIBC\), ) Tj ET Q q 0 0 0 rg BT 373.66 456.30 Td (TD, ) Tj ET Q q 0 0 0 rg BT 390.16 456.30 Td (Aimia and CIBC have agreed to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 442.80 Td (make payments of up to $400.0 million. ) Tj ET Q q 0 0 0 rg BT 230.59 442.80 Td (Aimia will be responsible for) Tj ET Q q 0 0 0 rg BT 341.64 442.80 Td (, or entitled to receive, up to $100.0 million of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 429.30 Td (these payments over five years. During the fourth quarter of 2013, a provision was recorded, representing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 415.80 Td (management) Tj ET Q q 0 0 0 rg BT 126.37 415.80 Td (s best estimate at the time of the anticipated net migration of ) Tj ET Q q 0 0 0 rg BT 369.00 415.80 Td (Aeroplan-branded credit card accounts ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 402.30 Td (between CIBC and ) Tj ET Q q 0 0 0 rg BT 149.88 402.30 Td (TD over five years. In order to determine the provision, management uses an expected value ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 388.80 Td (model. Please refer to the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 177.56 388.80 Td (Provisions) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 219.07 388.80 Td ( section for more information. In accordance with the migration agreement, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 375.30 Td (payments relating to the net migration of the ) Tj ET Q q 0 0 0 rg BT 249.60 375.30 Td (Aeroplan-branded credit card accounts are to be made on an annual ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 361.80 Td (basis.) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (37) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 279.984375 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (TRANSACTIONS WITH ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 204.21 666.30 Td (AIR CANADA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 640.80 Td (Aeroplan has entered into various agreements with ) Tj ET Q q 0 0 0 rg BT 277.12 640.80 Td (Air Canada governing the commercial relationship between ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (Aeroplan and ) Tj ET Q q 0 0 0 rg BT 127.55 627.30 Td (Air Canada, which are described in ) Tj ET Q q 0 0 0 rg BT 269.13 627.30 Td (Aimia's ) Tj ET Q q 0 0 0 rg BT 299.85 627.30 Td (Annual Information Form dated March23, 2016.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 604.80 Td (Air Canada is one of ) Tj ET Q q 0 0 0 rg BT 155.55 604.80 Td (Aimia's largest ) Tj ET Q q 0 0 0 rg BT 215.79 604.80 Td (Accumulation Partners, representing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.87 604.80 Td (1) Tj ET Q q 0 0 0 rg BT 368.20 604.80 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.21 604.80 Td (% of Gross Billings for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.25 604.80 Td (three months ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.30 Td (ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.03 591.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 99.53 591.30 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.07 591.30 Td (, compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 219.59 591.30 Td (1) Tj ET Q q 0 0 0 rg BT 223.93 591.30 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 228.94 591.30 Td (% of Gross Billings for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.98 591.30 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.03 591.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 417.53 591.30 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.07 591.30 Td (. Under the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 577.80 Td (CPSA, ) Tj ET Q q 0 0 0 rg BT 101.01 577.80 Td (AirCanada's annual commitment, which is based on 85% of the average total ) Tj ET Q q 0 0 0 rg BT 411.91 577.80 Td (Aeroplan Miles issued in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 564.30 Td (respect of ) Tj ET Q q 0 0 0 rg BT 113.52 564.30 Td (AirCanada flights or ) Tj ET Q q 0 0 0 rg BT 197.07 564.30 Td (Air Canada airline af) Tj ET Q q 0 0 0 rg BT 278.45 564.30 Td (filiate products and services in the three preceding calendar ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 550.80 Td (years, is estimated to be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 172.05 550.80 Td ($208.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.58 550.80 Td ( for 2016. ) Tj ET Q q 0 0 0 rg BT 267.61 550.80 Td (AirCanada, including other Star ) Tj ET Q q 0 0 0 rg BT 397.19 550.80 Td (Alliance partners, is ) Tj ET Q q 0 0 0 rg BT 477.73 550.80 Td (Aimia's largest ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 537.30 Td (Redemption Partner) Tj ET Q q 0 0 0 rg BT 152.05 537.30 Td (. For the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.06 537.30 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 268.11 537.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.62 537.30 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 333.15 537.30 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.15 537.30 Td (50) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.17 537.30 Td (% of total reported cost of rewards and direct ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 523.80 Td (costs was paid to ) Tj ET Q q 0 0 0 rg BT 143.04 523.80 Td (AirCanada, in connection with rewards purchased from ) Tj ET Q q 0 0 0 rg BT 366.15 523.80 Td (AirCanada and other airlines \(Star ) Tj ET Q q 0 0 0 rg BT 506.73 523.80 Td (Alliance ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 510.30 Td (Partners\) compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 164.04 510.30 Td (45) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 174.05 510.30 Td (% for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.57 510.30 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 292.62 510.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.12 510.30 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.66 510.30 Td (. ) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 480.30 Td (CPSA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 454.80 Td (On March 14, 2014, as provided for in the existing CPSA, ) Tj ET Q q 0 0 0 rg BT 302.63 454.80 Td (Aeroplan and ) Tj ET Q q 0 0 0 rg BT 358.17 454.80 Td (Air Canada executed an agreement relating ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 441.30 Td (to fixed capacity redemption rates to be paid by ) Tj ET Q q 0 0 0 rg BT 262.61 441.30 Td (Aeroplan in connection with airline seat redemptions for the period ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 427.80 Td (beginning January 1, 2014 through to December 31, 2016. ) Tj ET Q q 0 0 0 rg BT 307.50 427.80 Td (The outcome falls within the pre-established contractual ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 414.30 Td (parameters and is in line with ) Tj ET Q q 0 0 0 rg BT 190.56 414.30 Td (Aeroplan's business expectations. ) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 384.30 Td (AIR CANADA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 147.55 384.30 Td ( W) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 161.55 384.30 Td (ARRANTS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 223.10 384.30 Td (AND CLASS B SHARES) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 358.80 Td (In connection with the July 29, 2009 ) Tj ET Q q 0 0 0 rg BT 217.10 358.80 Td (Air Canada club loan, which was repaid on ) Tj ET Q q 0 0 0 rg BT 389.20 358.80 Td (August 3, 2010, ) Tj ET Q q 0 0 0 rg BT 454.25 358.80 Td (Air Canada issued ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 345.30 Td (warrants to the lenders to purchase ) Tj ET Q q 0 0 0 rg BT 215.08 345.30 Td (Air Canada Class ) Tj ET Q q 0 0 0 rg BT 287.12 345.30 Td (A) Tj ET Q q 0 0 0 rg BT 292.62 345.30 Td ( or Class B variable voting shares. ) Tj ET Q q 0 0 0 rg BT 431.19 345.30 Td (Aeroplan received ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 331.80 Td (1,250,000 warrants with an exercise price of $1.51 each on July 29, 2009 and 1,250,000 warrants with an exercise ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 318.30 Td (price of $1.44 each on October 19, 2009, exercisable at any time and expiring four years from the date of grant. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 295.80 Td (On July 24, 2013, ) Tj ET Q q 0 0 0 rg BT 144.55 295.80 Td (Aimia exercised 1,250,000 warrants at a price of $1.51 each and acquired a corresponding number ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 282.30 Td (of ) Tj ET Q q 0 0 0 rg BT 81.51 282.30 Td (Air Canada Class B shares for cash consideration of $1.9 million. ) Tj ET Q q 0 0 0 rg BT 342.98 282.30 Td (The fair value of these warrants amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 268.80 Td ($0.9 million on July 24, 2013. On October 16, 2013, ) Tj ET Q q 0 0 0 rg BT 279.63 268.80 Td (Aimia exercised the remaining 1,250,000 warrants at a price of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 255.30 Td ($1.44 each and acquired a corresponding number of ) Tj ET Q q 0 0 0 rg BT 283.15 255.30 Td (Air Canada Class B shares for cash consideration of $1.8 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 241.80 Td (million. ) Tj ET Q q 0 0 0 rg BT 102.34 241.80 Td (The fair value of these warrants amounted to $4.4 million on October 16, 2013.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 219.30 Td (At December31, 2014 and March 31, 2015, the fair value of ) Tj ET Q q 0 0 0 rg BT 313.15 219.30 Td (Air Canada Class B shares amounted to $29.7 million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 205.80 Td (and $31.0 million, respectively) Tj ET Q q 0 0 0 rg BT 191.90 205.80 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 180.30 Td (During the second quarter of 2015, ) Tj ET Q q 0 0 0 rg BT 213.10 180.30 Td (Aimia disposed of all of its ) Tj ET Q q 0 0 0 rg BT 319.15 180.30 Td (Air Canada Class B shares for net proceeds of $30.5 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 166.80 Td (million. ) Tj ET Q q 0 0 0 rg BT 102.01 166.80 Td (As a result of the disposal, the gain \(net of tax\) in accumulated other comprehensive income, representing an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 153.30 Td (amount of $18.6 million, was reclassified to net earnings during the second quarter of 2015. Of this amount, $21.5 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 139.80 Td (million was recorded in financial income and $2.9 million in deferred income tax expense. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 117.30 Td (Prior to their disposal, the investment in ) Tj ET Q q 0 0 0 rg BT 231.58 117.30 Td (Air Canada Class B shares was accounted for as an available-for-sale ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 103.80 Td (investment, measured at fair value with changes recognized in other comprehensive income. ) Tj ET Q endstream endobj 79 0 obj <> endobj 80 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (38) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 457.08984375 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (SUMMAR) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 125.55 666.30 Td (Y) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 133.34 666.30 Td ( OF CONTRACTUAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 248.44 666.30 Td ( OBLIGA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 297.54 666.30 Td (TIONS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 337.10 666.30 Td (AND COMMITMENTS) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 640.80 Td (As at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 95.01 640.80 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 157.55 640.80 Td (, estimated future minimum payments under ) Tj ET Q q 0 0 0 rg BT 335.13 640.80 Td (Aimia's contractual obligations and commitments ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (are as follows: ) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 71.50 607.80 147.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 218.50 607.80 46.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 264.50 607.80 45.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 309.50 607.80 46.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 355.50 607.80 46.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 401.50 607.80 46.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 447.50 607.80 46.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 493.50 607.80 46.00 -24.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 544.8 m 218.5 544.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 544.8 m 264.5 544.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 544.8 m 309.5 544.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 544.8 m 355.5 544.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 544.8 m 401.5 544.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 544.8 m 447.5 544.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 544.8 m 493.5 544.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 544.8 m 539.5 544.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 479.8 m 309.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 479.8 m 355.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 479.8 m 401.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 479.8 m 447.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 479.8 m 493.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 479.8 m 539.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 479.8 m 218.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 479.8 m 264.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 479.8 m 309.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 479.8 m 355.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 479.8 m 401.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 479.8 m 447.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 479.8 m 493.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 479.8 m 539.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 427.8 m 309.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 427.8 m 355.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 427.8 m 401.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 427.8 m 447.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 427.8 m 493.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 427.8 m 539.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 427.8 m 218.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 427.8 m 264.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 427.8 m 309.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 427.8 m 355.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 427.8 m 401.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 427.8 m 447.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 427.8 m 493.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 427.8 m 539.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 414.8 m 218.5 414.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 394.8 m 218.5 394.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 392.8 m 218.5 392.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 414.8 m 264.5 414.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 394.8 m 264.5 394.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 392.8 m 264.5 392.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 414.8 m 309.5 414.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 394.8 m 309.5 394.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 392.8 m 309.5 392.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 414.8 m 355.5 414.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 394.8 m 355.5 394.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 392.8 m 355.5 392.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 414.8 m 401.5 414.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 394.8 m 401.5 394.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 392.8 m 401.5 392.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 414.8 m 447.5 414.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 394.8 m 447.5 394.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 392.8 m 447.5 392.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 414.8 m 493.5 414.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 394.8 m 493.5 394.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 392.8 m 493.5 392.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 414.8 m 539.5 414.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 394.8 m 539.5 394.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 392.8 m 539.5 392.8 l s BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 74.00 594.00 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 244.10 593.78 Td (Total) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 288.20 593.78 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 334.20 593.78 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 380.20 593.78 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 426.20 593.78 Td (2019) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 472.20 593.78 Td (2020) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 499.05 593.78 Td (Thereafter) Tj ET Q BT /F2 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 74.00 575.28 Td (Contractual Obligations) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 74.00 562.28 Td (Long-term debt) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 241.25 562.33 Td (650.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 298.25 562.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.25 562.33 Td (200.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 378.25 562.33 Td (200.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 424.25 562.33 Td (250.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.25 562.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.25 562.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 549.28 Td (Interest on long-term debt ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 167.83 553.09 Td (\(a\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 245.70 549.28 Td (83.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 290.70 549.28 Td (26.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 336.70 549.33 Td (30.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.70 549.33 Td (19.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 433.15 549.28 Td (7.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.25 549.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.25 549.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 536.28 Td (Total long-term debt and interest) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 241.25 536.33 Td (733.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 290.70 536.28 Td (26.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.25 536.33 Td (230.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 378.25 536.33 Td (219.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 424.25 536.33 Td (257.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.25 536.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.25 536.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 523.28 Td (Operating leases) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 241.25 523.33 Td (140.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 290.70 523.28 Td (14.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 336.70 523.33 Td (18.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.70 523.33 Td (16.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 428.70 523.33 Td (13.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 474.70 523.33 Td (12.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.70 523.33 Td (65.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 510.28 Td (T) Tj ET Q q 0 0 0 rg BT 78.00 510.28 Td (echnology infrastructure and other ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 201.63 514.09 Td (\(b\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 241.25 510.33 Td (230.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 290.70 510.28 Td (24.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 336.70 510.33 Td (39.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.70 510.33 Td (36.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 428.70 510.33 Td (34.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 474.70 510.33 Td (28.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.70 510.33 Td (67.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 497.28 Td (Marketing support and other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 241.25 497.33 Td (224.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 290.70 497.28 Td (26.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 336.70 497.33 Td (47.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.70 497.33 Td (44.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 428.70 497.33 Td (34.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 474.70 497.33 Td (30.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.70 497.33 Td (41.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 484.03 Td (Purchase obligation under the CPSA) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 234.60 484.28 Td (2,135.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 286.25 484.33 Td (332.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.25 484.33 Td (515.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 378.25 484.33 Td (515.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 424.25 484.33 Td (515.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.25 484.33 Td (257.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.25 484.28 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 74.00 471.28 Td (Contractual Obligations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.60 471.28 Td (3,464.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.25 471.33 Td (423.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.25 471.33 Td (851.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.25 471.33 Td (831.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.25 471.33 Td (855.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.25 471.33 Td (328.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.25 471.33 Td (174.4) Tj ET Q BT /F2 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 74.00 445.28 Td (Commitments) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 74.00 432.28 Td (Letters of Credit and Surety Bonds) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 245.70 432.28 Td (22.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 290.70 432.28 Td (11.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 336.70 432.33 Td (10.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.15 432.28 Td (0.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.25 432.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.25 432.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.25 432.28 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 74.00 419.28 Td (Commitments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 245.70 419.28 Td (22.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.70 419.28 Td (11.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.70 419.33 Td (10.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.15 419.28 Td (0.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.25 419.28 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.25 419.28 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.25 419.28 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 74.00 406.28 Td (Total Contractual Obligations and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 74.00 398.28 Td (Commitments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.60 402.28 Td (3,487.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.25 402.33 Td (434.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.25 402.33 Td (862.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.25 402.33 Td (832.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.25 402.33 Td (855.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.25 402.33 Td (328.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.25 402.33 Td (174.4) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 373.30 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 373.30 Td (Includes interest on the Revolving Facility) Tj ET Q q 0 0 0 rg BT 254.59 373.30 Td (, and Senior Secured Notes Series 3, 4 and 5 described under ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 477.39 373.30 Td (Credit Facilities ) Tj ET Q BT /F4 8.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 108.00 361.30 Td (and Long-T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 148.18 361.30 Td (erm Debt) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 181.08 361.30 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 340.30 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 340.30 Td (Includes the minimum commitments relating to the global IT) Tj ET Q q 0 0 0 rg BT 319.05 340.30 Td ( outsourcing arrangement.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 317.80 Td (Under the terms of certain contractual obligations with a major ) Tj ET Q q 0 0 0 rg BT 321.12 317.80 Td (Accumulation Partner) Tj ET Q q 0 0 0 rg BT 406.67 317.80 Td (, ) Tj ET Q q 0 0 0 rg BT 411.17 317.80 Td (Aimia is required to maintain ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 304.30 Td (certain minimum working capital amounts in accordance with pre-established formulae. ) Tj ET Q q 0 0 0 rg BT 422.66 304.30 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.67 304.30 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.20 304.30 Td (, ) Tj ET Q q 0 0 0 rg BT 500.71 304.30 Td (Aimia ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 290.80 Td (complied with all such covenants. ) Tj ET Q endstream endobj 81 0 obj <> endobj 82 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (39) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 168.005859375 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (CAPIT) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 107.11 666.30 Td (AL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 122.89 666.30 Td ( ST) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 141.34 666.30 Td (OCK) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 640.80 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 640.80 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 145.54 640.80 Td (, ) Tj ET Q q 0 0 0 rg BT 150.05 640.80 Td (Aimia had ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 192.57 640.80 Td (152,294,61) Tj ET Q q 0 0 0 rg BT 236.94 640.80 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.95 640.80 Td ( common shares, 3,953,365 Series 1 Preferred Shares, 2,946,635 Series ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (2 Preferred Shares and 6,000,000 Series 3 Preferred Shares issued and outstanding for an aggregate amount of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 613.80 Td ($1,665.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.04 613.80 Td (. In addition, there were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 231.60 613.80 Td (1) Tj ET Q q 0 0 0 rg BT 235.93 613.80 Td (1,437,517) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 275.97 613.80 Td ( stock options issued and outstanding under the ) Tj ET Q q 0 0 0 rg BT 468.61 613.80 Td (Aimia Long-T) Tj ET Q q 0 0 0 rg BT 521.13 613.80 Td (erm ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 600.30 Td (Incentive Plan.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 570.30 Td (NORMAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 124.44 570.30 Td ( COURSE ISSUER BID) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 544.80 Td (On May 13, 2014, ) Tj ET Q q 0 0 0 rg BT 145.55 544.80 Td (Aimia received approval from the ) Tj ET Q q 0 0 0 rg BT 279.44 544.80 Td (T) Tj ET Q q 0 0 0 rg BT 283.94 544.80 Td (oronto Stock Exchange for the renewal of its NCIB to purchase ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 531.30 Td (up to 15,530,762 of its issued and outstanding common shares during the period from May16, 2014 to no later than ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 517.80 Td (May 15, 2015.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 492.30 Td (From May 16, 2014 to December31, 2014, ) Tj ET Q q 0 0 0 rg BT 246.09 492.30 Td (Aimia repurchased 2,069,790 common shares for a total consideration of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 478.80 Td ($29.8 million. Of this total, 1,964,790 common shares were paid and cancelled during the period representing $28.3 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 465.30 Td (million, with the remainder being paid and cancelled during the first quarter of 2015. Share capital was reduced by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 451.80 Td ($18.3 million and the remaining $1) Tj ET Q q 0 0 0 rg BT 208.92 451.80 Td (1.5 million was accounted for as a reduction of contributed surplus.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 426.30 Td (From January 1, 2015 to May15, 2015, ) Tj ET Q q 0 0 0 rg BT 231.59 426.30 Td (Aimia repurchased and cancelled 8,788,952 common shares for a total cash ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 412.80 Td (consideration of $1) Tj ET Q q 0 0 0 rg BT 147.38 412.80 Td (17.8 million. Share capital was reduced by $77.8 million and the remaining $40.0 million was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 399.30 Td (accounted for as a reduction of contributed surplus.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 373.80 Td (On May 14, 2015, ) Tj ET Q q 0 0 0 rg BT 145.55 373.80 Td (Aimia received approval from the ) Tj ET Q q 0 0 0 rg BT 279.44 373.80 Td (T) Tj ET Q q 0 0 0 rg BT 283.94 373.80 Td (oronto Stock Exchange for the renewal of its NCIB to purchase ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 360.30 Td (up to 16,346,860 of its issued and outstanding common shares during the period from May20, 2015 to no later than ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 346.80 Td (May 19, 2016.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 321.30 Td (From May 20, 2015 to December31, 2015, ) Tj ET Q q 0 0 0 rg BT 246.09 321.30 Td (Aimia repurchased 8,819,500 common shares for a total consideration of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 307.80 Td ($105.5 million. Of this total, 8,538,100 common shares were paid and cancelled during the period representing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 294.30 Td ($102.8 million, with the remainder being paid and cancelled during the first quarter of 2016. Share capital was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 280.80 Td (reduced by $78.1 million and the remaining $27.4 million was accounted for as a reduction of contributed surplus.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 255.30 Td (From January 1, 2016 to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 172.55 255.30 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.09 255.30 Td (, ) Tj ET Q q 0 0 0 rg BT 239.59 255.30 Td (Aimia repurchased 2,393,600 common shares \(all of which were paid and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 241.80 Td (cancelled during the period\) for a total consideration of $21.8 million. Share capital was reduced by $21.2 million and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 228.30 Td (the remaining $0.6 million was accounted for as a reduction of contributed surplus.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 198.30 Td (PREFERRED SHARES, SERIES 1 ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 262.93 198.30 Td (AND PREFERRED SHARES, SERIES 2) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 172.80 Td (On February 27, 2015, ) Tj ET Q q 0 0 0 rg BT 164.56 172.80 Td (Aimia announced that it would not be exercising its right to redeem all or part of the Series 1 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 159.30 Td (Preferred Shares on March 31, 2015. ) Tj ET Q q 0 0 0 rg BT 222.59 159.30 Td (As a result and subject to certain conditions, the holders of the Series 1 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 145.80 Td (Preferred Shares had the right to convert all or part of their Series 1 Preferred Shares, on a one-for-one basis, into ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 132.30 Td (Series 2 Preferred Shares on March 31, 2015. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 109.80 Td (On March 31, 2015, the holders of 2,946,635 Series 1 Preferred Shares exercised their option to convert their Series ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 96.30 Td (1 Preferred Shares into an equivalent number of Series 2 Preferred Shares. Holders of the Series2 Preferred Shares ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 82.80 Td (are entitled to receive quarterly floating rate, cumulative, preferential cash dividends, calculated on the basis of the ) Tj ET Q endstream endobj 83 0 obj <> endobj 84 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (40) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (actual number of days elapsed in such quarterly period divided by 365, as and when declared by the Board of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (Directors of ) Tj ET Q q 0 0 0 rg BT 120.01 654.95 Td (Aimia, subject to the provisions of the Canada Business Corporations ) Tj ET Q q 0 0 0 rg BT 398.17 654.95 Td (Act \(the CBCA\). ) Tj ET Q q 0 0 0 rg BT 473.01 654.95 Td (The dividend ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (rate for the floating rate period from and including March31, 2016 to, but excluding June30, 2016, will be 4.212%, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.95 Td (being 3.75% over the 90-day Government of Canada ) Tj ET Q q 0 0 0 rg BT 285.47 627.95 Td (T) Tj ET Q q 0 0 0 rg BT 290.64 627.95 Td (reasury Bill yield, as determined in accordance with the terms ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 614.45 Td (of the Series 2 Preferred Shares.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.95 Td (With respect to the remaining 3,953,365 Series1 Preferred Shares outstanding after March 31, 2015, holders of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 578.45 Td (Series1 Preferred Shares are entitled to receive quarterly fixed, cumulative, preferential cash dividends, as and when ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 564.95 Td (declared by the Board of Directors of ) Tj ET Q q 0 0 0 rg BT 220.58 564.95 Td (Aimia, subject to the provisions of the CBCA. ) Tj ET Q q 0 0 0 rg BT 402.00 564.95 Td (The dividend rate for the five-year ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 551.45 Td (period from and including March31, 2015 to, but excluding March31, 2020, will be 4.5%, being 3.75% over the five-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 537.95 Td (year Government of Canada bond yield, as determined in accordance with the terms of the Series1 Preferred ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 524.45 Td (Shares. ) Tj ET Q endstream endobj 85 0 obj <> endobj 86 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (41) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 140.677734375 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (DIVIDENDS ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 640.80 Td (Quarterly dividends declared to common shareholders of ) Tj ET Q q 0 0 0 rg BT 300.12 640.80 Td (Aimia during the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 367.66 640.80 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.71 640.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.21 640.80 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.75 640.80 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.02 627.30 Td ( were as follows:) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 71.50 604.80 211.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 282.50 604.80 128.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 410.50 604.80 129.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 71.50 580.80 211.00 -21.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 282.50 580.80 64.00 -21.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 346.50 580.80 64.00 -21.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 410.50 580.80 64.00 -21.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 474.50 580.80 65.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 282.50 559.80 64.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 559.80 64.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 546.8 m 282.5 546.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 546.8 m 346.5 546.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 546.8 m 410.5 546.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 546.8 m 474.5 546.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 546.8 m 539.5 546.8 l s BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 337.10 590.78 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 461.30 590.78 Td (2015 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 1 1 1 rg BT 481.32 594.59 Td (\(a\)) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 74.00 568.50 Td (\(in millions of Canadian dollars, except per-share amounts\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 315.40 568.28 Td (Amount) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 361.65 572.03 Td (Per common) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 386.95 564.03 Td (share) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 443.40 568.28 Td (Amount) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 490.65 572.03 Td (Per common) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 515.95 564.03 Td (share) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 74.00 551.28 Td (March) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 327.70 551.33 Td (29.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 391.70 551.33 Td (0.19) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.70 551.33 Td (30.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.70 551.33 Td (0.18) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 529.30 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 529.30 Td (On May 14, 2015, the Board of Directors of ) Tj ET Q q 0 0 0 rg BT 262.30 529.30 Td (Aimia approved an increase to the common share dividend from $0.18 to ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 517.30 Td ($0.19 per share per quarter) Tj ET Q q 0 0 0 rg BT 204.95 517.30 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 494.80 Td (Quarterly dividends declared to preferred shareholders) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 290.12 494.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 292.62 494.80 Td (of ) Tj ET Q q 0 0 0 rg BT 302.13 494.80 Td (Aimia during the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.66 494.80 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.72 494.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.22 494.80 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.76 494.80 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 481.30 Td (2015) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 92.02 481.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.52 481.30 Td (were as follows:) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 458.80 200.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 272.50 458.80 130.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 402.50 458.80 4.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 406.50 458.80 130.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 434.80 200.00 -21.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 272.50 434.80 65.00 -21.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 337.50 434.80 65.00 -21.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 402.50 434.80 4.00 -21.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 406.50 434.80 65.00 -21.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 471.50 434.80 65.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 272.50 413.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 413.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 272.50 400.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 400.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 272.50 387.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 387.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 272.50 374.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 374.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 272.50 361.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 361.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 272.50 348.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 337.50 348.80 65.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 335.8 m 272.5 335.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 335.8 m 337.5 335.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 335.8 m 402.5 335.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 335.8 m 406.5 335.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 335.8 m 471.5 335.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 335.8 m 536.5 335.8 l s BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 328.10 444.78 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 462.10 444.78 Td (2015) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 422.50 Td (\(in millions of Canadian dollars, except per-share amounts\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 306.40 422.28 Td (Amount) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 351.85 426.28 Td (Per preferred) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 378.95 418.28 Td (share) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 440.40 422.28 Td (Amount) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 485.85 426.28 Td (Per preferred) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 512.95 418.28 Td (share) Tj ET Q BT /F2 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 75.00 405.28 Td (Series 1) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 392.28 Td (March) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 323.15 392.33 Td (1.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 370.30 392.28 Td (0.28125) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.15 392.28 Td (2.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 504.35 392.33 Td (0.40625) Tj ET Q BT /F2 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 75.00 379.28 Td (Series 2) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 366.28 Td (March) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 323.15 366.33 Td (0.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.90 366.28 Td (0.264049) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.85 366.28 Td ( N/A) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.85 366.28 Td ( N/A) Tj ET Q BT /F2 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 75.00 353.28 Td (Series 3) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 340.28 Td (March) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 323.15 340.33 Td (2.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.90 340.28 Td (0.390625) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.15 340.28 Td (2.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 499.90 340.28 Td (0.390625) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 313.80 Td (The dividend policy is subject to the discretion of the Board of Directors of ) Tj ET Q q 0 0 0 rg BT 367.15 313.80 Td (Aimia and may vary depending on, among ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 300.30 Td (other things, ) Tj ET Q q 0 0 0 rg BT 123.53 300.30 Td (Aimia's earnings, financial requirements, debt covenants, the satisfaction of solvency tests imposed by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 286.80 Td (the CBCA) Tj ET Q q 0 0 0 rg BT 111.52 286.80 Td ( for the declaration of dividends and other conditions existing at such future time. ) Tj ET Q q 0 0 0 rg BT 437.04 286.80 Td (The Series 1 Preferred ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 273.30 Td (Shares outstanding at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.06 273.30 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.60 273.30 Td ( bear a 4.5% annual cumulative dividend or $0.28125 per preferred share per ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 259.80 Td (quarter) Tj ET Q q 0 0 0 rg BT 100.02 259.80 Td (. ) Tj ET Q q 0 0 0 rg BT 104.86 259.80 Td (The Series 2 Preferred Shares outstanding at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.46 259.80 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.00 259.80 Td ( bear acumulative quarterly floating dividend ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 246.30 Td (yielding 4.212% annually or $0.26181) Tj ET Q q 0 0 0 rg BT 221.44 246.30 Td (1 per preferred share per quarter) Tj ET Q q 0 0 0 rg BT 352.02 246.30 Td (, as determined for the floating rate period from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 232.80 Td (and including March31, 2016 to, but excluding June30, 2016. ) Tj ET Q q 0 0 0 rg BT 322.51 232.80 Td (The Series 3 Preferred Shares outstanding at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 219.30 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 134.54 219.30 Td ( bear a 6.25% annual cumulative dividend or $0.390625 per preferred share per quarter) Tj ET Q q 0 0 0 rg BT 482.77 219.30 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 193.80 Td (On ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 86.51 193.80 Td (May12, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.04 193.80 Td (, the Board of Directors of ) Tj ET Q q 0 0 0 rg BT 245.59 193.80 Td (Aimia approved an increase to the annual common share dividend from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 180.30 Td ($0.76 to $0.80 per share and declared quarterly dividends of $0.20 per common share, $0.28125 per Series 1 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 166.80 Td (preferred share, $0.26181) Tj ET Q q 0 0 0 rg BT 175.40 166.80 Td (1 per Series 2 preferred share and $0.390625 per Series 3 preferred share, in each case ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 153.30 Td (payable on June 30, 2016. ) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (42) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 312.01171875 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (EARNINGS \(LOSS\) PER COMMON SHARE) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 640.80 Td (Aimia's earnings \(loss\) per share attributable to the equity holders of the Corporation amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.93 640.80 Td ($\(0.12\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.45 640.80 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.47 640.80 Td ($0.10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.99 640.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 100.02 627.30 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 180.07 627.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.57 627.30 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.11 627.30 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.13 627.30 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.67 627.30 Td (, respectively) Tj ET Q q 0 0 0 rg BT 379.52 627.30 Td (. Earnings \(loss\) per share is calculated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 613.80 Td (after deducting dividends declared on preferred shares.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 572.8986328125 m 206.689453125 572.8986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 574.80 Td (SUBSEQUENT EVENTS) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 549.30 Td (On ) Tj ET Q q 0 0 0 rg BT 86.01 549.30 Td (April 1) Tj ET Q q 0 0 0 rg BT 110.85 549.30 Td (1, 2016, ) Tj ET Q q 0 0 0 rg BT 145.38 549.30 Td (Aimia concluded an amendment to its existing credit facility with its lending syndicate, extending ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 535.80 Td (the term of its revolving facility by one year to ) Tj ET Q q 0 0 0 rg BT 254.08 535.80 Td (April 23, 2020.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 513.30 Td (On May 12, 2016, ) Tj ET Q q 0 0 0 rg BT 145.55 513.30 Td (Aimia received approval from the ) Tj ET Q q 0 0 0 rg BT 279.44 513.30 Td (T) Tj ET Q q 0 0 0 rg BT 283.94 513.30 Td (oronto Stock Exchange for the renewal of its NCIB to purchase ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 499.80 Td (up to 1) Tj ET Q q 0 0 0 rg BT 98.85 499.80 Td (1,153,635 of its issued and outstanding common shares during the period from May20, 2016 to no later than ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 486.30 Td (May 19, 2017.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 445.3986328125 m 294.234375 445.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 447.30 Td (CHANGES IN ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 150.23 447.30 Td (ACCOUNTING POLICIES ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 421.80 Td (The Corporation has adopted the following revised standards as detailed below:) Tj ET Q BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 397.80 Td (IFRS 5 ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 105.53 397.80 Td (Amendment, Change in Methods of Disposal) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 372.30 Td (IFRS 5 -) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 105.50 372.30 Td ( Non-Current ) Tj ET Q q 0 0 0 rg BT 159.69 372.30 Td (Assets Held for Sale and Discontinued Operations ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.30 372.30 Td (was amended to clarify that a change in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 358.80 Td (disposal method should not be considered to be a new plan of disposal but a continuation of the original plan. ) Tj ET Q q 0 0 0 rg BT 509.14 358.80 Td (There ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 345.30 Td (is therefore no interruption of the application of the requirements in this standard. ) Tj ET Q q 0 0 0 rg BT 396.03 345.30 Td (The amendment also clarifies that ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 331.80 Td (changing the disposal method does not change the date of classification. ) Tj ET Q q 0 0 0 rg BT 364.03 331.80 Td (The Corporation determined that the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 318.30 Td (adoption of the amended standard had no impact on its consolidated financial statements.) Tj ET Q BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 294.30 Td (IAS 19 ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 104.43 294.30 Td (Amendment, Discount Rate: Regional Market Issue) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 268.80 Td (IAS 19 -) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 104.52 268.80 Td ( Employee Benefits ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 184.56 268.80 Td (was amended to clarify that market depth of high quality corporate bonds is assessed ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 255.30 Td (based on the currency in which the obligation is denominated rather than where the obligation is located. When there ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 241.80 Td (is no deep market for high quality corporate bonds in that currency) Tj ET Q q 0 0 0 rg BT 335.48 241.80 Td (, government bond rates must be used. ) Tj ET Q q 0 0 0 rg BT 494.41 241.80 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 228.30 Td (Corporation determined that the adoption of the amended standard had no impact on its consolidated financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 214.80 Td (statements.) Tj ET Q BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 190.80 Td (IFRS 7 ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 105.53 190.80 Td (Amendment, ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 164.63 190.80 Td (Applicability of Offsetting Disclosures to Condensed Interim Financial Statements) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 165.30 Td (IFRS 7 -) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 105.50 165.30 Td ( Financial Instrument: Disclosures ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 243.05 165.30 Td (was amended to clarify that of) Tj ET Q q 0 0 0 rg BT 362.45 165.30 Td (fsetting disclosures are not required in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 151.80 Td (condensed interim financial statements. ) Tj ET Q q 0 0 0 rg BT 232.42 151.80 Td (The Corporation determined that the adoption of the amended standard had ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 138.30 Td (no impact on its interim financial statements.) Tj ET Q endstream endobj 89 0 obj <> endobj 90 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (43) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 667.75 Td (IAS 34 ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 104.43 667.75 Td (Amendment, Disclosure of Information 'Elsewhere in the Interim Financial Report') Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 645.25 Td (IAS 34 - ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 107.02 645.25 Td (Interim Financial Reporting ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 217.06 645.25 Td (was amended to clarify the meaning of 'elsewhere in the interim financial report' ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 631.75 Td (and states that the required interim disclosures must be either in the interim financial statements or incorporated by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 618.25 Td (cross-reference between the interim financial statements and wherever they are included within the greater interim ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 604.75 Td (financial report. ) Tj ET Q q 0 0 0 rg BT 135.87 604.75 Td (The Corporation determined that the adoption of the amended standard had no impact on its interim ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.25 Td (financial statements.) Tj ET Q BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 567.25 Td (IAS 1 ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 98.87 567.25 Td (Amendments, Disclosure Initiative) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 543.75 Td (IAS 1- ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 99.51 543.75 Td (Presentation of Financial Statements) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.59 543.75 Td ( was amended to clarify guidance on materiality and aggregation, the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 530.25 Td (presentation of subtotals, the structure of financial statements and the disclosure of accounting policies. ) Tj ET Q q 0 0 0 rg BT 486.07 530.25 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 516.75 Td (Corporation determined that the adoption of the amended standard had no impact on its consolidated financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 503.25 Td (statements.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 459.3486328125 m 283.107421875 459.3486328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 461.25 Td (CRITICAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 127.78 461.25 Td ( ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 130.66 461.25 Td (ACCOUNTING ESTIMA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 259.77 461.25 Td (TES) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 435.75 Td (Please refer to ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 133.03 435.75 Td (Note 2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 159.55 435.75 Td ( of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 187.07 435.75 Td (December31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 266.12 435.75 Td ( audited consolidated financial statements of ) Tj ET Q q 0 0 0 rg BT 445.23 435.75 Td (Aimia and the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 422.25 Td (corresponding section of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 187.57 422.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 207.59 422.25 Td ( MD&A) Tj ET Q q 0 0 0 rg BT 235.60 422.25 Td ( to review ) Tj ET Q q 0 0 0 rg BT 276.12 422.25 Td (Aimia's critical accounting estimates.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 399.75 Td (The preparation of financial statements in accordance with the International Financial Reporting Standards \(IFRS\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 386.25 Td (requires management to make estimates, judgments and assumptions that management believes are reasonable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 372.75 Td (based upon the information available. ) Tj ET Q q 0 0 0 rg BT 226.44 372.75 Td (These estimates, judgments and assumptions af) Tj ET Q q 0 0 0 rg BT 419.38 372.75 Td (fect the reported amounts of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 359.25 Td (assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 345.75 Td (reported amounts of revenues and expenses during the reporting period. ) Tj ET Q q 0 0 0 rg BT 365.69 345.75 Td (Actual results can dif) Tj ET Q q 0 0 0 rg BT 448.57 345.75 Td (fer from those ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 332.25 Td (estimates \(refer to ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 147.02 332.25 Td (Caution regarding forward-looking information) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 329.62 332.25 Td (\). Significant estimates made in the preparation of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 318.75 Td (the consolidated financial statements include those used in accounting for breakage, income taxes, the determination ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 305.25 Td (of amortization period for long-lived assets, the impairment considerations on long-lived assets and goodwill, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 291.75 Td (particularly future cash flows and cost of capital, the carrying value of financial instruments recorded at fair value, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 278.25 Td (provisions and contingencies. ) Tj ET Q endstream endobj 91 0 obj <> endobj 92 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (44) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 256.23046875 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (CONTROLS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 142.22 666.30 Td (AND PROCEDURES) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 639.90 Td (DISCLOSURE CONTROLS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 224.23 639.90 Td (AND PROCEDURES ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 341.13 639.90 Td (AND INTERNAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 430.90 639.90 Td ( CONTROLS OVER ) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 625.50 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 136.44 625.50 Td ( REPORTING ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 600.00 Td (The Corporation has adopted disclosure controls and procedures, with management's assistance, that are under the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 586.50 Td (responsibility of the Group Chief Executive \("GCE"\), in the capacity of Chief Executive Of) Tj ET Q q 0 0 0 rg BT 425.38 586.50 Td (ficer) Tj ET Q q 0 0 0 rg BT 441.89 586.50 Td (, and Chief Financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 573.00 Td (Of) Tj ET Q q 0 0 0 rg BT 81.34 573.00 Td (ficer) Tj ET Q q 0 0 0 rg BT 97.84 573.00 Td (, in order to provide reasonable assurance that they are made aware of material information. ) Tj ET Q q 0 0 0 rg BT 469.88 573.00 Td (The Corporation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 559.50 Td (has also adopted internal controls over financial reporting to provide reasonable assurance regarding the reliability of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 546.00 Td (financial reporting and the preparation of financial statements in accordance with IFRS. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 523.50 Td (During the interim period ended on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.09 523.50 Td (March31, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 275.63 523.50 Td (, there were no changes in the Corporation's internal controls over ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 510.00 Td (financial reporting that have significantly af) Tj ET Q q 0 0 0 rg BT 241.44 510.00 Td (fected, or are reasonably likely to significantly af) Tj ET Q q 0 0 0 rg BT 432.37 510.00 Td (fect, ) Tj ET Q q 0 0 0 rg BT 451.38 510.00 Td (Aimia's internal ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 496.50 Td (controls over financial reporting.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 474.00 Td (Because of inherent limitations, internal controls over financial reporting and disclosure controls can provide only ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 460.50 Td (reasonable assurances and may not prevent or detect misstatements. Furthermore, projections of any evaluation of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 447.00 Td (ef) Tj ET Q q 0 0 0 rg BT 79.34 447.00 Td (fectiveness to future periods are subject to the risk that controls may become inadequate because of changes in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 433.50 Td (conditions, or that the degree of compliance with the policies or procedures may deteriorate.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 411.00 Td (The ) Tj ET Q q 0 0 0 rg BT 89.51 411.00 Td (Audit, Finance and Risk Committee reviewed this MD&A, and the consolidated financial statements, and the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 397.50 Td (Board of Directors of ) Tj ET Q q 0 0 0 rg BT 156.54 397.50 Td (Aimia approved these documents prior to their release.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 356.5986328125 m 400.904296875 356.5986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 358.50 Td (RISKS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 111.56 358.50 Td (AND UNCERT) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 190.00 358.50 Td (AINTIES ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 240.23 358.50 Td (AFFECTING THE BUSINESS) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 333.00 Td (The results of operations and financial condition of ) Tj ET Q q 0 0 0 rg BT 274.63 333.00 Td (Aimia are subject to a number of risks and uncertainties and are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 319.50 Td (af) Tj ET Q q 0 0 0 rg BT 79.34 319.50 Td (fected by a number of factors outside of the control of Management.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 297.00 Td (For more information, and for a complete description of the risk factors that could materially af) Tj ET Q q 0 0 0 rg BT 444.50 297.00 Td (fect the business, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 283.50 Td (please refer to the corresponding sections in the 2015 MD&A) Tj ET Q q 0 0 0 rg BT 314.64 283.50 Td ( and ) Tj ET Q q 0 0 0 rg BT 334.16 283.50 Td (Aimia's ) Tj ET Q q 0 0 0 rg BT 364.89 283.50 Td (Annual Information Form dated March 23, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 270.00 Td (2016.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 247.50 Td (The risks described therein may not be the only risks faced by ) Tj ET Q q 0 0 0 rg BT 320.62 247.50 Td (Aimia. Other risks which currently do not exist or which ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 234.00 Td (are deemed immaterial may surface and have a material adverse impact on ) Tj ET Q q 0 0 0 rg BT 375.15 234.00 Td (Aimia's results of operations and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 220.50 Td (financial condition. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 198.00 Td (The following paragraph provides an update and supersedes the risk factor entitled "Labour Relations" included as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 184.50 Td (part of the 2015 MD&A) Tj ET Q q 0 0 0 rg BT 163.05 184.50 Td ( and ) Tj ET Q q 0 0 0 rg BT 182.58 184.50 Td (Aimia's ) Tj ET Q q 0 0 0 rg BT 213.30 184.50 Td (Annual Information Form dated March 23, 2016:) Tj ET Q BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 160.50 Td (Labour ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 108.67 160.50 Td (Relations) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 138.00 Td (Aeroplan's ) Tj ET Q q 0 0 0 rg BT 115.83 138.00 Td (contact ) Tj ET Q q 0 0 0 rg BT 146.42 138.00 Td (centre ) Tj ET Q q 0 0 0 rg BT 173.02 138.00 Td (employees ) Tj ET Q q 0 0 0 rg BT 218.12 138.00 Td (are ) Tj ET Q q 0 0 0 rg BT 232.71 138.00 Td (unionized. ) Tj ET Q q 0 0 0 rg BT 275.22 138.00 Td (The ) Tj ET Q q 0 0 0 rg BT 292.31 138.00 Td (collective ) Tj ET Q q 0 0 0 rg BT 330.91 138.00 Td (agreement ) Tj ET Q q 0 0 0 rg BT 375.52 138.00 Td (for ) Tj ET Q q 0 0 0 rg BT 387.60 138.00 Td (these ) Tj ET Q q 0 0 0 rg BT 411.20 138.00 Td (employees ) Tj ET Q q 0 0 0 rg BT 456.30 138.00 Td (expires ) Tj ET Q q 0 0 0 rg BT 486.90 138.00 Td (on ) Tj ET Q q 0 0 0 rg BT 498.49 138.00 Td (November ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 124.50 Td (14, ) Tj ET Q q 0 0 0 rg BT 85.87 124.50 Td (2018. ) Tj ET Q q 0 0 0 rg BT 109.75 124.50 Td (No ) Tj ET Q q 0 0 0 rg BT 122.61 124.50 Td (strikes ) Tj ET Q q 0 0 0 rg BT 149.97 124.50 Td (or ) Tj ET Q q 0 0 0 rg BT 159.33 124.50 Td (lock-outs ) Tj ET Q q 0 0 0 rg BT 196.69 124.50 Td (may ) Tj ET Q q 0 0 0 rg BT 215.05 124.50 Td (lawfully ) Tj ET Q q 0 0 0 rg BT 245.92 124.50 Td (occur ) Tj ET Q q 0 0 0 rg BT 269.28 124.50 Td (during ) Tj ET Q q 0 0 0 rg BT 295.66 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 309.53 124.50 Td (term ) Tj ET Q q 0 0 0 rg BT 328.88 124.50 Td (of ) Tj ET Q q 0 0 0 rg BT 337.74 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 351.61 124.50 Td (collective ) Tj ET Q q 0 0 0 rg BT 389.98 124.50 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 436.87 124.50 Td (nor ) Tj ET Q q 0 0 0 rg BT 451.23 124.50 Td (during ) Tj ET Q q 0 0 0 rg BT 477.61 124.50 Td (the ) Tj ET Q q 0 0 0 rg BT 491.47 124.50 Td (negotiations ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 111.00 Td (of ) Tj ET Q q 0 0 0 rg BT 83.12 111.00 Td (its ) Tj ET Q q 0 0 0 rg BT 95.73 111.00 Td (renewal ) Tj ET Q q 0 0 0 rg BT 130.85 111.00 Td (until ) Tj ET Q q 0 0 0 rg BT 150.98 111.00 Td (a ) Tj ET Q q 0 0 0 rg BT 159.59 111.00 Td (number ) Tj ET Q q 0 0 0 rg BT 193.72 111.00 Td (of ) Tj ET Q q 0 0 0 rg BT 204.83 111.00 Td (pre-conditions ) Tj ET Q q 0 0 0 rg BT 264.97 111.00 Td (have ) Tj ET Q q 0 0 0 rg BT 288.10 111.00 Td (been ) Tj ET Q q 0 0 0 rg BT 311.73 111.00 Td (satisfied. ) Tj ET Q q 0 0 0 rg BT 350.63 111.00 Td (There ) Tj ET Q q 0 0 0 rg BT 377.75 111.00 Td (can ) Tj ET Q q 0 0 0 rg BT 395.87 111.00 Td (be ) Tj ET Q q 0 0 0 rg BT 409.49 111.00 Td (no ) Tj ET Q q 0 0 0 rg BT 423.11 111.00 Td (assurance ) Tj ET Q q 0 0 0 rg BT 468.24 111.00 Td (that ) Tj ET Q q 0 0 0 rg BT 486.87 111.00 Td (the ) Tj ET Q q 0 0 0 rg BT 502.99 111.00 Td (collective ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 97.50 Td (agreement ) Tj ET Q q 0 0 0 rg BT 117.38 97.50 Td (will ) Tj ET Q q 0 0 0 rg BT 132.23 97.50 Td (be ) Tj ET Q q 0 0 0 rg BT 144.59 97.50 Td (renewed ) Tj ET Q q 0 0 0 rg BT 181.47 97.50 Td (without ) Tj ET Q q 0 0 0 rg BT 212.34 97.50 Td (labour ) Tj ET Q q 0 0 0 rg BT 239.71 97.50 Td (conflict ) Tj ET Q q 0 0 0 rg BT 270.07 97.50 Td (or ) Tj ET Q q 0 0 0 rg BT 280.43 97.50 Td (action ) Tj ET Q q 0 0 0 rg BT 306.80 97.50 Td (or ) Tj ET Q q 0 0 0 rg BT 317.15 97.50 Td (that ) Tj ET Q q 0 0 0 rg BT 334.51 97.50 Td (there ) Tj ET Q q 0 0 0 rg BT 357.38 97.50 Td (will ) Tj ET Q q 0 0 0 rg BT 372.23 97.50 Td (not ) Tj ET Q q 0 0 0 rg BT 387.10 97.50 Td (be ) Tj ET Q q 0 0 0 rg BT 399.46 97.50 Td (a ) Tj ET Q q 0 0 0 rg BT 406.82 97.50 Td (labour ) Tj ET Q q 0 0 0 rg BT 434.19 97.50 Td (conflict ) Tj ET Q q 0 0 0 rg BT 464.55 97.50 Td (that ) Tj ET Q q 0 0 0 rg BT 481.91 97.50 Td (could ) Tj ET Q q 0 0 0 rg BT 505.78 97.50 Td (lead ) Tj ET Q q 0 0 0 rg BT 525.15 97.50 Td (to ) Tj ET Q q 0 0 0 rg BT 535.01 97.50 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 84.00 Td (dispute ) Tj ET Q q 0 0 0 rg BT 103.36 84.00 Td (or ) Tj ET Q q 0 0 0 rg BT 113.71 84.00 Td (to ) Tj ET Q q 0 0 0 rg BT 123.56 84.00 Td (an ) Tj ET Q q 0 0 0 rg BT 135.91 84.00 Td (interruption ) Tj ET Q q 0 0 0 rg BT 183.28 84.00 Td (or ) Tj ET Q q 0 0 0 rg BT 193.63 84.00 Td (stoppage ) Tj ET Q q 0 0 0 rg BT 233.00 84.00 Td (in ) Tj ET Q q 0 0 0 rg BT 241.88 84.00 Td (Aeroplan's ) Tj ET Q q 0 0 0 rg BT 286.47 84.00 Td (contact ) Tj ET Q q 0 0 0 rg BT 317.83 84.00 Td (centre ) Tj ET Q q 0 0 0 rg BT 345.19 84.00 Td (service ) Tj ET Q q 0 0 0 rg BT 376.04 84.00 Td (or ) Tj ET Q q 0 0 0 rg BT 386.38 84.00 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 427.24 84.00 Td (adversely ) Tj ET Q q 0 0 0 rg BT 468.10 84.00 Td (af) Tj ET Q q 0 0 0 rg BT 475.45 84.00 Td (fect ) Tj ET Q q 0 0 0 rg BT 492.30 84.00 Td (the ) Tj ET Q q 0 0 0 rg BT 507.15 84.00 Td (ability ) Tj ET Q q 0 0 0 rg BT 532.50 84.00 Td (of ) Tj ET Q endstream endobj 93 0 obj <> endobj 94 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (45) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 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0 rg BT 72.00 654.95 Td (condition.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 614.0486328125 m 356.009765625 614.0486328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 615.95 Td (RECONCILIA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 145.78 615.95 Td (TION OF ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 197.33 615.95 Td (ADJUSTED NET EARNINGS) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 590.45 Td (The table below presents a reconciliation from net earnings \(loss\) attributable to equity holders of the Corporation and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 576.95 Td (Adjusted Net Earnings for the three months ended March 31, 2016 and 2015: ) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 557.45 346.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 418.50 557.45 122.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 533.45 346.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 418.50 533.45 61.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 479.50 533.45 61.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 418.50 520.45 47.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 465.50 520.45 14.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 418.50 507.45 47.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 465.50 507.45 14.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 418.50 494.45 47.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 465.50 494.45 14.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 418.50 481.45 47.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 465.50 481.45 14.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 418.50 468.45 47.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 465.50 468.45 14.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 418.50 455.45 47.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 465.50 455.45 14.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 418.50 442.45 47.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 465.50 442.45 14.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 418.50 429.45 47.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 465.50 429.45 14.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 442.45 m 418.5 442.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 442.45 m 465.5 442.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 442.45 m 479.5 442.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 442.45 m 526.5 442.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 442.45 m 540.5 442.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 416.45 m 418.5 416.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 416.45 m 465.5 416.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 416.45 m 479.5 416.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 416.45 m 526.5 416.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 416.45 m 540.5 416.45 l s BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 441.60 547.43 Td (Three Months Ended ) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 461.20 539.43 Td (March 31,) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 525.15 Td (\(in millions of Canadian dollars, except per share information\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 439.60 524.93 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 500.60 524.93 Td (2015) Tj ET Q BT /F2 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 511.68 Td (Net earnings \(loss\) attributable to equity holders of the Corporation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.05 511.73 Td (\(14.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 511.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 507.70 511.73 Td (21.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 498.68 Td (Amortization of Accumulation Partners' contracts, customer relationships and technology) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.70 498.73 Td (32.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 507.70 498.73 Td (33.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 485.68 Td (Share of net earnings of equity-accounted investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.50 485.73 Td (\(5.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 485.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 509.50 485.73 Td (\(3.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.30 485.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 472.68 Td (Adjusted EBITDA Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.70 472.73 Td (11.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 505.05 472.73 Td (\(19.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.30 472.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 459.68 Td (T) Tj ET Q q 0 0 0 rg BT 79.00 459.68 Td (ax on adjustments ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 146.15 463.49 Td (\(c\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.50 459.73 Td (\(1.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 459.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 509.50 459.73 Td (\(1.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.30 459.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 446.68 Td (Non-controlling interests share on adjustments above) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.15 446.68 Td (0.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 512.15 446.68 Td (0.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 433.68 Td (Adjusted Net Earnings ) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 163.01 437.49 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.70 433.73 Td (23.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 507.70 433.73 Td (30.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 420.68 Td (Adjusted Net Earnings per common share ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 225.74 424.49 Td (\(a\)\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.70 420.73 Td (0.13) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 507.70 420.73 Td (0.15) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 390.70 Td (\(a\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 390.70 Td (A) Tj ET Q q 0 0 0 rg BT 121.59 390.70 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 159.39 390.70 Td ( measurement. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 211.50 390.70 Td (Pleas) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 231.51 390.70 Td (e refer to ) Tj ET Q BT /F4 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 263.61 390.70 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 437.59 390.70 Td ( financial measures\)) Tj ET Q BT /F3 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 504.71 390.70 Td (.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 370.45 Td (\(b\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 370.45 Td (After deducting dividends declared on preferred shares.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 350.20 Td (\(c\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 350.20 Td (The ef) Tj ET Q q 0 0 0 rg BT 138.13 350.20 Td (fective tax rates on an entity level basis are applied to the related entity level adjustments noted above. ) Tj ET Q endstream endobj 95 0 obj <> endobj 96 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 72.00 774.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (46) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 278.8828125 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (NOT) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 96.44 666.30 Td (A) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 104.21 666.30 Td (TIONS T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 151.33 666.30 Td (O FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 228.44 666.30 Td ( T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 238.21 666.30 Td (ABLES) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 640.80 Td (This section includes the notations to the tables included under the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 340.17 640.80 Td (Quarter Ended March 31, 2016 Compared to ) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 627.30 Td (Quarter Ended March 31, 2015) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 196.08 627.30 Td ( section.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 600.90 Td (QUARTER ENDED MARCH 31, 2016 COMP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 313.15 600.90 Td (ARED T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.60 600.90 Td (O QUARTER ENDED MARCH ) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 586.50 Td (31, 2015) Tj ET Q BT /F2 10.00 Tf ET 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 560.91552734375 m 261.4482421875 560.91552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 562.50 Td (CONSOLIDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 131.26 562.50 Td (TED OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 188.86 562.50 Td (TING RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 248.67 562.50 Td (TS) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 538.50 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 538.50 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 319.79 538.50 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 526.50 Td (technology) Tj ET Q q 0 0 0 rg BT 127.10 526.50 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 505.50 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 505.50 Td (Includes third party Gross Billings of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 218.83 505.50 Td ($317.8 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 268.20 505.50 Td ( in Canada, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 311.34 505.50 Td ($159.0 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 360.70 505.50 Td ( in the UK and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.62 505.50 Td ($41.1 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.54 505.50 Td ( in the US for the three ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 493.50 Td (months ended ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 141.93 493.50 Td (March31, 2016) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 197.52 493.50 Td (, compared to third party Gross Billings of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 346.46 493.50 Td ($327.6 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.83 493.50 Td ( in Canada, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 438.97 493.50 Td ($161.0 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 488.33 493.50 Td ( in the UK and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 481.50 Td ($43.4 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 133.91 481.50 Td ( in the US for the three months ended ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 269.55 481.50 Td (March31, 2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.14 481.50 Td (. ) Tj ET Q q 0 0 0 rg BT 329.44 481.50 Td (Third party Gross Billings are attributed to a country on the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 469.50 Td (basis of the country where the contractual and management responsibility for the customer resides.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 448.50 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 448.50 Td (Includes an amount of $20.4 million received in the first quarter of 2015 from Revenue Quebec related to the income tax refund ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 436.50 Td (of loss carry back applied in Canada.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 415.50 Td (\(d\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 415.50 Td (A) Tj ET Q q 0 0 0 rg BT 93.89 415.50 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 134.21 415.50 Td ( measurement. Please refer to ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 244.04 415.50 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 429.61 415.50 Td ( financial measures\)) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 501.20 415.50 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 394.50 Td (\(e\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 394.50 Td (Represents the variance on a constant currency basis.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 373.50 Td (** Information not meaningful or not applicable.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 347.91552734375 m 189.7783203125 347.91552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 349.50 Td (AMERICAS COALITIONS) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 325.50 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 325.50 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 319.79 325.50 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 313.50 Td (technology) Tj ET Q q 0 0 0 rg BT 127.10 313.50 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 292.50 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 292.50 Td (A) Tj ET Q q 0 0 0 rg BT 93.89 292.50 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 134.21 292.50 Td ( measurement. Please refer to ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 244.04 292.50 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 429.61 292.50 Td ( financial measures\)) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 501.20 292.50 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 271.50 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 271.50 Td (Represents the variance on a constant currency basis.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 250.50 Td (** Information not meaningful or not applicable.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 224.91552734375 m 217.1806640625 224.91552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 226.50 Td (INTERNA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 115.70 226.50 Td (TIONAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 152.74 226.50 Td ( COALITIONS) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 202.50 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 202.50 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 319.79 202.50 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 190.50 Td (technology) Tj ET Q q 0 0 0 rg BT 127.10 190.50 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 169.50 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 169.50 Td (A) Tj ET Q q 0 0 0 rg BT 93.89 169.50 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 134.21 169.50 Td ( measurement. Please refer to ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 244.04 169.50 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 429.61 169.50 Td ( financial measures\)) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 501.20 169.50 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 148.50 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 148.50 Td (Represents the variance on a constant currency basis.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 127.50 Td (** Information not meaningful or not applicable.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 101.91552734375 m 222.751953125 101.91552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 103.50 Td (GLOBAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 114.04 103.50 Td ( LOY) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 136.45 103.50 Td (AL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 149.04 103.50 Td (TY) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 161.64 103.50 Td ( SOLUTIONS) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 79.50 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 79.50 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 319.79 79.50 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 67.50 Td (technology) Tj ET Q q 0 0 0 rg BT 127.10 67.50 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 46.50 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 46.50 Td (A) Tj ET Q q 0 0 0 rg BT 93.89 46.50 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 134.21 46.50 Td ( measurement. Please refer to ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 244.04 46.50 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 429.61 46.50 Td ( financial measures\)) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 501.20 46.50 Td (.) 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Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 648.20 Td (** Information not meaningful or not applicable.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 622.61552734375 m 135.1494140625 622.61552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 624.20 Td (CORPORA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 122.37 624.20 Td (TE) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 600.20 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 600.20 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 319.79 600.20 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 588.20 Td (technology) Tj ET Q q 0 0 0 rg BT 127.10 588.20 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 567.20 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 567.20 Td (Includes global shared services, global product development costs and share-based compensation. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 546.20 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 546.20 Td (A) Tj ET Q q 0 0 0 rg BT 93.89 546.20 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 134.21 546.20 Td ( measurement. Please refer to ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 244.04 546.20 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 429.61 546.20 Td ( financial measures\)) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 501.20 546.20 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 525.20 Td (\(d\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 525.20 Td (Represents the variance on a constant currency basis.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 504.20 Td (** Information not meaningful or not applicable.) 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