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Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 555.60 Td (The MD&A) Tj ET Q q 0 0 0 rg BT 115.68 555.60 Td ( is prepared as at ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 187.72 555.60 Td (May14, 2015) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 242.25 555.60 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 72.00 539.95 Td (consolidated financial statements of ) Tj ET Q q 0 0 0 rg BT 216.75 539.95 Td (Aimia for the ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 269.77 539.95 Td (three months ended) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 349.83 539.95 Td ( ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 352.33 539.95 Td (March31, 2015) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 414.87 539.95 Td ( and the notes thereto, the ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 524.25 Td (audited consolidated financial statements of ) Tj ET Q q 0 0 0 rg BT 248.78 524.25 Td (Aimia for the year ended December 31, 2014 and the notes thereto, the ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 508.60 Td (annual management discussion and analysis for ) Tj ET Q q 0 0 0 rg BT 266.28 508.60 Td (Aimia \(the 2014 MD&A\), and ) Tj ET Q q 0 0 0 rg BT 389.00 508.60 Td (Aimia's Management Information ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 492.95 Td (Circular and ) Tj ET Q q 0 0 0 rg BT 122.69 492.95 Td (Annual Information Form, respectively dated March 12 and March 20, 2015.) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 468.30 Td (The earnings and cash flows of ) Tj ET Q q 0 0 0 rg BT 198.74 468.30 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 72.00 452.65 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 166.54 452.65 Td ( section.) 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Results ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 263.80 Td (indicated in forward-looking statements may differ materially from actual results for a number of reasons, including ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 248.15 Td (without limitation, dependency on significant ) Tj ET Q q 0 0 0 rg BT 249.77 248.15 Td (Accumulation Partners and clients, failure to safeguard databases, cyber ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 232.50 Td (security and consumer privacy) Tj ET Q q 0 0 0 rg BT 192.88 232.50 Td (, changes to the ) Tj ET Q q 0 0 0 rg BT 259.09 232.50 Td (Aeroplan Program, reliance on Redemption Partners, conflicts of ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 216.85 Td (interest, greater than expected redemptions for rewards, regulatory matters, retail market/economic conditions, ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 201.15 Td (industry competition, ) Tj ET Q q 0 0 0 rg BT 156.70 201.15 Td (Air Canada liquidity issues or air travel industry disruption, airline industry changes and ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 185.50 Td (increased airline costs, supply and capacity costs, unfunded future redemption costs, changes to coalition loyalty ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 169.85 Td (programs, seasonal nature of the business, other factors and prior performance, foreign operations, legal ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 154.20 Td (proceedings, reliance on key personnel, labour relations, pension liability) Tj ET Q q 0 0 0 rg BT 360.51 154.20 Td (, technological disruptions and inability to ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 138.55 Td (use third-party software, failure to protect intellectual property rights, interest rate and currency fluctuations, leverage ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 122.85 Td (and restrictive covenants in current and future indebtedness, uncertainty of dividend payments, managing growth, ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 107.20 Td (credit ratings, audit by tax authorities, as well as the other factors identified throughout this MD&A) Tj ET Q q 0 0 0 rg BT 459.36 107.20 Td ( and throughout ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 91.55 Td (Aimia's public disclosure records on file with the Canadian securities regulatory authorities. The forward-looking ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 75.90 Td (statements contained herein represent ) Tj ET Q q 0 0 0 rg BT 227.76 75.90 Td (Aimia's expectations as of ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 334.03 75.90 Td (May14, 2015) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 388.56 75.90 Td (, and are subject to change after such ) Tj ET Q endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 539.55 773.70 Td (2) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 Td (_____________________________________________________________________________________________________________________________________________________________) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 677.45 Td (date. However) Tj ET Q q 0 0 0 rg BT 129.53 677.45 Td (, ) Tj ET Q q 0 0 0 rg BT 134.20 677.45 Td (Aimia disclaims any intention or obligation to update or revise any forward-looking statements ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 661.80 Td (whether as a result of new information, future events or otherwise, except as required under applicable securities ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 646.15 Td (regulations.) 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/F3 9.00 Tf ET q 0 0 0 rg BT 518.45 651.35 Td (4) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.45 631.35 Td (7) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.45 611.35 Td (9) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 591.35 Td (10) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 571.35 Td (14) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 546.35 Td (15) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 526.35 Td (17) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 506.35 Td (29) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 486.35 Td (32) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 466.35 Td (34) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 446.35 Td (37) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 426.35 Td (38) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 406.35 Td (39) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 386.35 Td (40) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 366.35 Td (41) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 346.35 Td (42) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 326.35 Td (44) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 306.35 Td (45) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 286.35 Td (46) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 266.35 Td (47) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 246.35 Td (48) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 226.35 Td (48) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 206.35 Td (49) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 186.35 Td (49) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 166.35 Td (50) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 146.35 Td (50) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 126.35 Td (51) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 106.35 Td (52) Tj ET Q BT /F3 9.00 Tf ET endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 539.55 773.70 Td (4) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 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 72 673.3986328125 m 138.7880859375 673.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 675.30 Td (GLOSSAR) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 130.89 675.30 Td (Y) Tj ET Q BT /F2 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 647.65 Td ("Accumulation Partners") Tj ET Q BT /F3 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 179.06 647.65 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 181.56 647.65 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 72.00 631.95 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 72.00 607.30 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 122.04 607.30 Td (- means ) Tj ET Q q 0 0 0 rg BT 156.56 607.30 Td (Aimia Canada Inc. \(formerly known as ) Tj ET Q q 0 0 0 rg BT 310.62 607.30 Td (Aeroplan Canada Inc.\);) 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 72.00 582.65 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 144.55 582.65 Td ( - means the miles issued by ) Tj ET Q q 0 0 0 rg BT 260.60 582.65 Td (Aeroplan under the ) Tj ET Q q 0 0 0 rg BT 339.16 582.65 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 72.00 558.00 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 159.05 558.00 Td ( - means the coalition loyalty program owned and operated by ) Tj ET Q q 0 0 0 rg BT 407.20 558.00 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 72.00 533.35 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 195.07 533.35 Td ( - means ) Tj ET Q q 0 0 0 rg BT 232.09 533.35 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 72.00 517.65 Td (af) Tj ET Q q 0 0 0 rg BT 79.34 517.65 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 72.00 493.00 Td ("A) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 82.43 493.00 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 259.74 493.00 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 72.00 477.35 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 72.00 452.70 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 121.06 452.70 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 72.00 437.05 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 72.00 421.35 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 134.54 421.35 Td ( is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 146.04 421.35 Td (12%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 164.05 421.35 Td ( \() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.55 421.35 Td (March31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 232.09 421.35 Td (: 12%\), 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 72.00 405.70 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 72.00 381.05 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 173.05 381.05 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 72.00 356.40 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 136.55 356.40 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 139.05 356.40 Td (- means the ) Tj ET Q q 0 0 0 rg BT 188.58 356.40 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 72.00 331.75 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 187.55 331.75 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.05 331.75 Td (- means the provision in relation to the net migration of ) Tj ET Q q 0 0 0 rg BT 409.17 331.75 Td (Aeroplan-branded credit card ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 316.05 Td (accounts between CIBC and ) Tj ET Q q 0 0 0 rg BT 188.41 316.05 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 296.96 316.05 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 343.81 316.05 Td ( CARD ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 373.98 316.05 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 436.99 316.05 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 72.00 291.40 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 124.05 291.40 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.55 291.40 Td (- means Cardlytics, Inc., ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 225.58 297.95 310.65 -8.45 re f /GS0 gs q 0 0 0 rg BT 225.58 291.40 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 72.00 282.30 31.53 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.00 275.75 Td (banking) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 103.53 275.75 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 72.00 251.10 Td ("CIBC Payment") 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 142.55 251.10 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 145.05 251.10 Td (- means the payment of $150.0 million made to CIBC by ) Tj ET Q q 0 0 0 rg BT 370.67 251.10 Td (Aimia on December 27, 2013 in relation to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 235.45 Td (the sale of approximately half of the ) Tj ET Q q 0 0 0 rg BT 216.09 235.45 Td (Aeroplan card portfolio to ) Tj ET Q q 0 0 0 rg BT 318.99 235.45 Td (TD in accordance with the asset purchase agreement ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 219.75 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 166.06 219.75 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 212.91 219.75 Td ( CARD ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 243.07 219.75 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 306.08 219.75 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 72.00 195.10 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 236.54 195.10 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 72.00 179.45 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 72.00 163.80 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 72.00 148.15 Td (latest available ) Tj ET Q q 0 0 0 rg BT 133.54 148.15 Td (A) Tj ET Q q 0 0 0 rg BT 139.38 148.15 Td (verage Cost of Rewards per Loyalty Unit, experienced during the most recent quarter \(for interim ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 132.45 Td (periods\) 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 72.00 116.80 Td (Unbroken Loyalty Units outstanding between periods by the ) Tj ET Q q 0 0 0 rg BT 311.65 116.80 Td (A) Tj ET Q q 0 0 0 rg BT 317.49 116.80 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 92.15 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 92.15 Td ( - means ) Tj ET Q q 0 0 0 rg BT 208.09 92.15 Td (Accumulation Partners and Redemption Partners;) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 539.55 773.70 Td (5) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 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 72.00 677.45 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 102.53 677.45 Td (- means the Canada Revenue ) Tj ET Q q 0 0 0 rg BT 224.61 677.45 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 72.00 652.80 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 138.56 652.80 Td ( - means the ) Tj ET Q q 0 0 0 rg BT 190.58 652.80 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 72.00 637.15 Td (redeemable; ) 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 72.00 612.50 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 190.54 612.50 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 72.00 596.85 Td (which have been sold and remain outstanding, net of Breakage and valued at the ) Tj ET Q q 0 0 0 rg BT 397.23 596.85 Td (A) Tj ET Q q 0 0 0 rg BT 403.07 596.85 Td (verage Cost of Rewards per ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 581.15 Td (Loyalty Unit, experienced during the most recent quarter \(for interim periods\) or fiscal year \(for annual reporting ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 565.50 Td (purposes\);) 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 72.00 540.85 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 106.54 540.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.04 540.85 Td (- means generally accepted accounting principles in Canada which are in accordance with International ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 525.20 Td (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 72.00 500.55 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 141.55 500.55 Td ( - means gross proceeds from the sale of Loyalty Units, from proprietary loyalty services, analytics ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 484.85 Td (and insights 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 72.00 460.20 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 270.07 460.20 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 72.00 435.55 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 101.03 435.55 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 72.00 410.90 Td ("ISS") 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 95.04 410.90 Td ( - means Intelligent Shopper Solutions services, formerly known as LMG Insight and Communication \(I&C\); ) 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 72.00 386.25 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 93.05 386.25 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 72.00 361.55 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 137.04 361.55 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 139.54 361.55 Td (- means the miles, points or other loyalty program units issued by ) Tj ET Q q 0 0 0 rg BT 401.16 361.55 Td (Aimia's subsidiaries under the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 345.90 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 72.00 321.25 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 168.57 321.25 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 194.08 321.25 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 270.14 321.25 Td ( - means the coalition loyalty program operated by our EMEA) Tj ET Q q 0 0 0 rg BT 512.76 321.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 305.60 Td (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 72.00 280.95 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 134.06 280.95 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 159.57 280.95 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 258.64 280.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 261.15 280.95 Td (- means the coalition loyalty program operated by our EMEA) Tj ET Q q 0 0 0 rg BT 501.27 280.95 Td ( segment ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 265.25 Td (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 72.00 240.60 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 138.55 240.60 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 72.00 215.95 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 161.56 215.95 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 72.00 191.30 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 99.53 191.30 Td ( - means PLM Premier) Tj ET Q q 0 0 0 rg BT 189.06 191.30 Td (, S.A.P) Tj ET Q q 0 0 0 rg BT 215.91 191.30 Td (.I. de C.V) Tj ET Q q 0 0 0 rg BT 252.60 191.30 Td (., together with its predecessor Premier Loyalty & Marketing, S.A.P) Tj ET Q q 0 0 0 rg BT 517.55 191.30 Td (.I. de ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 175.65 Td (C.V) Tj ET Q q 0 0 0 rg BT 86.18 175.65 Td (., owner and operator of Club Premier) Tj ET Q q 0 0 0 rg BT 236.25 175.65 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 72.00 150.95 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 116.05 150.95 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 72.00 126.30 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 171.55 126.30 Td ( - means Commercial Partners that of) Tj ET Q q 0 0 0 rg BT 320.94 126.30 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 72.00 110.65 Td (members upon redemption of Loyalty Units;) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 539.55 773.70 Td (6) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 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 72.00 677.45 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 137.53 677.45 Td ( - means Smart Button ) Tj ET Q q 0 0 0 rg BT 229.57 677.45 Td (Associates, Inc., which of) Tj ET Q q 0 0 0 rg BT 330.45 677.45 Td (fers clients a turnkey) Tj ET Q q 0 0 0 rg BT 412.32 677.45 Td (, feature rich, software as a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 661.80 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 72.00 637.15 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 121.53 637.15 Td ( - means ) Tj ET Q q 0 0 0 rg BT 158.88 637.15 Td (Think Big Digital Sdn Bhd, the owner and operator of BIG, ) Tj ET Q q 0 0 0 rg BT 391.51 637.15 Td (AirAsia and ) Tj ET Q q 0 0 0 rg BT 439.88 637.15 Td (T) Tj ET Q q 0 0 0 rg BT 445.04 637.15 Td (une Group's loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 621.50 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 72.00 596.85 Td ("T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 81.10 596.85 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 126.37 596.85 Td ( - means all redeemable ) Tj ET Q q 0 0 0 rg BT 224.93 596.85 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 72.00 581.15 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 72.00 556.50 Td ("T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 81.27 556.50 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 129.05 556.50 Td ( - means ) Tj ET Q q 0 0 0 rg BT 166.06 556.50 Td (Air Miles Espaa, S.A., the owner and operator of ) Tj ET Q q 0 0 0 rg BT 366.01 556.50 Td (T) Tj ET Q q 0 0 0 rg BT 371.17 556.50 Td (ravel Club, a Spanish coalition loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 540.85 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 72.00 516.20 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 184.05 516.20 Td (- means Loyalty Units issued, not expired and 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 72.00 491.55 Td ("US Proprietary Loyalty CGU" ) 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 202.57 491.55 Td (- means the Proprietary Loyalty cash-generating unit in the US region.) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 539.55 773.70 Td (7) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 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 72 668.8986328125 m 136.458984375 668.8986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 670.80 Td (OVER) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 105.79 670.80 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 72.00 643.15 Td (Aimia, a data-driven marketing and loyalty analytics company) Tj ET Q q 0 0 0 rg BT 315.45 643.15 Td (, through its subsidiaries, operates in the following ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.45 Td (regional business segments: Canada, the United States and ) Tj ET Q q 0 0 0 rg BT 316.16 627.45 Td (Asia-Pacific \(US & ) Tj ET Q q 0 0 0 rg BT 394.67 627.45 Td (AP) Tj ET Q q 0 0 0 rg BT 406.01 627.45 Td (AC\) and Europe, Middle-East ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 611.80 Td (and ) Tj ET Q q 0 0 0 rg BT 89.02 611.80 Td (Africa \(EMEA\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 587.15 Td (In Canada, ) Tj ET Q q 0 0 0 rg BT 118.04 587.15 Td (Aimia owns and operates the ) Tj ET Q q 0 0 0 rg BT 236.11 587.15 Td (Aeroplan Program, Canada's premier coalition loyalty program. In EMEA, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 571.50 Td (Aimia owns and operatesNectar) Tj ET Q q 0 0 0 rg BT 201.57 571.50 Td (, the United Kingdom's largest coalition loyalty program, Nectar Italia, a coalition ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 555.85 Td (loyalty program in Italy and ) Tj ET Q q 0 0 0 rg BT 181.56 555.85 Td (AirMiles Middle East, the leading coalition loyalty program in the UAE, Qatar and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 540.15 Td (Bahrain, through a 60% ownership interest. ) Tj ET Q q 0 0 0 rg BT 246.61 540.15 Td (Aimia's EMEA) Tj ET Q q 0 0 0 rg BT 302.84 540.15 Td ( segment also provides data-driven analytics and insights ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 524.50 Td (services in the UK and internationally to retailers and their suppliers, through ISS and its 50% participation in i2c, a) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 527.25 528.79 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 508.85 Td (joint venture with Sainsbury's. In addition, ) Tj ET Q q 0 0 0 rg BT 239.31 508.85 Td (Aimia develops analytical tools to provide services to clients globally to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 493.20 Td (collect, analyze and 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 72.00 477.55 Td (investment. In each of the regions, ) Tj ET Q q 0 0 0 rg BT 211.58 477.55 Td (Aimia provides proprietary loyalty services, including loyalty program strategy) Tj ET Q q 0 0 0 rg BT 518.04 477.55 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 461.85 Td (design, launch and operation. In addition, ) Tj ET Q q 0 0 0 rg BT 238.63 461.85 Td (Aimia owns Smart Button, which of) Tj ET Q q 0 0 0 rg BT 377.52 461.85 Td (fers clients a turnkey) Tj ET Q q 0 0 0 rg BT 459.39 461.85 Td (, feature rich, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 446.20 Td (software as a service loyalty solution.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 421.55 Td (Aimia holds a 48.9% interest in, and jointly controls with Grupo ) Tj ET Q q 0 0 0 rg BT 323.13 421.55 Td (Aeromexico, PLM, owner and operator of Club ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 405.90 Td (Premier) Tj ET Q q 0 0 0 rg BT 103.01 405.90 Td (, a Mexican coalition loyalty program. ) Tj ET Q q 0 0 0 rg BT 253.08 405.90 Td (Additionally) Tj ET Q q 0 0 0 rg BT 298.44 405.90 Td (, ) Tj ET Q q 0 0 0 rg BT 302.94 405.90 Td (Aimia holds investments in ) Tj ET Q q 0 0 0 rg BT 411.82 405.90 Td (T) Tj ET Q q 0 0 0 rg BT 416.99 405.90 Td (ravel Club, Spain's leading ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 390.25 Td (coalition loyalty program,) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 171.54 396.80 359.37 -8.45 re f /GS0 gs q 0 0 0 rg BT 171.54 390.25 Td ( ) Tj ET Q q 0 0 0 rg BT 173.88 390.25 Td (Think Big, the owner and operator of BIG, ) Tj ET Q q 0 0 0 rg BT 341.98 390.25 Td (AirAsia and ) Tj ET Q q 0 0 0 rg BT 390.34 390.25 Td (T) Tj ET Q q 0 0 0 rg BT 395.50 390.25 Td (une Group) Tj ET Q q 0 0 0 rg BT 439.87 390.25 Td (s loyalty program, and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 374.55 Td (China Rewards, a Chinese based retail coalition loyalty progr) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 315.13 381.10 224.57 -8.45 re f /GS0 gs q 0 0 0 rg BT 315.13 374.55 Td (am start-up, as well as minority interests in Cardlytics, a ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.00 365.45 470.24 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.00 358.90 Td (US-based private company operating in card-linked marketing for electronic banking, and Fractal ) Tj ET Q q 0 0 0 rg BT 458.70 358.90 Td (Analytics, a provider ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.00 349.80 89.06 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.00 343.25 Td (of advanced analytics.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.06 343.25 Td ( ) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 539.55 773.70 Td (8) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 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 72.00 670.80 Td (REGIONAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 135.12 670.80 Td ( STRUCTURE ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 215.34 670.80 Td (AND LOY) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 268.24 670.80 Td (AL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 283.34 670.80 Td (TY) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 298.46 670.80 Td ( SER) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.25 670.80 Td (VICES) 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 -49.50 647.85 Td ( ) Tj ET Q q 0 0 0 rg BT 72.00 647.85 Td (The following chart illustrates ) Tj ET Q q 0 0 0 rg BT 176.94 647.85 Td (Aimia's regional reporting structure and full suite of loyalty services as at ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 434.58 647.85 Td (March31, 2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.17 647.85 Td (: ) Tj ET Q /GS0 gs q 363.00 0 0 461.00 124.50 181.85 cm /I3 Do Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 1 J 1 j 3 M 72 162.85000000000002 m 540 162.85000000000002 l s BT /F1 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 72.00 141.65 Td (Notes) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 94.23 141.65 Td (:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 132.05 Td ( ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 126.00 132.05 Td (The chart above does not reflect the actual corporate structure of ) Tj ET Q q 0 0 0 rg BT 357.83 132.05 Td (Aimia, it reflects ) Tj ET Q q 0 0 0 rg BT 416.21 132.05 Td (Aimia's operational structure. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 122.45 Td ( ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 126.00 122.45 Td (As at ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 146.45 122.45 Td (March31, 2015) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 202.04 122.45 Td (, ) Tj ET Q q 0 0 0 rg BT 206.19 122.45 Td (Aimia owned 60% of ) Tj ET Q q 0 0 0 rg BT 281.05 122.45 Td (Air Miles Middle East, 50% of i2c, 48.9% of Club Premier) Tj ET Q q 0 0 0 rg BT 482.02 122.45 Td (, investments in ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 126.00 112.85 Td (T) Tj ET Q q 0 0 0 rg BT 130.29 112.85 Td (ravel Club, Think Big, China Rewards and minority interests in Cardlytics and Fractal ) Tj ET Q q 0 0 0 rg BT 431.45 112.85 Td (Analytics. ) Tj ET Q q 0 0 0 rg BT 469.83 112.85 Td (All other ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 126.00 103.25 Td (businesses listed above are owned 100% by ) Tj ET Q q 0 0 0 rg BT 285.80 103.25 Td (Aimia. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 93.65 Td ( ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 126.00 93.65 Td (Analytics and Insights incorporates ISS and i2c. ) Tj ET Q q 0 0 0 rg BT 296.91 93.65 Td (Although ISS offers services in each of the regions, for reporting ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 126.00 84.05 Td (purposes, its results are reported in the EMEA) Tj ET Q q 0 0 0 rg BT 289.34 84.05 Td ( segment only) Tj ET Q q 0 0 0 rg BT 338.55 84.05 Td (. ) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 539.55 773.70 Td (9) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 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 72 673.3986328125 m 163.34765625 673.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 675.30 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 72.00 647.65 Td (Aimia is a data-driven marketing and loyalty analytics company) Tj ET Q q 0 0 0 rg BT 321.95 647.65 Td (. W) Tj ET Q q 0 0 0 rg BT 335.28 647.65 Td (e provide our clients with the customer insights ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 631.95 Td (they need to make smarter business decisions and build relevant and rewarding one-to-one relationships to the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 616.30 Td (benefit of both their business and customers. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.65 Td (W) Tj ET Q q 0 0 0 rg BT 80.33 591.65 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 72.00 576.00 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 72.00 560.35 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 72.00 544.65 Td (work more ef) Tj ET Q q 0 0 0 rg BT 123.85 544.65 Td (fectively and get more value from their resources.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 520.00 Td (W) Tj ET Q q 0 0 0 rg BT 80.33 520.00 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 72.00 504.35 Td (uniquely relevant and rewarding.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 479.70 Td (T) Tj ET Q q 0 0 0 rg BT 76.50 479.70 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 72.00 464.05 Td (tools and experience to evolve and improve our of) Tj ET Q q 0 0 0 rg BT 270.96 464.05 Td (fering, for the benefit of our clients, partners and our company) Tj ET Q q 0 0 0 rg BT 518.93 464.05 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 439.35 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 72.00 414.70 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 72.00 390.05 Td (A) Tj ET Q q 0 0 0 rg BT 77.51 390.05 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 72.00 374.40 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 72.00 358.75 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 72.00 343.05 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 433.19 343.05 Td (Aimia) Tj ET Q q 0 0 0 rg BT 457.53 343.05 Td (s coalition experts ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 327.40 Td (evolve others) Tj ET Q q 0 0 0 rg BT 127.20 327.40 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 72.00 311.75 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 72.00 287.10 Td (Proprietary 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 72.00 262.45 Td (While coalition programs connect many partners under one rewards umbrella, ) Tj ET Q q 0 0 0 rg BT 383.65 262.45 Td (Aimia also provides individual ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 246.75 Td (companies with proprietary loyalty programs and support. ) Tj ET Q q 0 0 0 rg BT 302.61 246.75 Td (Aimia) Tj ET Q q 0 0 0 rg BT 326.95 246.75 Td (s proprietary loyalty service experts design, launch ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 231.10 Td (and operate client programs, and advance existing programs leveraging our technology platforms, and our digital, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 215.45 Td (mobile and analytical expertise. W) Tj ET Q q 0 0 0 rg BT 208.40 215.45 Td (e also create incentive programs and loyalty solutions to encourage loyalty) Tj ET Q q 0 0 0 rg BT 504.40 215.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 199.80 Td (increase sales and deliver 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 72.00 175.15 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 72.00 150.45 Td (For both our coalition and proprietary programs, we draw insights from the data created. In addition, we provide ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 134.80 Td (analytics and insights services to other clients. By looking at the transactional, behavioural and contextual data that ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 119.15 Td (is collected through our programs and technology) Tj ET Q q 0 0 0 rg BT 268.45 119.15 Td (, our data analysts find hidden patterns and insights that marketers ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 103.50 Td (use to better predict customer behaviours. Using those findings, our clients can provide relevant of) Tj ET Q q 0 0 0 rg BT 463.05 103.50 Td (fers that will ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 87.85 Td (influence customer behaviourfrom the companies they do business with and for the products and services they buy) Tj ET Q q 0 0 0 rg BT 531.08 87.85 Td (. ) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (10) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 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 72 673.3986328125 m 242.89453125 673.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 675.30 Td (PERFORMANCE INDICA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 209.78 675.30 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 216.89 675.30 Td (ORS) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 642.40 Td (GROSS BILLINGS) Tj ET Q BT /F5 10.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 613.00 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 72.00 588.35 Td (Aimia derives cash inflows from the sale of Loyalty Units to ) Tj ET Q q 0 0 0 rg BT 308.10 588.35 Td (Accumulation Partners with respect to its coalition loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 572.70 Td (programs. ) Tj ET Q q 0 0 0 rg BT 114.85 572.70 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 72.00 546.30 Td (Other 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 72.00 521.65 Td (Aimia also derives cash inflows from proprietary loyalty services rendered or to be rendered to customers, from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 505.95 Td (analytics and insights services, as well as various other loyalty related services. ) Tj ET Q q 0 0 0 rg BT 392.98 505.95 Td (These inflows are referred to as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 490.30 Td (Other Gross Billings.) 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 72.00 457.45 Td (OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 113.78 457.45 Td (TING INCOME) Tj ET Q BT /F5 10.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 428.05 Td (Revenue) Tj ET Q BT /F5 10.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 94.50 401.65 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 94.50 376.95 Td (A) Tj ET Q q 0 0 0 rg BT 100.01 376.95 Td ( key characteristic of ) Tj ET Q q 0 0 0 rg BT 184.04 376.95 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 94.50 361.30 Td (proceeds received for 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 94.50 345.65 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 94.50 330.00 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 94.50 314.35 Td (members. ) Tj ET Q q 0 0 0 rg BT 136.85 314.35 Td (This is known as Breakage. For those Loyalty Units that ) Tj ET Q q 0 0 0 rg BT 366.95 314.35 Td (Aimia does not expect will be redeemed by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 298.65 Td (members, ) Tj ET Q q 0 0 0 rg BT 136.51 298.65 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 94.50 283.00 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 94.50 256.60 Td (Proprietary 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 94.50 231.95 Td (Aimia derives proprietary loyalty service fees related to direct marketing, sales promotion and the design, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 216.30 Td (development 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 501.03 216.30 Td (fered as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 200.65 Td (a service. ) Tj ET Q q 0 0 0 rg BT 135.35 200.65 Td (These proprietary loyalty service fees are included in Gross Billings and recognized as revenue when ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 184.95 Td (the amount, stage of completion and costs for the service can be measured reliably and it is probable that the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 169.30 Td (economic benefits associated with the service will be realized.) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.65 773.70 Td (1) Tj ET Q q 0 0 0 rg BT 539.51 773.70 Td (1) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 94.50 676.75 Td (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 94.50 652.10 Td (Other revenue consists of:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 625.70 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.00 625.70 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 126.00 610.00 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 126.00 594.35 Td (investment; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 576.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.00 576.95 Td (charges to coalition loyalty members for various services; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 559.55 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.00 559.55 Td (loyalty industry related business know-how) Tj ET Q q 0 0 0 rg BT 296.09 559.55 Td (, trademarks and expertise, royalties earned with respect to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.00 543.90 Td (the ) Tj ET Q q 0 0 0 rg BT 140.52 543.90 Td (Air Miles and Nectar trademarks; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 526.50 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.00 526.50 Td (the management of ) Tj ET Q q 0 0 0 rg BT 205.55 526.50 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 90.00 501.85 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 90.00 486.20 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 72.00 459.80 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 72.00 435.10 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 72.00 419.45 Td (in order to deliver rewards chosen by members upon redemption of their Loyalty Units. ) Tj ET Q q 0 0 0 rg BT 420.67 419.45 Td (At that time, the costs of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 403.80 Td (chosen rewards are incurred and recognized. ) Tj ET Q q 0 0 0 rg BT 254.94 403.80 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 72.00 388.15 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 72.00 363.50 Td (The ) Tj ET Q q 0 0 0 rg BT 89.51 363.50 Td (A) Tj ET Q q 0 0 0 rg BT 95.35 363.50 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 72.00 347.80 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 72.00 323.15 Td (Direct costs consist of those costs directly attributable to the delivery of proprietary loyalty and analytics and insights ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 307.50 Td (services and include labour) Tj ET Q q 0 0 0 rg BT 180.57 307.50 Td (, technology) Tj ET Q q 0 0 0 rg BT 228.43 307.50 Td (, reward fulfillment and commissions.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 282.85 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 72.00 267.20 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 72.00 240.80 Td (ADJUSTED EARNINGS BEFORE INTEREST) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.03 240.80 Td (, T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 331.14 240.80 Td (AXES, DEPRECIA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 431.60 240.80 Td (TION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 463.15 240.80 Td (AND ) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 226.40 Td (AMORTIZA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 134.43 226.40 Td (TION \(ADJUSTED EBITDA\)) 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 72.00 198.70 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 104.01 198.70 Td ( 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 72.00 183.05 Td (Redemption Costs \(Adjusted EBITDA\), is used by management to evaluate performance and to measure ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 167.40 Td (compliance with debt covenants. Management believes ) Tj ET Q q 0 0 0 rg BT 294.63 167.40 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 364.17 167.40 Td ( assists investors in comparing ) Tj ET Q q 0 0 0 rg BT 488.72 167.40 Td (Aimia's ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 151.75 Td (performance on a consistent basis without regard to depreciation and amortization and impairment charges, which ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 136.10 Td (are non-cash in nature and can vary significantly depending on accounting methods, and non-operating factors such ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 120.40 Td (as historical cost. ) Tj ET Q q 0 0 0 rg BT 143.03 120.40 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 212.56 120.40 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 72.00 104.75 Td (accounted investments.) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (12) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 Td (_____________________________________________________________________________________________________________________________________________________________) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 677.45 Td (Change in deferred revenue is calculated as the dif) Tj ET Q q 0 0 0 rg BT 274.97 677.45 Td (ference between Gross Billings and revenue recognized, including ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 661.80 Td (recognition of Breakage.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 637.15 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 72.00 621.50 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 72.00 605.85 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 72.00 590.15 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 72.00 574.50 Td (Units outstanding at the end of that period. ) Tj ET Q q 0 0 0 rg BT 243.62 574.50 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 72.00 558.85 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 425.05 558.85 Td (The simple addition of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 543.20 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 72.00 527.55 Td (results depending on the fluctuation in the ) Tj ET Q q 0 0 0 rg BT 240.62 527.55 Td (A) Tj ET Q q 0 0 0 rg BT 246.46 527.55 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 72.00 511.85 Td (question.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 487.20 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 104.01 487.20 Td ( and Free Cash Flow are non-GAAP) Tj ET Q q 0 0 0 rg BT 248.41 487.20 Td ( measurements recommended by the Canadian Institute of Chartered ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 471.55 Td (Accountants \(CICA\) in accordance with the recommendations provided in their October 2008 publication, ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 497.72 471.55 Td (Improved ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 455.90 Td (Communications with Non-GAAP) Tj ET Q q 0 0 0 rg BT 204.21 455.90 Td ( Financial Measures - General Principles and Guidance for Reporting EBITDA) Tj ET Q q 0 0 0 rg BT 514.02 455.90 Td ( and ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 440.25 Td (Free Cash Flow) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.52 440.25 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 415.55 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 141.53 415.55 Td ( is not a measurement based on GAAP) Tj ET Q q 0 0 0 rg BT 296.46 415.55 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 72.00 399.90 Td (income in measuring performance, and is not comparable to similar measures used by other issuers. For a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 384.25 Td (reconciliation to GAAP) Tj ET Q q 0 0 0 rg BT 160.88 384.25 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 240.93 384.25 Td (SUMMAR) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 280.60 384.25 Td (Y) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 286.44 384.25 Td ( OF) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 301.27 384.25 Td ( CONSOLIDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.12 384.25 Td (TED OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 407.46 384.25 Td (TING RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 460.80 384.25 Td (TS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 474.46 384.25 Td (AND ) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 368.60 Td (RECONCILIA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 126.34 368.60 Td (TION OF) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 162.68 368.60 Td ( EBITDA) 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 197.68 368.60 Td (,) 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 200.18 368.60 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 202.35 368.60 Td (ADJUSTED EBITDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 284.53 368.60 Td ( ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 286.69 368.60 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 390.70 368.60 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 451.25 368.60 Td (Operating and ) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 352.95 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 140.53 352.95 Td ( section. ) Tj ET Q q 0 0 0 rg BT 176.05 352.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 245.58 352.95 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 72.00 337.25 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 72.00 321.60 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 72.00 288.75 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 72.00 261.05 Td (Adjusted Net Earnings provides a measurement of profitability calculated on a basis consistent with ) Tj ET Q q 0 0 0 rg BT 468.71 261.05 Td (Adjusted ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 245.40 Td (EBITDA. Net earnings attributable to equity holders of the Corporation are adjusted to exclude ) Tj ET Q q 0 0 0 rg BT 450.72 245.40 Td (Amortization of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 229.75 Td (Accumulation Partners' contracts, customer relationships and technology) Tj ET Q q 0 0 0 rg BT 361.20 229.75 Td (, share of net earnings \(loss\) of equity-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 214.10 Td (accounted investments and impairment charges. ) Tj ET Q q 0 0 0 rg BT 270.11 214.10 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 72.00 198.45 Td (and Change in Future Redemption Costs, net of the income tax ef) Tj ET Q q 0 0 0 rg BT 333.99 198.45 Td (fect and non controlling interest ef) Tj ET Q q 0 0 0 rg BT 468.91 198.45 Td (fect \(where ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 182.75 Td (applicable\) on these items at an entity level basis. ) Tj ET Q q 0 0 0 rg BT 272.11 182.75 Td (Adjusted Net Earnings also includes distributions and dividends ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 167.10 Td (received or receivable from equity-accounted investments.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 142.45 Td (Adjusted Net Earnings is not a measurement based on GAAP) Tj ET Q q 0 0 0 rg BT 316.48 142.45 Td (, is not considered an alternative to net earnings in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 126.80 Td (measuring profitability) Tj ET Q q 0 0 0 rg BT 158.87 126.80 Td (, and is not comparable to similar measures used by other issuers. For a reconciliation to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 111.15 Td (GAAP) Tj ET Q q 0 0 0 rg BT 95.85 111.15 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 175.90 111.15 Td (Reconciliation of ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 244.10 111.15 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 333.65 111.15 Td ( section. ) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (13) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 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 72.00 675.30 Td (FREE CASH FLOW ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 182.88 675.30 Td (AND FREE CASH FLOW BEFORE DIVIDENDS P) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 452.67 675.30 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 72.00 647.65 Td (Free Cash Flow is a non-GAAP) Tj ET Q q 0 0 0 rg BT 197.38 647.65 Td ( measure recommended by the CICA) Tj ET Q q 0 0 0 rg BT 345.45 647.65 Td ( in order to provide a consistent and comparable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 631.95 Td (measurement of free cash flow across entities of cash generated from operations and is used as an indicator of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 616.30 Td (financial strength and performance. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.65 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 484.53 591.65 Td (, less ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 576.00 Td (adjustments for: ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 551.35 Td (a\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 551.35 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 90.00 535.65 Td (b\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 535.65 Td (dividends paid, when stipulated, unless deducted in arriving at cash flows from operating activities.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 511.00 Td (Free Cash Flow before Dividends Paid is defined as cash flows from operating activities less capital expenditures as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 495.35 Td (reported in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 208.91 495.35 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 470.70 Td (For a reconciliation to cash flows from operations 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 342.63 470.70 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 345.13 470.70 Td (SUMMAR) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 384.80 470.70 Td (Y) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 390.64 470.70 Td ( OF) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 405.47 470.70 Td ( CONSOLIDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 460.32 470.70 Td (TED OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 511.66 470.70 Td (TING ) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 455.05 Td (RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 101.34 455.05 Td (TS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 115.01 455.05 Td (AND RECONCILIA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 190.85 455.05 Td (TION OF) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 227.19 455.05 Td ( EBITDA) 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 262.20 455.05 Td (,) 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 264.70 455.05 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 266.86 455.05 Td (ADJUSTED EBITDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 349.04 455.05 Td ( ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 351.21 455.05 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 455.22 455.05 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 72.00 439.35 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 200.07 439.35 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 72.00 406.50 Td (CONST) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 113.11 406.50 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 72.00 378.85 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 72.00 363.15 Td (various financial metrics on a constant currency basis or after giving ef) Tj ET Q q 0 0 0 rg BT 351.97 363.15 Td (fect to foreign exchange translation, in addition ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 347.50 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 72.00 331.85 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 72.00 316.20 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 72.00 300.55 Td (foreign currency exchange rates from the same period in the prior year) Tj ET Q q 0 0 0 rg BT 352.64 300.55 Td (. Results calculated on a Constant Currency ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 284.85 Td (basis should be considered in addition to, not as a substitute for) Tj ET Q q 0 0 0 rg BT 325.16 284.85 Td (, results reported in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 497.08 284.85 Td ( and may ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 269.20 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 72.00 253.55 Td (consideration mostly for our EMEA) Tj ET Q q 0 0 0 rg BT 210.06 253.55 Td ( and US & ) Tj ET Q q 0 0 0 rg BT 253.09 253.55 Td (AP) Tj ET Q q 0 0 0 rg BT 264.42 253.55 Td (AC regions as they operate under varying foreign currencies. ) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (14) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 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 72 673.3986328125 m 300.890625 673.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 675.30 Td (OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 113.78 675.30 Td (TING ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 145.34 675.30 Td (AND FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 239.11 675.30 Td ( RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 282.22 675.30 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 72.00 647.65 Td (Certain of the following financial information of ) Tj ET Q q 0 0 0 rg BT 258.10 647.65 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 72.00 631.95 Td (the interim consolidated financial statements for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.61 631.95 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.67 631.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.17 631.95 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.71 631.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.72 631.95 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.74 631.95 Td (, and the related ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 616.30 Td (notes. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.65 Td (Historically) Tj ET Q q 0 0 0 rg BT 114.84 591.65 Td (, the ) Tj ET Q q 0 0 0 rg BT 134.35 591.65 Td (Aeroplan Program has been marked by seasonality relating to high redemption activity in the first half ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 576.00 Td (of the year and high accumulation activity in the second half of the year) Tj ET Q q 0 0 0 rg BT 354.67 576.00 Td (. ) Tj ET Q q 0 0 0 rg BT 362.01 576.00 Td (The Nectar Program is characterized by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 560.35 Td (high redemption activity in the last quarter of the year as a result of the holiday season. While the proprietary loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 544.65 Td (services business is also af) Tj ET Q q 0 0 0 rg BT 180.88 544.65 Td (fected by similar seasonality in the last quarter of the year) Tj ET Q q 0 0 0 rg BT 410.00 544.65 Td (, also related to the holiday ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 529.00 Td (season, the impact at the consolidated level is not significant due to the lower relative importance of the reward ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 513.35 Td (fulfillment component of the business compared to that of the ) Tj ET Q q 0 0 0 rg BT 317.14 513.35 Td (Aeroplan Program and the Nectar Program. ) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (15) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 41.00 766.50 Td (_____________________________________________________________________________________________________________________________________________________________________________) 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 41.00 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 294.71 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 335.63 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 381.28 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 41.00 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 132.29 719.70 Td ( CONDITIONS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 247.83 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 345.74 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 459.71 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 41.00 712.50 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 40.5 691.3986328125 m 561.83203125 691.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 40.50 693.30 Td (SUMMAR) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 94.05 693.30 Td (Y) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 101.84 693.30 Td ( OF CONSOLIDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 196.28 693.30 Td (TED OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 265.39 693.30 Td (TING RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 337.17 693.30 Td (TS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 355.39 693.30 Td (AND RECONCILIA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 458.50 693.30 Td (TION OF EBITDA, ) 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 40.5 676.9986328125 m 292.9453125 676.9986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 40.50 678.90 Td (ADJUSTED EBITDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 152.73 678.90 Td ( ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 155.62 678.90 Td (AND FREE CASH FLOW) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 41.00 656.40 302.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 343.00 656.40 154.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 497.00 656.40 36.00 -19.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 41.00 637.40 302.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 343.00 637.40 55.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 398.00 637.40 22.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 420.00 637.40 55.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 475.00 637.40 22.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 497.00 637.40 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 623.40 55.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 623.40 22.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 612.40 55.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 612.40 22.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 601.40 55.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 601.40 22.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 590.40 55.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 590.40 22.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 579.40 55.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 579.40 22.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 568.40 55.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 568.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 556.40 55.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 556.40 22.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 545.40 55.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 545.40 22.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 534.40 55.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 534.40 22.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 523.40 55.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 523.40 22.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 512.40 55.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 512.40 22.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 501.40 55.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 501.40 22.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 490.40 55.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 490.40 22.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 479.40 55.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 479.40 22.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 468.40 55.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 468.40 22.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 455.40 55.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 455.40 22.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 444.40 55.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 444.40 22.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 433.40 55.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 433.40 22.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 422.40 55.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 422.40 22.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 411.40 55.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 411.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 399.40 55.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 399.40 22.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 388.40 55.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 388.40 22.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 375.40 55.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 375.40 22.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 362.40 55.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 362.40 22.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 349.40 55.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 349.40 22.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 338.40 55.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 338.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 326.40 55.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 326.40 22.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 313.40 55.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 313.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 301.40 55.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 301.40 22.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 288.40 55.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 288.40 22.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 277.40 55.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 277.40 22.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 264.40 55.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 264.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 252.40 55.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 252.40 22.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 241.40 55.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 241.40 22.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 228.40 55.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 228.40 22.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 343.00 217.40 55.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 398.00 217.40 22.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 601.4 m 343 601.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 601.4 m 398 601.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 601.4 m 420 601.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 601.4 m 475 601.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 601.4 m 497 601.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 601.4 m 533 601.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 590.4 m 343 590.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 590.4 m 398 590.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 590.4 m 420 590.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 590.4 m 475 590.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 590.4 m 497 590.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 590.4 m 533 590.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 568.4 m 343 568.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 568.4 m 398 568.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 568.4 m 420 568.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 568.4 m 475 568.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 568.4 m 497 568.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 568.4 m 533 568.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 568.4 m 420 568.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 568.4 m 475 568.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 568.4 m 497 568.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 523.4 m 343 523.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 523.4 m 398 523.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 523.4 m 420 523.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 523.4 m 475 523.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 523.4 m 497 523.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 523.4 m 533 523.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 501.4 m 343 501.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 501.4 m 398 501.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 501.4 m 420 501.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 501.4 m 475 501.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 501.4 m 497 501.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 501.4 m 533 501.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 490.4 m 343 490.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 490.4 m 398 490.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 490.4 m 420 490.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 490.4 m 475 490.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 490.4 m 497 490.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 490.4 m 533 490.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 468.4 m 343 468.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 468.4 m 398 468.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 468.4 m 420 468.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 468.4 m 475 468.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 468.4 m 497 468.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 468.4 m 533 468.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 468.4 m 343 468.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 468.4 m 398 468.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 468.4 m 420 468.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 468.4 m 475 468.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 468.4 m 497 468.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 468.4 m 533 468.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 455.4 m 343 455.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 455.4 m 398 455.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 455.4 m 420 455.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 455.4 m 475 455.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 455.4 m 497 455.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 455.4 m 533 455.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 399.4 m 343 399.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 399.4 m 398 399.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 399.4 m 420 399.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 399.4 m 475 399.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 399.4 m 497 399.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 399.4 m 533 399.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 388.4 m 343 388.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 388.4 m 398 388.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 388.4 m 420 388.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 388.4 m 475 388.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 388.4 m 497 388.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 388.4 m 533 388.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 388.4 m 420 388.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 388.4 m 475 388.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 388.4 m 497 388.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 362.4 m 343 362.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 362.4 m 398 362.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 362.4 m 420 362.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 362.4 m 475 362.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 362.4 m 497 362.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 362.4 m 533 362.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 326.4 m 343 326.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 326.4 m 398 326.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 326.4 m 420 326.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 326.4 m 475 326.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 326.4 m 497 326.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 326.4 m 533 326.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 301.4 m 343 301.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 301.4 m 398 301.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 301.4 m 420 301.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 301.4 m 475 301.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 301.4 m 497 301.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 301.4 m 533 301.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 277.4 m 343 277.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 277.4 m 398 277.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 277.4 m 420 277.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 277.4 m 475 277.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 277.4 m 497 277.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 277.4 m 533 277.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 241.39999999999998 m 343 241.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 241.39999999999998 m 398 241.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 241.39999999999998 m 420 241.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 241.39999999999998 m 475 241.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 241.39999999999998 m 497 241.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 241.39999999999998 m 533 241.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 228.39999999999998 m 343 228.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 228.39999999999998 m 398 228.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 228.39999999999998 m 420 228.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 228.39999999999998 m 475 228.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 228.39999999999998 m 497 228.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 228.39999999999998 m 533 228.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 206.39999999999998 m 343 206.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 206.39999999999998 m 398 206.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 206.39999999999998 m 420 206.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 206.39999999999998 m 475 206.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 206.39999999999998 m 497 206.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 206.39999999999998 m 533 206.39999999999998 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 386.80 648.60 Td (Three Months Ended) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 403.90 641.60 Td (March 31,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 500.90 648.60 Td (Variance) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 511.35 641.60 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 43.50 627.18 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 378.90 627.40 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 455.90 627.40 Td (2014) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 509.80 627.40 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 43.50 615.80 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.55 615.80 Td (445.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.60 615.85 Td (548.7) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 482.40 615.96 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 506.15 615.80 Td (\(18.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 522.15 615.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 604.80 Td (Other Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.55 604.80 Td (150.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.60 604.85 Td (168.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 506.15 604.80 Td (\(11.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 522.15 604.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 593.80 Td (Total Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.55 593.80 Td (595.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.60 593.85 Td (717.2) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 482.40 593.96 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 506.15 593.80 Td (\(17.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 522.15 593.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 582.80 Td (Total revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.55 582.80 Td (660.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.60 582.85 Td (608.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 512.40 582.80 Td (8.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 571.80 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 372.25 571.80 Td (\(430.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.15 571.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.25 571.80 Td (\(404.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 469.15 571.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 512.40 571.80 Td (6.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 560.40 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 215.81 563.74 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.55 560.40 Td (229.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.60 560.45 Td (204.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 508.50 560.40 Td (12.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 49.50 549.18 Td (Gross margin as a % of total revenue) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 380.45 549.18 Td (34.8) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 392.15 549.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 457.45 549.18 Td (33.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 469.15 549.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 513.80 549.18 Td (1.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 522.15 549.18 Td ( pp) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 537.80 Td (Depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 376.15 537.80 Td (\(12.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.15 537.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.15 537.80 Td (\(11.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 469.15 537.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 512.40 537.80 Td (7.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 526.80 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 376.15 526.80 Td (\(33.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.15 526.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.15 526.80 Td (\(33.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 469.15 526.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 512.40 526.80 Td (0.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 515.80 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.55 515.80 Td (183.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.60 515.85 Td (159.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 508.50 515.80 Td (14.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 504.80 Td (Operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 372.25 504.80 Td (\(157.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.15 504.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.25 504.80 Td (\(168.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 469.15 504.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.05 504.85 Td (\(6.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 522.15 504.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 493.80 Td (Operating income \(loss\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.50 493.80 Td (26.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.05 493.85 Td (\(9.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 469.15 493.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 511.75 493.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 482.80 Td (Depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.50 482.80 Td (12.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.50 482.80 Td (11.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 512.40 482.80 Td (7.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 471.80 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 378.50 471.80 Td (33.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.50 471.80 Td (33.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 512.40 471.80 Td (0.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 459.40 Td (EBITDA) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 69.56 459.40 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 71.50 462.74 Td (\(a\)\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.50 459.40 Td (71.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.50 459.40 Td (35.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 511.75 459.40 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 447.80 Td (Adjustments:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 49.50 436.80 Td (Change in deferred revenue) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 67.50 425.80 Td (Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.55 425.80 Td (595.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.60 425.85 Td (717.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 67.50 414.80 Td (Total revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 372.25 414.80 Td (\(660.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.15 414.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.25 414.80 Td (\(608.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 469.15 414.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 49.50 403.40 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 165.06 406.74 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.50 403.40 Td (45.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.15 403.40 Td (\(11.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 469.15 403.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 391.80 Td (Subtotal of Adjustments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 376.15 391.80 Td (\(19.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.15 391.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.50 391.80 Td (97.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 379.40 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 101.19 379.40 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 103.13 382.74 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.50 379.40 Td (52.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.60 379.45 Td (132.6) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 482.40 378.96 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 506.15 379.40 Td (\(60.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 522.15 379.40 Td (\)) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 49.50 366.18 Td (Adjusted EBITDA as a % of total Gross Billings) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 383.80 366.18 Td (8.8) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 392.15 366.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 457.45 366.18 Td (18.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 469.15 366.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 511.80 366.18 Td (\(9.7) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 522.15 366.18 Td (\) pp) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 353.40 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 378.50 353.40 Td (21.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.15 353.40 Td (\(17.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 469.15 353.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 341.80 Td (Weighted average number of shares) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 353.20 341.80 Td (170,753,997) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 430.20 341.80 Td (173,062,413) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 330.40 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 152.43 333.74 Td (\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.50 330.40 Td (0.10) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.15 330.40 Td (\(0.13) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 469.15 330.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 317.40 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 118.57 320.74 Td (\(c\)\(i\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.50 317.40 Td (30.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.50 317.40 Td (88.2) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 483.10 316.96 Td (\(f\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 506.15 317.40 Td (\(65.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 522.15 317.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 305.40 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 175.40 308.74 Td (\(c\)\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.50 305.40 Td (0.15) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.50 305.40 Td (0.48) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 483.10 304.96 Td (\(f\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 292.40 Td (Cash flow from operations) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.50 292.40 Td (25.7) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 405.40 293.61 Td (\(h\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.50 292.40 Td (82.1) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 479.35 291.96 Td (\(e\)\(g\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 280.80 Td (Capital expenditures) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 376.15 280.80 Td (\(20.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.15 280.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.15 280.80 Td (\(21.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 469.15 280.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 268.40 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 172.64 271.74 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 382.40 268.40 Td (5.2) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 405.40 269.61 Td (\(h\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.50 268.40 Td (60.5) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 479.35 267.96 Td (\(e\)\(g\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.35 268.40 Td (\(91.4\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 256.40 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 225.58 259.74 Td (\(c\)\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.50 256.40 Td (0.00) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 405.40 255.96 Td (\(h\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.50 256.40 Td (0.32) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 479.35 255.96 Td (\(e\)\(g\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 244.80 Td (Dividends) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 376.15 244.80 Td (\(35.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.15 244.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.15 244.80 Td (\(34.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 469.15 244.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 232.40 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 97.18 235.74 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 376.15 232.40 Td (\(30.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.15 232.40 Td (\)) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 405.40 233.61 Td (\(h\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.50 232.40 Td (26.3) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 479.35 231.96 Td (\(e\)\(g\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 511.75 232.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 220.80 Td (Total assets) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 368.75 220.80 Td (5,331.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 445.75 220.80 Td (5,550.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 209.80 Td (Total long-term liabilities) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 368.75 209.80 Td (2,421.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 445.75 209.80 Td (2,260.5) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (16) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 41.00 766.50 Td (_____________________________________________________________________________________________________________________________________________________________________________) 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 41.00 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 294.71 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 335.63 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 381.28 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 41.00 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 132.29 719.70 Td ( CONDITIONS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 247.83 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 345.74 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 459.71 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 41.00 712.50 Td (_____________________________________________________________________________________________________________________________________________________________________________) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 63.00 696.55 Td (\(a\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 85.50 696.55 Td (Excludes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 304.38 696.55 Td (Accumulation Partners' contracts, customer relationships and technology) Tj ET Q q 0 0 0 rg BT 545.39 696.55 Td (.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 63.00 678.55 Td (\(b\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 85.50 678.55 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 410.54 678.55 Td (fect of revaluing the Future Redemption Cost ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 85.50 669.55 Td (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 63.00 651.55 Td (\(c\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 85.50 651.55 Td (A) Tj ET Q q 0 0 0 rg BT 90.09 651.55 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 127.89 651.55 Td ( measurement.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 63.00 633.55 Td (\(d\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 85.50 633.55 Td (After deducting dividends declared on preferred shares.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 63.00 615.55 Td (\(e\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 85.50 615.55 Td (Includes a $100.0 million upfront contribution received on January 2, 2014 from ) Tj ET Q q 0 0 0 rg BT 350.12 615.55 Td (TD to help fund ) Tj ET Q q 0 0 0 rg BT 403.08 615.55 Td (Aeroplan's program enhancements.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 63.00 597.55 Td (\(f\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 85.50 597.55 Td (Includes the upfront contribution received on January 2, 2014 from ) Tj ET Q q 0 0 0 rg BT 308.01 597.55 Td (TD totaling $73.4 million, net of an income tax expense of $26.6 million.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 63.00 579.55 Td (\(g\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 85.50 579.55 Td (The harmonized sales tax of $22.5 million related to the CIBC Payment made on December 27, 2013 was collected during the first quarter of ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 85.50 570.55 Td (2014.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 63.00 552.55 Td (\(h\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 85.50 552.55 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 carry ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 85.50 543.55 Td (back applied in Canada.) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 63.00 525.55 Td (\(i\) ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 85.50 525.55 Td (For a reconciliation of ) Tj ET Q q 0 0 0 rg BT 153.98 525.55 Td (Adjusted Net Earnings to GAAP) Tj ET Q q 0 0 0 rg BT 251.91 525.55 Td (, please ref) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 286.54 525.55 Td (er 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 316.14 525.55 Td (Reconciliation of ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 372.98 525.55 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 447.61 525.55 Td ( section.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 63.00 498.55 Td (** ) Tj ET Q q 0 0 0 rg BT 76.50 498.55 Td ( Information not meaningful.) Tj ET Q endstream endobj 37 0 obj <>] /Rotate 0 /Contents 38 0 R>> endobj 38 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (17) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 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 72 682.3986328125 m 180.005859375 682.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 684.30 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 682.3986328125 m 274.7109375 682.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 180.01 684.30 Td (MARCH31, 2015) 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 682.3986328125 m 478.27734375 682.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 274.71 684.30 Td ( COMP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 313.15 684.30 Td (ARED T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.60 684.30 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 72 667.9986328125 m 166.705078125 667.9986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 669.90 Td (MARCH31, 2014) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 166.71 669.90 Td ( ) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 637.00 Td (CONSOLIDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 143.11 637.00 Td (TED OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 212.23 637.00 Td (TING RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 284.00 637.00 Td (TS ) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 617.50 209.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 281.50 617.50 123.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 404.50 617.50 66.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 470.50 617.50 66.00 -19.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 598.50 209.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 281.50 598.50 36.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 317.50 598.50 28.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 345.50 598.50 36.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 381.50 598.50 23.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 404.50 598.50 33.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 437.50 598.50 33.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 470.50 598.50 33.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 503.50 598.50 33.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 281.50 572.50 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 317.50 572.50 28.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 281.50 558.50 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 317.50 558.50 28.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 281.50 544.50 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 317.50 544.50 28.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 281.50 530.50 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 317.50 530.50 28.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 281.50 518.50 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 317.50 518.50 28.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 281.50 506.50 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 317.50 506.50 28.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 281.50 494.50 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 317.50 494.50 28.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 281.50 482.50 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 317.50 482.50 28.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 281.50 470.50 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 317.50 470.50 28.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 281.50 458.50 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 317.50 458.50 28.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 281.50 446.50 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 317.50 446.50 28.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 281.50 432.50 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 317.50 432.50 28.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 281.50 420.50 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 317.50 420.50 28.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 281.50 408.50 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 317.50 408.50 28.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 281.50 396.50 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 317.50 396.50 28.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 281.50 384.50 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 317.50 384.50 28.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 281.50 372.50 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 317.50 372.50 28.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 281.50 358.50 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 317.50 358.50 28.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 281.50 346.50 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 317.50 346.50 28.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 281.50 334.50 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 317.50 334.50 28.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 281.50 322.50 36.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 317.50 322.50 28.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 281.50 309.50 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 317.50 309.50 28.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 281.50 297.50 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 317.50 297.50 28.00 -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 72.5 544.5 m 281.5 544.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 281.5 544.5 m 317.5 544.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 317.5 544.5 m 345.5 544.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 544.5 m 381.5 544.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 544.5 m 404.5 544.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 544.5 m 437.5 544.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 544.5 m 470.5 544.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 470.5 544.5 m 503.5 544.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 544.5 m 536.5 544.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 530.5 m 281.5 530.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 281.5 530.5 m 317.5 530.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 317.5 530.5 m 345.5 530.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 530.5 m 381.5 530.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 530.5 m 404.5 530.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 530.5 m 437.5 530.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 530.5 m 470.5 530.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 470.5 530.5 m 503.5 530.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 530.5 m 536.5 530.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 281.5 530.5 m 317.5 530.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 530.5 m 381.5 530.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 470.5 530.5 m 503.5 530.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 494.5 m 281.5 494.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 281.5 494.5 m 317.5 494.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 317.5 494.5 m 345.5 494.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 494.5 m 381.5 494.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 494.5 m 404.5 494.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 494.5 m 437.5 494.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 494.5 m 470.5 494.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 470.5 494.5 m 503.5 494.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 494.5 m 536.5 494.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 281.5 470.5 m 317.5 470.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 470.5 m 381.5 470.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 470.5 470.5 m 503.5 470.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 470.5 m 281.5 470.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 281.5 470.5 m 317.5 470.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 317.5 470.5 m 345.5 470.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 470.5 m 381.5 470.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 470.5 m 404.5 470.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 470.5 m 437.5 470.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 470.5 m 470.5 470.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 470.5 470.5 m 503.5 470.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 470.5 m 536.5 470.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 432.5 m 281.5 432.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 281.5 432.5 m 317.5 432.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 317.5 432.5 m 345.5 432.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 432.5 m 381.5 432.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 432.5 m 404.5 432.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 432.5 m 437.5 432.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 432.5 m 470.5 432.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 470.5 432.5 m 503.5 432.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 432.5 m 536.5 432.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 396.5 m 281.5 396.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 281.5 396.5 m 317.5 396.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 317.5 396.5 m 345.5 396.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 396.5 m 381.5 396.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 396.5 m 404.5 396.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 396.5 m 437.5 396.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 396.5 m 470.5 396.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 470.5 396.5 m 503.5 396.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 396.5 m 536.5 396.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 396.5 m 281.5 396.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 384.5 m 281.5 384.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 281.5 396.5 m 317.5 396.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 281.5 384.5 m 317.5 384.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 317.5 396.5 m 345.5 396.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 317.5 384.5 m 345.5 384.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 396.5 m 381.5 396.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 384.5 m 381.5 384.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 396.5 m 404.5 396.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 384.5 m 404.5 384.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 396.5 m 437.5 396.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 384.5 m 437.5 384.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 396.5 m 470.5 396.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 384.5 m 470.5 384.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 470.5 396.5 m 503.5 396.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 470.5 384.5 m 503.5 384.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 396.5 m 536.5 396.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 384.5 m 536.5 384.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 372.5 m 281.5 372.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 281.5 372.5 m 317.5 372.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 317.5 372.5 m 345.5 372.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 372.5 m 381.5 372.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 372.5 m 404.5 372.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 372.5 m 437.5 372.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 372.5 m 470.5 372.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 470.5 372.5 m 503.5 372.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 372.5 m 536.5 372.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 346.5 m 536.5 346.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 346.5 m 281.5 346.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 281.5 346.5 m 317.5 346.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 317.5 346.5 m 345.5 346.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 346.5 m 381.5 346.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 346.5 m 404.5 346.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 346.5 m 437.5 346.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 346.5 m 470.5 346.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 470.5 346.5 m 503.5 346.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 346.5 m 536.5 346.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 322.5 m 281.5 322.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 281.5 322.5 m 317.5 322.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 317.5 322.5 m 345.5 322.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 322.5 m 381.5 322.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 322.5 m 404.5 322.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 322.5 m 437.5 322.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 322.5 m 470.5 322.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 470.5 322.5 m 503.5 322.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 322.5 m 536.5 322.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 309.5 m 281.5 309.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 281.5 322.5 m 317.5 322.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 281.5 309.5 m 317.5 309.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 317.5 309.5 m 345.5 309.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 322.5 m 381.5 322.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 309.5 m 381.5 309.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 309.5 m 404.5 309.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 309.5 m 437.5 309.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 309.5 m 470.5 309.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 470.5 309.5 m 503.5 309.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 309.5 m 536.5 309.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 297.5 m 281.5 297.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 281.5 309.5 m 317.5 309.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 281.5 297.5 m 317.5 297.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 317.5 297.5 m 345.5 297.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 309.5 m 381.5 309.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 297.5 m 381.5 297.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 297.5 m 404.5 297.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 297.5 m 437.5 297.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 297.5 m 470.5 297.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 470.5 297.5 m 503.5 297.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 297.5 m 536.5 297.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 285.5 m 281.5 285.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 281.5 297.5 m 317.5 297.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 281.5 285.5 m 317.5 285.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 317.5 285.5 m 345.5 285.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 297.5 m 381.5 297.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 285.5 m 381.5 285.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 285.5 m 404.5 285.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 285.5 m 437.5 285.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 285.5 m 470.5 285.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 470.5 285.5 m 503.5 285.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 285.5 m 536.5 285.5 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 293.25 606.20 Td (Three Months Ended March 31,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 423.40 606.20 Td (Variance) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 474.90 606.20 Td (V) Tj ET Q q 1 1 1 rg BT 479.05 606.20 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 519.90 609.54 Td (\(g\)\(h\)) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 75.00 588.28 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 291.20 588.50 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 355.20 588.50 Td (2014) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 418.55 588.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 450.35 588.50 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 484.55 588.50 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 516.35 588.50 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 75.00 562.50 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 294.10 562.50 Td (445.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 358.05 562.50 Td (548.7) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 384.00 563.98 Td (\(c\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 414.75 563.70 Td (\(103.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.65 563.70 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 563.70 Td (\(18.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.65 563.70 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 480.75 563.70 Td (\(108.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 563.70 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.65 563.70 Td (\(19.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 525.65 563.70 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 548.50 Td (Other Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 294.10 548.50 Td (150.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 358.05 548.50 Td (168.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 418.65 549.70 Td (\(18.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.65 549.70 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 549.70 Td (\(11.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.65 549.70 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 484.65 549.70 Td (\(24.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 549.70 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.65 549.70 Td (\(14.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 525.65 549.70 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 534.50 Td (Total Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 294.10 534.50 Td (595.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 320.00 535.98 Td (\(b\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 358.05 534.50 Td (717.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 384.00 535.98 Td (\(b\)\(c\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 414.75 535.70 Td (\(122.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.65 535.70 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 535.70 Td (\(17.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.65 535.70 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 480.75 535.70 Td (\(133.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 535.70 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.65 535.70 Td (\(18.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 525.65 535.70 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 522.50 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 294.10 522.50 Td (508.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 358.05 522.50 Td (441.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 421.00 522.70 Td (66.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 446.00 522.70 Td (15.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.00 522.70 Td (66.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 512.00 522.70 Td (14.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 510.50 Td (Revenue from proprietary loyalty services) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 294.10 510.50 Td (122.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 358.05 510.50 Td (139.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 418.65 510.70 Td (\(16.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.65 510.70 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 510.70 Td (\(12.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.65 510.70 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 484.65 510.70 Td (\(22.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 510.70 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.65 510.70 Td (\(16.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 525.65 510.70 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 498.50 Td (Other revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.00 498.50 Td (29.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 362.00 498.50 Td (28.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 424.90 498.70 Td (1.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.90 498.70 Td (5.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 490.90 498.70 Td (0.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.90 498.70 Td (3.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 486.50 Td (Total revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 294.10 486.50 Td (660.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 358.05 486.50 Td (608.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 421.00 486.70 Td (51.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.90 486.70 Td (8.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.00 486.70 Td (44.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.90 486.70 Td (7.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 474.50 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 294.10 474.50 Td (430.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 358.05 474.50 Td (404.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 421.00 474.70 Td (26.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.90 474.70 Td (6.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.00 474.70 Td (22.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.90 474.70 Td (5.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 462.50 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 294.10 462.50 Td (229.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 358.05 462.50 Td (204.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 421.00 462.70 Td (25.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 446.65 462.70 Td (12.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.00 462.70 Td (21.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 512.65 462.70 Td (10.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 450.28 Td (Gross margin as a % of total revenue) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 299.95 450.28 Td (34.8) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 311.65 450.28 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 363.95 450.28 Td (33.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 375.65 450.28 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 429.30 450.98 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 451.30 450.98 Td (1.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 459.65 450.98 Td ( pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 495.30 450.98 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 517.30 450.98 Td (1.0) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 525.65 450.98 Td ( pp) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 436.50 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 169.94 439.84 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.00 436.50 Td (45.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 362.00 436.50 Td (44.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 424.90 437.70 Td (1.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.90 437.70 Td (2.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 490.90 437.70 Td (0.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.90 437.70 Td (1.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 424.50 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 294.10 424.50 Td (183.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 358.05 424.50 Td (159.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 421.00 424.70 Td (23.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 446.65 424.70 Td (14.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.00 424.70 Td (21.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 512.65 424.70 Td (13.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 412.50 Td (Operating expenses before the undernoted) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 294.10 412.50 Td (155.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 358.05 412.50 Td (167.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 418.65 412.70 Td (\(11.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.65 412.70 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 447.50 412.70 Td (\(7.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.65 412.70 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 484.65 412.70 Td (\(17.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 412.70 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.65 412.70 Td (\(10.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 525.65 412.70 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 400.50 Td ( Share-based compensation) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 301.90 400.50 Td (2.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 365.90 400.50 Td (1.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 424.90 400.70 Td (0.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 446.65 400.70 Td (35.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 490.90 400.70 Td (0.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 512.65 400.70 Td (35.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 388.50 Td (Total operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 294.10 388.50 Td (157.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 358.05 388.50 Td (168.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 418.65 388.70 Td (\(11.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.65 388.70 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 447.50 388.70 Td (\(6.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.65 388.70 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 484.65 388.70 Td (\(16.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 388.70 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.55 388.75 Td (\(9.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 525.65 388.70 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 376.50 Td (Operating income \(loss\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.00 376.50 Td (26.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.50 376.50 Td (\(9.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 375.65 376.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 421.00 376.70 Td (35.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.75 376.70 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.00 376.70 Td (37.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 516.75 376.70 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 362.50 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 132.69 362.50 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 134.63 365.84 Td (\(g\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.00 362.50 Td (52.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 358.05 362.50 Td (132.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 384.00 363.98 Td (\(c\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 418.65 363.70 Td (\(80.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.65 363.70 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 444.35 363.70 Td (\(60.7\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 484.65 363.70 Td (\(80.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 363.70 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.35 363.70 Td (\(60.9\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 350.28 Td (Adjusted EBITDA as a % of total Gross Billings) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 303.30 350.33 Td (8.8) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 311.65 350.28 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 363.95 350.28 Td (18.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 375.65 350.28 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 429.30 351.63 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 449.30 351.63 Td (\(9.7) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 459.65 351.63 Td (\) pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 495.30 351.63 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 515.30 351.63 Td (\(9.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 525.65 351.63 Td (\) 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 75 337.50576171875 m 166.83056640625 337.50576171875 l s q 0 0 0 rg BT 75.00 338.50 Td (Included in Adjusted EBITDA:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 326.50 Td (Change in Future Redemption Costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.00 326.50 Td (45.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 359.65 326.50 Td (\(11.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 375.65 326.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 421.00 326.90 Td (56.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.75 326.90 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.55 326.90 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 516.75 326.90 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 313.50 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 152.01 316.84 Td (\(g\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.00 313.50 Td (30.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 362.00 313.50 Td (88.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 384.00 315.63 Td (\(d\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 418.65 313.50 Td (\(57.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.65 313.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 444.35 313.50 Td (\(65.2\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.55 313.50 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 516.75 313.50 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 301.50 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 204.14 304.84 Td (\(g\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 301.90 301.50 Td (5.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 320.00 301.28 Td (\(f\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 362.00 301.50 Td (60.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 384.00 302.63 Td (\(c\)\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 418.65 301.90 Td (\(55.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.65 301.90 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 444.35 301.90 Td (\(91.4\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.55 301.90 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 516.75 301.90 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 289.50 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 128.68 292.84 Td (\(g\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.65 289.50 Td (\(30.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 311.65 289.50 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 320.00 289.28 Td (\(f\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 362.00 289.50 Td (26.3) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 384.00 290.63 Td (\(c\)\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 418.65 289.90 Td (\(56.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.65 289.90 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.75 289.90 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.55 289.90 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 516.75 289.90 Td (**) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 262.00 Td ( ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 108.00 262.00 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 194.27 262.00 Td (Notations to Financial T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 277.57 262.00 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 296.70 262.00 Td ( for details on notations in the table above beginning on page) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 234.35 Td (A) Tj ET Q q 0 0 0 rg BT 77.51 234.35 Td ( discussion of ) Tj ET Q q 0 0 0 rg BT 134.04 234.35 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 72.00 218.70 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 212.07 218.70 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 332.64 218.70 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 72.00 192.30 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 133.01 192.30 Td ( generated for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.56 192.30 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.62 192.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.12 192.30 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.66 192.30 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.70 192.30 Td ($595.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.23 192.30 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.23 192.30 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.76 192.30 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 176.65 Td ($122.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.53 176.65 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 140.54 176.65 Td (17.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 166.06 176.65 Td (. On a constant currency basis, Gross Billings ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.13 176.65 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.16 176.65 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.67 176.65 Td ($133.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.20 176.65 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.20 176.65 Td (18.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.72 176.65 Td ( and is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 160.95 Td (mostly explained by the $100.0 million upfront contribution received from ) Tj ET Q q 0 0 0 rg BT 362.99 160.95 Td (TD in the first quarter of 2014 to help fund ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 145.30 Td (Aeroplan's program enhancements. ) Tj ET Q q 0 0 0 rg BT 216.64 145.30 Td (The remaining variance, representing a decrease of $33.0 million, is primarily ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 129.65 Td (due to a decrease in Gross Billings from proprietary loyalty services of $25.6 million in the US & ) Tj ET Q q 0 0 0 rg BT 453.67 129.65 Td (AP) Tj ET Q q 0 0 0 rg BT 465.01 129.65 Td (AC and Canada ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 114.00 Td (regions. ) Tj ET Q q 0 0 0 rg BT 106.36 114.00 Td (The variance also resulted from lower Gross Billings from the sale of Loyalty Units of $8.2 million, mainly ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 98.35 Td (coming from the EMEA) Tj ET Q q 0 0 0 rg BT 164.03 98.35 Td ( region, including the impact of the loss of the Nectar Italia Program's anchor partner on March ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 82.65 Td (1, 2015.) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 515.86 261.95 Td (51) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 523.65 261.95 Td (.) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (18) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 Td (_____________________________________________________________________________________________________________________________________________________________) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 686.45 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 420.41 686.45 Td (Accumulation Partners' ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 670.80 Td (respective customer base and their spending patterns, and proprietary and analytics and insights clients, which are in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 655.15 Td (turn af) Tj ET Q q 0 0 0 rg BT 97.35 655.15 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 72.00 639.50 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 72.00 614.85 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 77.16 614.85 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 135.68 614.85 Td (generated for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.73 614.85 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.79 614.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.29 614.85 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.83 614.85 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.86 614.85 Td ($660.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.40 614.85 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.40 614.85 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.93 614.85 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 599.15 Td ($51.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 599.15 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.53 599.15 Td (8.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.05 599.15 Td (. On a constant currency basis, total revenue ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.14 599.15 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.16 599.15 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.67 599.15 Td ($44.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 441.20 599.15 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.20 599.15 Td (7.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.71 599.15 Td ( and is mostly ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 583.50 Td (explained by higher redemption activity in the EMEA) Tj ET Q q 0 0 0 rg BT 279.62 583.50 Td ( region, primarily in the Nectar Italia Program as a result of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 567.85 Td (expiry of points on March 1, 2015, of) Tj ET Q q 0 0 0 rg BT 217.42 567.85 Td (fset in part by reduced revenue from proprietary loyalty services in the US & ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 552.20 Td (AP) Tj ET Q q 0 0 0 rg BT 83.34 552.20 Td (AC and Canada regions.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 527.55 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 72.00 511.85 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 72.00 496.20 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 496.75 496.20 Td ($5.1 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 480.55 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 480.55 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 128.02 480.55 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.08 480.55 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.58 480.55 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.12 480.55 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 72.00 455.90 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 217.03 455.90 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.07 455.90 Td ($430.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.60 455.90 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.11 455.90 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.17 455.90 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.67 455.90 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.21 455.90 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.21 455.90 Td (an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 440.25 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 106.02 440.25 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.52 440.25 Td ($26.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.05 440.25 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.06 440.25 Td (6.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 202.57 440.25 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 458.18 440.25 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 497.21 440.25 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.71 440.25 Td ($22.8 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 424.55 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 424.55 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 424.55 Td (5.6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.02 424.55 Td ( and is mainly explained by higher redemption activity in the EMEA) Tj ET Q q 0 0 0 rg BT 396.16 424.55 Td ( region, primarily in the Nectar Italia ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 408.90 Td (Program as a result of the expiry of points on March 1, 2015, and a higher redemption cost per ) Tj ET Q q 0 0 0 rg BT 450.21 408.90 Td (Aeroplan mile; of) Tj ET Q q 0 0 0 rg BT 517.58 408.90 Td (fset ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 393.25 Td (in part by) Tj ET Q q 0 0 0 rg BT 108.35 393.25 Td (, lower direct costs on proprietary loyalty services in the US & ) Tj ET Q q 0 0 0 rg BT 354.45 393.25 Td (AP) Tj ET Q q 0 0 0 rg BT 365.79 393.25 Td (AC and Canada regions.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 368.60 Td (Given the large volume of Loyalty Units issued and redeemed, slight fluctuations in the ) Tj ET Q q 0 0 0 rg BT 418.20 368.60 Td (A) Tj ET Q q 0 0 0 rg BT 424.04 368.60 Td (verage Cost of Rewards per ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 352.95 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 72.00 337.25 Td (A) Tj ET Q q 0 0 0 rg BT 77.84 337.25 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 72.00 321.60 Td (income taxes of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 137.53 321.60 Td ($3.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 183.05 321.60 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.57 321.60 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.63 321.60 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 296.13 321.60 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.66 321.60 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 72.00 296.95 Td (Gross Margin before Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 237.70 296.95 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 295.20 296.95 Td (represented ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.73 296.95 Td (34.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.25 296.95 Td ( of total revenue for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.31 296.95 Td (three months ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 281.30 Td (ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.03 281.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 99.53 281.30 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.07 281.30 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.08 281.30 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.11 281.30 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.61 281.30 Td (1.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 248.12 281.30 Td ( percentage-points or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.68 281.30 Td (1.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.19 281.30 Td ( percentage-points on a constant currency basis ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 265.65 Td (compared to the same period in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.07 265.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.09 265.65 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 72.00 240.95 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 159.03 240.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.07 240.95 Td ($157.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.60 240.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 300.12 240.95 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.17 240.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.67 240.95 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.21 240.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.21 240.95 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.74 240.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.25 240.95 Td ($1) Tj ET Q q 0 0 0 rg BT 516.59 240.95 Td (1.3 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 225.30 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 225.30 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 225.30 Td (6.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.02 225.30 Td (. On a constant currency basis, operating expenses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.64 225.30 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.67 225.30 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.17 225.30 Td ($16.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.70 225.30 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.71 225.30 Td (9.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.22 225.30 Td (, explained ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 209.65 Td (mostly by lower marketing and promotional expenses in the Canada and EMEA) Tj ET Q q 0 0 0 rg BT 387.67 209.65 Td ( regions and lower operating ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 194.00 Td (expenses in US & ) Tj ET Q q 0 0 0 rg BT 145.54 194.00 Td (AP) Tj ET Q q 0 0 0 rg BT 156.88 194.00 Td (AC region and in 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 72.00 169.35 Td (Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 147.18 169.35 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 202.18 169.35 Td (, including ) Tj ET Q q 0 0 0 rg BT 244.71 169.35 Td (Amortization of ) Tj ET Q q 0 0 0 rg BT 306.74 169.35 Td (Accumulation Partners' Contracts, Customer ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 151.95 Td (Relationships and ) Tj ET Q q 0 0 0 rg BT 145.89 151.95 Td (T) Tj ET Q q 0 0 0 rg BT 150.39 151.95 Td (echnology) Tj ET Q q 0 0 0 rg BT 190.75 151.95 Td (, amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 248.29 151.95 Td ($45.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 298.81 151.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.33 151.95 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.39 151.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.89 151.95 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.42 151.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.42 151.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.95 151.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 136.25 Td ($1.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 117.52 136.25 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 130.53 136.25 Td (2.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 151.04 136.25 Td (. On a constant currency basis, depreciation and amortization, including amortization of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 120.60 Td (Accumulation Partners' contracts, customer relationships and technology) Tj ET Q q 0 0 0 rg BT 361.20 120.60 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.20 120.60 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.22 120.60 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.73 120.60 Td ($0.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.25 120.60 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.25 120.60 Td (1.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.77 120.60 Td (.) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (19) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 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 72.00 686.45 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 178.01 686.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.05 686.45 Td ($26.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.58 686.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.09 686.45 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.15 686.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.65 686.45 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.19 686.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.19 686.45 Td (an improvement) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.72 686.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 670.80 Td ($35.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 670.80 Td (. On a constant currency basis, operating income \(loss\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.13 670.80 Td (improved) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.14 670.80 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.65 670.80 Td ($37.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.18 670.80 Td (, mainly driven by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 655.15 Td (higher redemptions in the Nectar Italia Program and lower operating expenses.) 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 72.00 630.50 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 172.54 630.50 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 203.05 630.50 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.11 630.50 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 285.61 630.50 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.15 630.50 Td ( consist primarily of interest expense on long-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 614.85 Td (term debt of $9.7 million; of) Tj ET Q q 0 0 0 rg BT 180.39 614.85 Td (fset in part by interest revenue of $3.4million earned on cash and cash equivalents, short-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 599.15 Td (term investments on deposit and long-term investments in bonds, and other net financial income of $1.4 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 72.00 572.75 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 157.01 572.75 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 159.79 572.75 Td (for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 187.81 572.75 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.86 572.75 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.36 572.75 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.90 572.75 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.92 572.75 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.94 572.75 Td ( include the ef) Tj ET Q q 0 0 0 rg BT 428.81 572.75 Td (fect of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.83 572.75 Td ($3.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.35 572.75 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.37 572.75 Td ($4.0 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 557.10 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 557.10 Td ( of current income tax expenses, respectively) Tj ET Q q 0 0 0 rg BT 276.92 557.10 Td (, as well as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 323.94 557.10 Td ($2.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.46 557.10 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.48 557.10 Td ($5.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 557.10 Td ( of deferred income tax ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 541.45 Td (recoveries, respectively) Tj ET Q q 0 0 0 rg BT 165.37 541.45 Td (. Net earnings \(loss\) for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 276.41 541.45 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.47 541.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.97 541.45 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.51 541.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 441.52 541.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.54 541.45 Td ( also include the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 525.80 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 300.63 525.80 Td ($3.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.16 525.80 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.17 525.80 Td ($1.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.70 525.80 Td (, respectively) Tj ET Q q 0 0 0 rg BT 463.55 525.80 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 501.15 Td (Current income taxes are primarily attributable to our Canadian operations. Previously unrecognized tax attributes ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 485.45 Td (have been applied to reduce current period income related to the Italian operations. Consistent with the prior year) Tj ET Q q 0 0 0 rg BT 522.27 485.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 469.80 Td (deferred income taxes related to our international tax structures and foreign operations have not all been recognized. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 454.15 Td (Consequently) Tj ET Q q 0 0 0 rg BT 126.37 454.15 Td (, the deferred income tax recovery recorded during the current period, which is primarily related to the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 438.50 Td (Canadian operations, was not increased by deferred income tax recoveries in our foreign operations, resulting in a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 422.85 Td (distorted ef) Tj ET Q q 0 0 0 rg BT 116.36 422.85 Td (fective tax rate which is not 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 72.00 398.15 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 146.50 398.15 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.54 398.15 Td ($52.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.07 398.15 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 282.58 398.15 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.64 398.15 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.14 398.15 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.68 398.15 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.68 398.15 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.21 398.15 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.71 398.15 Td ($80.5 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 382.50 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 382.50 Td (. On a constant currency basis, ) Tj ET Q q 0 0 0 rg BT 223.57 382.50 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 293.10 382.50 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.60 382.50 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.63 382.50 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.14 382.50 Td ($80.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.67 382.50 Td ( and is explained mostly by the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 366.85 Td (upfront contribution received from ) Tj ET Q q 0 0 0 rg BT 208.41 366.85 Td (TD of $100.0 million in the first quarter of 2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.50 366.85 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.75 366.85 Td ( ) Tj ET Q q 0 0 0 rg BT 398.09 366.85 Td (The remaining variance, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 351.20 Td (representing an improvement of $19.2 million, is primarily due to the favourable variance on the Change in Future ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 335.55 Td (Redemption Costs of higher ) Tj ET Q q 0 0 0 rg BT 185.56 335.55 Td (Aeroplan promotional miles issued on new cards acquired in the comparable period, as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 319.85 Td (well as reduced operating expenses in the current period, of) Tj ET Q q 0 0 0 rg BT 310.48 319.85 Td (fset in part by an increase in redemption cost per ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 304.20 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 72.00 277.80 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 168.51 277.80 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 171.29 277.80 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 223.83 277.80 Td ($30.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.36 277.80 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.36 277.80 Td (5.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.87 277.80 Td (% \(as a % of Gross Billings\) for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 441.92 277.80 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.97 277.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 262.15 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 134.54 262.15 Td (. ) Tj ET Q q 0 0 0 rg BT 139.04 262.15 Td (Adjusted Net Earnings for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 259.11 262.15 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.17 262.15 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.67 262.15 Td (March31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.20 262.15 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.24 262.15 Td ($88.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.77 262.15 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 246.50 Td (12.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.52 246.50 Td (% \(as a % of Gross Billings\), and included the upfront contribution received from ) Tj ET Q q 0 0 0 rg BT 411.01 246.50 Td (TD of $73.4 million, net of an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 230.85 Td (income tax expense of $26.6 million. ) Tj ET Q q 0 0 0 rg BT 219.92 230.85 Td (The ef) Tj ET Q q 0 0 0 rg BT 245.27 230.85 Td (fective tax rate has been impacted as 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 0.6627450980392157 0.8784313725490196 rg BT 463.90 230.85 Td (Net Earnings ) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 215.15 Td (\(Loss\). ) Tj ET Q BT /F5 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 190.50 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 138.52 190.50 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.03 190.50 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 249.09 190.50 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.59 190.50 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.13 190.50 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.16 190.50 Td ($\(30.5\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.69 190.50 Td ( compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.71 190.50 Td ($26.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.24 190.50 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 174.85 Td (for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 100.02 174.85 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 180.07 174.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.57 174.85 Td (March31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.11 174.85 Td (. ) Tj ET Q q 0 0 0 rg BT 249.95 174.85 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.96 174.85 Td (unfavourable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.00 174.85 Td ( variance of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.02 174.85 Td ($56.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.55 174.85 Td ( is mainly the result of:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 148.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 148.45 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.53 148.45 Td ( in cash from operating activities of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.59 148.45 Td ($56.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.12 148.45 Td (, explained primarily by a reduction in Gross ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 132.80 Td (Billings of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 149.02 132.80 Td ($122.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 204.55 132.80 Td (, including the $100.0 million upfront contribution received from ) Tj ET Q q 0 0 0 rg BT 457.03 132.80 Td (TD, higher cost of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 117.15 Td (rewards and direct costs of $26.2 million and the receipt in the first quarter of 2014 of the harmonized sales ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 101.45 Td (tax of $22.5 million related to the CIBC Payment, of) Tj ET Q q 0 0 0 rg BT 312.44 101.45 Td (fset in part by the receipt in the first quarter of 2015 of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 85.80 Td ($20.4 million from Revenue Quebec related to the income tax refund of loss carry back applied in Canada, ) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (20) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 Td (_____________________________________________________________________________________________________________________________________________________________) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 686.45 Td (lower operating expenses of $1) Tj ET Q q 0 0 0 rg BT 232.41 686.45 Td (1.9 million, excluding share-based compensation expense, and lower net ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 670.80 Td (interest paid of $5.7 million, with the remainder explained primarily by changes in net operating assets, due ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 655.15 Td (in part to a higher balance of unpaid redemptions in the Nectar Italia Program; ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 637.75 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.15 637.75 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 637.75 Td (lower) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.51 637.75 Td ( capital expenditures of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.56 637.75 Td ($1.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.09 637.75 Td ( resulting mostly from higher real estate costs incurred in the same ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 622.10 Td (period of the prior year; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 604.70 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 604.70 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 147.02 604.70 Td ( dividends paid on common shares and preferred shares of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.66 604.70 Td ($1.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.18 604.70 Td (, explained primarily by the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 589.05 Td (increase in the quarterly dividend rate per common share, of) Tj ET Q q 0 0 0 rg BT 347.96 589.05 Td (fset in part by a lower number of common ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 573.35 Td (shares outstanding as a result of shares repurchased and cancelled under the Corporation's NCIB program. ) 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 72.00 548.70 Td (Adjusted EBITDA, ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 146.70 548.70 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 236.25 548.70 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 258.77 548.70 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 322.29 548.70 Td ( are non-GAAP) Tj ET Q q 0 0 0 rg BT 383.15 548.70 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 72.00 533.05 Td (PERFORMANCE INDICA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 174.34 533.05 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 179.67 533.05 Td (ORS) 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 199.18 533.05 Td ( section for additional information on these measures.) Tj ET Q endstream endobj 45 0 obj <>] /Rotate 0 /Contents 46 0 R>> endobj 46 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (21) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 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 72.00 684.30 Td (SEGMENTED OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 193.13 684.30 Td (TING RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 264.90 684.30 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 72.00 659.65 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 72 622.66552734375 m 115.14453125 622.66552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 624.25 Td (CANADA) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 604.75 268.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 340.50 604.75 126.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 466.50 604.75 74.00 -19.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 585.75 268.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 340.50 585.75 42.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 382.50 585.75 22.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 404.50 585.75 42.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 446.50 585.75 20.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 466.50 585.75 37.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 503.50 585.75 37.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 559.75 42.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.50 559.75 22.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 545.75 42.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.50 545.75 22.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 531.75 42.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.50 531.75 22.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 517.75 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.50 517.75 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 505.75 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.50 505.75 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 493.75 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.50 493.75 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 481.75 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.50 481.75 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 469.75 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.50 469.75 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 457.75 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.50 457.75 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 445.75 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.50 445.75 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 433.75 42.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.50 433.75 22.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 419.75 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.50 419.75 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 407.75 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.50 407.75 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 395.75 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.50 395.75 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 383.75 42.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.50 383.75 22.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 369.75 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.50 369.75 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 357.75 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.50 357.75 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 345.75 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.50 345.75 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 333.75 42.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.50 333.75 22.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 319.75 42.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.50 319.75 22.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 305.75 42.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.50 305.75 22.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 291.75 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.50 291.75 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 279.75 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.50 279.75 22.00 -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 72.5 531.75 m 340.5 531.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 531.75 m 382.5 531.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 382.5 531.75 m 404.5 531.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 531.75 m 446.5 531.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 531.75 m 466.5 531.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 466.5 531.75 m 503.5 531.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 531.75 m 540.5 531.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 517.75 m 340.5 517.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 517.75 m 382.5 517.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 382.5 517.75 m 404.5 517.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 517.75 m 446.5 517.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 517.75 m 466.5 517.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 466.5 517.75 m 503.5 517.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 517.75 m 540.5 517.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 481.75 m 340.5 481.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 481.75 m 382.5 481.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 382.5 481.75 m 404.5 481.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 481.75 m 446.5 481.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 481.75 m 466.5 481.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 466.5 481.75 m 503.5 481.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 481.75 m 540.5 481.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 457.75 m 382.5 457.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 457.75 m 446.5 457.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 457.75 m 340.5 457.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 457.75 m 382.5 457.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 382.5 457.75 m 404.5 457.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 457.75 m 446.5 457.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 457.75 m 466.5 457.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 466.5 457.75 m 503.5 457.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 457.75 m 540.5 457.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 419.75 m 340.5 419.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 419.75 m 382.5 419.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 382.5 419.75 m 404.5 419.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 419.75 m 446.5 419.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 419.75 m 466.5 419.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 466.5 419.75 m 503.5 419.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 419.75 m 540.5 419.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 395.75 m 340.5 395.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 395.75 m 382.5 395.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 382.5 395.75 m 404.5 395.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 395.75 m 446.5 395.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 395.75 m 466.5 395.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 466.5 395.75 m 503.5 395.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 395.75 m 540.5 395.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 383.75 m 340.5 383.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 383.75 m 382.5 383.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 382.5 383.75 m 404.5 383.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 383.75 m 446.5 383.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 383.75 m 466.5 383.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 466.5 383.75 m 503.5 383.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 383.75 m 540.5 383.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 357.75 m 340.5 357.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 357.75 m 382.5 357.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 382.5 357.75 m 404.5 357.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 357.75 m 446.5 357.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 357.75 m 466.5 357.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 466.5 357.75 m 503.5 357.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 357.75 m 540.5 357.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 357.75 m 382.5 357.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 357.75 m 446.5 357.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 333.75 m 340.5 333.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 333.75 m 382.5 333.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 382.5 333.75 m 404.5 333.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 333.75 m 446.5 333.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 333.75 m 466.5 333.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 466.5 333.75 m 503.5 333.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 333.75 m 540.5 333.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 267.75 m 340.5 267.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 267.75 m 382.5 267.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 382.5 267.75 m 404.5 267.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 267.75 m 446.5 267.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 267.75 m 466.5 267.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 466.5 267.75 m 503.5 267.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 267.75 m 540.5 267.75 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 353.75 593.45 Td (Three Months Ended March 31,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 489.40 593.45 Td (Variance) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 75.00 575.53 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 353.20 575.75 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 417.20 575.75 Td (2014) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 482.55 575.75 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 518.35 575.75 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 75.00 549.75 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.80 549.75 Td (284.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.20 549.75 Td (384.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 449.00 551.23 Td (\(b\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 484.65 549.75 Td (\(99.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 549.75 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 549.75 Td (\(25.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 549.75 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 535.75 Td (Other Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 359.75 535.75 Td (42.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 426.05 535.75 Td (48.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.55 535.80 Td (\(5.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 535.75 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 535.75 Td (\(11.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 535.75 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 521.75 Td (Total Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.80 521.75 Td (327.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.20 521.75 Td (432.7) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 449.00 523.23 Td (\(b\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 480.75 521.75 Td (\(105.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 521.75 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 521.75 Td (\(24.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 521.75 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 509.75 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.80 509.75 Td (304.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.20 509.75 Td (305.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.55 509.80 Td (\(1.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 509.75 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 509.80 Td (\(0.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 509.75 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 497.75 Td (Revenue from proprietary loyalty services) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 359.75 497.75 Td (34.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 426.05 497.75 Td (38.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.55 497.80 Td (\(4.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 497.75 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 497.75 Td (\(11.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 497.75 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 485.75 Td (Other revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 359.75 485.75 Td (11.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 426.05 485.75 Td (10.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 490.90 485.75 Td (0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.90 485.75 Td (0.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 473.75 Td (Total revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.80 473.75 Td (349.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.20 473.75 Td (355.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.55 473.80 Td (\(5.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 473.75 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 473.80 Td (\(1.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 473.75 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 461.75 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.80 461.75 Td (248.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.20 461.75 Td (241.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 490.90 461.75 Td (6.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.90 461.75 Td (2.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 449.75 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.80 449.75 Td (101.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.20 449.75 Td (113.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 484.65 449.75 Td (\(11.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 449.75 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 449.75 Td (\(10.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 449.75 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 437.53 Td (Gross margin as a % of total revenue) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 361.70 437.53 Td (29.1) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 376.65 437.53 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 428.05 437.53 Td (32.0) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 440.65 437.53 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 495.30 437.53 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 519.30 437.53 Td (\(2.9) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 529.65 437.53 Td (\) pp) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 423.75 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 169.94 427.09 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 359.75 423.75 Td (36.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 426.05 423.75 Td (36.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 490.90 423.75 Td (0.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.90 423.75 Td (1.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 411.75 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 359.75 411.75 Td (65.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 426.05 411.75 Td (77.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 484.65 411.75 Td (\(12.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 411.75 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 411.75 Td (\(15.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 411.75 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 399.75 Td (Total operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 359.75 399.75 Td (53.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 426.05 399.75 Td (59.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.55 399.80 Td (\(6.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 399.75 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 399.75 Td (\(10.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 399.75 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 387.75 Td (Operating income) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 359.75 387.75 Td (11.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 426.05 387.75 Td (17.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.55 387.80 Td (\(5.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 387.75 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 387.75 Td (\(33.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 387.75 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 373.75 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 132.69 373.75 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 134.63 377.09 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 359.75 373.75 Td (55.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.20 373.75 Td (141.0) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 449.00 375.23 Td (\(b\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 484.65 373.75 Td (\(85.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 373.75 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 373.75 Td (\(60.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 373.75 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 361.53 Td (Adjusted EBITDA as a % of total Gross Billings) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 361.70 361.53 Td (17.0) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 376.65 361.53 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 428.05 361.53 Td (32.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 440.65 361.53 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 495.30 361.53 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 515.95 361.53 Td (\(15.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 529.65 361.53 Td (\) 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 75 348.75576171875 m 166.83056640625 348.75576171875 l s q 0 0 0 rg BT 75.00 349.75 Td (Included in Adjusted EBITDA:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 337.75 Td (Change in Future Redemption Costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 359.75 337.75 Td (29.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 430.00 337.75 Td (9.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.00 337.75 Td (20.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.75 337.75 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 75 322.75576171875 m 134.51708984375 322.75576171875 l s q 0 0 0 rg BT 75.00 323.75 Td (Operating metrics \() Tj ET Q BT /F4 7.00 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 134.51708984375 322.75576171875 m 208.18115234375 322.75576171875 l s q 0 0 0 rg BT 134.52 323.75 Td (year) Tj ET Q q 0 0 0 rg BT 148.01 323.75 Td (-over) Tj ET Q q 0 0 0 rg BT 163.83 323.75 Td (-year variance) Tj ET Q BT /F3 7.00 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 208.18115234375 322.75576171875 m 212.45703125 322.75576171875 l s q 0 0 0 rg BT 208.18 323.75 Td (\):) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 309.75 Td (Accumulation activity - Aeroplan) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 357.40 309.75 Td (\(10.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 373.40 309.75 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 426.05 309.75 Td (15.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 439.75 309.75 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.55 309.75 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.75 309.75 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 295.75 Td (Redemption activity - Aeroplan) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 361.25 295.75 Td (\(1.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 373.40 295.75 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 430.00 295.75 Td (2.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 439.75 295.75 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.55 295.75 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.75 295.75 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 283.75 Td (Aeroplan total rewards issued) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 363.65 283.75 Td (2.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 375.75 283.75 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 430.00 283.75 Td (8.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 439.75 283.75 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.55 283.75 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.75 283.75 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 271.75 Td (Aeroplan total air rewards issued) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 363.65 271.75 Td (2.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 375.75 271.75 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 426.05 271.75 Td (13.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 439.75 271.75 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.55 271.75 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.75 271.75 Td (**) Tj ET Q BT /F1 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 81.00 244.25 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 167.27 244.25 Td (Notations to Financial T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 250.57 244.25 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 269.70 244.25 Td ( for details on notations in the table above beginning on page) Tj ET Q BT /F1 10.00 Tf ET 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 72.00 216.55 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 133.01 216.55 Td ( generated for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.56 216.55 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.62 216.55 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.12 216.55 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.66 216.55 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.70 216.55 Td ($327.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.23 216.55 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.23 216.55 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.76 216.55 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 200.90 Td ($105.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.53 200.90 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 140.54 200.90 Td (24.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 166.06 200.90 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 176.25 Td (The dif) Tj ET Q q 0 0 0 rg BT 99.35 176.25 Td (ferent Gross Billings categories were af) Tj ET Q q 0 0 0 rg BT 255.76 176.25 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 72.00 151.60 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 262.53 151.60 Td ( generated for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.08 151.60 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.14 151.60 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.64 151.60 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.18 151.60 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 135.95 Td ($284.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.53 135.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 132.53 135.95 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 177.06 135.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.57 135.95 Td ($99.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 240.10 135.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.10 135.95 Td (25.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 278.62 135.95 Td (, primarily due to the $100.0 million upfront contribution received ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 120.25 Td (from ) Tj ET Q q 0 0 0 rg BT 92.34 120.25 Td (TD in the first quarter of 2014 to help fund ) Tj ET Q q 0 0 0 rg BT 260.94 120.25 Td (Aeroplan's program enhancements. ) Tj ET Q q 0 0 0 rg BT 405.58 120.25 Td (The remaining variance, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 104.60 Td (representing an increase of $0.2 million is mainly explained by improved performance from the program's main airline ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 88.95 Td (partner of $4.2 million and improved performance from the financial sector of $1.0 million net of non-recurring ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 488.86 244.20 Td (51) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 496.65 244.20 Td (.) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (22) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 Td (_____________________________________________________________________________________________________________________________________________________________) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 686.45 Td (promotional Gross Billings, resulting mostly from growth in the active card base. ) Tj ET Q q 0 0 0 rg BT 391.47 686.45 Td (The improvements in Gross Billings ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 670.80 Td (from the sale of Loyalty Units were of) Tj ET Q q 0 0 0 rg BT 219.90 670.80 Td (fset in part by decreased performance in the retail and other travel sectors. ) 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 72.00 646.15 Td (Accumulation ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 136.17 646.15 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 171.18 646.15 Td (- ) Tj ET Q q 0 0 0 rg BT 176.19 646.15 Td (Aeroplan Miles issued during the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.26 646.15 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.32 646.15 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.82 646.15 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.35 646.15 Td ( decreased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 630.50 Td (10.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.52 630.50 Td (. Excluding all promotional mileage, ) Tj ET Q q 0 0 0 rg BT 241.10 630.50 Td (Aeroplan Miles issued during the period were in line with the same period ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 614.85 Td (of the prior year) Tj ET Q q 0 0 0 rg BT 134.53 614.85 Td (, with promotional mileage on new financial cards acquired representing 7.9% of the overall decrease.) 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 72.00 590.15 Td (Other 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 159.52 590.15 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.55 590.15 Td ($42.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.08 590.15 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.60 590.15 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.65 590.15 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.15 590.15 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.69 590.15 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.69 590.15 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.22 590.15 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.73 590.15 Td ($5.3 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 574.50 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 574.50 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 574.50 Td (1) Tj ET Q q 0 0 0 rg BT 114.85 574.50 Td (1.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.36 574.50 Td (, mainly explained by a decrease in Gross Billings from proprietary loyalty services due to a lost ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 558.85 Td (contract and lower rewards fulfillment activity) Tj ET Q q 0 0 0 rg BT 249.90 558.85 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 72.00 534.20 Td (Redemption ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 126.17 534.20 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 158.68 534.20 Td ( - ) Tj ET Q q 0 0 0 rg BT 166.51 534.20 Td (T) Tj ET Q q 0 0 0 rg BT 171.01 534.20 Td (otal Miles redeemed under the ) Tj ET Q q 0 0 0 rg BT 294.59 534.20 Td (Aeroplan Program for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.14 534.20 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.20 534.20 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.70 534.20 Td (March31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 518.55 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.02 518.55 Td ( decreased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 151.06 518.55 Td (1.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 171.57 518.55 Td (, driven mostly by a decrease in miles redeemed from air redemptions due to changes in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 502.85 Td (reward mix. Conversely) Tj ET Q q 0 0 0 rg BT 165.36 502.85 Td (, the total number of rewards issued and number of air rewards issued increased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.53 502.85 Td (2.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.04 502.85 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 487.20 Td (2.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.51 487.20 Td (, respectively) Tj ET Q q 0 0 0 rg BT 144.36 487.20 Td (, compared to the same period in the prior year) Tj ET Q q 0 0 0 rg BT 330.97 487.20 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 72.00 462.55 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 77.16 462.55 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 135.68 462.55 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.22 462.55 Td ($349.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 243.75 462.55 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.27 462.55 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.32 462.55 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.82 462.55 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.36 462.55 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.36 462.55 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.89 462.55 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.40 462.55 Td ($5.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.92 462.55 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 446.90 Td (1.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.51 446.90 Td (, explained primarily by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 420.50 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 420.50 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.53 420.50 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.04 420.50 Td ($4.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.56 420.50 Td ( in revenue from proprietary loyalty services mostly related to a lost contract and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 404.85 Td (lower rewards fulfillment activity; and by) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 389.15 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 389.15 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.53 389.15 Td ( of $1.1 million in revenue from Loyalty Units mostly due to lower volume of miles redeemed.) 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 72.00 364.50 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 217.03 364.50 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.07 364.50 Td ($248.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.60 364.50 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.11 364.50 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.17 364.50 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.67 364.50 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.21 364.50 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.21 364.50 Td (an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 348.85 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 106.02 348.85 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.52 348.85 Td ($6.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 164.05 348.85 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 177.05 348.85 Td (2.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 197.56 348.85 Td (. ) Tj ET Q q 0 0 0 rg BT 202.40 348.85 Td (This change is mainly attributable to the impact of the following factors: ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 322.45 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.15 322.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 322.45 Td (a higher redemption cost per ) Tj ET Q q 0 0 0 rg BT 224.57 322.45 Td (Aeroplan Mile redeemed, representing $1) Tj ET Q q 0 0 0 rg BT 389.50 322.45 Td (1.2 million, due in part to air rewards ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 306.80 Td (mix and the unfavourable impact of changes in foreign currency; of) Tj ET Q q 0 0 0 rg BT 373.49 306.80 Td (fset in part by) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 289.40 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.15 289.40 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 289.40 Td (a lower volume of miles redeemed for the period, representing $2.8 million; ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 273.75 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 273.75 Td (a decrease in proprietary loyalty services direct costs of $1.8 million due mostly to a lost contract and lower ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 258.05 Td (rewards fulfillment activity) Tj ET Q q 0 0 0 rg BT 209.86 258.05 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 72.00 233.40 Td (Gross Margin before Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 237.70 233.40 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 295.20 233.40 Td (represented ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.73 233.40 Td (29.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.25 233.40 Td ( of total revenue for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.31 233.40 Td (three months ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 217.75 Td (ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.03 217.75 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 99.53 217.75 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.07 217.75 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.08 217.75 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.11 217.75 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.62 217.75 Td (2.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.13 217.75 Td ( percentage-points compared to the same period in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.25 217.75 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.27 217.75 Td (, a direct result ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 202.10 Td (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 72.00 177.45 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 159.03 177.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.07 177.45 Td ($53.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.59 177.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.11 177.45 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.17 177.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.67 177.45 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.20 177.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.21 177.45 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.74 177.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.24 177.45 Td ($6.4 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 161.75 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 161.75 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 161.75 Td (10.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.03 161.75 Td (, mostly due to timing of marketing and promotional expenses which were higher in the same period ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 146.10 Td (of the prior year due to the launch of the Distinction program and operational ef) Tj ET Q q 0 0 0 rg BT 386.03 146.10 Td (ficiencies related to organizational ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 130.45 Td (changes implemented in the prior year) Tj ET Q q 0 0 0 rg BT 224.59 130.45 Td (, of) Tj ET Q q 0 0 0 rg BT 236.93 130.45 Td (fset in part by higher information technology and real estate spend.) 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 72.00 105.80 Td (Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 147.18 105.80 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 202.18 105.80 Td (, including amortization of ) Tj ET Q q 0 0 0 rg BT 306.24 105.80 Td (Accumulation Partners' contracts, customer relationships ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 90.15 Td (and technology) Tj ET Q q 0 0 0 rg BT 132.38 90.15 Td (, amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.92 90.15 Td ($36.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 240.45 90.15 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.96 90.15 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.02 90.15 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.52 90.15 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.06 90.15 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.06 90.15 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.59 90.15 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.09 90.15 Td ($0.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.62 90.15 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 74.45 Td (1.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.51 74.45 Td (. ) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (23) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 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 72.00 686.45 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 151.01 686.45 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 203.55 686.45 Td ($1) Tj ET Q q 0 0 0 rg BT 212.89 686.45 Td (1.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.41 686.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.93 686.45 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.98 686.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.48 686.45 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 429.02 686.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.02 686.45 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.55 686.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.06 686.45 Td ($5.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.58 686.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 670.80 Td (or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.50 670.80 Td (33.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.02 670.80 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 72.00 646.15 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 146.50 646.15 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.54 646.15 Td ($55.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.07 646.15 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 282.58 646.15 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.64 646.15 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.14 646.15 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.68 646.15 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.68 646.15 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.21 646.15 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.71 646.15 Td ($85.3 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 630.50 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 630.50 Td ( which is explained mostly by the items listed below:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 605.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 605.85 Td (the upfront contribution received from ) Tj ET Q q 0 0 0 rg BT 259.42 605.85 Td (TD of $100.0 million in the first quarter of 2014; of) Tj ET Q q 0 0 0 rg BT 456.86 605.85 Td (fset in part by) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 590.15 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 590.15 Td (the favourable variance of $17.1 million on the Change in Future Redemption Costs attributable to higher ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 574.50 Td (promotional miles issued in the same period of the prior year on new financial cards acquired in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 558.85 Td (Aeroplan Program.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 534.20 Td (The remaining variance, representing a decrease of $2.4 million, is primarily attributable to an increase in redemption ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 518.55 Td (cost per ) Tj ET Q q 0 0 0 rg BT 106.02 518.55 Td (Aeroplan Mile, of) Tj ET Q q 0 0 0 rg BT 173.39 518.55 Td (fset in part by lower operating expenses.) 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 72.00 493.85 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 142.03 493.85 Td ( is a non-GAAP) Tj ET Q q 0 0 0 rg BT 203.90 493.85 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 324.96 493.85 Td (PERFORMANCE INDICA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 427.30 493.85 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 432.63 493.85 Td (ORS) 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 452.14 493.85 Td ( section for additional ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 478.20 Td (information on this measure.) Tj ET Q endstream endobj 51 0 obj <>] /Rotate 0 /Contents 52 0 R>> endobj 52 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (24) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72 684.16552734375 m 100.7060546875 684.16552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 685.75 Td (EMEA) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 666.25 240.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 312.50 666.25 96.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 408.50 666.25 66.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 474.50 666.25 66.00 -19.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 647.25 240.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 312.50 647.25 34.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 346.50 647.25 14.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 360.50 647.25 34.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 394.50 647.25 14.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 408.50 647.25 33.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 441.50 647.25 33.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 474.50 647.25 33.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 507.50 647.25 33.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 621.25 34.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 621.25 14.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 607.25 34.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 607.25 14.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 593.25 34.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 593.25 14.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 579.25 34.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 579.25 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 567.25 34.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 567.25 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 555.25 34.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 555.25 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 543.25 34.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 543.25 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 531.25 34.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 531.25 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 519.25 34.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 519.25 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 507.25 34.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 507.25 14.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 493.25 34.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 493.25 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 481.25 34.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 481.25 14.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 467.25 34.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 467.25 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 455.25 34.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 455.25 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 443.25 34.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 443.25 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 431.25 34.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 431.25 14.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 417.25 34.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 417.25 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 405.25 34.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 405.25 14.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 391.25 34.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 391.25 14.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 377.25 34.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 377.25 14.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 363.25 34.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 363.25 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 351.25 34.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 351.25 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 339.25 34.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 339.25 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 327.25 34.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 327.25 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 315.25 34.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 315.25 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 303.25 34.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 303.25 14.00 -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 72.5 593.25 m 312.5 593.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 312.5 593.25 m 346.5 593.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 346.5 593.25 m 360.5 593.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 360.5 593.25 m 394.5 593.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 593.25 m 408.5 593.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 593.25 m 441.5 593.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 593.25 m 474.5 593.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 593.25 m 507.5 593.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 593.25 m 540.5 593.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 579.25 m 312.5 579.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 312.5 579.25 m 346.5 579.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 346.5 579.25 m 360.5 579.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 360.5 579.25 m 394.5 579.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 579.25 m 408.5 579.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 579.25 m 441.5 579.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 579.25 m 474.5 579.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 579.25 m 507.5 579.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 579.25 m 540.5 579.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 579.25 m 507.5 579.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 312.5 531.25 m 346.5 531.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 360.5 531.25 m 394.5 531.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 531.25 m 507.5 531.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 531.25 m 312.5 531.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 312.5 531.25 m 346.5 531.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 346.5 531.25 m 360.5 531.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 360.5 531.25 m 394.5 531.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 531.25 m 408.5 531.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 531.25 m 441.5 531.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 531.25 m 474.5 531.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 531.25 m 507.5 531.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 531.25 m 540.5 531.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 312.5 507.25 m 346.5 507.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 360.5 507.25 m 394.5 507.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 507.25 m 507.5 507.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 507.25 m 312.5 507.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 312.5 507.25 m 346.5 507.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 346.5 507.25 m 360.5 507.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 360.5 507.25 m 394.5 507.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 507.25 m 408.5 507.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 507.25 m 441.5 507.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 507.25 m 474.5 507.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 507.25 m 507.5 507.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 507.25 m 540.5 507.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 467.25 m 312.5 467.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 312.5 467.25 m 346.5 467.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 346.5 467.25 m 360.5 467.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 360.5 467.25 m 394.5 467.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 467.25 m 408.5 467.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 467.25 m 441.5 467.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 467.25 m 474.5 467.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 467.25 m 507.5 467.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 467.25 m 540.5 467.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 443.25 m 312.5 443.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 312.5 443.25 m 346.5 443.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 346.5 443.25 m 360.5 443.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 360.5 443.25 m 394.5 443.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 443.25 m 408.5 443.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 443.25 m 441.5 443.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 443.25 m 474.5 443.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 443.25 m 507.5 443.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 443.25 m 540.5 443.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 431.25 m 312.5 431.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 312.5 431.25 m 346.5 431.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 346.5 431.25 m 360.5 431.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 360.5 431.25 m 394.5 431.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 431.25 m 408.5 431.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 431.25 m 441.5 431.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 431.25 m 474.5 431.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 431.25 m 507.5 431.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 431.25 m 540.5 431.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 405.25 m 312.5 405.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 312.5 405.25 m 346.5 405.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 346.5 405.25 m 360.5 405.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 360.5 405.25 m 394.5 405.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 405.25 m 408.5 405.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 405.25 m 441.5 405.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 405.25 m 474.5 405.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 405.25 m 507.5 405.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 405.25 m 540.5 405.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 377.25 m 312.5 377.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 312.5 377.25 m 346.5 377.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 346.5 377.25 m 360.5 377.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 360.5 377.25 m 394.5 377.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 377.25 m 408.5 377.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 377.25 m 441.5 377.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 377.25 m 474.5 377.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 377.25 m 507.5 377.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 377.25 m 540.5 377.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 291.25 m 312.5 291.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 312.5 291.25 m 346.5 291.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 346.5 291.25 m 360.5 291.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 360.5 291.25 m 394.5 291.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 291.25 m 408.5 291.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 291.25 m 441.5 291.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 291.25 m 474.5 291.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 291.25 m 507.5 291.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 291.25 m 540.5 291.25 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 325.35 658.45 Td (Three Months Ended) Tj ET Q BT /F2 7.00 Tf ET q 1 1 1 rg BT 343.85 651.45 Td (March 31,) Tj ET Q BT /F2 7.00 Tf ET q 1 1 1 rg BT 426.60 654.95 Td (Variance) Tj ET Q BT /F2 7.00 Tf ET q 1 1 1 rg BT 477.95 654.95 Td (V) Tj ET Q q 1 1 1 rg BT 482.23 654.95 Td (ariance C.C. ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 1 1 1 rg BT 524.64 658.29 Td (\(c\)\(d\)) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 75.00 637.03 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 321.20 637.25 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 369.20 637.25 Td (2014) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 422.55 637.25 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 454.35 637.25 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 488.55 637.25 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 520.35 637.25 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 75.00 611.25 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 319.85 611.25 Td (160.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 367.80 611.25 Td (164.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 426.50 611.25 Td (\(3.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 611.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.50 611.25 Td (\(2.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 611.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.55 611.30 Td (\(8.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 611.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.55 611.30 Td (\(5.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 611.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 597.25 Td (Other Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.75 597.25 Td (24.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.75 597.25 Td (22.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.90 597.25 Td (1.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.90 597.25 Td (7.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.90 597.25 Td (1.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.90 597.25 Td (4.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 583.25 Td (Total Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 319.85 583.25 Td (185.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 349.00 584.73 Td (\(b\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 367.80 583.25 Td (187.0) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 397.00 584.73 Td (\(b\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 426.50 583.25 Td (\(1.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 583.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.50 583.25 Td (\(1.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 583.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.55 583.30 Td (\(7.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 583.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.55 583.30 Td (\(4.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 583.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 571.25 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 319.85 571.25 Td (203.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 367.80 571.25 Td (135.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.00 571.25 Td (67.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 452.00 571.25 Td (49.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 571.25 Td (67.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.00 571.25 Td (49.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 559.25 Td (Revenue from proprietary loyalty services) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 327.65 559.25 Td (6.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 375.65 559.25 Td (5.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.90 559.25 Td (0.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.90 559.25 Td (6.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.90 559.25 Td (0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.90 559.25 Td (3.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 547.25 Td (Other revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.75 547.25 Td (18.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.75 547.25 Td (17.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.90 547.25 Td (1.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.90 547.25 Td (8.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.90 547.25 Td (0.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.90 547.25 Td (4.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 535.25 Td (Intercompany revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 327.65 535.25 Td (0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 378.40 535.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.90 535.25 Td (0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.75 535.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.90 535.25 Td (0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 535.25 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 523.25 Td (Total revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 319.85 523.25 Td (228.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 367.80 523.25 Td (158.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.00 523.25 Td (69.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 452.00 523.25 Td (43.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 523.25 Td (68.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.00 523.25 Td (43.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 511.25 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 319.85 511.25 Td (142.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 367.80 511.25 Td (108.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.00 511.25 Td (33.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 452.00 511.25 Td (31.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 511.25 Td (32.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.00 511.25 Td (29.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 497.25 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.75 497.25 Td (85.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.75 497.25 Td (49.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.00 497.25 Td (35.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 452.00 497.25 Td (71.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 497.25 Td (35.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.00 497.25 Td (71.9) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 485.03 Td (Gross margin as a % of total revenue) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 325.70 485.03 Td (37.5) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 340.65 485.03 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 373.70 485.03 Td (31.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 388.65 485.03 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 433.30 485.03 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 457.30 485.03 Td (6.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 465.65 485.03 Td ( pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 499.30 485.03 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 523.30 485.03 Td (6.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 531.65 485.03 Td ( pp) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 471.25 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 169.94 474.59 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 327.65 471.25 Td (5.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 375.65 471.25 Td (5.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 426.50 471.25 Td (\(0.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 471.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.50 471.25 Td (\(5.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 471.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.55 471.30 Td (\(0.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 471.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.55 471.30 Td (\(7.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 471.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 459.25 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.75 459.25 Td (80.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.75 459.25 Td (44.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.00 459.25 Td (35.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 452.00 459.25 Td (80.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 459.25 Td (36.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.00 459.25 Td (81.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 447.25 Td (Total operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.75 447.25 Td (40.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.75 447.25 Td (42.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 426.50 447.25 Td (\(2.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 447.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.50 447.25 Td (\(4.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 447.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.55 447.30 Td (\(3.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 447.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.55 447.30 Td (\(7.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 447.25 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 435.25 Td (Operating income) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.75 435.25 Td (39.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 375.65 435.25 Td (1.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.00 435.25 Td (37.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.75 435.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 435.25 Td (39.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 435.25 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 421.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 132.69 421.25 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 134.63 424.59 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.75 421.25 Td (17.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.75 421.25 Td (14.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.90 421.25 Td (2.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 452.00 421.25 Td (17.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.90 421.25 Td (1.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.00 421.25 Td (12.9) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 409.03 Td (Adjusted EBITDA as a % of total Gross Billings) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 329.05 409.08 Td (9.3) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 340.65 409.03 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 377.05 409.03 Td (7.9) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 388.65 409.03 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 433.30 409.03 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 457.30 409.03 Td (1.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 465.65 409.03 Td ( pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 499.30 409.03 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 523.30 409.03 Td (1.3) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 531.65 409.03 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 75 394.25576171875 m 166.83056640625 394.25576171875 l s q 0 0 0 rg BT 75.00 395.25 Td (Included in Adjusted EBITDA:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 381.25 Td (Change in Future Redemption Costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.75 381.25 Td (15.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.40 381.25 Td (\(20.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 385.40 381.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.00 381.25 Td (36.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.75 381.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 381.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 381.25 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 75 366.25576171875 m 212.7099609375 366.25576171875 l s q 0 0 0 rg BT 75.00 367.25 Td (Operating metrics \(year-over-year variance\):) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 355.25 Td (Accumulation activity - Nectar) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 327.65 355.25 Td (0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 339.75 355.25 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.25 355.25 Td (\(1.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 385.40 355.25 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 432.55 355.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.75 355.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 355.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 355.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 343.25 Td (Accumulation activity - Air Miles Middle East) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 327.65 343.25 Td (4.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 339.75 343.25 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.25 343.25 Td (\(7.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 385.40 343.25 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 432.55 343.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.75 343.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 343.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 343.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 331.25 Td (Accumulation activity - Nectar Italia) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 321.40 331.25 Td (\(40.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 337.40 331.25 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.40 331.25 Td (\(16.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 385.40 331.25 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 432.55 331.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.75 331.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 331.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 331.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 319.25 Td (Redemption activity - Nectar) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 327.65 319.25 Td (7.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 339.75 319.25 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 375.65 319.25 Td (5.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 387.75 319.25 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 432.55 319.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.75 319.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 319.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 319.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 307.25 Td (Redemption activity - Air Miles Middle East) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.75 307.25 Td (11.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 339.75 307.25 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.40 307.25 Td (\(61.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 385.40 307.25 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 432.55 307.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.75 307.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 307.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 307.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 295.25 Td (Redemption activity - Nectar Italia) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 319.85 295.25 Td (262.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 339.75 295.25 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.40 295.25 Td (\(17.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 385.40 295.25 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 432.55 295.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.75 295.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 295.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 295.25 Td (**) Tj ET Q BT /F1 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 108.00 267.75 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 194.27 267.75 Td (Notations to Financial T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 277.57 267.75 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 296.70 267.75 Td ( for details on notations in the table above beginning on page) Tj ET Q BT /F1 10.00 Tf ET 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 72.00 238.35 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 133.01 238.35 Td ( generated for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.56 238.35 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.62 238.35 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.12 238.35 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.66 238.35 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.70 238.35 Td ($185.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.23 238.35 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.23 238.35 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.76 238.35 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 222.70 Td ($1.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 117.52 222.70 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 130.53 222.70 Td (1.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 151.04 222.70 Td (. On a constant currency basis, Gross Billings ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.11 222.70 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.14 222.70 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.65 222.70 Td ($7.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.17 222.70 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.18 222.70 Td (4.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.69 222.70 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 198.00 Td (The dif) Tj ET Q q 0 0 0 rg BT 99.35 198.00 Td (ferent Gross Billings categories were af) Tj ET Q q 0 0 0 rg BT 255.76 198.00 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 72.00 173.35 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 262.53 173.35 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 265.03 173.35 Td (generated for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.08 173.35 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.14 173.35 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.64 173.35 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.18 173.35 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 157.70 Td ($160.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.53 157.70 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 132.53 157.70 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 177.06 157.70 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.57 157.70 Td ($3.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.09 157.70 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 248.10 157.70 Td (2.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 268.61 157.70 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 72.00 142.05 Td (Loyalty Units ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.02 142.05 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 168.05 142.05 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.56 142.05 Td ($8.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 228.08 142.05 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.08 142.05 Td (5.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 261.60 142.05 Td ( and was mostly explained by a $4.9 million decrease in the Nectar ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 126.40 Td (Italia Program resulting from the loss of the program's anchor partner on March 1, 2015. ) Tj ET Q q 0 0 0 rg BT 426.39 126.40 Td (Additionally) Tj ET Q q 0 0 0 rg BT 471.75 126.40 Td (, Gross Billings ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 110.70 Td (from the sale of Loyalty Units in the ) Tj ET Q q 0 0 0 rg BT 214.57 110.70 Td (Air Miles Middle East program decreased by $2.1 million compared to the same ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 95.05 Td (period of the prior year driven mostly by new contract terms with the program) Tj ET Q q 0 0 0 rg BT 379.96 95.05 Td (s main ) Tj ET Q q 0 0 0 rg BT 408.48 95.05 Td (Accumulation Partner) Tj ET Q q 0 0 0 rg BT 494.02 95.05 Td (, of) Tj ET Q q 0 0 0 rg BT 506.36 95.05 Td (fset in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 79.40 Td (part by an increase in points issuance. Gross Billings from the sale of Loyalty Units in the Nectar program decreased ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 515.86 267.70 Td (51) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 523.65 267.70 Td (.) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (25) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 Td (_____________________________________________________________________________________________________________________________________________________________) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 686.45 Td (by $1.4 million, driven mostly by regulatory restrictions in the energy sector) Tj ET Q q 0 0 0 rg BT 369.13 686.45 Td (, of) Tj ET Q q 0 0 0 rg BT 381.48 686.45 Td (fset in part by improved performance in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 670.80 Td (the grocery sector) Tj ET Q q 0 0 0 rg BT 143.53 670.80 Td (, as a result of higher bonus points issuance with the program) Tj ET Q q 0 0 0 rg BT 390.51 670.80 Td (s main grocery partner) Tj ET Q q 0 0 0 rg BT 480.05 670.80 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 72.00 646.15 Td (Accumulation ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 136.17 646.15 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 168.68 646.15 Td ( - Nectar UK Points issued during the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.25 646.15 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.31 646.15 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.81 646.15 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.35 646.15 Td ( increased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 630.50 Td (0.2%.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 605.85 Td (Air Miles Middle East Loyalty Units issued during the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.59 605.85 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.65 605.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.15 605.85 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.69 605.85 Td ( increased by 4.5% as a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 590.15 Td (result of promotional activity from the program's main ) Tj ET Q q 0 0 0 rg BT 285.30 590.15 Td (Accumulation Partner) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.34 590.15 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 565.50 Td (Nectar Italia Points issued during the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.08 565.50 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 301.14 565.50 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.64 565.50 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.17 565.50 Td ( decreased by 40.0% mostly due to the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 549.85 Td (loss of the program's anchor partner) Tj ET Q q 0 0 0 rg BT 215.79 549.85 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 72.00 525.20 Td (Other 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 162.02 525.20 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.55 525.20 Td ($24.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.08 525.20 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.60 525.20 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.65 525.20 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.15 525.20 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.69 525.20 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.69 525.20 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.22 525.20 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 504.73 525.20 Td ($1.8 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 509.55 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 509.55 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 509.55 Td (7.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.02 509.55 Td (. On a constant currency basis, other Gross Billings ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.11 509.55 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.13 509.55 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.64 509.55 Td ($1.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.16 509.55 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.17 509.55 Td (4.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.68 509.55 Td ( and is primarily ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 493.85 Td (explained by growth in Gross Billings from analytics and insights services, including ISS 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 72.00 469.20 Td (Redemption ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 126.17 469.20 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 158.68 469.20 Td ( - Redemption activity in the Nectar Program increased by 7.6% mainly driven by an increase in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 453.55 Td (the number of Nectar Points in circulation at the beginning of the period and higher redemption activity in anticipation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 437.90 Td (of new accumulation terms that will commence early in the second quarter) Tj ET Q q 0 0 0 rg BT 366.64 437.90 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 413.25 Td (T) Tj ET Q q 0 0 0 rg BT 76.50 413.25 Td (otal points redeemed in the Nectar Italia Program for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.12 413.25 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.17 413.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.67 413.25 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.21 413.25 Td ( increased significantly ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 397.55 Td (as a result of the expiry of points on March 1, 2015.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 372.90 Td (Redemption activity in the ) Tj ET Q q 0 0 0 rg BT 177.06 372.90 Td (Air Miles Middle East program increased by 1) Tj ET Q q 0 0 0 rg BT 357.46 372.90 Td (1.3% due to an increase in member ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 357.25 Td (engagement.) 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 72.00 330.85 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 77.16 330.85 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 135.68 330.85 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.22 330.85 Td ($228.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 243.75 330.85 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.27 330.85 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.32 330.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.82 330.85 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.36 330.85 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.36 330.85 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.89 330.85 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.40 330.85 Td ($69.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.93 330.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 315.20 Td (or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.50 315.20 Td (43.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.02 315.20 Td (. On a constant currency basis, total revenue ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.12 315.20 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 328.14 315.20 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.65 315.20 Td ($68.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.17 315.20 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.18 315.20 Td (43.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.70 315.20 Td (, and is primarily explained ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 299.55 Td (by the following: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 273.15 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 273.15 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 154.53 273.15 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 167.04 273.15 Td ($67.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 217.56 273.15 Td ( in revenue from Loyalty Units mostly explained by higher redemptions in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 257.45 Td (loyalty programs, primarily in the Nectar Italia Program, representing $58.2 million; and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 241.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 241.80 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 154.53 241.80 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 167.04 241.80 Td ($0.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.56 241.80 Td ( in other revenue driven by growth in revenue from analytics and insights services, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 226.15 Td (including ISS 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 72.00 201.50 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 217.03 201.50 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.07 201.50 Td ($142.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.60 201.50 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.11 201.50 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.17 201.50 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.67 201.50 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.21 201.50 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.21 201.50 Td (an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 185.85 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 106.02 185.85 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.52 185.85 Td ($33.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.05 185.85 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.06 185.85 Td (31.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 207.58 185.85 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 463.19 185.85 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.21 185.85 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.72 185.85 Td ($32.3 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 170.15 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 170.15 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 170.15 Td (29.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.03 170.15 Td (, and is mainly attributable to the following factors: ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 145.50 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 145.50 Td (an increase in the Nectar Italia Program, mostly due to redemption activity) Tj ET Q q 0 0 0 rg BT 401.97 145.50 Td (, representing $26.8 million; and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 129.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 129.85 Td (an increase in the Nectar Program driven by redemption activity) Tj ET Q q 0 0 0 rg BT 360.95 129.85 Td (, representing $5.6 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 72.00 105.20 Td (Gross Margin before Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 237.70 105.20 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 295.20 105.20 Td (represented ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.73 105.20 Td (37.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.25 105.20 Td ( of total revenue for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.31 105.20 Td (three months ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 89.55 Td (ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.03 89.55 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 99.53 89.55 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.07 89.55 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.08 89.55 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.11 89.55 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.61 89.55 Td (6.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 248.12 89.55 Td ( percentage-points or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.68 89.55 Td (6.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.19 89.55 Td ( percentage-points on a constant currency basis ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 73.85 Td (compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.53 73.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.55 73.85 Td (, a direct result of the factors described above. ) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (26) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 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 72.00 686.10 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 159.03 686.10 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.07 686.10 Td ($40.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.59 686.10 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.11 686.10 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.17 686.10 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.67 686.10 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.20 686.10 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.20 686.10 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.73 686.10 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.24 686.10 Td ($2.0 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 670.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 670.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 670.45 Td (4.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.02 670.45 Td (. On a constant currency basis, operating expenses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.64 670.45 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.67 670.45 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.17 670.45 Td ($3.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.70 670.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.70 670.45 Td (7.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.21 670.45 Td (, explained ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.75 Td (mostly by timing of promotional expenses in the Nectar program, lower promotional expenses in the Nectar Italia ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 639.10 Td (program, of) Tj ET Q q 0 0 0 rg BT 117.86 639.10 Td (fset in part by increased operating expenses related to growth in analytics and insights services, including ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 623.45 Td (ISS 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 72.00 598.80 Td (Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 147.18 598.80 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 202.18 598.80 Td (, including amortization of ) Tj ET Q q 0 0 0 rg BT 306.24 598.80 Td (Accumulation Partners' contracts, customer relationships ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 583.15 Td (and technology) Tj ET Q q 0 0 0 rg BT 132.38 583.15 Td (, amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.92 583.15 Td ($5.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.44 583.15 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.96 583.15 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.01 583.15 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.51 583.15 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.05 583.15 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.05 583.15 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.58 583.15 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.09 583.15 Td ($0.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.61 583.15 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 567.45 Td (5.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.51 567.45 Td (. On a constant currency basis, depreciation and amortization, including amortization of ) Tj ET Q q 0 0 0 rg BT 441.20 567.45 Td (Accumulation Partners' ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 551.80 Td (contracts, customer relationships and technology) Tj ET Q q 0 0 0 rg BT 266.44 551.80 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.44 551.80 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.47 551.80 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.97 551.80 Td ($0.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.50 551.80 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.50 551.80 Td (7.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 407.01 551.80 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 72.00 527.15 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 151.01 527.15 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 203.55 527.15 Td ($39.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.08 527.15 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 284.59 527.15 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.65 527.15 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 367.15 527.15 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 429.69 527.15 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.69 527.15 Td (an improvement) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.22 527.15 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.73 527.15 Td ($37.9 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 511.50 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 511.50 Td (. On a constant currency basis, operating income ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.61 511.50 Td (improved) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.62 511.50 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.13 511.50 Td ($39.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.66 511.50 Td (, primarily explained by higher ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 495.85 Td (redemptions in the Nectar Italia 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 72.00 471.15 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 146.50 471.15 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.54 471.15 Td ($17.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.07 471.15 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 282.58 471.15 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.64 471.15 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.14 471.15 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.68 471.15 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.68 471.15 Td (an improvement) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 497.21 471.15 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.71 471.15 Td ($2.6 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 455.50 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 455.50 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 455.50 Td (17.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.03 455.50 Td (. On a constant currency basis, ) Tj ET Q q 0 0 0 rg BT 262.09 455.50 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 331.62 455.50 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.13 455.50 Td (improved) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.14 455.50 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.65 455.50 Td ($1.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.17 455.50 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.17 455.50 Td (12.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.69 455.50 Td (, mostly ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 439.85 Td (explained by a decrease in operating expenses. ) 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 72.00 415.20 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 142.03 415.20 Td ( is a non-GAAP) Tj ET Q q 0 0 0 rg BT 203.90 415.20 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 324.96 415.20 Td (PERFORMANCE INDICA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 427.30 415.20 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 432.63 415.20 Td (ORS) 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 452.14 415.20 Td ( section for additional ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 399.55 Td (information on this measure.) Tj ET Q endstream endobj 57 0 obj <>] /Rotate 0 /Contents 58 0 R>> endobj 58 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (27) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72 684.16552734375 m 125.8916015625 684.16552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 685.75 Td (US & ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 98.30 685.75 Td (AP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 111.45 685.75 Td (AC) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 666.25 238.00 -19.00 re f /GS0 gs 0 0.6627450980392157 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419.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 405.25 m 470.5 405.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 470.5 419.25 m 503.5 419.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 470.5 405.25 m 503.5 405.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 419.25 m 536.5 419.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 405.25 m 536.5 405.25 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 323.35 658.45 Td (Three Months Ended) Tj ET Q BT /F2 7.00 Tf ET q 1 1 1 rg BT 341.85 651.45 Td (March 31,) Tj ET Q BT /F2 7.00 Tf ET q 1 1 1 rg BT 423.60 654.95 Td (Variance) Tj ET Q BT /F2 7.00 Tf ET q 1 1 1 rg BT 473.95 654.95 Td (V) Tj ET Q q 1 1 1 rg BT 478.23 654.95 Td (ariance C.C. ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 1 1 1 rg BT 520.64 658.29 Td (\(d\)\(e\)) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 75.00 637.03 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 319.20 637.25 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 363.55 637.25 Td (2014 ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 381.07 640.59 Td (\(c\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 420.05 637.25 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 450.85 637.25 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 484.55 637.25 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 516.35 637.25 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 75.00 611.25 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 329.65 611.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 377.65 611.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.65 611.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 452.65 611.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.65 611.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.65 611.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 597.25 Td (Other Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.00 597.25 Td (82.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.00 597.25 Td (97.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 419.65 597.25 Td (\(15.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.65 597.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 597.25 Td (\(15.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.65 597.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 484.65 597.25 Td (\(20.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 597.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.65 597.25 Td (\(21.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 525.65 597.25 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 583.25 Td (Total Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.00 583.25 Td (82.7) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 347.00 584.73 Td (\(b\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.00 583.25 Td (97.7) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 395.00 584.73 Td (\(b\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 419.65 583.25 Td (\(15.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.65 583.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 583.25 Td (\(15.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.65 583.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 484.65 583.25 Td (\(20.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 583.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.65 583.25 Td (\(21.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 525.65 583.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 571.25 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 329.65 571.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 377.65 571.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.65 571.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 452.65 571.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.65 571.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.65 571.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 559.25 Td (Revenue from proprietary loyalty services) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.00 559.25 Td (82.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.00 559.25 Td (95.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 419.65 559.25 Td (\(13.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.65 559.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 559.25 Td (\(13.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.65 559.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 484.65 559.25 Td (\(18.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 559.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.65 559.25 Td (\(19.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 525.65 559.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 547.25 Td (Other revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 329.65 547.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 377.65 547.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.65 547.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 452.65 547.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.65 547.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.65 547.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 535.25 Td (Intercompany revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 326.90 535.25 Td (0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 374.90 535.25 Td (0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 423.50 535.25 Td (\(0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.65 535.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 535.25 Td (\(50.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.65 535.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.55 535.30 Td (\(0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 535.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.65 535.25 Td (\(50.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 525.65 535.25 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 523.25 Td (Total revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.00 523.25 Td (82.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.00 523.25 Td (95.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 419.65 523.25 Td (\(13.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.65 523.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 523.25 Td (\(13.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.65 523.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 484.65 523.25 Td (\(18.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 523.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.65 523.25 Td (\(19.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 525.65 523.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 511.25 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.00 511.25 Td (39.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.00 511.25 Td (54.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 419.65 511.25 Td (\(14.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.65 511.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 511.25 Td (\(26.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.65 511.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 484.65 511.25 Td (\(16.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 511.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.65 511.25 Td (\(29.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 525.65 511.25 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 499.25 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.00 499.25 Td (42.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.00 499.25 Td (41.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.90 499.25 Td (1.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.90 499.25 Td (2.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.55 499.30 Td (\(2.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 499.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.55 499.30 Td (\(5.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 525.65 499.25 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 487.03 Td (Gross margin as a % of total revenue) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 324.95 487.03 Td (51.5) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 338.65 487.03 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 372.95 487.03 Td (43.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 386.65 487.03 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 430.30 487.03 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 451.30 487.03 Td (8.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 459.65 487.03 Td ( pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 495.30 487.03 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 517.30 487.03 Td (7.3) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 525.65 487.03 Td ( pp) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 473.25 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 169.94 476.59 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 326.90 473.25 Td (3.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 374.90 473.25 Td (3.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.90 473.25 Td (0.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 446.00 473.25 Td (30.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 490.90 473.25 Td (0.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 512.00 473.25 Td (16.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 461.25 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.00 461.25 Td (38.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.00 461.25 Td (38.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.90 461.25 Td (0.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.90 461.25 Td (0.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.55 461.30 Td (\(2.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 461.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.55 461.30 Td (\(7.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 525.65 461.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 449.25 Td (Total operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 323.00 449.25 Td (46.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.00 449.25 Td (45.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.90 449.25 Td (0.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.90 449.25 Td (1.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.55 449.30 Td (\(3.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 449.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.55 449.30 Td (\(7.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 525.65 449.25 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 437.25 Td (Operating loss) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.55 437.30 Td (\(7.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 336.65 437.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 372.50 437.25 Td (\(7.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 384.65 437.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 423.50 437.25 Td (\(0.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.65 437.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 447.50 437.25 Td (\(4.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.65 437.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 490.90 437.25 Td (0.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.90 437.25 Td (8.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 423.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 132.69 423.25 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 134.63 426.59 Td (\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.55 423.30 Td (\(3.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 336.65 423.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 372.50 423.25 Td (\(2.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 384.65 423.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 423.50 423.25 Td (\(1.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.65 423.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 423.25 Td (\(61.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.65 423.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.55 423.30 Td (\(0.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.65 423.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.65 423.25 Td (\(42.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 525.65 423.25 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 409.03 Td (Adjusted EBITDA as a % of total Gross Billings) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 326.30 409.08 Td (\(4.1) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 336.65 409.03 Td (\)%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 374.30 409.03 Td (\(2.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 384.65 409.03 Td (\)%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 430.30 409.03 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 449.30 409.03 Td (\(2.0) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 459.65 409.03 Td (\) pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 495.30 409.03 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 515.30 409.03 Td (\(1.8) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 525.65 409.03 Td (\) pp) Tj ET Q BT /F1 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 108.00 381.75 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 194.27 381.75 Td (Notations to Financial T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 277.57 381.75 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 296.70 381.75 Td ( for details on notations in the table above beginning on page) Tj ET Q BT /F1 10.00 Tf ET 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 72.00 352.35 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 133.01 352.35 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.05 352.35 Td ($82.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.58 352.35 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.09 352.35 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.15 352.35 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.65 352.35 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.19 352.35 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.19 352.35 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.72 352.35 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.23 352.35 Td ($15.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.75 352.35 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 336.70 Td (15.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.52 336.70 Td (. On a constant currency basis, Gross Billings ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.59 336.70 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 323.62 336.70 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.13 336.70 Td ($20.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.66 336.70 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.66 336.70 Td (21.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.18 336.70 Td ( and is primarily explained ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 321.00 Td (by lower reward fulfillment Gross Billings in the region, due in part to a change to an outsourcing agreement which ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 305.35 Td (resulted in a net revenue accounting treatment on the fulfillment of gift cards in the 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 72.00 280.70 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 77.16 280.70 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 135.68 280.70 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.22 280.70 Td ($82.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.75 280.70 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.26 280.70 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.32 280.70 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.82 280.70 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 414.36 280.70 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.36 280.70 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.89 280.70 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.39 280.70 Td ($13.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.92 280.70 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 265.05 Td (13.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.52 265.05 Td (. On a constant currency basis, total revenue ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 278.61 265.05 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.64 265.05 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.15 265.05 Td ($18.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.68 265.05 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.68 265.05 Td (19.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.20 265.05 Td (. ) Tj ET Q q 0 0 0 rg BT 429.04 265.05 Td (The variance is primarily ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 249.40 Td (explained by lower reward fulfillment revenue in the region, due in part to a change to an outsourcing agreement ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 233.70 Td (which resulted in a net revenue accounting treatment on the fulfillment of gift cards in the 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 72.00 207.30 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 217.03 207.30 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.07 207.30 Td ($39.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.59 207.30 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.11 207.30 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.16 207.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.67 207.30 Td (March31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.20 207.30 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.20 207.30 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 191.65 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.02 191.65 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 121.53 191.65 Td ($14.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 172.06 191.65 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 185.06 191.65 Td (26.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.58 191.65 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 466.19 191.65 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.22 191.65 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 176.00 Td ($16.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 176.00 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.53 176.00 Td (29.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.05 176.00 Td ( and is primarily explained by lower reward fulfillment direct costs in the region, due in part to a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 160.35 Td (change to an outsourcing agreement which resulted in a net revenue accounting treatment on the fulfillment of gift ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 144.70 Td (cards in the 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 72.00 120.00 Td (Gross Margin before Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 237.70 120.00 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 292.70 120.00 Td ( represented ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.73 120.00 Td (51.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.25 120.00 Td ( of total revenue for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.31 120.00 Td (three months ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 104.35 Td (ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.03 104.35 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 99.53 104.35 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.07 104.35 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.08 104.35 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.11 104.35 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.61 104.35 Td (8.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 248.12 104.35 Td ( percentage-points or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.68 104.35 Td (7.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.19 104.35 Td ( percentage-points on a constant currency ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 515.86 381.70 Td (51) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 523.65 381.70 Td (.) Tj ET Q endstream endobj 59 0 obj <>] /Rotate 0 /Contents 60 0 R>> endobj 60 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (28) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 Td (_____________________________________________________________________________________________________________________________________________________________) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 686.45 Td (basis, mostly resulting from the mix of services rendered and a change to an outsourcing agreement which resulted ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 670.80 Td (in a net revenue accounting treatment on the fulfillment of gift cards in the 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 72.00 646.15 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 159.03 646.15 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.07 646.15 Td ($46.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.59 646.15 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.11 646.15 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.17 646.15 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.67 646.15 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.20 646.15 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.21 646.15 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.73 646.15 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 504.24 646.15 Td ($0.6 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 630.50 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 630.50 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 630.50 Td (1.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.02 630.50 Td (. On a constant currency basis, operating expenses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.64 630.50 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.67 630.50 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.17 630.50 Td ($3.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.70 630.50 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.70 630.50 Td (7.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.21 630.50 Td (, explained ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 614.85 Td (mostly by cost ef) Tj ET Q q 0 0 0 rg BT 138.86 614.85 Td (ficiencies in the 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 72.00 590.15 Td (Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 147.18 590.15 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 202.18 590.15 Td (, including amortization of ) Tj ET Q q 0 0 0 rg BT 306.24 590.15 Td (Accumulation Partners' contracts, customer relationships ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 574.50 Td (and technology) Tj ET Q q 0 0 0 rg BT 132.38 574.50 Td (, amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.92 574.50 Td ($3.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.44 574.50 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.96 574.50 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.01 574.50 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.51 574.50 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.05 574.50 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.05 574.50 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.58 574.50 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.09 574.50 Td ($0.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.61 574.50 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 558.85 Td (30.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.52 558.85 Td (. On a constant currency basis, depreciation and amortization, including amortization of ) Tj ET Q q 0 0 0 rg BT 446.21 558.85 Td (Accumulation Partners' ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 543.20 Td (contracts, customer relationships and technology) Tj ET Q q 0 0 0 rg BT 266.44 543.20 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.44 543.20 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.46 543.20 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.97 543.20 Td ($0.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.49 543.20 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.49 543.20 Td (16.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.01 543.20 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 72.00 518.55 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 180.51 518.55 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.05 518.55 Td ($\(7.8\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 284.57 518.55 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.08 518.55 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.14 518.55 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.64 518.55 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.18 518.55 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.18 518.55 Td (a deterioration) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.72 518.55 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 502.85 Td ($0.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 117.52 502.85 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 130.53 502.85 Td (4.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 151.04 502.85 Td (. On a constant currency basis, operating loss ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.13 502.85 Td (improved) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.15 502.85 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.65 502.85 Td ($0.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.18 502.85 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.18 502.85 Td (8.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.69 502.85 Td (, a result of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 487.20 Td (factors described above.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 462.55 Td (Adjusted EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 146.50 462.55 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.54 462.55 Td ($\(3.4\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.05 462.55 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.57 462.55 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.63 462.55 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.13 462.55 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.66 462.55 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.67 462.55 Td (a deterioration) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.20 462.55 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.71 462.55 Td ($1.3 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 446.90 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 446.90 Td (. On a constant currency basis, ) Tj ET Q q 0 0 0 rg BT 223.57 446.90 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 293.10 446.90 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.60 446.90 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.63 446.90 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.14 446.90 Td ($0.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.66 446.90 Td ( due to lower gross billings, of) Tj ET Q q 0 0 0 rg BT 516.06 446.90 Td (fset ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 431.25 Td (in part by lower direct costs and operating expenses.) 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 72.00 406.55 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 142.03 406.55 Td ( is a non-GAAP) Tj ET Q q 0 0 0 rg BT 203.90 406.55 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 324.96 406.55 Td (PERFORMANCE INDICA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 427.30 406.55 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 432.63 406.55 Td (ORS) 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 452.14 406.55 Td ( section for additional ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 390.90 Td (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 72 356.91552734375 m 135.1494140625 356.91552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 358.50 Td (CORPORA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 122.37 358.50 Td (TE) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 342.00 246.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 318.50 342.00 126.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 444.50 342.00 80.00 -19.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 323.00 246.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 318.50 323.00 44.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 362.50 323.00 19.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 381.50 323.00 44.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 425.50 323.00 19.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 444.50 323.00 40.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 484.50 323.00 40.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 318.50 297.00 44.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 362.50 297.00 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 318.50 285.00 44.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 362.50 285.00 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 318.50 273.00 44.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 362.50 273.00 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 318.50 261.00 44.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 362.50 261.00 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 318.50 249.00 44.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 362.50 249.00 19.00 -14.00 re f /GS0 gs 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 273 m 318.5 273 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 261 m 318.5 261 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 273 m 362.5 273 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 261 m 362.5 261 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 362.5 273 m 381.5 273 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 362.5 261 m 381.5 261 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 273 m 425.5 273 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 261 m 425.5 261 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 425.5 273 m 444.5 273 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 425.5 261 m 444.5 261 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 273 m 484.5 273 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 261 m 484.5 261 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 484.5 273 m 524.5 273 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 484.5 261 m 524.5 261 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 249 m 318.5 249 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 235 m 318.5 235 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 249 m 362.5 249 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 235 m 362.5 235 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 362.5 249 m 381.5 249 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 362.5 235 m 381.5 235 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 249 m 425.5 249 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 235 m 425.5 235 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 425.5 249 m 444.5 249 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 425.5 235 m 444.5 235 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 249 m 484.5 249 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 235 m 484.5 235 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 484.5 249 m 524.5 249 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 484.5 235 m 524.5 235 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 331.75 330.70 Td (Three Months Ended March 31,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 470.40 330.70 Td (Variance) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 75.00 312.78 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 332.20 313.00 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 391.45 313.00 Td (2014 ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 408.97 316.34 Td (\(b\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 462.05 313.00 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 500.85 313.00 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 75.00 289.00 Td (Operating expenses before the undernoted) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 346.00 289.00 Td (15.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 409.00 289.00 Td (19.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 469.50 289.00 Td (\(4.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 481.65 289.00 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 289.00 Td (\(21.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.65 289.00 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 277.00 Td ( Share-based compensation) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 349.90 277.00 Td (2.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 412.90 277.00 Td (1.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 471.90 277.00 Td (0.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 508.00 277.00 Td (35.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 265.00 Td (T) Tj ET Q q 0 0 0 rg BT 78.50 265.00 Td (otal operating expenses ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 154.78 268.34 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 346.00 265.00 Td (17.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 409.00 265.00 Td (21.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 469.50 265.00 Td (\(3.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 481.65 265.00 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 265.00 Td (\(16.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.65 265.00 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 253.00 Td (Operating loss) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 343.65 253.00 Td (\(17.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 359.65 253.00 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 406.65 253.00 Td (\(21.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 253.00 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 471.90 253.00 Td (3.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 508.00 253.00 Td (16.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 239.00 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 132.69 239.00 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 134.63 242.34 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 343.65 239.00 Td (\(17.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 359.65 239.00 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 406.65 239.00 Td (\(21.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 239.00 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 471.90 239.00 Td (3.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 508.00 239.00 Td (16.7) Tj ET Q BT /F1 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 108.00 211.50 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 194.27 211.50 Td (Notations to Financial T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 277.57 211.50 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 296.70 211.50 Td ( for details on notations in the table above beginning on page) Tj ET Q BT /F1 10.00 Tf ET 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 72.00 186.85 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 159.03 186.85 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.07 186.85 Td ($17.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.59 186.85 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.11 186.85 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.17 186.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.67 186.85 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.20 186.85 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.21 186.85 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.74 186.85 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.24 186.85 Td ($3.5 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 171.20 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 171.20 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 171.20 Td (16.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.03 171.20 Td (, mainly attributable to the phasing of expenses which were more heavily weighted on the first quarter ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 155.55 Td (in the prior year) Tj ET Q q 0 0 0 rg BT 134.03 155.55 Td (, of) Tj ET Q q 0 0 0 rg BT 146.38 155.55 Td (fset in part by higher share-based compensation expense) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 375.52 155.55 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 133.85 Td (Adjusted EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 146.50 133.85 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.54 133.85 Td ($\(17.5\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.06 133.85 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.58 133.85 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.63 133.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.13 133.85 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.67 133.85 Td ( compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.70 133.85 Td ($\(21.0\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 118.20 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 118.20 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 128.02 118.20 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.08 118.20 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.58 118.20 Td (March31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.12 118.20 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 96.55 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 96.55 Td ( is a non-GAAP) Tj ET Q q 0 0 0 rg BT 203.90 96.55 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 96.55 Td (PERFORMANCE INDICA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 427.30 96.55 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 432.63 96.55 Td (ORS) 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 452.14 96.55 Td ( section for additional ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 80.90 Td (information on this measure.) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 515.86 211.45 Td (51) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 523.65 211.45 Td (.) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (29) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 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 72 673.3986328125 m 235.107421875 673.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 675.30 Td (SEGMENTED INFORMA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 206.44 675.30 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 72.00 647.65 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 647.65 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 145.54 647.65 Td (, the Corporation had the following operating segments: Canada, EMEA, US and ) Tj ET Q q 0 0 0 rg BT 468.24 647.65 Td (AP) Tj ET Q q 0 0 0 rg BT 479.58 647.65 Td (AC.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 619.95 Td (The segments are the Corporation) Tj ET Q q 0 0 0 rg BT 210.91 619.95 Td (s strategic business units. ) Tj ET Q q 0 0 0 rg BT 318.46 619.95 Td (Accounting policies relating to each segment are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 604.30 Td (identical to those used for the purposes of the consolidated financial statements. Management of global shared ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 588.65 Td (services and share-based compensation is centralized and, consequently) Tj ET Q q 0 0 0 rg BT 363.50 588.65 Td (, these expenses are not allocated to the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 573.00 Td (operating segments with the exception of global product development costs which are fully included in the EMEA) Tj ET Q q 0 0 0 rg BT 519.76 573.00 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 557.35 Td (segment. For additional information on the determination of reportable and operating segments, refer to the interim ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 541.65 Td (consolidated financial statements for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.65 541.65 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.19 541.65 Td ( and the audited consolidated financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 526.00 Td (statements of ) Tj ET Q q 0 0 0 rg BT 128.03 526.00 Td (Aimia for the year ended December 31, 2014.) Tj ET Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 747.10 593.70 Td (30) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 28.00 586.50 Td (________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________) 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 28.00 560.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 281.71 560.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 322.63 560.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 368.28 560.10 Td (YSIS OF FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 531.37 560.10 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 635.57 560.10 Td (AND ) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 28.00 539.70 Td (RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 84.35 539.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 198.32 539.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 28.00 532.50 Td (________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 27.00 497.45 Td (The tables below summarize the relevant financial information by operating segment:) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 26.50 477.95 146.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 172.50 477.95 592.00 -19.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 26.50 458.95 146.00 -15.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 172.50 458.95 55.00 -15.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 227.50 458.95 50.00 -15.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 277.50 458.95 50.00 -15.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 327.50 458.95 51.00 -15.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 378.50 458.95 50.00 -15.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 428.50 458.95 50.00 -15.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 478.50 458.95 48.00 -15.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 526.50 458.95 48.00 -15.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 574.50 458.95 40.00 -15.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 614.50 458.95 40.00 -15.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 654.50 458.95 55.00 -15.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 709.50 458.95 55.00 -15.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 172.50 431.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 208.50 431.95 19.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 277.50 431.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 431.95 14.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 431.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 431.95 14.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 431.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 431.95 12.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 431.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 431.95 4.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 431.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 690.50 431.95 19.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 172.50 417.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 208.50 417.95 19.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 277.50 417.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 417.95 14.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 417.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 417.95 14.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 417.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 417.95 12.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 417.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 417.95 4.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 417.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 690.50 417.95 19.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 172.50 403.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 208.50 403.95 19.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 277.50 403.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 403.95 14.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 403.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 403.95 14.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 403.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 403.95 12.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 403.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 403.95 4.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 403.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 690.50 403.95 19.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 172.50 389.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 208.50 389.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 277.50 389.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 389.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 389.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 389.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 389.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 389.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 389.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 389.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 389.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 690.50 389.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 172.50 377.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 208.50 377.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 277.50 377.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 377.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 377.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 377.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 377.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 377.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 377.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 377.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 377.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 690.50 377.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 172.50 365.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 208.50 365.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 277.50 365.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 365.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 365.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 365.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 365.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 365.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 365.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 365.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 365.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 690.50 365.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 172.50 353.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 208.50 353.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 277.50 353.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 353.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 353.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 353.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 353.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 353.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 353.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 353.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 353.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 690.50 353.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 172.50 341.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 208.50 341.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 277.50 341.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 341.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 341.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 341.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 341.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 341.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 341.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 341.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 341.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 690.50 341.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 172.50 329.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 208.50 329.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 277.50 329.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 329.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 329.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 329.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 329.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 329.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 329.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 329.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 329.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 690.50 329.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 172.50 317.95 36.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 208.50 317.95 19.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 277.50 317.95 36.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 317.95 14.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 317.95 36.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 317.95 14.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 317.95 36.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 317.95 12.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 317.95 36.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 317.95 4.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 317.95 36.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 690.50 317.95 19.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 172.50 298.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 208.50 298.95 19.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 277.50 298.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 298.95 14.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 298.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 298.95 14.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 298.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 298.95 12.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 298.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 298.95 4.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 298.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 690.50 298.95 19.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 172.50 284.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 208.50 284.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 277.50 284.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 284.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 284.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 284.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 284.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 284.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 284.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 284.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 284.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 690.50 284.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 172.50 272.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 208.50 272.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 277.50 272.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 272.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 272.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 272.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 272.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 272.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 272.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 272.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 272.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 690.50 272.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 172.50 260.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 208.50 260.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 277.50 260.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 260.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 260.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 260.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 260.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 260.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 260.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 260.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 260.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 690.50 260.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 172.50 248.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 208.50 248.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 277.50 248.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 248.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 248.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 248.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 248.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 248.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 248.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 248.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 248.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 690.50 248.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 172.50 236.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 208.50 236.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 277.50 236.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 236.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 236.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 236.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 236.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 236.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 236.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 236.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 236.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 690.50 236.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 172.50 224.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 208.50 224.95 19.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 277.50 224.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 224.95 14.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 224.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 224.95 14.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 224.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 224.95 12.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 224.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 224.95 4.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 224.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 690.50 224.95 19.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 172.50 210.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 208.50 210.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 277.50 210.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 210.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 210.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 210.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 210.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 210.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 210.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 210.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 210.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 690.50 210.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 172.50 198.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 208.50 198.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 277.50 198.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 198.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 198.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 198.95 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 198.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 198.95 12.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 198.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 198.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 198.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 690.50 198.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 172.50 186.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 208.50 186.95 19.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 277.50 186.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 186.95 14.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 186.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 186.95 14.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 186.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 186.95 12.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 186.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 186.95 4.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 186.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 690.50 186.95 19.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 172.50 172.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 208.50 172.95 19.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 277.50 172.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 172.95 14.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 378.50 172.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 172.95 14.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 478.50 172.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 514.50 172.95 12.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 574.50 172.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 610.50 172.95 4.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 654.50 172.95 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 690.50 172.95 19.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 403.95 m 172.5 403.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 172.5 403.95 m 208.5 403.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 208.5 403.95 m 227.5 403.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 227.5 403.95 m 263.5 403.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 263.5 403.95 m 277.5 403.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 277.5 403.95 m 313.5 403.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 313.5 403.95 m 327.5 403.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 403.95 m 363.5 403.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 403.95 m 378.5 403.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 403.95 m 414.5 403.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 403.95 m 428.5 403.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 403.95 m 464.5 403.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 403.95 m 478.5 403.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 403.95 m 514.5 403.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 403.95 m 526.5 403.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 403.95 m 562.5 403.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 562.5 403.95 m 574.5 403.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 403.95 m 610.5 403.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 610.5 403.95 m 614.5 403.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 403.95 m 650.5 403.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 650.5 403.95 m 654.5 403.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 654.5 403.95 m 690.5 403.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 690.5 403.95 m 709.5 403.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 709.5 403.95 m 745.5 403.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 745.5 403.95 m 764.5 403.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 389.95 m 172.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 172.5 389.95 m 208.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 208.5 389.95 m 227.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 227.5 389.95 m 263.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 263.5 389.95 m 277.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 277.5 389.95 m 313.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 313.5 389.95 m 327.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 389.95 m 363.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 389.95 m 378.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 389.95 m 414.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 389.95 m 428.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 389.95 m 464.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 389.95 m 478.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 389.95 m 514.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 389.95 m 526.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 389.95 m 562.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 562.5 389.95 m 574.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 389.95 m 610.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 610.5 389.95 m 614.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 389.95 m 650.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 650.5 389.95 m 654.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 654.5 389.95 m 690.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 690.5 389.95 m 709.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 709.5 389.95 m 745.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 745.5 389.95 m 764.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 172.5 341.95 m 208.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 227.5 341.95 m 263.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 277.5 341.95 m 313.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 341.95 m 363.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 341.95 m 414.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 341.95 m 464.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 341.95 m 514.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 341.95 m 562.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 341.95 m 610.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 341.95 m 650.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 341.95 m 172.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 172.5 341.95 m 208.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 208.5 341.95 m 227.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 227.5 341.95 m 263.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 263.5 341.95 m 277.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 277.5 341.95 m 313.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 313.5 341.95 m 327.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 341.95 m 363.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 341.95 m 378.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 341.95 m 414.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 341.95 m 428.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 341.95 m 464.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 341.95 m 478.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 341.95 m 514.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 341.95 m 526.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 341.95 m 562.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 562.5 341.95 m 574.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 341.95 m 610.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 610.5 341.95 m 614.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 341.95 m 650.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 650.5 341.95 m 654.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 654.5 341.95 m 690.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 690.5 341.95 m 709.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 709.5 341.95 m 745.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 745.5 341.95 m 764.5 341.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 172.5 317.95 m 208.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 227.5 317.95 m 263.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 277.5 317.95 m 313.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 317.95 m 363.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 317.95 m 414.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 317.95 m 464.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 317.95 m 514.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 317.95 m 562.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 317.95 m 610.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 317.95 m 650.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 317.95 m 172.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 172.5 317.95 m 208.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 208.5 317.95 m 227.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 227.5 317.95 m 263.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 263.5 317.95 m 277.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 277.5 317.95 m 313.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 313.5 317.95 m 327.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 317.95 m 363.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 317.95 m 378.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 317.95 m 414.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 317.95 m 428.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 317.95 m 464.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 317.95 m 478.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 317.95 m 514.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 317.95 m 526.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 317.95 m 562.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 562.5 317.95 m 574.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 317.95 m 610.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 610.5 317.95 m 614.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 317.95 m 650.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 650.5 317.95 m 654.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 654.5 317.95 m 690.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 690.5 317.95 m 709.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 709.5 317.95 m 745.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 745.5 317.95 m 764.5 317.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 284.95 m 172.5 284.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 172.5 284.95 m 208.5 284.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 208.5 284.95 m 227.5 284.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 227.5 284.95 m 263.5 284.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 263.5 284.95 m 277.5 284.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 277.5 284.95 m 313.5 284.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 313.5 284.95 m 327.5 284.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 284.95 m 363.5 284.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 284.95 m 378.5 284.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 284.95 m 414.5 284.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 284.95 m 428.5 284.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 284.95 m 464.5 284.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 284.95 m 478.5 284.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 284.95 m 514.5 284.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 284.95 m 526.5 284.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 284.95 m 562.5 284.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 562.5 284.95 m 574.5 284.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 284.95 m 610.5 284.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 610.5 284.95 m 614.5 284.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 284.95 m 650.5 284.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 650.5 284.95 m 654.5 284.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 654.5 284.95 m 690.5 284.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 690.5 284.95 m 709.5 284.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 709.5 284.95 m 745.5 284.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 745.5 284.95 m 764.5 284.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 248.95 m 172.5 248.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 172.5 248.95 m 208.5 248.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 208.5 248.95 m 227.5 248.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 227.5 248.95 m 263.5 248.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 263.5 248.95 m 277.5 248.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 277.5 248.95 m 313.5 248.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 313.5 248.95 m 327.5 248.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 248.95 m 363.5 248.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 248.95 m 378.5 248.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 248.95 m 414.5 248.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 248.95 m 428.5 248.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 248.95 m 464.5 248.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 248.95 m 478.5 248.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 248.95 m 514.5 248.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 248.95 m 526.5 248.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 248.95 m 562.5 248.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 562.5 248.95 m 574.5 248.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 248.95 m 610.5 248.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 610.5 248.95 m 614.5 248.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 248.95 m 650.5 248.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 650.5 248.95 m 654.5 248.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 654.5 248.95 m 690.5 248.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 690.5 248.95 m 709.5 248.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 709.5 248.95 m 745.5 248.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 745.5 248.95 m 764.5 248.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 248.95 m 172.5 248.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 236.95 m 172.5 236.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 172.5 248.95 m 208.5 248.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 172.5 236.95 m 208.5 236.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 208.5 248.95 m 227.5 248.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 208.5 236.95 m 227.5 236.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 227.5 248.95 m 263.5 248.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 227.5 236.95 m 263.5 236.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 263.5 248.95 m 277.5 248.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 263.5 236.95 m 277.5 236.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 277.5 248.95 m 313.5 248.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 277.5 236.95 m 313.5 236.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 313.5 248.95 m 327.5 248.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 313.5 236.95 m 327.5 236.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 248.95 m 363.5 248.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 236.95 m 363.5 236.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 248.95 m 378.5 248.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 236.95 m 378.5 236.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 248.95 m 414.5 248.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 236.95 m 414.5 236.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 248.95 m 428.5 248.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 236.95 m 428.5 236.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 248.95 m 464.5 248.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 236.95 m 464.5 236.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 248.95 m 478.5 248.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 236.95 m 478.5 236.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 248.95 m 514.5 248.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 236.95 m 514.5 236.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 248.95 m 526.5 248.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 236.95 m 526.5 236.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 248.95 m 562.5 248.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 236.95 m 562.5 236.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 562.5 248.95 m 574.5 248.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 562.5 236.95 m 574.5 236.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 248.95 m 610.5 248.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 236.95 m 610.5 236.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 610.5 248.95 m 614.5 248.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 610.5 236.95 m 614.5 236.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 248.95 m 650.5 248.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 236.95 m 650.5 236.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 650.5 248.95 m 654.5 248.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 650.5 236.95 m 654.5 236.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 654.5 248.95 m 690.5 248.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 654.5 236.95 m 690.5 236.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 690.5 248.95 m 709.5 248.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 690.5 236.95 m 709.5 236.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 709.5 248.95 m 745.5 248.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 709.5 236.95 m 745.5 236.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 745.5 248.95 m 764.5 248.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 745.5 236.95 m 764.5 236.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 224.95 m 172.5 224.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 210.95 m 172.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 172.5 224.95 m 208.5 224.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 172.5 210.95 m 208.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 208.5 224.95 m 227.5 224.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 208.5 210.95 m 227.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 227.5 224.95 m 263.5 224.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 227.5 210.95 m 263.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 263.5 224.95 m 277.5 224.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 263.5 210.95 m 277.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 277.5 224.95 m 313.5 224.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 277.5 210.95 m 313.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 313.5 224.95 m 327.5 224.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 313.5 210.95 m 327.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 224.95 m 363.5 224.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 210.95 m 363.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 224.95 m 378.5 224.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 210.95 m 378.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 224.95 m 414.5 224.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 210.95 m 414.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 224.95 m 428.5 224.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 210.95 m 428.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 224.95 m 464.5 224.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 210.95 m 464.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 224.95 m 478.5 224.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 210.95 m 478.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 224.95 m 514.5 224.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 210.95 m 514.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 224.95 m 526.5 224.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 210.95 m 526.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 224.95 m 562.5 224.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 210.95 m 562.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 562.5 224.95 m 574.5 224.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 562.5 210.95 m 574.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 224.95 m 610.5 224.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 210.95 m 610.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 610.5 224.95 m 614.5 224.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 610.5 210.95 m 614.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 224.95 m 650.5 224.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 210.95 m 650.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 650.5 224.95 m 654.5 224.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 650.5 210.95 m 654.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 654.5 224.95 m 690.5 224.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 654.5 210.95 m 690.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 690.5 224.95 m 709.5 224.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 690.5 210.95 m 709.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 709.5 224.95 m 745.5 224.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 709.5 210.95 m 745.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 745.5 224.95 m 764.5 224.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 745.5 210.95 m 764.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 172.5 210.95 m 208.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 227.5 210.95 m 263.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 277.5 210.95 m 313.5 210.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 186.95 m 172.5 186.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 172.5 186.95 m 208.5 186.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 208.5 186.95 m 227.5 186.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 227.5 186.95 m 263.5 186.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 263.5 186.95 m 277.5 186.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 277.5 186.95 m 313.5 186.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 313.5 186.95 m 327.5 186.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 327.5 186.95 m 363.5 186.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 186.95 m 378.5 186.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 186.95 m 414.5 186.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 186.95 m 428.5 186.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 186.95 m 464.5 186.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 186.95 m 478.5 186.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 186.95 m 514.5 186.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 186.95 m 526.5 186.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 526.5 186.95 m 562.5 186.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 562.5 186.95 m 574.5 186.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 186.95 m 610.5 186.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 610.5 186.95 m 614.5 186.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 614.5 186.95 m 650.5 186.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 650.5 186.95 m 654.5 186.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 654.5 186.95 m 690.5 186.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 690.5 186.95 m 709.5 186.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 709.5 186.95 m 745.5 186.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 745.5 186.95 m 764.5 186.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 158.95 m 172.5 158.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 172.5 158.95 m 208.5 158.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 158.95 m 227.5 158.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 158.95 m 263.5 158.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 158.95 m 277.5 158.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 158.95 m 313.5 158.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 158.95 m 327.5 158.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 158.95 m 363.5 158.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 158.95 m 378.5 158.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 158.95 m 414.5 158.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 158.95 m 428.5 158.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 158.95 m 464.5 158.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 158.95 m 478.5 158.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 158.95 m 514.5 158.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 158.95 m 526.5 158.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 158.95 m 562.5 158.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 562.5 158.95 m 574.5 158.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 574.5 158.95 m 610.5 158.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 610.5 158.95 m 614.5 158.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 614.5 158.95 m 650.5 158.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 650.5 158.95 m 654.5 158.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 654.5 158.95 m 690.5 158.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 690.5 158.95 m 709.5 158.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 709.5 158.95 m 745.5 158.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 745.5 158.95 m 764.5 158.95 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 416.25 466.65 Td (Three Months Ended March 31,) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 29.00 447.73 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 191.70 447.95 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 244.20 447.95 Td (2014) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 294.20 447.95 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 344.70 447.95 Td (2014) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 395.20 447.95 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 441.45 447.95 Td (2014 ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 458.97 451.29 Td (\(g\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 494.20 447.95 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 538.45 447.95 Td (2014 ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 555.97 451.29 Td (\(g\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 586.20 447.95 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 626.20 447.95 Td (2014) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 673.70 447.95 Td (2015) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 728.70 447.95 Td (2014) 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 29.00 435.95 Td (Operating Segments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 211.85 435.95 Td (Canada) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 317.50 435.95 Td (EMEA) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 409.10 435.95 Td (US & APAC) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 505.35 435.95 Td (Corporate ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 540.74 439.29 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 593.15 435.95 Td (Eliminations) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 686.80 435.95 Td (Consolidated) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 421.95 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 188.10 421.95 Td (284.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 243.10 421.95 Td (384.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 266.00 423.43 Td (\(f\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 293.10 422.00 Td (160.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 343.05 421.95 Td (164.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 404.65 421.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.65 421.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.65 421.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.65 421.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 600.65 421.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 640.65 421.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 670.10 421.95 Td (445.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 725.10 421.95 Td (548.7) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 748.00 423.43 Td (\(f\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 407.95 Td (Other Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 192.00 407.95 Td (42.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 247.00 407.95 Td (48.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 297.00 407.95 Td (24.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.00 407.95 Td (22.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 398.00 407.95 Td (82.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 448.00 407.95 Td (97.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.65 407.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.65 407.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 595.55 407.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 607.65 407.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 635.55 407.95 Td (\(0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 647.65 407.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 670.10 407.95 Td (150.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 725.10 407.95 Td (168.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 29.00 393.95 Td (Total Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 188.10 393.95 Td (327.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 243.10 393.95 Td (432.7) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 266.00 395.43 Td (\(f\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 293.10 394.00 Td (185.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 316.00 395.43 Td (\(c\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 343.05 393.95 Td (187.0) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 366.00 395.43 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 398.00 393.95 Td (82.7) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 417.00 395.43 Td (\(c\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 448.00 393.95 Td (97.7) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 467.00 395.43 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.65 393.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.65 393.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 595.55 393.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 607.65 393.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 635.55 393.95 Td (\(0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 647.65 393.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 670.10 393.95 Td (595.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 693.00 395.43 Td (\(c\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 725.10 393.95 Td (717.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 748.00 395.43 Td (\(c\)\(f\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 381.95 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 188.10 381.95 Td (304.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 243.10 381.95 Td (305.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 293.10 382.00 Td (203.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 343.05 381.95 Td (135.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 404.65 381.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.65 381.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.65 381.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.65 381.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 600.65 381.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 640.65 381.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 670.10 381.95 Td (508.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 725.10 381.95 Td (441.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 369.95 Td (Revenue from proprietary loyalty services) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 192.00 369.95 Td (34.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 247.00 369.95 Td (38.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 300.90 369.95 Td (6.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 350.90 369.95 Td (5.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 398.00 369.95 Td (82.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 448.00 369.95 Td (95.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.65 369.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.65 369.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 600.65 369.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 640.65 369.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 670.10 369.95 Td (122.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 725.10 369.95 Td (139.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 357.95 Td (Other revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 192.00 357.95 Td (11.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 247.00 357.95 Td (10.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 297.00 357.95 Td (18.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.00 357.95 Td (17.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 404.65 357.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.65 357.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.65 357.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.65 357.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 600.65 357.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 640.65 357.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 674.00 357.95 Td (29.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 729.00 357.95 Td (28.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 345.95 Td (Intercompany revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 198.65 345.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 253.65 345.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 300.90 345.95 Td (0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 353.65 345.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 401.90 345.95 Td (0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.90 345.95 Td (0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.65 345.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.65 345.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 595.55 345.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 607.65 345.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 635.55 345.95 Td (\(0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 647.65 345.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 680.65 345.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 735.65 345.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 29.00 333.95 Td (Total revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 188.10 333.95 Td (349.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 243.10 333.95 Td (355.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 293.10 334.00 Td (228.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 343.05 333.95 Td (158.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 398.00 333.95 Td (82.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 448.00 333.95 Td (95.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.65 333.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.65 333.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 595.55 333.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 607.65 333.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 635.55 333.95 Td (\(0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 647.65 333.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 670.10 333.95 Td (660.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 725.10 333.95 Td (608.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 321.95 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 188.10 321.95 Td (248.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 243.10 321.95 Td (241.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 293.10 322.00 Td (142.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 343.05 321.95 Td (108.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 398.00 321.95 Td (39.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 448.00 321.95 Td (54.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.65 321.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.65 321.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 600.65 321.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 640.65 321.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 670.10 321.95 Td (430.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 725.10 321.95 Td (404.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 29.00 309.95 Td (Gross margin before depreciation and) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 38.00 302.95 Td (amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 188.10 302.95 Td (101.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 243.10 302.95 Td (113.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 297.00 302.95 Td (85.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.00 302.95 Td (49.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 398.00 302.95 Td (42.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 448.00 302.95 Td (41.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.65 302.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.65 302.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 595.55 302.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 607.65 302.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 635.55 302.95 Td (\(0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 647.65 302.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 670.10 302.95 Td (229.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 725.10 302.95 Td (204.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 288.95 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 123.94 292.29 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 192.00 288.95 Td (36.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 247.00 288.95 Td (36.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 300.90 288.95 Td (5.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 350.90 288.95 Td (5.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 401.90 288.95 Td (3.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.90 288.95 Td (3.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.65 288.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.65 288.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 600.65 288.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 640.65 288.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 674.00 288.95 Td (45.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 729.00 288.95 Td (44.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 276.95 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 192.00 276.95 Td (65.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 247.00 276.95 Td (77.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 297.00 276.95 Td (80.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.00 276.95 Td (44.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 398.00 276.95 Td (38.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 448.00 276.95 Td (38.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 504.65 276.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.65 276.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 595.55 276.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 607.65 276.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 635.55 276.95 Td (\(0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 647.65 276.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 670.10 276.95 Td (183.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 725.10 276.95 Td (159.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 264.95 Td (Operating expenses before the undernoted) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 192.00 264.95 Td (53.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 247.00 264.95 Td (59.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 297.00 264.95 Td (40.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.00 264.95 Td (42.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 398.00 264.95 Td (46.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 448.00 264.95 Td (45.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 498.00 264.95 Td (15.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 546.00 264.95 Td (19.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 595.55 264.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 607.65 264.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 635.55 264.95 Td (\(0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 647.65 264.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 670.10 264.95 Td (155.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 725.10 264.95 Td (167.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 252.95 Td ( Share-based compensation) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 198.65 252.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 253.65 252.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 303.65 252.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 353.65 252.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 404.65 252.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.65 252.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 501.90 252.95 Td (2.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 549.90 252.95 Td (1.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 600.65 252.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 640.65 252.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 677.90 252.95 Td (2.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 732.90 252.95 Td (1.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 240.95 Td (Total operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 192.00 240.95 Td (53.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 247.00 240.95 Td (59.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 297.00 240.95 Td (40.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.00 240.95 Td (42.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 398.00 240.95 Td (46.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 448.00 240.95 Td (45.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 498.00 240.95 Td (17.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 546.00 240.95 Td (21.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 595.55 240.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 607.65 240.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 635.55 240.95 Td (\(0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 647.65 240.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 670.10 240.95 Td (157.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 725.10 240.95 Td (168.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 29.00 228.95 Td (Operating income \(loss\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 192.00 228.95 Td (11.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 247.00 228.95 Td (17.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 297.00 228.95 Td (39.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 350.90 228.95 Td (1.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 399.50 228.95 Td (\(7.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 411.65 228.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.55 229.00 Td (\(7.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.65 228.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 495.65 228.95 Td (\(17.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 511.65 228.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 543.65 228.95 Td (\(21.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 559.65 228.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 600.65 228.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 640.65 228.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 674.00 228.95 Td (26.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 730.55 228.95 Td (\(9.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 742.65 228.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 29.00 214.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 86.69 214.95 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 88.63 218.29 Td (\(h\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 192.00 214.95 Td (55.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 243.10 214.95 Td (141.0) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 266.00 216.43 Td (\(f\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 297.00 214.95 Td (17.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 347.00 214.95 Td (14.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 399.50 214.95 Td (\(3.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 411.65 214.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.55 215.00 Td (\(2.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.65 214.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 495.65 214.95 Td (\(17.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 511.65 214.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 543.65 214.95 Td (\(21.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 559.65 214.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 600.65 214.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 640.65 214.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 674.00 214.95 Td (52.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 725.10 214.95 Td (132.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 748.00 216.43 Td (\(f\)) 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 29 201.95576171875 m 120.83056640625 201.95576171875 l s q 0 0 0 rg BT 29.00 202.95 Td (Included in Adjusted EBITDA:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 190.95 Td (Change in Future Redemption Costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 192.00 190.95 Td (29.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 250.90 190.95 Td 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rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 Td (_____________________________________________________________________________________________________________________________________________________________) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 660.20 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 660.20 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 320.79 660.20 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 650.60 Td (technology) Tj ET Q q 0 0 0 rg BT 128.10 650.60 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 632.00 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 632.00 Td (Includes expenses that are not directly attributable to any specific operating segment.) 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Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 566.00 Td (\(d\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 566.00 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 72.00 547.40 Td (\(e\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 547.40 Td (Includes non-current assets of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 199.39 547.40 Td ($503.7 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 248.75 547.40 Td ( in the UK and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 301.68 547.40 Td ($73.1 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 346.59 547.40 Td ( in the US as of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 403.51 547.40 Td (March31, 2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.10 547.40 Td (, compared to non-) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 537.80 Td (current assets of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 151.36 537.80 Td ($483.6 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 200.72 537.80 Td ( in the UK and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 253.64 537.80 Td ($69.4 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 298.56 537.80 Td ( in the US as of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 355.48 537.80 Td (March31, 2014) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 411.07 537.80 Td (.) 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 a $100.0 million upfront contribution received on January 2, 2014 from ) Tj ET Q q 0 0 0 rg BT 372.25 519.20 Td (TD to help fund ) Tj ET Q q 0 0 0 rg BT 428.73 519.20 Td (Aeroplan's program ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 509.60 Td (enhancements.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 491.00 Td (\(g\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 491.00 Td (Ef) Tj ET Q q 0 0 0 rg BT 97.41 491.00 Td (fective January 1, 2015, the financial position and operating results of operations in India are now reported under the US & ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 481.40 Td (AP) Tj ET Q q 0 0 0 rg BT 100.08 481.40 Td (AC segment. 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Tj ET Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 747.10 593.70 Td (32) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 28.00 586.50 Td (________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________) 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 28.00 560.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 281.71 560.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 322.63 560.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 368.28 560.10 Td (YSIS OF FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 531.37 560.10 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 635.57 560.10 Td (AND ) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 28.00 539.70 Td (RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 84.35 539.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 198.32 539.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 28.00 532.50 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 36 493.3986328125 m 252.462890625 493.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 36.00 495.30 Td (SUMMAR) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 89.55 495.30 Td (Y) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 97.34 495.30 Td ( OF QUARTERL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 186.23 495.30 Td (Y) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 194.02 495.30 Td ( RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 237.13 495.30 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 36.00 467.65 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 336.18 467.65 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.72 467.65 Td (.) 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429.15 22.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 280.50 415.15 40.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 320.50 415.15 15.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 280.50 401.15 40.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 320.50 401.15 15.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 280.50 387.15 40.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 320.50 387.15 15.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 280.50 373.15 40.00 -15.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 320.50 373.15 15.00 -15.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 280.50 358.15 40.00 -14.00 re f /GS0 gs 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0.807843137254902 rg /GS0 gs 280.50 278.15 40.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 320.50 278.15 15.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 280.50 259.15 40.00 -23.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 320.50 259.15 15.00 -23.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 280.50 236.15 40.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 320.50 236.15 15.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 280.50 217.15 40.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 320.50 217.15 15.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 280.50 203.15 40.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 320.50 203.15 15.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 280.50 189.15 40.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 320.50 189.15 15.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 280.50 175.15 40.00 -23.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 320.50 175.15 15.00 -23.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 280.50 152.15 40.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 320.50 152.15 15.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 280.50 134.15 40.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 320.50 134.15 15.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 280.50 120.15 40.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 320.50 120.15 15.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 280.50 106.15 40.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 320.50 106.15 15.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 280.50 92.15 40.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 320.50 92.15 15.00 -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 335.5 448.15 m 335.5 429.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 571.5 448.15 m 571.5 429.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 429.15 m 335.5 415.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 571.5 429.15 m 571.5 415.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 415.15 m 335.5 401.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 571.5 415.15 m 571.5 401.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 387.15 m 280.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 387.15 m 320.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 387.15 m 335.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 401.15 m 335.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 387.15 m 375.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 387.15 m 392.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 387.15 m 432.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 387.15 m 450.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 387.15 m 490.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 387.15 m 507.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 387.15 m 547.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 547.5 387.15 m 571.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 571.5 401.15 m 571.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 571.5 387.15 m 611.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 611.5 387.15 m 632.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 632.5 387.15 m 672.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 672.5 387.15 m 693.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 387.15 m 733.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 733.5 387.15 m 755.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 373.15 m 280.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 373.15 m 320.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 373.15 m 335.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 387.15 m 335.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 387.15 m 375.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 373.15 m 375.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 373.15 m 392.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 387.15 m 432.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 373.15 m 432.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 373.15 m 450.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 387.15 m 490.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 373.15 m 490.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 373.15 m 507.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 387.15 m 547.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 373.15 m 547.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 547.5 373.15 m 571.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 571.5 387.15 m 571.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 571.5 387.15 m 611.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 571.5 373.15 m 611.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 611.5 373.15 m 632.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 632.5 387.15 m 672.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 632.5 373.15 m 672.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 672.5 373.15 m 693.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 387.15 m 733.5 387.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 373.15 m 733.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 733.5 373.15 m 755.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 373.15 m 335.5 358.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 373.15 m 375.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 373.15 m 392.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 571.5 373.15 m 571.5 358.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 611.5 373.15 m 632.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 672.5 373.15 m 693.5 373.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 344.15 m 280.5 344.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 344.15 m 320.5 344.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 344.15 m 335.5 344.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 358.15 m 335.5 344.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 344.15 m 375.5 344.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 344.15 m 392.5 344.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 344.15 m 432.5 344.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 344.15 m 450.5 344.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 344.15 m 490.5 344.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 344.15 m 507.5 344.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 344.15 m 547.5 344.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 547.5 344.15 m 571.5 344.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 571.5 358.15 m 571.5 344.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 571.5 344.15 m 611.5 344.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 611.5 344.15 m 632.5 344.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 632.5 344.15 m 672.5 344.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 672.5 344.15 m 693.5 344.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 344.15 m 733.5 344.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 733.5 344.15 m 755.5 344.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 344.15 m 335.5 329.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 571.5 344.15 m 571.5 329.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 329.15 m 335.5 315.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 571.5 329.15 m 571.5 315.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 315.15 m 335.5 301.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 571.5 315.15 m 571.5 301.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 301.15 m 335.5 278.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 571.5 301.15 m 571.5 278.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 278.15 m 280.5 278.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 259.15 m 280.5 259.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 278.15 m 320.5 278.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 259.15 m 320.5 259.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 278.15 m 335.5 278.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 259.15 m 335.5 259.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 278.15 m 335.5 259.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 278.15 m 375.5 278.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 259.15 m 375.5 259.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 278.15 m 392.5 278.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 259.15 m 392.5 259.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 278.15 m 432.5 278.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 259.15 m 432.5 259.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 278.15 m 450.5 278.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 259.15 m 450.5 259.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 278.15 m 490.5 278.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 259.15 m 490.5 259.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 278.15 m 507.5 278.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 259.15 m 507.5 259.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 278.15 m 547.5 278.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 259.15 m 547.5 259.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 547.5 278.15 m 571.5 278.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 547.5 259.15 m 571.5 259.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 571.5 278.15 m 571.5 259.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 571.5 278.15 m 611.5 278.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 571.5 259.15 m 611.5 259.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 611.5 278.15 m 632.5 278.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 611.5 259.15 m 632.5 259.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 632.5 278.15 m 672.5 278.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 632.5 259.15 m 672.5 259.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 672.5 278.15 m 693.5 278.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 672.5 259.15 m 693.5 259.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 278.15 m 733.5 278.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 259.15 m 733.5 259.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 733.5 278.15 m 755.5 278.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 733.5 259.15 m 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92.14999999999998 m 280.5 92.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 78.14999999999998 m 280.5 78.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 92.14999999999998 m 320.5 92.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 78.14999999999998 m 320.5 78.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 92.14999999999998 m 335.5 92.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 78.14999999999998 m 335.5 78.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 92.14999999999998 m 335.5 78.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 92.14999999999998 m 375.5 92.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 78.14999999999998 m 375.5 78.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 92.14999999999998 m 392.5 92.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 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0 J 0 j 3 M 507.5 78.14999999999998 m 547.5 78.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 547.5 92.14999999999998 m 571.5 92.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 547.5 78.14999999999998 m 571.5 78.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 571.5 92.14999999999998 m 571.5 78.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 571.5 92.14999999999998 m 611.5 92.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 571.5 78.14999999999998 m 611.5 78.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 611.5 92.14999999999998 m 632.5 92.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 611.5 78.14999999999998 m 632.5 78.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 632.5 92.14999999999998 m 672.5 92.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 632.5 78.14999999999998 m 672.5 78.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 672.5 92.14999999999998 m 693.5 92.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 672.5 78.14999999999998 m 693.5 78.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 92.14999999999998 m 733.5 92.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 693.5 78.14999999999998 m 733.5 78.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 733.5 92.14999999999998 m 755.5 92.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 733.5 78.14999999999998 m 755.5 78.14999999999998 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 291.10 433.38 Td (2015) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 444.10 433.38 Td (2014) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 654.10 433.38 Td (2013) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 38.00 419.10 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 294.65 419.38 Td (Q1) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 349.65 419.38 Td (Q4) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 402.35 419.38 Td (Q3 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 1 1 1 rg BT 415.24 423.19 Td (\(p\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 460.35 419.38 Td (Q2 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 1 1 1 rg BT 473.24 423.19 Td (\(p\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 517.35 419.38 Td (Q1 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 1 1 1 rg BT 530.24 423.19 Td (\(p\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 581.35 419.38 Td (Q4 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 1 1 1 rg BT 594.24 423.19 Td (\(p\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 642.35 419.38 Td (Q3 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 1 1 1 rg BT 655.24 423.19 Td (\(p\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 703.35 419.38 Td (Q2 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 1 1 1 rg BT 716.24 423.19 Td (\(p\)) 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 38.00 405.38 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.25 405.43 Td (445.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.25 405.43 Td (497.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 409.25 405.43 Td (472.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.25 405.43 Td (491.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.25 405.43 Td (548.7) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 550.00 404.93 Td (\(d\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 588.25 405.38 Td (464.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 649.25 405.38 Td (419.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 710.25 405.38 Td (414.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 391.38 Td (Other Gross Billings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.25 391.43 Td (150.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.25 391.43 Td (191.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 409.25 391.43 Td (160.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.25 391.43 Td (157.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.25 391.43 Td (168.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 588.25 391.38 Td (193.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 649.25 391.38 Td (157.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 710.25 391.38 Td (156.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 377.38 Td (Gross Billings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.25 377.43 Td (595.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.25 377.43 Td (688.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 409.25 377.43 Td (633.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.25 377.43 Td (648.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.25 377.43 Td (717.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 550.00 376.93 Td (\(d\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 588.25 377.38 Td (658.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 649.25 377.38 Td (576.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 710.25 377.38 Td (570.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 362.38 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.25 362.43 Td (660.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.25 362.43 Td (761.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 378.00 361.93 Td (\(o\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 409.25 362.43 Td (543.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.25 362.43 Td (555.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.25 362.43 Td (608.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 588.25 362.38 Td (687.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 649.25 362.38 Td (499.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 707.60 362.38 Td (\(123.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 730.30 362.38 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 736.00 361.93 Td (\(e\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 38.00 348.38 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.55 348.38 Td (\(430.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.30 348.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 349.55 348.38 Td (\(493.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.30 348.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.55 348.38 Td (\(353.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.30 348.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.60 348.43 Td (\(354.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.30 348.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.60 348.43 Td (\(404.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.30 348.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 585.60 348.38 Td (\(427.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 608.30 348.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 646.60 348.38 Td (\(290.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 669.30 348.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 707.60 348.38 Td (\(230.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 730.30 348.38 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 736.00 347.93 Td (\(h\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 333.38 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 234.93 337.19 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.25 333.43 Td (229.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.25 333.43 Td (267.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 378.00 332.93 Td (\(o\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 409.25 333.43 Td (190.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.25 333.43 Td (200.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.25 333.43 Td (204.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 588.25 333.38 Td (260.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 649.25 333.38 Td (209.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 707.60 333.38 Td (\(353.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 730.30 333.38 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 736.00 332.93 Td (\(e\)\(h\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 38.00 319.38 Td (Operating expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.55 319.38 Td (\(157.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.30 319.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 349.55 319.38 Td (\(189.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.30 319.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.55 319.38 Td (\(160.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.30 319.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.60 319.43 Td (\(168.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.30 319.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.60 319.43 Td (\(168.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.30 319.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 585.60 319.38 Td (\(400.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 608.30 319.38 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 614.00 318.93 Td (\(f\)\(g\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 646.60 319.38 Td (\(157.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 669.30 319.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 707.60 319.38 Td (\(198.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 730.30 319.38 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 736.00 318.93 Td (\(h\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 38.00 305.38 Td (Depreciation and amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.05 305.43 Td (\(12.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.30 305.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.05 305.43 Td (\(15.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.30 305.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 411.05 305.43 Td (\(12.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.30 305.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.05 305.43 Td (\(12.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.30 305.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.05 305.43 Td (\(11.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.30 305.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 590.05 305.38 Td (\(11.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 608.30 305.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 651.05 305.38 Td (\(10.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 669.30 305.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 712.05 305.38 Td (\(10.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 730.30 305.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 38.00 290.38 Td (Amortization of Accumulation Partners contracts, customer) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 47.00 282.38 Td (relationships and technology) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.05 282.43 Td (\(33.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.30 282.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.05 282.43 Td (\(34.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.30 282.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 411.05 282.43 Td (\(32.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.30 282.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.05 282.43 Td (\(33.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.30 282.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.05 282.43 Td (\(33.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.30 282.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 590.05 282.38 Td (\(23.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 608.30 282.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 651.05 282.38 Td (\(20.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 669.30 282.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 712.05 282.38 Td (\(20.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 730.30 282.38 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 263.38 Td (Operating income \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 301.70 263.43 Td (26.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.70 263.43 Td (28.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 378.00 262.93 Td (\(o\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 411.05 263.43 Td (\(16.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.30 263.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.05 263.43 Td (\(12.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.30 263.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.50 263.43 Td (\(9.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.30 263.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 585.60 263.38 Td (\(175.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 608.30 263.38 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 614.00 262.93 Td (\(f\)\(g\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 653.70 263.38 Td (21.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 707.60 263.38 Td (\(582.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 730.30 263.38 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 736.00 262.93 Td (\(e\)\(h\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 248.38 Td (Net earnings \(loss\) attributable to equity holders of the) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 47.00 240.38 Td (Corporation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 301.70 240.43 Td (21.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.70 240.43 Td (20.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 378.00 239.93 Td (\(o\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 411.05 240.43 Td (\(24.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.30 240.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.05 240.43 Td (\(19.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.30 240.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.05 240.43 Td (\(17.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.30 240.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 585.60 240.38 Td (\(125.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 608.30 240.38 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 614.00 239.93 Td (\(g\)\(j\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 658.15 240.38 Td (2.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 707.60 240.38 Td (\(415.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 730.30 240.38 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 736.00 245.93 Td (\(e\)\(h\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 736.00 239.93 Td (\(i\)\(k\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 221.38 Td (Adjusted EBITDA) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 104.22 221.38 Td ( ) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 106.45 225.19 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 301.70 221.43 Td (52.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.70 221.43 Td (60.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.70 221.43 Td (63.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.70 221.43 Td (58.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.25 221.43 Td (132.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 550.00 220.93 Td (\(d\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 585.60 221.38 Td (\(111.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 608.30 221.38 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 614.00 220.93 Td (\(f\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 653.70 221.38 Td (85.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 710.25 221.38 Td (102.0) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 736.00 220.93 Td (\(h\)\(l\)) 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 38 206.23515625 m 142.94921875 206.23515625 l s q 0 0 0 rg BT 38.00 207.38 Td (Included in Adjusted EBITDA:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 38.00 193.38 Td (Change in Future Redemption Costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 301.70 193.43 Td (45.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.70 193.43 Td (49.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 411.05 193.43 Td (\(59.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.30 193.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.05 193.43 Td (\(73.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.30 193.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.05 193.43 Td (\(11.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.30 193.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 592.70 193.38 Td (34.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 651.05 193.38 Td (\(47.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 669.30 193.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 712.05 193.38 Td (\(46.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 730.30 193.38 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 736.00 192.93 Td (\(l\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 38.00 179.38 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.25 179.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.15 179.38 Td (5.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 418.15 179.38 Td (3.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 476.15 179.38 Td (7.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.25 179.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 597.15 179.38 Td (5.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 658.15 179.38 Td (3.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 719.15 179.38 Td (6.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 164.38 Td (Net earnings \(loss\) attributable to equity holders of the) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 47.00 156.38 Td (Corporation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 301.70 156.43 Td (21.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.70 156.43 Td (20.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 378.00 155.93 Td (\(o\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 411.05 156.43 Td (\(24.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.30 156.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.05 156.43 Td (\(19.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.30 156.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.05 156.43 Td (\(17.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.30 156.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 585.60 156.38 Td (\(125.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 608.30 156.38 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 614.00 155.93 Td (\(g\)\(j\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 658.15 156.38 Td (2.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 707.60 156.38 Td (\(415.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 730.30 156.38 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 736.00 161.93 Td (\(e\)\(h\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 736.00 155.93 Td (\(i\)\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 38.00 138.38 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 160.27 142.19 Td ( \(c\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 301.70 138.43 Td (0.10) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.70 138.43 Td (0.09) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 378.00 137.93 Td (\(o\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 411.05 138.43 Td (\(0.17) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.30 138.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.05 138.43 Td (\(0.14) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.30 138.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.05 138.43 Td (\(0.13) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 544.30 138.38 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 590.05 138.38 Td (\(0.74) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 608.30 138.38 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 614.00 137.93 Td (\(g\)\(j\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 653.70 138.38 Td (0.00) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 712.05 138.38 Td (\(2.43) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 730.30 138.38 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 736.00 143.93 Td (\(e\)\(h\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 736.00 137.93 Td (\(i\)\(k\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 124.38 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 185.59 128.19 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 306.15 124.38 Td (5.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 323.00 123.93 Td (\(n\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.70 124.43 Td (17.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 378.00 123.93 Td (\(n\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.70 124.43 Td (56.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.25 124.43 Td (153.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 493.00 123.93 Td (\(n\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.70 124.43 Td (60.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 550.00 123.93 Td (\(d\)\(m\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 590.05 124.38 Td (\(52.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 608.30 124.38 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 614.00 123.93 Td (\(m\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 653.70 124.38 Td (68.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 714.70 124.38 Td (88.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 38.00 110.38 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 97.13 114.19 Td ( \(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.05 110.43 Td (\(30.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.30 110.38 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 323.00 109.93 Td (\(n\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.05 110.43 Td (\(19.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.30 110.38 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 378.00 109.93 Td (\(n\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.70 110.43 Td (19.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.25 110.43 Td (116.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 493.00 109.93 Td (\(n\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.70 110.43 Td (26.3) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 550.00 109.93 Td (\(d\)\(m\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 590.05 110.38 Td (\(84.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 608.30 110.38 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 614.00 109.93 Td (\(m\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 653.70 110.38 Td (36.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 714.70 110.38 Td (56.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 38.00 96.38 Td (Future Redemption Cost liability - Unbroken Loyalty Units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.60 96.43 Td (2,293.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 345.55 96.38 Td (2,225.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 402.55 96.38 Td (2,284.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.60 96.43 Td (2,226.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.60 96.43 Td (2,183.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 581.60 96.38 Td (1,828.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 642.60 96.38 Td (1,854.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 703.60 96.38 Td (1,809.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 38.00 82.38 Td (Potential redemption liability - Broken Loyalty Units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.25 82.43 Td (852.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.25 82.43 Td (862.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 409.25 82.43 Td (815.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.25 82.43 Td (800.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.25 82.43 Td (792.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 588.25 82.38 Td (681.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 649.25 82.38 Td (644.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 710.25 82.38 Td (628.7) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 69 0 obj <> endobj 70 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (33) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 Td (_____________________________________________________________________________________________________________________________________________________________) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 678.20 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 678.20 Td (Excludes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 323.46 678.20 Td (Accumulation Partners' contracts, customer relationships ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 668.60 Td (and technology) Tj ET Q q 0 0 0 rg BT 143.67 668.60 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 653.00 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 653.00 Td (A) Tj ET Q q 0 0 0 rg BT 94.89 653.00 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 135.21 653.00 Td ( measurement.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 637.40 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 637.40 Td (After deducting dividends declared on preferred shares.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 621.80 Td (\(d\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 621.80 Td (Includes a $100.0 million upfront contribution received from ) Tj ET Q q 0 0 0 rg BT 301.53 621.80 Td (TD to help fund ) Tj ET Q q 0 0 0 rg BT 358.01 621.80 Td (Aeroplan's program enhancements.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 606.20 Td (\(e\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 606.20 Td (Includes the impact of the change in the Breakage estimate in the ) Tj ET Q q 0 0 0 rg BT 323.93 606.20 Td (Aeroplan Program which resulted in a reduction of $663.6 ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 596.60 Td (million to revenue from Loyalty Units, of which $617.0 million is attributable to the years prior to 2013, $25.1 million to the three ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 587.00 Td (month period ended March 31, 2013 and $21.5 million to the three month period ended June 30, 2013.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 571.40 Td (\(f\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 571.40 Td (Includes the impact of the CIBC Payment of $150.0 million and the Card Migration Provision of $50.0 million.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 555.80 Td (\(g\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 555.80 Td (Includes a goodwill impairment charge of $19.1 million recorded during the three month ended December 31, 2013 related to ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 546.20 Td (the US Proprietary Loyalty CGU. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 530.60 Td (\(h\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 530.60 Td (Includes a favourable impact of $26.1 million \(16.4 million\) resulting from the final judgment of the V) Tj ET Q q 0 0 0 rg BT 445.59 530.60 Td (A) Tj ET Q q 0 0 0 rg BT 450.34 530.60 Td (T) Tj ET Q q 0 0 0 rg BT 455.08 530.60 Td ( litigation which ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 521.00 Td (occurred in the second quarter of 2013. Of this amount, $74.9 million \(47.0 million\) was recorded as a reduction of cost of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 511.40 Td (rewards and $48.8 million \(30.6 million\) as an increase to operating expenses. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 495.80 Td (\(i\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 495.80 Td (Includes the unfavourable impact of the change in Breakage estimate in the ) Tj ET Q q 0 0 0 rg BT 359.06 495.80 Td (Aeroplan Program, net of an income tax recovery ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 486.20 Td (of $179.8 million, of which $167.5 million is attributable to years prior to 2013, $6.6 million to the three month period ended ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 476.60 Td (March 31, 2013 and $5.7 million to the three month period ended June 30, 2013.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 461.00 Td (\(j\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 461.00 Td (Includes the unfavourable impact attributable to the CIBC Payment and the Card Migration Provision totaling $146.9 million, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 451.40 Td (net of an income tax recovery of $53.1 million.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 435.80 Td (\(k\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 435.80 Td (Includes the favourable impact of the reversal in the second quarter of 2013 of previously accrued interest of $17.3 million ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 426.20 Td (\(10.8 million\) resulting from the final judgment of the V) Tj ET Q q 0 0 0 rg BT 285.50 426.20 Td (A) Tj ET Q q 0 0 0 rg BT 290.25 426.20 Td (T) Tj ET Q q 0 0 0 rg BT 294.99 426.20 Td ( litigation. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 410.60 Td (\(l\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 410.60 Td (The Change in Future Redemption costs for the three months ended June 30, 2013 includes the unfavourable impact resulting ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 401.00 Td (from the change in the Breakage estimate in the ) Tj ET Q q 0 0 0 rg BT 262.11 401.00 Td (Aeroplan Program amounting to $24.8 million, of which $12.4 million relates to ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 391.40 Td (the three month period ended March 31, 2013 and $12.4 million to the three month period ended June 30, 2013.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 375.80 Td (Additionally) Tj ET Q q 0 0 0 rg BT 130.32 375.80 Td (, the Change in Future Redemption costs for the three months ended June 30, 2013 includes the favourable impact ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 366.20 Td (of $0.5 million \(0.3 million\) resulting from the final judgment of the V) Tj ET Q q 0 0 0 rg BT 332.64 366.20 Td (A) Tj ET Q q 0 0 0 rg BT 337.38 366.20 Td (T) Tj ET Q q 0 0 0 rg BT 342.12 366.20 Td ( litigation.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 350.60 Td (\(m\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 350.60 Td (The Free Cash Flow for the three month period ended December 31, 2013 includes the CIBC Payment of $150.0 million made ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 341.00 Td (upon the closing of the asset purchase agreement and the related harmonized sales tax of $22.5 million. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 325.40 Td (The Free Cash Flow for the three month period ended March 31, 2014 includes the receipt of the related harmonized sales tax ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 315.80 Td (of $22.5 million.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 300.20 Td (\(n\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 300.20 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 90.00 290.60 Td (CRA) Tj ET Q q 0 0 0 rg BT 106.45 290.60 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 72.00 275.00 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 275.00 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 90.00 265.40 Td (the 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 72.00 249.80 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 249.80 Td (The Free Cash Flow for the three month period ended March 31, 2015 includes an amount of $20.4 million received from the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 240.20 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 72.00 224.60 Td (\(o\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 224.60 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 90.00 215.00 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 90.00 205.40 Td (month period ended September 30, 2014 and $1.9 million to the three month period ended December 31, 2014.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 189.80 Td (\(p\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 189.80 Td (The financial information does not include any ef) Tj ET Q q 0 0 0 rg BT 261.52 189.80 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 90.00 180.20 Td (of 2014 in the Nectar Italia Program.) Tj ET Q endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (34) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 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 72 673.3986328125 m 433.353515625 673.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 675.30 Td (FINANCING STRA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 173.77 675.30 Td (TEGY) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 205.11 675.30 Td (, LIQUIDITY) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 270.90 675.30 Td ( ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 273.79 675.30 Td (AND CAPIT) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 338.23 675.30 Td (AL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 354.01 675.30 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 72.00 647.65 Td (Aimia generates suf) Tj ET Q q 0 0 0 rg BT 151.38 647.65 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 72.00 631.95 Td (obligations. Management believes that ) Tj ET Q q 0 0 0 rg BT 227.60 631.95 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 72.00 616.30 Td (undrawn credit facilities and external capital, provide suf) Tj ET Q q 0 0 0 rg BT 294.96 616.30 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 72.00 600.65 Td (foreseeable future and to maintain available liquidity) Tj ET Q q 0 0 0 rg BT 278.46 600.65 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 72.00 585.00 Td (generated cash flows.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 560.35 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 560.35 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 145.54 560.35 Td (, ) Tj ET Q q 0 0 0 rg BT 150.05 560.35 Td (Aimia had ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 192.57 560.35 Td ($514.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 248.10 560.35 Td ( of cash and cash equivalents, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.68 560.35 Td ($26.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.21 560.35 Td ( of restricted cash, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.24 560.35 Td ($127.2 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 544.65 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 544.65 Td ( of short-term investments, including the ) Tj ET Q q 0 0 0 rg BT 259.08 544.65 Td (Air Canada Class B shares, and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.65 544.65 Td ($212.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.18 544.65 Td ( of long-term ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 529.00 Td (investments in bonds, for a total of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 211.57 529.00 Td ($880.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.11 529.00 Td (. ) Tj ET Q q 0 0 0 rg BT 271.61 529.00 Td (Approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.14 529.00 Td ($4.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.66 529.00 Td ( of the total amount is invested in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 513.35 Td (Bankers' ) Tj ET Q q 0 0 0 rg BT 108.74 513.35 Td (Acceptances and term deposits maturing on various dates through to ) Tj ET Q q 0 0 0 rg BT 385.40 513.35 Td (April 2015 and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.94 513.35 Td ($308.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.48 513.35 Td ( is mostly ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 497.70 Td (invested in corporate, federal and provincial government bonds maturing at various dates between June 2015 and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 482.05 Td (July 2020. ) Tj ET Q q 0 0 0 rg BT 117.87 482.05 Td (The ) Tj ET Q q 0 0 0 rg BT 135.38 482.05 Td (Aeroplan Miles 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 341.99 482.05 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 344.49 482.05 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 429.03 482.05 Td ( is included in short-term ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 466.35 Td (investments and long-term investments. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 441.70 Td (The following table provides a reconciliation between ) Tj ET Q q 0 0 0 rg BT 284.63 441.70 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 354.16 441.70 Td ( and Free Cash Flow for the periods indicated:) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 422.20 288.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 360.50 422.20 180.00 -19.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 403.20 288.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 360.50 403.20 60.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 420.50 403.20 30.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 450.50 403.20 60.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 510.50 403.20 30.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 360.50 389.20 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 389.20 30.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 360.50 376.20 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 376.20 30.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 360.50 363.20 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 363.20 30.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 360.50 350.20 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 350.20 30.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 360.50 337.20 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 337.20 30.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 360.50 324.20 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 324.20 30.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 360.50 311.20 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 311.20 30.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 360.50 298.20 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 298.20 30.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 360.50 285.20 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 285.20 30.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 360.50 272.20 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 272.20 30.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 360.50 259.20 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 259.20 30.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 360.50 246.20 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 246.20 30.00 -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 360.5 311.20000000000005 m 420.5 311.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 311.20000000000005 m 510.5 311.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 311.20000000000005 m 360.5 311.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 311.20000000000005 m 420.5 311.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 311.20000000000005 m 450.5 311.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 311.20000000000005 m 510.5 311.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 311.20000000000005 m 540.5 311.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 285.20000000000005 m 360.5 285.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 285.20000000000005 m 420.5 285.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 285.20000000000005 m 450.5 285.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 285.20000000000005 m 510.5 285.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 285.20000000000005 m 540.5 285.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 246.20000000000005 m 360.5 246.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 246.20000000000005 m 420.5 246.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 246.20000000000005 m 450.5 246.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 246.20000000000005 m 510.5 246.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 246.20000000000005 m 540.5 246.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 233.20000000000005 m 360.5 233.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 233.20000000000005 m 420.5 233.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 233.20000000000005 m 450.5 233.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 233.20000000000005 m 510.5 233.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 233.20000000000005 m 540.5 233.20000000000005 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 393.70 410.68 Td (Three Months Ended March 31,) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 393.15 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 399.20 393.43 Td (2015) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 489.20 393.43 Td (2014) 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 75.00 380.43 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 140.93 380.43 Td ( ) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 143.15 384.24 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.70 380.48 Td (52.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.25 380.48 Td (132.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 367.43 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 207.07 371.24 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.05 367.48 Td (\(45.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.30 367.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 491.70 367.48 Td (11.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 354.43 Td (Share-based compensation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.15 354.43 Td (2.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 496.15 354.43 Td (1.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 341.43 Td (Income taxes received \(paid\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.70 341.48 Td (18.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 493.50 341.48 Td (\(2.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 507.30 341.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 328.43 Td (Net cash interest paid) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.50 328.48 Td (\(9.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.30 328.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 489.05 328.48 Td (\(15.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 507.30 328.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 315.43 Td (Change in operating assets and liabilities and other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.15 315.43 Td (7.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 489.05 315.48 Td (\(46.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 507.30 315.43 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 302.43 Td (Cash flow from operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.70 302.48 Td (25.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 491.70 302.48 Td (82.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 289.43 Td (Capital expenditures) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.05 289.48 Td (\(20.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.30 289.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 489.05 289.48 Td (\(21.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 507.30 289.43 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 276.43 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 222.59 280.24 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.15 276.43 Td (5.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 491.70 276.48 Td (60.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 263.43 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 283.09 267.24 Td (\(a\)\(c\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.70 263.48 Td (0.00) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 491.70 263.48 Td (0.32) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 250.43 Td (Dividends) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.05 250.48 Td (\(35.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.30 250.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 489.05 250.48 Td (\(34.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 507.30 250.43 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 237.43 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 136.35 241.24 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.05 237.48 Td (\(30.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.30 237.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 491.70 237.48 Td (26.3) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 212.70 Td (\(a\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 212.70 Td (A) Tj ET Q q 0 0 0 rg BT 121.59 212.70 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 159.39 212.70 Td ( measurement.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 194.70 Td (\(b\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 194.70 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 442.04 194.70 Td (fect of revaluing the Future ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 185.70 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 94.50 167.70 Td (\(c\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 167.70 Td (After deducting dividends declared on preferred shares.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 149.70 Td ( ) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (35) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 Td (_____________________________________________________________________________________________________________________________________________________________) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 677.45 Td (The following table provides an overview of ) Tj ET Q q 0 0 0 rg BT 246.10 677.45 Td (Aimia's cash flows for the periods indicated:) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 657.95 314.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 386.50 657.95 154.00 -19.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 638.95 314.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 386.50 638.95 75.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 461.50 638.95 4.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 465.50 638.95 75.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 624.95 75.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 611.95 75.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 598.95 75.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 585.95 75.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 572.95 75.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 559.95 75.00 -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 72.5 611.95 m 386.5 611.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 611.95 m 461.5 611.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 611.95 m 465.5 611.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 611.95 m 540.5 611.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 611.95 m 461.5 611.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 559.95 m 461.5 559.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 559.95 m 540.5 559.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 559.95 m 386.5 559.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 547.95 m 386.5 547.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 545.95 m 386.5 545.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 559.95 m 461.5 559.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 547.95 m 461.5 547.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 545.95 m 461.5 545.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 559.95 m 465.5 559.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 547.95 m 465.5 547.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 545.95 m 465.5 545.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 559.95 m 540.5 559.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 547.95 m 540.5 547.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 545.95 m 540.5 545.95 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 406.70 646.43 Td (Three Months Ended March 31,) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 628.90 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 440.20 629.93 Td (2015) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 519.20 629.93 Td (2014) 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 75.00 616.43 Td (Cash and cash equivalents, beginning of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.25 616.48 Td (567.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 616.48 Td (449.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 603.43 Td (Cash from operating activities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 442.70 603.48 Td (25.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.70 603.48 Td (82.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 590.43 Td (Cash used in investing activities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 440.05 590.48 Td (\(21.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.30 590.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 519.05 590.48 Td (\(38.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.30 590.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 577.43 Td (Cash from \(used in\) financing activities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 440.05 577.48 Td (\(76.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.30 577.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.25 577.48 Td (115.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 564.43 Td (Translation adjustment related to cash) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 442.70 564.48 Td (19.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.70 564.48 Td (14.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 551.43 Td (Cash and cash equivalents, end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.25 551.48 Td (514.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 551.48 Td (623.2) 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 72.00 514.60 Td (OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 113.78 514.60 Td (TING ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 145.34 514.60 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 72.00 486.95 Td (Cash from operations is generated primarily from the collection of Gross Billings and is reduced by the cash required ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 471.25 Td (to deliver rewards when Loyalty Units are redeemed, and by the cash required to provide proprietary loyalty and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 455.60 Td (analytics and insights services. Cash flow from operations is also reduced by operating expenses and interest and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 439.95 Td (income taxes paid.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 415.30 Td (Cash flows from operating activities amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 268.59 415.30 Td ($25.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.12 415.30 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.64 415.30 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 429.69 415.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.19 415.30 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.73 415.30 Td ( compared ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 399.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.01 399.65 Td ($82.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 132.53 399.65 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 163.05 399.65 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 243.11 399.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.61 399.65 Td (March31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.14 399.65 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 374.95 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.01 374.95 Td (unfavourable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.05 374.95 Td ( variance of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.07 374.95 Td ($56.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.60 374.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.12 374.95 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.17 374.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.67 374.95 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 417.21 374.95 Td ( compared to the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.25 374.95 Td (three months ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 359.30 Td (ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.03 359.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 99.53 359.30 Td (March31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.07 359.30 Td ( is explained by a reduction in Gross Billings of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.66 359.30 Td ($122.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.20 359.30 Td (, including the $100.0 million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 343.65 Td (upfront contribution received from ) Tj ET Q q 0 0 0 rg BT 208.41 343.65 Td (TD, higher cost of rewards and direct costs of $26.2 million and the receipt in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 328.00 Td (first quarter of 2014 of the harmonized sales tax of $22.5 million related to the CIBC Payment, of) Tj ET Q q 0 0 0 rg BT 455.04 328.00 Td (fset in part by the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 312.35 Td (receipt in the first quarter of 2015 of $20.4 million from Revenue Quebec related to the income tax refund of loss ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 296.65 Td (carry back applied in Canada, lower operating expenses of $1) Tj ET Q q 0 0 0 rg BT 317.98 296.65 Td (1.9 million, excluding share-based compensation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 281.00 Td (expense, and lower net interest paid of $5.7 million, with the remainder explained primarily by changes in the net ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 265.35 Td (operating assets, due in part to a higher balance of unpaid redemptions in the Nectar Italia Program.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 240.70 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 148.04 240.70 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 211.56 240.70 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 72.00 207.80 Td (INVESTING ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 139.56 207.80 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 72.00 180.15 Td (Investing activities for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 175.55 180.15 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.60 180.15 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.10 180.15 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.64 180.15 Td ( reflect investments made in equity-accounted ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 164.50 Td (investments of $2.3 million, including $1.0 million for Prismah, as well as the receipt by the Corporation of $1.4 million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 148.85 Td (\(US$1.2 million\) for claims filed against the Excellence in Motivation indemnity escrow) Tj ET Q q 0 0 0 rg BT 413.15 148.85 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 124.15 Td (Capital expenditures for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 184.57 124.15 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.62 124.15 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.12 124.15 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.66 124.15 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.70 124.15 Td ($20.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.23 124.15 Td (. ) Tj ET Q q 0 0 0 rg BT 442.23 124.15 Td (Anticipated capital ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 108.50 Td (expenditures for 2015 are expected to approximate between ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.66 108.50 Td ($70.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.19 108.50 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.20 108.50 Td ($80.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.73 108.50 Td (.) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (36) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 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 72.00 675.30 Td (FINANCING ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 141.55 675.30 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 72.00 647.65 Td (Financing activities for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.55 647.65 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.60 647.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 261.11 647.65 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 323.64 647.65 Td ( reflect the payment of common and preferred ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 631.95 Td (dividends amounting to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 167.06 631.95 Td ($35.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 217.59 631.95 Td ( and the repurchase of common shares in the amount of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.72 631.95 Td ($42.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.25 631.95 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 607.30 Td (During the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 116.02 607.30 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.08 607.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.58 607.30 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 261.12 607.30 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 518.75 607.30 Td ($1.7 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.65 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 591.65 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 72.00 558.75 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 72.00 531.10 Td (Aimia anticipates that total capital requirements for the 2015 fiscal year will be between ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.68 531.10 Td ($214.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.22 531.10 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.23 531.10 Td ($224.6 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 515.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 515.45 Td (, including ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 140.53 515.45 Td ($144.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.07 515.45 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 72.00 499.80 Td (and between ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.04 499.80 Td ($70.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 176.57 499.80 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.59 499.80 Td ($80.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.12 499.80 Td ( in respect of capital expenditures. ) Tj ET Q q 0 0 0 rg BT 386.03 499.80 Td (The capital requirements will be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 484.15 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 390.68 484.15 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 475.22 484.15 Td ( to the extent ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 468.45 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 72.00 452.80 Td (necessary) Tj ET Q q 0 0 0 rg BT 112.35 452.80 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 72.00 419.95 Td (REDEMPTION RESER) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 196.46 419.95 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 72.00 392.25 Td (Aeroplan maintains the ) Tj ET Q q 0 0 0 rg BT 166.06 392.25 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 72.00 376.60 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 72.00 360.95 Td (order to pay for rewards during periods of unusually high redemption activity associated with ) Tj ET Q q 0 0 0 rg BT 440.70 360.95 Td (Aeroplan Miles under ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 345.30 Td (the ) Tj ET Q q 0 0 0 rg BT 86.52 345.30 Td (Aeroplan Program. In the event that the Reserve is accessed, ) Tj ET Q q 0 0 0 rg BT 334.15 345.30 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 72.00 329.65 Td (practicable, with available cash generated from operations. ) Tj ET Q q 0 0 0 rg BT 308.97 329.65 Td (T) Tj ET Q q 0 0 0 rg BT 313.47 329.65 Td (o date, ) Tj ET Q q 0 0 0 rg BT 343.00 329.65 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 72.00 313.95 Td (Reserve. ) Tj ET Q q 0 0 0 rg BT 112.52 313.95 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 123.52 313.95 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 186.06 313.95 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 72.00 298.30 Td (and long-term investments. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 273.65 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 72.00 258.00 Td (established by management, which are reviewed periodically) Tj ET Q q 0 0 0 rg BT 313.46 258.00 Td (. ) Tj ET Q q 0 0 0 rg BT 320.47 258.00 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.47 258.00 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.01 258.00 Td (, the Reserve was invested in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 242.35 Td (corporate, federal and provincial bonds. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 217.65 Td (Management is of the opinion that the Reserve is suf) Tj ET Q q 0 0 0 rg BT 281.96 217.65 Td (ficient to cover redemption costs, including redemption costs ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 202.00 Td (incurred in periods of unusually high redemption activity) Tj ET Q q 0 0 0 rg BT 292.95 202.00 Td (, as they become due, in the normal course of business. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 186.35 Td (Management reviews the adequacy of the Reserve periodically and may adjust the level of the Reserve depending ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 170.70 Td (upon the outcome of this review) Tj ET Q q 0 0 0 rg BT 198.58 170.70 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 146.05 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 146.05 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 145.54 146.05 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 72.00 130.35 Td (Accumulation Partner) Tj ET Q q 0 0 0 rg BT 157.54 130.35 Td (, represented ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.08 130.35 Td (19.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.60 130.35 Td ( of the consolidated Future Redemption Cost liability or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.71 130.35 Td ($440.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.25 130.35 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 105.70 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 90.05 Td (their weighted average selling price and unrecognized Breakage. ) Tj ET Q q 0 0 0 rg BT 333.00 90.05 Td (The estimated consolidated Future Redemption ) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (37) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 Td (_____________________________________________________________________________________________________________________________________________________________) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 677.45 Td (Cost liability of those Loyalty Units, calculated at the current ) Tj ET Q q 0 0 0 rg BT 311.62 677.45 Td (A) Tj ET Q q 0 0 0 rg BT 317.46 677.45 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 72.00 661.80 Td (approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 130.53 661.80 Td ($2,293.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.57 661.80 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 72.00 628.95 Td (CREDIT F) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 126.67 628.95 Td (ACILITIES ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 187.56 628.95 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 72.00 601.25 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 601.25 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 145.54 601.25 Td (, ) Tj ET Q q 0 0 0 rg BT 150.05 601.25 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 72.00 585.60 Td (dates through May 17, 2019. In addition, ) Tj ET Q q 0 0 0 rg BT 235.12 585.60 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 72.00 569.95 Td (on ) Tj ET Q q 0 0 0 rg BT 84.01 569.95 Td (April 23, 2018, and irrevocable letters of credit in the aggregate amount of $55.1 million which reduce the available ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 554.30 Td (credit under this facility) Tj ET Q q 0 0 0 rg BT 162.87 554.30 Td (. ) Tj ET Q q 0 0 0 rg BT 167.71 554.30 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 72.00 538.65 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 72.00 513.95 Td (The continued availability of the credit facility is subject to ) Tj ET Q q 0 0 0 rg BT 302.12 513.95 Td (Aimia) Tj ET Q q 0 0 0 rg BT 326.46 513.95 Td (s ability to maintain certain leverage, debt service ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 498.30 Td (and interest coverage covenants, as well as other af) Tj ET Q q 0 0 0 rg BT 279.46 498.30 Td (firmative and negative covenants, including certain limitations of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 482.65 Td (distributions in the form of dividends or equity repayments in any given fiscal year) Tj ET Q q 0 0 0 rg BT 395.17 482.65 Td (, as set out in the credit agreement. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 467.00 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 467.00 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 145.54 467.00 Td (, ) Tj ET Q q 0 0 0 rg BT 150.05 467.00 Td (Aimia complied with all such covenants.) 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 72 414.6986328125 m 464.701171875 414.6986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 416.60 Td (INVESTMENTS IN EQUITY) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 220.46 416.60 Td ( INSTRUMENTS, ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 316.69 416.60 Td (ASSOCIA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 370.47 416.60 Td (TES ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 396.70 416.60 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 72 400.2986328125 m 174.66796875 400.2986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 402.20 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 72.00 374.55 Td (The table below summarizes ) Tj ET Q q 0 0 0 rg BT 188.55 374.55 Td (Aimia's investments in equity instruments \(excluding ) Tj ET Q q 0 0 0 rg BT 398.36 374.55 Td (Air Canada Class B shares\), ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 358.85 Td (associates and joint arrangements:) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 339.35 100.00 -45.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 172.50 339.35 90.00 -45.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 262.50 339.35 66.00 -45.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 328.50 339.35 49.00 -45.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 377.50 339.35 65.00 -45.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 442.50 339.35 43.00 -45.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 485.50 339.35 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 72.5 187.35000000000002 m 172.5 187.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 172.5 187.35000000000002 m 262.5 187.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 187.35000000000002 m 328.5 187.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 187.35000000000002 m 377.5 187.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 187.35000000000002 m 442.5 187.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 187.35000000000002 m 485.5 187.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 187.35000000000002 m 540.5 187.35000000000002 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 75.00 314.83 Td (Name) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 175.00 314.83 Td (Nature of business) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 265.00 318.83 Td (Nature of) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 265.00 310.83 Td (investment) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 331.00 318.83 Td (Reporting) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 331.00 310.83 Td (segment) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 380.00 326.83 Td (Country of) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 380.00 318.83 Td (incorporation) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 380.00 310.83 Td (and place of) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 380.00 302.83 Td (business) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 445.00 322.83 Td (% of) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 445.00 314.83 Td (ownership) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 445.00 306.83 Td (interest) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 488.00 318.83 Td (Measurement) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 488.00 310.83 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 75.00 285.83 Td (PLM) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 175.00 285.58 Td (Coalition Loyalty) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 265.00 285.58 Td (Joint venture) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 331.00 285.58 Td (Corporate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.00 285.83 Td (Mexico) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.40 285.83 Td (48.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.35 285.83 Td (Equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 272.83 Td (i2c) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 175.00 272.83 Td (Analytics and Insights) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 265.00 272.83 Td (Joint venture) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 331.00 272.83 Td (EMEA) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.00 272.83 Td (United Kingdom) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.40 272.83 Td (50.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.35 272.83 Td (Equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 259.83 Td (Think Big) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 175.00 259.83 Td (Coalition Loyalty) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 265.00 259.83 Td (Joint venture) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 331.00 259.83 Td (Corporate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.00 259.83 Td (Malaysia) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.50 259.83 Td (< 20.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.35 259.83 Td (Equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 246.83 Td (China Rewards) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 175.00 246.83 Td (Coalition Loyalty) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 265.00 246.83 Td (Associate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 331.00 246.83 Td (Corporate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.00 246.83 Td (China) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.50 246.83 Td (< 20.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.35 246.83 Td (Equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 233.83 Td (Travel Club) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 175.00 233.83 Td (Coalition Loyalty) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 265.00 233.83 Td (Associate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 331.00 233.83 Td (EMEA) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.00 233.83 Td (Spain) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.40 233.83 Td (25.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.35 233.83 Td (Equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 216.83 Td (Cardlytics) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 175.00 220.83 Td (Proprietary Loyalty &) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 175.00 212.83 Td (Analytics and Insights) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 265.00 220.83 Td (Equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 265.00 212.83 Td (instrument) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 331.00 216.83 Td (Corporate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.00 216.83 Td (United States) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.50 216.83 Td (< 20.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.90 216.83 Td (Fair value) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 195.83 Td (Fractal Analytics) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 175.00 195.83 Td (Analytics and Insights) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 265.00 199.83 Td (Equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 265.00 191.83 Td (instrument) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 331.00 195.83 Td (Corporate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.00 195.83 Td (India) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.50 195.83 Td (< 20.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.90 195.83 Td (Fair value) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 79 0 obj <> endobj 80 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (38) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 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 72.00 675.30 Td (EQUITY) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 116.01 675.30 Td (-ACCOUNTED INVESTMENTS) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 652.80 320.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 392.50 652.80 72.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 464.50 652.80 4.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 468.50 652.80 72.00 -19.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 633.80 320.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 392.50 633.80 72.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 464.50 633.80 4.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 468.50 633.80 72.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 392.50 619.80 72.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 392.50 605.80 72.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 392.50 591.80 72.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 392.50 577.80 72.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 392.5 577.8 m 464.5 577.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 577.8 m 540.5 577.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 577.8 m 392.5 577.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 564.8 m 392.5 564.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 562.8 m 392.5 562.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 392.5 577.8 m 464.5 577.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 564.8 m 464.5 564.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 562.8 m 464.5 562.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 577.8 m 468.5 577.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 564.8 m 468.5 564.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 562.8 m 468.5 562.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 577.8 m 540.5 577.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 564.8 m 540.5 564.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 562.8 m 540.5 562.8 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 75.00 641.28 Td (As at) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 425.40 641.28 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 486.75 641.28 Td (December 31,) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 625.00 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 443.20 624.78 Td (2015) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 519.20 624.78 Td (2014) 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 75.00 610.78 Td (Investment in PLM) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.70 610.83 Td (98.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.70 610.83 Td (87.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 596.78 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 263.54 600.59 Td (\(a\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.70 596.83 Td (22.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.70 596.83 Td (20.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 582.78 Td (Equity-accounted investments in associates) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 450.15 582.78 Td (7.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.15 582.78 Td (7.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 568.78 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.25 568.83 Td (128.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.25 568.83 Td (115.5) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 542.70 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 542.70 Td (On February 6, 2014 and on December 23, 2014, ) Tj ET Q q 0 0 0 rg BT 287.23 542.70 Td (Aimia invested $17.1 million \(RM$51.1 million\) and $3.7 million \(RM) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 533.10 Td ($1) Tj ET Q q 0 0 0 rg BT 116.30 533.10 Td (1.0 million\), respectively) Tj ET Q q 0 0 0 rg BT 201.07 533.10 Td (, in ) Tj ET Q q 0 0 0 rg BT 213.82 533.10 Td (Think Big. ) Tj ET Q q 0 0 0 rg BT 251.18 533.10 Td (An additional $3.6 million \(RM$10.9 million\) will be invested if certain milestones ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 523.50 Td (are achieved by December 31, 2015.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 501.90 Td (On January 9, 2015 and January 29, 2015, ) Tj ET Q q 0 0 0 rg BT 261.89 501.90 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 108.00 492.30 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 108.00 482.70 Td (2015. ) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 460.20 330.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 402.50 460.20 138.00 -19.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 441.20 330.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 402.50 441.20 69.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 471.50 441.20 69.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 402.50 427.20 69.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 402.50 414.20 69.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 402.50 401.20 69.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 402.50 388.20 69.00 -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 402.5 388.2 m 471.5 388.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 471.5 388.2 m 540.5 388.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 388.2 m 402.5 388.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 376.2 m 402.5 376.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 374.2 m 402.5 374.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 402.5 388.2 m 471.5 388.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 376.2 m 471.5 376.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 374.2 m 471.5 374.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 471.5 388.2 m 540.5 388.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 376.2 m 540.5 376.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 374.2 m 540.5 374.2 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 75.00 448.68 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 414.70 448.68 Td (Three Months Ended March 31,) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 432.40 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 450.20 432.18 Td (2015) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 519.20 432.18 Td (2014) 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 75.00 418.68 Td (Investment in PLM) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.15 418.68 Td (3.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.15 418.68 Td (2.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 405.68 Td (Other equity-accounted investments in joint ventures) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.15 405.68 Td (0.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.50 405.73 Td (\(0.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.30 405.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 392.68 Td (Equity-accounted investments in associates) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 454.50 392.73 Td (\(0.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 468.30 392.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.50 392.73 Td (\(0.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.30 392.68 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 379.68 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.15 379.68 Td (3.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.15 379.68 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 351.05 Td (PLM reported Gross Billings of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.55 351.05 Td ($47.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.08 351.05 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.59 351.05 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.65 351.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.15 351.05 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.69 351.05 Td ( compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.72 351.05 Td ($39.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.24 351.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 335.35 Td (for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 100.02 335.35 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 180.07 335.35 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.57 335.35 Td (March31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.11 335.35 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 72 286.04863281250005 m 254.3349609375 286.04863281250005 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 287.95 Td (MEASUREMENT UNCERT) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 218.44 287.95 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 72.00 260.30 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 72.00 244.65 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 72.00 229.00 Td (been recorded. ) Tj ET Q q 0 0 0 rg BT 134.88 229.00 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 417.52 229.00 Td ($852.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.06 229.00 Td ( at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.56 229.00 Td (March31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 213.35 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.02 213.35 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 188.65 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 72.00 173.00 Td (cost, reflecting actual prices with Redemption Partners, including ) Tj ET Q q 0 0 0 rg BT 331.63 173.00 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 72.00 157.35 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 72.00 132.70 Td (Management has calculated that the cumulative ef) Tj ET Q q 0 0 0 rg BT 272.46 132.70 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 72.00 117.05 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 379.20 117.05 Td ($167.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.73 117.05 Td ( for the period in which ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 101.35 Td (the change occurred, with ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 177.56 101.35 Td ($162.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.09 101.35 Td ( relating to prior years and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.15 101.35 Td ($5.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.67 101.35 Td ( relating to the current three month ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 85.70 Td (period. ) Tj ET Q endstream endobj 81 0 obj <> endobj 82 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (39) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 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 72 673.3986328125 m 420.908203125 673.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 675.30 Td (PROVISIONS, CONTINGENT LIABILITIES ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 307.57 675.30 Td (AND GUARANTEES) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 642.40 Td (PROVISIONS) Tj ET Q BT /F5 10.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 616.00 Td (Asset Purchase ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 149.45 616.00 Td (Agreement ) 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 72.00 591.35 Td (In relation to the asset purchase and migration agreements with ) Tj ET Q q 0 0 0 rg BT 327.98 591.35 Td (TD and CIBC and the net migration of ) Tj ET Q q 0 0 0 rg BT 480.56 591.35 Td (Aeroplan-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 575.70 Td (branded credit card accounts between CIBC and ) Tj ET Q q 0 0 0 rg BT 268.45 575.70 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 72.00 560.05 Td (administrative expenses during the fourth quarter of 2013. ) Tj ET Q q 0 0 0 rg BT 304.64 560.05 Td (At this time, the provision represents management's best ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 544.35 Td (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 187.06 544.35 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 233.90 544.35 Td ( CARD ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 264.07 544.35 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 327.08 544.35 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 72.00 514.50 Td (CONTINGENT LIABILITIES ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 226.22 514.50 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 72.00 489.85 Td (Aimia has agreed to indemnify its directors and of) Tj ET Q q 0 0 0 rg BT 268.94 489.85 Td (ficers, and the directors and of) Tj ET Q q 0 0 0 rg BT 389.84 489.85 Td (ficers of its subsidiaries, to the extent ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 474.15 Td (permitted under corporate law) Tj ET Q q 0 0 0 rg BT 191.07 474.15 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 72.00 458.50 Td (administrative or investigative proceeding in which said directors or of) Tj ET Q q 0 0 0 rg BT 348.47 458.50 Td (ficers are sued as a result of their services. ) Tj ET Q q 0 0 0 rg BT 521.88 458.50 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 442.85 Td (directors and of) Tj ET Q q 0 0 0 rg BT 133.87 442.85 Td (ficers are covered by directors) Tj ET Q q 0 0 0 rg BT 256.08 442.85 Td ( and of) Tj ET Q q 0 0 0 rg BT 283.44 442.85 Td (ficers) Tj ET Q q 0 0 0 rg BT 306.61 442.85 Td ( liability insurance. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 418.20 Td (In limited circumstances, ) Tj ET Q q 0 0 0 rg BT 172.53 418.20 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 72.00 402.55 Td (performance obligations of its subsidiaries under commercial contracts. ) Tj ET Q q 0 0 0 rg BT 357.13 402.55 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.13 402.55 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.67 402.55 Td (, ) Tj ET Q q 0 0 0 rg BT 435.18 402.55 Td (Aimia) Tj ET Q q 0 0 0 rg BT 459.52 402.55 Td (s maximum ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 386.85 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 318.65 386.85 Td ($234.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.18 386.85 Td (. No amount has been recorded in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 371.20 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 72.00 346.55 Td (On July 2, 2009, ) Tj ET Q q 0 0 0 rg BT 139.54 346.55 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 72.00 330.90 Td (representative in the Superior Court of Quebec. ) Tj ET Q q 0 0 0 rg BT 263.44 330.90 Td (The motion was heard on May 9 and 10, 201) Tj ET Q q 0 0 0 rg BT 441.39 330.90 Td (1 and ) Tj ET Q q 0 0 0 rg BT 465.91 330.90 Td (Aeroplan was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 315.25 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 72.00 299.55 Td (motion for the petitioner to bring a class action. ) Tj ET Q q 0 0 0 rg BT 260.94 299.55 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 72.00 283.90 Td (could be instituted. ) Tj ET Q q 0 0 0 rg BT 149.05 283.90 Td (A) Tj ET Q q 0 0 0 rg BT 154.56 283.90 Td ( notice of the judgment authorizing the class action was published on ) Tj ET Q q 0 0 0 rg BT 430.73 283.90 Td (April 6, 2013.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 259.25 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 72.00 243.60 Td (the mileage expiry and accumulation rules of the ) Tj ET Q q 0 0 0 rg BT 267.11 243.60 Td (Aeroplan Program announced on October 16, 2006, reimbursement ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 227.95 Td (of any amounts expended by ) Tj ET Q q 0 0 0 rg BT 189.58 227.95 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 72.00 212.25 Td (an undetermined amount in exemplary damages on behalf of each class member) Tj ET Q q 0 0 0 rg BT 394.69 212.25 Td (. ) Tj ET Q q 0 0 0 rg BT 402.02 212.25 Td (The parties have agreed upon a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 196.60 Td (timetable for procedural matters leading up to readiness for trial. Management does not expect a ruling on the merits ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 180.95 Td (for at least 2 years.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 156.30 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 72.00 140.65 Td (position will be sustained, consequently) Tj ET Q q 0 0 0 rg BT 228.93 140.65 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 72.00 124.95 Td (resolution of this class action lawsuit dif) Tj ET Q q 0 0 0 rg BT 228.91 124.95 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 72.00 109.30 Td (financial position and results of operations could result.) Tj ET Q endstream endobj 83 0 obj <> endobj 84 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (40) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 Td (_____________________________________________________________________________________________________________________________________________________________) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 677.45 Td (From time to time, ) Tj ET Q q 0 0 0 rg BT 146.51 677.45 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 72.00 661.80 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 72.00 646.15 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 455.21 646.15 Td (Aimia) Tj ET Q q 0 0 0 rg BT 479.55 646.15 Td (s financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 630.50 Td (position and results of operations. ) 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 72 581.1986328125 m 162.451171875 581.1986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 583.10 Td (INCOME T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 129.77 583.10 Td (AXES) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 550.20 Td (CANADA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 123.55 550.20 Td ( REVENUE ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 187.79 550.20 Td (AGENCY) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 238.91 550.20 Td ( NOTICE OF REASSESSMENT) 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 72.00 525.55 Td (On ) Tj ET Q q 0 0 0 rg BT 86.01 525.55 Td (August 30, 2013, ) Tj ET Q q 0 0 0 rg BT 156.07 525.55 Td (Aimia received a notice of reassessment from the CRA) Tj ET Q q 0 0 0 rg BT 374.16 525.55 Td ( with respect to the taxation year ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 509.90 Td (December 31, 2008. ) Tj ET Q q 0 0 0 rg BT 158.39 509.90 Td (The reassessment relates to the timing of recognition for tax purposes of deferred revenues ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 494.25 Td (from Breakage. ) Tj ET Q q 0 0 0 rg BT 138.03 494.25 Td (Aimia recognizes the deferred revenue from Breakage for tax purposes in the same manner as for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 478.55 Td (accounting purposes. ) Tj ET Q q 0 0 0 rg BT 159.90 478.55 Td (The CRA) Tj ET Q q 0 0 0 rg BT 196.41 478.55 Td ( is of the view that ) Tj ET Q q 0 0 0 rg BT 270.45 478.55 Td (Aimia should recognize for tax purposes all of its deferred revenue ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 462.90 Td (from Breakage in the year that it is billed. ) Tj ET Q q 0 0 0 rg BT 237.42 462.90 Td (The impact of this reassessment is to increase taxable income at December ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 447.25 Td (31, 2008 by $222.5 million, representing the deferred Breakage revenue balance reflected in the accounts at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 431.60 Td (December 31, 2008, with a corresponding increase in current income tax liability of $54.0 million. Interest and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 415.95 Td (penalties of $24.0 million were also assessed.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 391.25 Td (This dif) Tj ET Q q 0 0 0 rg BT 100.85 391.25 Td (ference in income inclusion for tax purposes versus the method adopted for accounting purposes represents a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 375.60 Td (temporary dif) Tj ET Q q 0 0 0 rg BT 124.36 375.60 Td (ference which would give rise to a deferred income tax recovery asset of $43.0 million. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 350.95 Td (Management is of the view that there is a strong case to support its filed position and has contested the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 335.30 Td (reassessment through the CRA) Tj ET Q q 0 0 0 rg BT 199.56 335.30 Td ( administrative appeals procedures. On February 1) Tj ET Q q 0 0 0 rg BT 401.50 335.30 Td (1, 2014, as required under the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 319.65 Td (relevant tax laws, the Corporation issued a letter of credit to the CRA) Tj ET Q q 0 0 0 rg BT 345.14 319.65 Td ( in the amount of $41.3 million. ) Tj ET Q q 0 0 0 rg BT 470.05 319.65 Td (This letter of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 303.95 Td (credit acts as security for the reassessment and it will be released back to the Corporation upon the successful ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 288.30 Td (defence of its filing position. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 263.65 Td (Since management believes that it is more likely than not that its position will be sustained, no amounts related to this ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 248.00 Td (issue have been recorded in the financial statements as of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.64 248.00 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.18 248.00 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 72.00 215.10 Td (REVENUE QUEBEC NOTICE OF ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 256.24 215.10 Td (ASSESSMENT) 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 72.00 190.45 Td (On ) Tj ET Q q 0 0 0 rg BT 86.01 190.45 Td (August 28, 2014, ) Tj ET Q q 0 0 0 rg BT 156.07 190.45 Td (Aimia received a notice of assessment from Revenue Quebec \(RQ\) with respect to the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 174.80 Td (taxation year ended December 31, 2008. ) Tj ET Q q 0 0 0 rg BT 237.45 174.80 Td (This assessment follows the same tax treatment for deferred breakage as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 159.15 Td (assessed by the CRA) Tj ET Q q 0 0 0 rg BT 158.04 159.15 Td ( resulting in an increase in taxable income at December 31, 2008 for Quebec tax purposes of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 143.45 Td ($222.5 million with a corresponding increase in current income tax liability of $13.6 million. Interest and penalties of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 127.80 Td ($7.1 million were also assessed. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 103.15 Td (The dif) Tj ET Q q 0 0 0 rg BT 99.35 103.15 Td (ference in income inclusion for tax purposes versus the method adopted for accounting purposes represents a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 87.50 Td (temporary dif) Tj ET Q q 0 0 0 rg BT 124.36 87.50 Td (ference which would give rise to a deferred income tax recovery asset of $15.6 million.) Tj ET Q endstream endobj 85 0 obj <> endobj 86 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (41) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 Td (_____________________________________________________________________________________________________________________________________________________________) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 677.45 Td (The appeal filed by management contesting the similar reassessment issued by CRA) Tj ET Q q 0 0 0 rg BT 410.17 677.45 Td ( has been recorded by RQ. On ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 661.80 Td (September 16, 2014, as required under tax laws, the Corporation deposited $20.7 million with RQ to act as security ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 646.15 Td (for the assessment. ) Tj ET Q q 0 0 0 rg BT 152.87 646.15 Td (This deposit will be repaid to the Corporation upon the successful defence of its filing position ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 630.50 Td (and is included in income taxes receivable. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 605.85 Td (Management believes that it is more likely than not that its position will be sustained. ) 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 72 556.5486328125 m 262.001953125 556.5486328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 558.45 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 136.44 558.45 Td ( CARD ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 177.33 558.45 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 72.00 530.75 Td (On September 16, 2013, ) Tj ET Q q 0 0 0 rg BT 172.57 530.75 Td (Aimia entered into ten-year financial credit card agreements with each of ) Tj ET Q q 0 0 0 rg BT 463.56 530.75 Td (TD Bank Group ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 515.10 Td (\("TD"\) and Canadian Imperial Bank of Commerce \("CIBC"\), ef) Tj ET Q q 0 0 0 rg BT 317.70 515.10 Td (fective from January 1, 2014. Under these agreements ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 499.45 Td (TD became ) Tj ET Q q 0 0 0 rg BT 120.52 499.45 Td (Aeroplan's primary financial services partner and credit card issuer) Tj ET Q q 0 0 0 rg BT 385.36 499.45 Td (, while CIBC continues to be an issuer ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 483.80 Td (of ) Tj ET Q q 0 0 0 rg BT 81.51 483.80 Td (Aeroplan credit cards. ) Tj ET Q q 0 0 0 rg BT 171.39 483.80 Td (The financial credit card agreement with ) Tj ET Q q 0 0 0 rg BT 333.31 483.80 Td (TD includes a $100.0 million upfront contribution ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 468.15 Td (payable by ) Tj ET Q q 0 0 0 rg BT 117.87 468.15 Td (TD to ) Tj ET Q q 0 0 0 rg BT 141.88 468.15 Td (Aimia to help fund program enhancements ef) Tj ET Q q 0 0 0 rg BT 321.32 468.15 Td (fective as of January 1, 2014. ) Tj ET Q q 0 0 0 rg BT 441.23 468.15 Td (The contribution was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 452.45 Td (received in full on January 2, 2014, and consequently recorded in deferred revenue. ) Tj ET Q q 0 0 0 rg BT 408.05 452.45 Td (The contribution is recognized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 436.80 Td (as revenue over the term of the agreement in accordance with ) Tj ET Q q 0 0 0 rg BT 321.64 436.80 Td (Aimia's accounting policy for the sale of Loyalty Units ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 421.15 Td (which is described under ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 173.55 421.15 Td (Note 2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 200.07 421.15 Td ( of the Corporation's audited consolidated financial statements for the year ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 405.50 Td (December 31, 2014.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 377.85 Td (On September 16, 2013, ) Tj ET Q q 0 0 0 rg BT 172.57 377.85 Td (Aimia also entered into an asset purchase agreement with ) Tj ET Q q 0 0 0 rg BT 406.54 377.85 Td (TD and CIBC. ) Tj ET Q q 0 0 0 rg BT 464.89 377.85 Td (These agreements ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 362.15 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 72.00 346.50 Td (2013. Pursuant to this agreement, ) Tj ET Q q 0 0 0 rg BT 209.92 346.50 Td (TD acquired on December 27, 2013 approximately half of the ) Tj ET Q q 0 0 0 rg BT 455.56 346.50 Td (Aeroplan credit card ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 330.85 Td (portfolio from CIBC and CIBC retained the balance, comprised of ) Tj ET Q q 0 0 0 rg BT 332.63 330.85 Td (Aeroplan cardholders who have broader banking ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 315.20 Td (relationships with CIBC. ) Tj ET Q q 0 0 0 rg BT 172.04 315.20 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 72.00 299.55 Td (Aeroplan card portfolio to ) Tj ET Q q 0 0 0 rg BT 174.90 299.55 Td (TD, was made by ) Tj ET Q q 0 0 0 rg BT 246.92 299.55 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 72.00 283.85 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 72.00 268.20 Td (agreement. Depending on the net migration of ) Tj ET Q q 0 0 0 rg BT 257.63 268.20 Td (Aeroplan-branded credit card accounts between CIBC and ) Tj ET Q q 0 0 0 rg BT 493.10 268.20 Td (TD over ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 252.55 Td (the first five years of the agreement \(meaning the net amount of cardholders retained by CIBC who choose to move ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 236.90 Td (to ) Tj ET Q q 0 0 0 rg BT 81.84 236.90 Td (TD and the cardholders purchased by ) Tj ET Q q 0 0 0 rg BT 234.77 236.90 Td (TD who choose to move to CIBC\), ) Tj ET Q q 0 0 0 rg BT 373.66 236.90 Td (TD, ) Tj ET Q q 0 0 0 rg BT 390.16 236.90 Td (Aimia and CIBC have agreed to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 221.25 Td (make payments of up to $400.0 million. ) Tj ET Q q 0 0 0 rg BT 230.59 221.25 Td (Aimia will be responsible for) Tj ET Q q 0 0 0 rg BT 341.64 221.25 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 72.00 205.55 Td (these payments over five years. During the fourth quarter of 2013, a provision totaling $50.0 million was recorded, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 189.90 Td (representing management) Tj ET Q q 0 0 0 rg BT 178.90 189.90 Td (s best estimate of the anticipated net migration of ) Tj ET Q q 0 0 0 rg BT 377.02 189.90 Td (Aeroplan-branded credit card accounts ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 174.25 Td (between CIBC and ) Tj ET Q q 0 0 0 rg BT 149.88 174.25 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 72.00 158.60 Td (model. ) Tj ET Q q 0 0 0 rg BT 101.35 158.60 Td (There was no adjustment made to this provision during the year ended December 31, 2014 and the three ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 142.95 Td (months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.54 142.95 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 194.08 142.95 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 275.12 142.95 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 316.64 142.95 Td ( section for more information. In accordance with the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 127.25 Td (migration agreement, annual payments relating to the net migration of the ) Tj ET Q q 0 0 0 rg BT 366.68 127.25 Td (Aeroplan-branded credit card accounts are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 111.60 Td (to be made each subsequent year) Tj ET Q q 0 0 0 rg BT 207.60 111.60 Td (, with the first payment being due in 2015.) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (42) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 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 72 673.3986328125 m 279.984375 673.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 675.30 Td (TRANSACTIONS WITH ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 204.21 675.30 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 72.00 647.65 Td (Aeroplan has entered into various agreements with ) Tj ET Q q 0 0 0 rg BT 277.12 647.65 Td (Air Canada governing the commercial relationship between ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 631.95 Td (Aeroplan and ) Tj ET Q q 0 0 0 rg BT 127.55 631.95 Td (Air Canada, which are described in ) Tj ET Q q 0 0 0 rg BT 269.13 631.95 Td (Aimia's ) Tj ET Q q 0 0 0 rg BT 299.85 631.95 Td (Annual Information Form dated March20, 2015.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 607.30 Td (Air Canada is one of ) Tj ET Q q 0 0 0 rg BT 155.55 607.30 Td (Aimia's largest ) Tj ET Q q 0 0 0 rg BT 215.79 607.30 Td (Accumulation Partners, representing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.87 607.30 Td (1) Tj ET Q q 0 0 0 rg BT 368.20 607.30 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.21 607.30 Td (% of Gross Billings for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.25 607.30 Td (three months ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 589.90 Td (ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.03 589.90 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 99.53 589.90 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.07 589.90 Td (, compared to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.09 589.90 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 219.59 589.90 Td (8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.60 589.90 Td (% of Gross Billings for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.64 589.90 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.69 589.90 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 413.20 589.90 Td (March31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.73 589.90 Td (, or 10% of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 574.25 Td (Gross Billings excluding the $100.0 million upfront contribution received from ) Tj ET Q q 0 0 0 rg BT 379.49 574.25 Td (TD. Under the CPSA, ) Tj ET Q q 0 0 0 rg BT 467.53 574.25 Td (AirCanada's ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 558.60 Td (annual commitment, which is based on 85% of the average total ) Tj ET Q q 0 0 0 rg BT 329.15 558.60 Td (Aeroplan Miles issued in respect of ) Tj ET Q q 0 0 0 rg BT 470.72 558.60 Td (AirCanada ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 542.95 Td (flights or ) Tj ET Q q 0 0 0 rg BT 108.02 542.95 Td (Air Canada airline af) Tj ET Q q 0 0 0 rg BT 189.40 542.95 Td (filiate products and services in the three preceding calendar years, is estimated to be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 527.25 Td ($21) Tj ET Q q 0 0 0 rg BT 86.35 527.25 Td (1.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.87 527.25 Td ( for 2015. ) Tj ET Q q 0 0 0 rg BT 166.90 527.25 Td (AirCanada, including other Star ) Tj ET Q q 0 0 0 rg BT 296.47 527.25 Td (Alliance partners, is ) Tj ET Q q 0 0 0 rg BT 377.01 527.25 Td (Aimia's largest Redemption Partner) Tj ET Q q 0 0 0 rg BT 517.79 527.25 Td (. For ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 511.60 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 87.01 511.60 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 167.07 511.60 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.57 511.60 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 232.11 511.60 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.61 511.60 Td (45) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 249.62 511.60 Td (% of total reported cost of rewards and direct costs was paid to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 495.95 Td (AirCanada, in connection with rewards purchased from ) Tj ET Q q 0 0 0 rg BT 295.11 495.95 Td (AirCanada and other airlines \(Star ) Tj ET Q q 0 0 0 rg BT 435.69 495.95 Td (Alliance Partners\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 480.30 Td (compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.53 480.30 Td (47) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 134.54 480.30 Td (% for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 173.06 480.30 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.11 480.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.61 480.30 Td (March31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.15 480.30 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 72.00 447.40 Td (CONT) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 105.11 447.40 Td (ACT CENTRE EMPLOYEES ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 263.34 447.40 Td (AND PENSION TRANSFER ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 418.24 447.40 Td (AGREEMENT) 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 72.00 419.75 Td (As a result of the termination of the General Services ) Tj ET Q q 0 0 0 rg BT 285.11 419.75 Td (Agreement dated May 13, 2005, ef) Tj ET Q q 0 0 0 rg BT 423.54 419.75 Td (fective January 1, 2005 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 404.10 Td (between ) Tj ET Q q 0 0 0 rg BT 108.03 404.10 Td (Air Canada and ) Tj ET Q q 0 0 0 rg BT 172.58 404.10 Td (Aeroplan \(the GSA\), all obligations under the GSA, including the special payments in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 388.45 Td (respect of pension plans in which the assigned employees under the GSA) Tj ET Q q 0 0 0 rg BT 365.68 388.45 Td ( participated have ceased.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 363.75 Td (In June 2009, the Corporation implemented a defined benefit pension plan as a result of the termination of the GSA) Tj ET Q q 0 0 0 rg BT 529.80 363.75 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 348.10 Td (and the transfer of the contact centre agents. ) Tj ET Q q 0 0 0 rg BT 255.62 348.10 Td (As part of the transfer of the employees, ) Tj ET Q q 0 0 0 rg BT 417.70 348.10 Td (Aeroplan agreed to recognize ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 332.45 Td (the transferred employees' seniority and assume any excess pension obligation arising from the accumulation of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 316.80 Td (service years post termination with ) Tj ET Q q 0 0 0 rg BT 212.06 316.80 Td (Air Canada until retirement from ) Tj ET Q q 0 0 0 rg BT 341.61 316.80 Td (Aeroplan. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 292.15 Td (On June 8, 2012, ) Tj ET Q q 0 0 0 rg BT 143.06 292.15 Td (Aeroplan entered into an agreement with ) Tj ET Q q 0 0 0 rg BT 307.67 292.15 Td (Air Canada through which ) Tj ET Q q 0 0 0 rg BT 413.23 292.15 Td (Air Canada would transfer to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 276.45 Td (the ) Tj ET Q q 0 0 0 rg BT 86.52 276.45 Td (Aeroplan defined benefit pension plan all the pension plan assets and obligations related to pension benefits ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 260.80 Td (accrued by employees who were ) Tj ET Q q 0 0 0 rg BT 205.07 260.80 Td (Air Canada customer sales and service agents prior to 2009 and who were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 245.15 Td (transferred to ) Tj ET Q q 0 0 0 rg BT 127.53 245.15 Td (Aeroplan in 2009. ) Tj ET Q q 0 0 0 rg BT 200.42 245.15 Td (The transfer was subject to regulatory approval from the Of) Tj ET Q q 0 0 0 rg BT 435.37 245.15 Td (fice of the Superintendent ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 229.50 Td (of Financial Institutions \("OSFI"\) and as such, as of December31, 2013, the financial statements did not reflect ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 213.85 Td (assets and obligations in relation to this plan. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 189.15 Td (Pursuant to the agreement, ) Tj ET Q q 0 0 0 rg BT 183.07 189.15 Td (Air Canada agreed to pay ) Tj ET Q q 0 0 0 rg BT 287.64 189.15 Td (Aeroplan a compensation amount of $5.5 million in exchange ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 173.50 Td (for the transfer of the pension plan assets and obligations relating to the transferred employees. On June 18, 2012, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 157.85 Td (the compensation amount was received and recorded in deferred revenue. ) Tj ET Q q 0 0 0 rg BT 371.18 157.85 Td (A) Tj ET Q q 0 0 0 rg BT 376.69 157.85 Td ( letter of credit in the corresponding ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 142.20 Td (amount was issued by ) Tj ET Q q 0 0 0 rg BT 163.05 142.20 Td (Aeroplan in favour of ) Tj ET Q q 0 0 0 rg BT 248.11 142.20 Td (Air Canada as security for the compensation amount. On November 23, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 126.55 Td (2012, the amount was contributed to ) Tj ET Q q 0 0 0 rg BT 219.60 126.55 Td (Aeroplan's defined benefit pension plan. ) Tj ET Q endstream endobj 89 0 obj <> endobj 90 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (43) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 Td (_____________________________________________________________________________________________________________________________________________________________) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 677.45 Td (On May 29, 2014, the regulatory approval from OSFI was received and as a result the compensation amount of $5.5 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 661.80 Td (million was recognized in other revenue. ) Tj ET Q q 0 0 0 rg BT 237.09 661.80 Td (Additionally) Tj ET Q q 0 0 0 rg BT 282.45 661.80 Td (, during the second quarter of 2014, a net defined benefit asset ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 646.15 Td (of $1.1 million was recorded, with a corresponding of) Tj ET Q q 0 0 0 rg BT 281.95 646.15 Td (fset recorded in other comprehensive income. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 621.50 Td (On July 31, 2014, pursuant to the pension asset transfer agreement, the ) Tj ET Q q 0 0 0 rg BT 361.18 621.50 Td (Aeroplan defined benefit pension plan ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 605.85 Td (received a total of $68.2 million from ) Tj ET Q q 0 0 0 rg BT 218.58 605.85 Td (Air Canada, representing 95% of the estimated plan asset value at the transfer ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 590.15 Td (date. ) Tj ET Q q 0 0 0 rg BT 94.35 590.15 Td (The balance of the transfer) Tj ET Q q 0 0 0 rg BT 201.42 590.15 Td (, representing the dif) Tj ET Q q 0 0 0 rg BT 283.31 590.15 Td (ference between the final value of the assets on the transfer ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 574.50 Td (date and the funds received on July 31, 2014, was received on ) Tj ET Q q 0 0 0 rg BT 323.67 574.50 Td (August 26, 2014 and amounted to $2.9 million. ) Tj ET Q q 0 0 0 rg BT 512.14 574.50 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 558.85 Td (letter of credit issued as security for the compensation amount expired upon the completion of the transfer of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 543.20 Td (plan assets to ) Tj ET Q q 0 0 0 rg BT 129.54 543.20 Td (Aeroplan.) 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 72.00 510.30 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 72.00 482.65 Td (On March 14, 2014, as provided for in the existing CPSA, ) Tj ET Q q 0 0 0 rg BT 302.63 482.65 Td (Aeroplan and ) Tj ET Q q 0 0 0 rg BT 358.17 482.65 Td (Air Canada executed an agreement relating ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 467.00 Td (to fixed capacity redemption rates to be paid by ) Tj ET Q q 0 0 0 rg BT 262.61 467.00 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 72.00 451.35 Td (beginning January 1, 2014 through to December 31, 2016. ) Tj ET Q q 0 0 0 rg BT 307.50 451.35 Td (The outcome falls within the pre-established contractual ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 435.65 Td (parameters and is in line with ) Tj ET Q q 0 0 0 rg BT 190.56 435.65 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 72.00 402.80 Td (AIR CANADA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 147.55 402.80 Td ( W) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 161.55 402.80 Td (ARRANTS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 223.10 402.80 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 72.00 375.15 Td (In connection with the July 29, 2009 ) Tj ET Q q 0 0 0 rg BT 217.10 375.15 Td (Air Canada club loan, which was repaid on ) Tj ET Q q 0 0 0 rg BT 389.20 375.15 Td (August 3, 2010, ) Tj ET Q q 0 0 0 rg BT 454.25 375.15 Td (Air Canada issued ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 359.45 Td (warrants to the lenders to purchase ) Tj ET Q q 0 0 0 rg BT 215.08 359.45 Td (Air Canada Class ) Tj ET Q q 0 0 0 rg BT 287.12 359.45 Td (A) Tj ET Q q 0 0 0 rg BT 292.62 359.45 Td ( or Class B variable voting shares. ) Tj ET Q q 0 0 0 rg BT 431.19 359.45 Td (Aeroplan received ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 343.80 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 72.00 328.15 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 72.00 303.50 Td (On July 24, 2013, ) Tj ET Q q 0 0 0 rg BT 144.55 303.50 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 72.00 287.85 Td (of ) Tj ET Q q 0 0 0 rg BT 81.51 287.85 Td (Air Canada Class B shares for cash consideration of $1.9 million. On October 16, 2013, ) Tj ET Q q 0 0 0 rg BT 431.70 287.85 Td (Aimia exercised the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 272.15 Td (remaining 1,250,000 warrants at a price of $1.44 each and acquired a corresponding number of ) Tj ET Q q 0 0 0 rg BT 454.25 272.15 Td (Air Canada Class B ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 256.50 Td (shares for cash consideration of $1.8 million. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 231.85 Td (The investment in ) Tj ET Q q 0 0 0 rg BT 145.04 231.85 Td (Air Canada Class B shares is accounted for as an available-for-sale investment, measured at fair ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 216.20 Td (value with changes recognized in other comprehensive income. ) Tj ET Q q 0 0 0 rg BT 329.65 216.20 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.65 216.20 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.19 216.20 Td (, the fair value of ) Tj ET Q q 0 0 0 rg BT 471.73 216.20 Td (Air Canada ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 200.55 Td (Class B shares amounted to $31.0 million \() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 243.58 200.55 Td (December31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.63 200.55 Td (: $29.7 million\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 175.85 Td (Subsequent to March 31, 2015, ) Tj ET Q q 0 0 0 rg BT 199.59 175.85 Td (Aimia disposed of all of its ) Tj ET Q q 0 0 0 rg BT 305.64 175.85 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 72.00 160.20 Td (million.) Tj ET Q endstream endobj 91 0 obj <> endobj 92 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (44) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 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 72 673.3986328125 m 457.08984375 673.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 675.30 Td (SUMMAR) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 125.55 675.30 Td (Y) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 133.34 675.30 Td ( OF CONTRACTUAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 248.44 675.30 Td ( OBLIGA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 297.54 675.30 Td (TIONS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 337.10 675.30 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 72.00 647.65 Td (As at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 95.01 647.65 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 157.55 647.65 Td (, estimated future minimum payments under ) Tj ET Q q 0 0 0 rg BT 335.13 647.65 Td (Aimia's contractual obligations and commitments ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 631.95 Td (are as follows: ) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 71.50 612.45 147.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 218.50 612.45 46.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 264.50 612.45 45.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 309.50 612.45 46.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 355.50 612.45 46.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 401.50 612.45 46.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 447.50 612.45 46.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 493.50 612.45 46.00 -19.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 554.45 m 218.5 554.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 554.45 m 264.5 554.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 554.45 m 309.5 554.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 554.45 m 355.5 554.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 554.45 m 401.5 554.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 554.45 m 447.5 554.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 554.45 m 493.5 554.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 554.45 m 539.5 554.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 489.45 m 309.5 489.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 489.45 m 355.5 489.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 489.45 m 401.5 489.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 489.45 m 447.5 489.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 489.45 m 493.5 489.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 489.45 m 539.5 489.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 489.45 m 218.5 489.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 489.45 m 264.5 489.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 489.45 m 309.5 489.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 489.45 m 355.5 489.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 489.45 m 401.5 489.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 489.45 m 447.5 489.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 489.45 m 493.5 489.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 489.45 m 539.5 489.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 437.45 m 309.5 437.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 437.45 m 355.5 437.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 437.45 m 401.5 437.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 437.45 m 447.5 437.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 437.45 m 493.5 437.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 437.45 m 539.5 437.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 437.45 m 218.5 437.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 437.45 m 264.5 437.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 437.45 m 309.5 437.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 437.45 m 355.5 437.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 437.45 m 401.5 437.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 437.45 m 447.5 437.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 437.45 m 493.5 437.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 437.45 m 539.5 437.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 424.45 m 218.5 424.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 406.45 m 218.5 406.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 404.45 m 218.5 404.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 424.45 m 264.5 424.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 406.45 m 264.5 406.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 404.45 m 264.5 404.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 424.45 m 309.5 424.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 406.45 m 309.5 406.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 404.45 m 309.5 404.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 424.45 m 355.5 424.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 406.45 m 355.5 406.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 404.45 m 355.5 404.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 424.45 m 401.5 424.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 406.45 m 401.5 406.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 404.45 m 401.5 404.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 424.45 m 447.5 424.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 406.45 m 447.5 406.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 404.45 m 447.5 404.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 424.45 m 493.5 424.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 406.45 m 493.5 406.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 404.45 m 493.5 404.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 424.45 m 539.5 424.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 406.45 m 539.5 406.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 404.45 m 539.5 404.45 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 74.00 601.15 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 244.10 600.93 Td (Total) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 288.20 600.93 Td (2015) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 334.20 600.93 Td (2016) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 380.20 600.93 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 426.20 600.93 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 472.20 600.93 Td (2019) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 499.05 600.93 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 74.00 584.93 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 74.00 571.93 Td (Long-term debt) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 241.25 571.98 Td (650.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 298.25 571.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 344.25 571.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 378.25 571.98 Td (200.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 424.25 571.98 Td (200.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.25 571.98 Td (250.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.25 571.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 558.93 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 167.83 562.74 Td (\(a\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 241.25 558.98 Td (119.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 290.70 558.93 Td (25.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 336.70 558.98 Td (37.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.70 558.98 Td (30.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 428.70 558.98 Td (18.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.15 558.93 Td (7.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.25 558.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 545.93 Td (Total long-term debt and interest) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 241.25 545.98 Td (769.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 290.70 545.93 Td (25.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 336.70 545.98 Td (37.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 378.25 545.98 Td (230.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 424.25 545.98 Td (218.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.25 545.98 Td (257.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.25 545.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 532.93 Td (Operating leases) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 241.25 532.98 Td (157.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 290.70 532.93 Td (15.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 336.70 532.98 Td (18.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.70 532.98 Td (18.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 428.70 532.98 Td (16.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 474.70 532.98 Td (15.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.70 532.98 Td (73.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 519.93 Td (Technology infrastructure and other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 245.70 519.93 Td (26.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 290.70 519.93 Td (11.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.15 519.93 Td (7.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.15 519.93 Td (4.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 433.15 519.93 Td (1.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.15 519.93 Td (0.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.25 519.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 506.93 Td (Marketing support and other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 241.25 506.98 Td (265.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 290.70 506.93 Td (24.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 336.70 506.98 Td (42.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.70 506.98 Td (47.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 428.70 506.98 Td (44.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 474.70 506.98 Td (34.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.70 506.98 Td (72.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 493.68 Td (Purchase obligation under the CPSA) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 234.60 493.93 Td (2,337.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 286.25 493.98 Td (265.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.25 493.98 Td (460.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 378.25 493.98 Td (460.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 424.25 493.98 Td (460.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.25 493.98 Td (460.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.25 493.98 Td (230.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 74.00 480.93 Td (Contractual Obligations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.60 480.93 Td (3,556.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.25 480.98 Td (343.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.25 480.98 Td (566.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.25 480.98 Td (761.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.25 480.98 Td (741.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.25 480.98 Td (767.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.25 480.98 Td (375.5) 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 74.00 454.93 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 74.00 441.93 Td (Letters of Credit and Surety Bonds) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 245.70 441.93 Td (63.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 295.15 441.98 Td (5.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 336.70 441.98 Td (57.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.15 441.93 Td (0.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 433.15 441.93 Td (0.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.25 441.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.25 441.93 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 74.00 428.93 Td (Commitments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 245.70 428.93 Td (63.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.15 428.98 Td (5.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.70 428.98 Td (57.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.15 428.93 Td (0.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 428.93 Td (0.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.25 428.93 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.25 428.93 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 74.00 416.13 Td (Total Contractual Obligations and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 74.00 408.13 Td (Commitments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.60 412.93 Td (3,619.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.25 412.98 Td (348.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.25 412.98 Td (623.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.25 412.98 Td (761.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.25 412.98 Td (742.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.25 412.98 Td (767.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.25 412.98 Td (375.5) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 387.35 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 387.35 Td (Includes interest on the Revolving Facility) Tj ET Q q 0 0 0 rg BT 254.59 387.35 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 477.39 387.35 Td (Credit Facilities ) Tj ET Q BT /F4 8.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 108.00 377.75 Td (and Long-T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 148.18 377.75 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 181.08 377.75 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 353.10 Td (Under the terms of certain contractual obligations with a major ) Tj ET Q q 0 0 0 rg BT 321.12 353.10 Td (Accumulation Partner) Tj ET Q q 0 0 0 rg BT 406.67 353.10 Td (, ) Tj ET Q q 0 0 0 rg BT 411.17 353.10 Td (Aimia is required to maintain ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 337.45 Td (certain minimum working capital amounts in accordance with pre-established formulae. ) Tj ET Q q 0 0 0 rg BT 422.66 337.45 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.67 337.45 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.20 337.45 Td (, ) Tj ET Q q 0 0 0 rg BT 500.71 337.45 Td (Aimia ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 321.80 Td (complied with all such covenants. ) Tj ET Q endstream endobj 93 0 obj <> endobj 94 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (45) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 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 72 673.3986328125 m 168.005859375 673.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 675.30 Td (CAPIT) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 107.11 675.30 Td (AL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 122.89 675.30 Td ( ST) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 141.34 675.30 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 72.00 647.65 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 647.65 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 145.54 647.65 Td (, ) Tj ET Q q 0 0 0 rg BT 150.05 647.65 Td (Aimia had ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 192.57 647.65 Td (168,796,701) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 242.62 647.65 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 72.00 631.95 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 72.00 616.30 Td ($1,810.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.04 616.30 Td (. In addition, there were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 231.60 616.30 Td (10,784,778) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 276.64 616.30 Td ( stock options issued and outstanding under the ) Tj ET Q q 0 0 0 rg BT 469.27 616.30 Td (Aimia Long-T) Tj ET Q q 0 0 0 rg BT 521.80 616.30 Td (erm ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 600.65 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 72.00 567.75 Td (NORMAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 124.44 567.75 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 72.00 540.10 Td (On May 13, 2014, ) Tj ET Q q 0 0 0 rg BT 145.55 540.10 Td (Aimia received approval from the ) Tj ET Q q 0 0 0 rg BT 279.44 540.10 Td (T) Tj ET Q q 0 0 0 rg BT 283.94 540.10 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 72.00 524.45 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 72.00 508.80 Td (May 15, 2015.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 484.15 Td (From May 16, 2014 to December31, 2014, ) Tj ET Q q 0 0 0 rg BT 246.09 484.15 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 72.00 468.45 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 72.00 452.80 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 72.00 437.15 Td ($18.3 million and the remaining $1) Tj ET Q q 0 0 0 rg BT 208.92 437.15 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 72.00 412.50 Td (From January 1, 2015 to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 172.55 412.50 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.09 412.50 Td (, ) Tj ET Q q 0 0 0 rg BT 239.59 412.50 Td (Aimia repurchased 3,315,520 common shares for a total consideration of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 396.85 Td ($44.4 million. Of this total, 3,071,705 common shares have been paid and cancelled during the period, representing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 381.15 Td ($41.3 million. Share capital was reduced by $29.3 million and the remaining $15.1 million was accounted for as a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 365.50 Td (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 72.00 332.65 Td (PREFERRED SHARES, SERIES 1 ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 262.93 332.65 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 72.00 304.95 Td (On February 27, 2015, ) Tj ET Q q 0 0 0 rg BT 164.56 304.95 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 72.00 289.30 Td (Preferred Shares on March 31, 2015. ) Tj ET Q q 0 0 0 rg BT 222.59 289.30 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 72.00 273.65 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 72.00 258.00 Td (Series 2 Preferred Shares on March 31, 2015. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 230.35 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 72.00 214.65 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 72.00 199.00 Td (are entitled to receive quarterly floating rate, cumulative, preferential cash dividends, calculated on the basis of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 183.35 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 72.00 167.70 Td (Directors of ) Tj ET Q q 0 0 0 rg BT 120.01 167.70 Td (Aimia, subject to the provisions of the CBCA. ) Tj ET Q q 0 0 0 rg BT 303.93 167.70 Td (The dividend rate for the floating rate period from and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 152.05 Td (including March31, 2015 to, but excluding June30, 2015, will be 4.217%, being 3.75% over the 90-day Government ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 136.35 Td (of Canada ) Tj ET Q q 0 0 0 rg BT 115.87 136.35 Td (T) Tj ET Q q 0 0 0 rg BT 121.03 136.35 Td (reasury Bill yield, as determined in accordance with the terms of the Series 2 Preferred Shares.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 108.70 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 93.05 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 77.40 Td (declared by the Board of Directors of ) Tj ET Q q 0 0 0 rg BT 220.58 77.40 Td (Aimia, subject to the provisions of the CBCA. ) Tj ET Q q 0 0 0 rg BT 402.00 77.40 Td (The dividend rate for the five-year ) Tj ET Q endstream endobj 95 0 obj <> endobj 96 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (46) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 Td (_____________________________________________________________________________________________________________________________________________________________) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 677.45 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 72.00 661.80 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 72.00 646.15 Td (Shares. ) 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 72.00 613.25 Td (PREFERRED SHARES, SERIES 3) 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 72.00 585.60 Td (On January 15, 2014, pursuant to a prospectus supplement dated January 8, 2014, ) Tj ET Q q 0 0 0 rg BT 408.23 585.60 Td (Aimia issued 6,000,000 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 569.95 Td (Cumulative Rate Reset Preferred Shares, Series 3 \(the "Series 3 Preferred Shares"\), including 1,000,000 Series 3 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 554.30 Td (Preferred Shares that were issued upon the exercise in full of the underwriters' option to purchase additional shares, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 538.65 Td (for total cash consideration of $146.0 million, net of issue costs of $4.0 million. ) Tj ET Q q 0 0 0 rg BT 384.67 538.65 Td (Additionally) Tj ET Q q 0 0 0 rg BT 430.03 538.65 Td (, a related income tax ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 522.95 Td (recovery of $1.0 million was recorded. Holders of the Series 3 Preferred Shares will be entitled to receive, as and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 507.30 Td (when declared, a cumulative quarterly fixed dividend yielding 6.25% annually for the initial five-year period, subject to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 491.65 Td (a rate reset on March 31, 2019 and every five years thereafter at a rate equal to the 5-year Government of Canada ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 476.00 Td (bond yield plus 4.20%. ) Tj ET Q q 0 0 0 rg BT 164.90 476.00 Td (The net proceeds of the issue were used by ) Tj ET Q q 0 0 0 rg BT 341.51 476.00 Td (Aimia to supplement its financial resources and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 460.35 Td (for general corporate purposes. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 432.65 Td (Holders of Series 3 Preferred Shares will have the right, at their option, to convert their shares into cumulative floating ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 417.00 Td (rate preferred shares, series 4 \(the Series 4 Preferred Shares\), subject to certain conditions, on March 31, 2019 and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 401.35 Td (on March 31 every five years thereafter) Tj ET Q q 0 0 0 rg BT 228.08 401.35 Td (. Holders of the Series 4 Preferred Shares will be entitled to receive ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 385.70 Td (cumulative quarterly floating rate dividends at a rate equal to the three-month Government of Canada ) Tj ET Q q 0 0 0 rg BT 477.07 385.70 Td (T) Tj ET Q q 0 0 0 rg BT 482.23 385.70 Td (reasury Bill ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 370.05 Td (yield plus 4.20%. ) 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 72 317.7486328125 m 140.677734375 317.7486328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 319.65 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 72.00 291.95 Td (Quarterly dividends declared to common shareholders of ) Tj ET Q q 0 0 0 rg BT 300.12 291.95 Td (Aimia during the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 367.66 291.95 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.71 291.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.21 291.95 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.75 291.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 276.30 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.02 276.30 Td ( were as follows:) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 71.50 253.80 211.00 -20.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 282.50 253.80 128.00 -20.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 410.50 253.80 129.00 -20.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 71.50 233.80 211.00 -20.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 282.50 233.80 64.00 -20.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 346.50 233.80 64.00 -20.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 410.50 233.80 64.00 -20.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 474.50 233.80 65.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 282.50 213.80 64.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 213.80 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 71.5 200.79999999999995 m 282.5 200.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 200.79999999999995 m 346.5 200.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 200.79999999999995 m 410.5 200.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 200.79999999999995 m 474.5 200.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 200.79999999999995 m 539.5 200.79999999999995 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 337.10 241.78 Td (2015) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 461.30 241.78 Td (2014 ) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 1 1 1 rg BT 481.32 245.59 Td (\(a\)) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 74.00 222.00 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 315.40 221.78 Td (Amount) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 361.65 225.48 Td (Per common) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 386.95 217.48 Td (share) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 443.40 221.78 Td (Amount) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 490.65 225.48 Td (Per common) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 515.95 217.48 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 74.00 205.28 Td (March) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 327.70 205.33 Td (30.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 391.70 205.33 Td (0.18) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.70 205.33 Td (29.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.70 205.33 Td (0.17) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 182.70 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 108.00 182.70 Td (On May 13, 2014, the Board of Directors of ) Tj ET Q q 0 0 0 rg BT 262.30 182.70 Td (Aimia approved an increase to the common share dividend from $0.17 to ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 173.10 Td ($0.18 per share per quarter) Tj ET Q q 0 0 0 rg BT 204.95 173.10 Td (.) Tj ET Q endstream endobj 97 0 obj <> endobj 98 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (47) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 Td (_____________________________________________________________________________________________________________________________________________________________) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 677.45 Td (Quarterly dividends declared to preferred shareholders) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 290.12 677.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 292.62 677.45 Td (of ) Tj ET Q q 0 0 0 rg BT 302.13 677.45 Td (Aimia during the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.66 677.45 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.72 677.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.22 677.45 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.76 677.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 661.80 Td (2014) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 92.02 661.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.52 661.80 Td (were as follows:) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 71.50 639.30 211.00 -20.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 282.50 639.30 128.00 -20.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 410.50 639.30 129.00 -20.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 71.50 619.30 211.00 -20.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 282.50 619.30 64.00 -20.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 346.50 619.30 64.00 -20.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 410.50 619.30 64.00 -20.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 474.50 619.30 65.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 282.50 599.30 64.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 599.30 64.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 282.50 586.30 64.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 586.30 64.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 282.50 573.30 64.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 573.30 64.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 282.50 560.30 64.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 346.50 560.30 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 71.5 547.3 m 282.5 547.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 547.3 m 346.5 547.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 547.3 m 410.5 547.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 547.3 m 474.5 547.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 547.3 m 539.5 547.3 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 337.10 627.28 Td (2015) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 465.60 627.28 Td (2014) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 74.00 607.50 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 315.40 607.28 Td (Amount) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 359.85 610.98 Td (Per preferred) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 386.95 602.98 Td (share) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 443.40 607.28 Td (Amount) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 488.85 610.98 Td (Per preferred) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 515.95 602.98 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 74.00 590.78 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 74.00 577.78 Td (March) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.15 577.78 Td (2.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 378.30 577.78 Td (0.40625) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.15 577.78 Td (2.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 507.35 577.83 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 74.00 564.78 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 74.00 551.78 Td (March) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.15 551.78 Td (2.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 373.90 551.78 Td (0.390625) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.15 551.78 Td (1.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.90 551.78 Td (0.321100) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 523.15 Td (The dividend policy is subject to the discretion of the Board of Directors of ) Tj ET Q q 0 0 0 rg BT 367.15 523.15 Td (Aimia and may vary depending on, among ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 507.50 Td (other things, ) Tj ET Q q 0 0 0 rg BT 123.53 507.50 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 72.00 491.85 Td (the Canada Business Corporations ) Tj ET Q q 0 0 0 rg BT 213.59 491.85 Td (Act \(the CBCA\) for the declaration of dividends and other conditions existing at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 476.15 Td (such future time. ) Tj ET Q q 0 0 0 rg BT 143.37 476.15 Td (The Series 1 Preferred Shares, outstanding at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.47 476.15 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.01 476.15 Td ( bear a 4.5% annual cumulative ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 460.50 Td (dividend or $0.28125 per preferred share per quarter) Tj ET Q q 0 0 0 rg BT 281.64 460.50 Td (. ) Tj ET Q q 0 0 0 rg BT 286.48 460.50 Td (The Series 2 Preferred Shares, outstanding at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.58 460.50 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.12 460.50 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 444.85 Td (bear a 4.217% annual cumulative dividend or $0.2635625 per preferred share per quarter) Tj ET Q q 0 0 0 rg BT 427.74 444.85 Td (. ) Tj ET Q q 0 0 0 rg BT 432.58 444.85 Td (The Series 3 Preferred ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 429.20 Td (Shares, issued on January 15, 2014, bear a 6.25% annual cumulative dividend or $0.390625 per preferred share per ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 413.55 Td (quarter) Tj ET Q q 0 0 0 rg BT 100.02 413.55 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 385.85 Td (On ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 86.51 385.85 Td (May14, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.04 385.85 Td (, the Board of Directors of ) Tj ET Q q 0 0 0 rg BT 245.59 385.85 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 72.00 370.20 Td ($0.72 to $0.76 per share and declared quarterly dividends of $0.19 per common share, $0.28125 per Series 1 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 354.55 Td (preferred share, $0.2635625 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 72.00 338.90 Td (payable on June 30, 2015. ) 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 72 280.0986328125 m 312.01171875 280.0986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 282.00 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 72.00 254.35 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 462.93 254.35 Td ($0.10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.46 254.35 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 505.47 254.35 Td ($\(0.13\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.99 254.35 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 238.70 Td (for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 100.02 238.70 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 180.07 238.70 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.57 238.70 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.11 238.70 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.13 238.70 Td (March31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.67 238.70 Td (, respectively) Tj ET Q q 0 0 0 rg BT 379.52 238.70 Td (. Earnings \(loss\) per share are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 223.05 Td (calculated after deducting dividends declared on preferred shares.) Tj ET Q endstream endobj 99 0 obj <> endobj 100 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (48) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 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 72 673.3986328125 m 206.689453125 673.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 675.30 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 72.00 647.65 Td (Subsequent to March 31, 2015, ) Tj ET Q q 0 0 0 rg BT 199.59 647.65 Td (Aimia repurchased 5,375,906 common shares for a total consideration of $72.1 million.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 622.95 Td (On May 5, 2015, ) Tj ET Q q 0 0 0 rg BT 140.54 622.95 Td (Aimia concluded an amendment to its existing credit facility with its lending syndicate, extending the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 607.30 Td (term of its revolving facility by one year to ) Tj ET Q q 0 0 0 rg BT 239.07 607.30 Td (April 23, 2019 and increasing the leverage ratio maximum from 3.00 to 3.50.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 582.65 Td (On May 14, 2015, ) Tj ET Q q 0 0 0 rg BT 145.55 582.65 Td (Aimia received approval from the ) Tj ET Q q 0 0 0 rg BT 279.44 582.65 Td (T) Tj ET Q q 0 0 0 rg BT 283.94 582.65 Td (oronto Stock Exchange for the renewal of its NCIB to purchase up ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 567.00 Td (to 16,346,860 of its issued and outstanding common shares during the period from May20, 2015 to no later than May ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 551.35 Td (19, 2016.) 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 72 495.5486328125 m 294.234375 495.5486328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 497.45 Td (CHANGES IN ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 150.23 497.45 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 72.00 469.80 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 72.00 440.40 Td (IAS 19 ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 104.43 440.40 Td (Amendment, Employee Contributions to Defined Benefit Plans) 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 72.00 415.75 Td (IAS 19- ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 104.52 415.75 Td (Employee Benefits ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.06 415.75 Td (was amended to clarify its application to plans that require employees or third parties to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 400.05 Td (contribute towards the cost of benefits. ) Tj ET Q q 0 0 0 rg BT 228.42 400.05 Td (The amendment allows contributions that are linked to service, and do not ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 384.40 Td (vary with the length of employee service, to be deducted from the cost of benefits earned in the period that the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 368.75 Td (service is provided. ) Tj ET Q q 0 0 0 rg BT 151.37 368.75 Td (The Corporation determined that the adoption of the amended standard had no impact on its ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 353.10 Td (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 72.00 323.70 Td (IFRS 8 ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 105.53 323.70 Td (Amendment, ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 164.63 323.70 Td (Aggregation of Operating Segments and Reconciliation of Segment ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 465.00 323.70 Td (Assets) 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 72.00 299.05 Td (IFRS 8- ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 105.50 299.05 Td (Operating Segments ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.55 299.05 Td (was amended to require disclosure of judgments made by management in aggregating ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 283.35 Td (segments and the reconciliation of segment assets to the entity) Tj ET Q q 0 0 0 rg BT 324.98 283.35 Td (s assets if reported. ) Tj ET Q q 0 0 0 rg BT 405.85 283.35 Td (The Corporation determined that ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 267.70 Td (the 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 72.00 241.30 Td (IAS 24 ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 104.43 241.30 Td (Amendment, Key Management Personnel) 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 72.00 216.65 Td (IAS 24- ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 104.52 216.65 Td (Related Party Disclosures) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.05 216.65 Td ( was amended to revise the definition of related party and clarify certain ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 201.00 Td (disclosures. ) Tj ET Q q 0 0 0 rg BT 121.86 201.00 Td (The Corporation determined that the adoption of the amended standard had no impact on its ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 185.35 Td (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 72.00 158.95 Td (IFRS 3 ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 105.53 158.95 Td (Amendment, Business Combinations) 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 72.00 134.25 Td (IFRS 3- ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 105.50 134.25 Td (Business Combinations ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 202.05 134.25 Td (was amended to clarify the scope exemption for joint arrangements.The Corporation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 118.60 Td (determined that the adoption of the amended standard had no impact on its consolidated financial statements.) Tj ET Q endstream endobj 101 0 obj <> endobj 102 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (49) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 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 72 673.3986328125 m 283.107421875 673.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 675.30 Td (CRITICAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 127.78 675.30 Td ( ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 130.66 675.30 Td (ACCOUNTING ESTIMA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 259.77 675.30 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 72.00 647.65 Td (Please refer to ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 133.03 647.65 Td (Note 2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 159.55 647.65 Td ( of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 187.07 647.65 Td (December31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 266.12 647.65 Td ( audited consolidated financial statements of ) Tj ET Q q 0 0 0 rg BT 445.23 647.65 Td (Aimia and the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 631.95 Td (corresponding section of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 187.57 631.95 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 207.59 631.95 Td ( MD&A) Tj ET Q q 0 0 0 rg BT 235.60 631.95 Td ( to review ) Tj ET Q q 0 0 0 rg BT 276.12 631.95 Td (Aimia's critical accounting estimates.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 607.30 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 72.00 591.65 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 72.00 576.00 Td (based upon the information available. ) Tj ET Q q 0 0 0 rg BT 226.44 576.00 Td (These estimates, judgments and assumptions af) Tj ET Q q 0 0 0 rg BT 419.38 576.00 Td (fect the reported amounts of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 560.35 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 72.00 544.65 Td (reported amounts of revenues and expenses during the reporting period. ) Tj ET Q q 0 0 0 rg BT 365.69 544.65 Td (Actual results can dif) Tj ET Q q 0 0 0 rg BT 448.57 544.65 Td (fer from those ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 529.00 Td (estimates \(refer to ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 147.02 529.00 Td (Caution regarding forward-looking information) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 329.62 529.00 Td (\). Significant estimates made in the preparation of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 513.35 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 72.00 497.70 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 72.00 482.05 Td (particularly future cash flows and cost of capital, the carrying value of financial instruments recorded at fair value and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 466.35 Td (contingencies. ) 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 72 410.5986328125 m 256.23046875 410.5986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 412.50 Td (CONTROLS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 142.22 412.50 Td (AND PROCEDURES) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 386.10 Td (DISCLOSURE CONTROLS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 224.23 386.10 Td (AND PROCEDURES ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 341.13 386.10 Td (AND INTERNAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 430.90 386.10 Td ( CONTROLS OVER ) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 371.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 136.44 371.70 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 72.00 344.05 Td (The Corporation has adopted disclosure controls and procedures that were designed by the Group Chief Executive ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 328.35 Td (\("GCE"\), in the capacity of Chief Executive Of) Tj ET Q q 0 0 0 rg BT 253.30 328.35 Td (ficer) Tj ET Q q 0 0 0 rg BT 269.80 328.35 Td (, and CFO, with management's assistance, in order to provide ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 312.70 Td (reasonable assurance that they are made aware of material information. ) Tj ET Q q 0 0 0 rg BT 363.99 312.70 Td (The Corporation has also adopted internal ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 297.05 Td (controls over financial reporting to provide reasonable assurance regarding the reliability of financial reporting and the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 281.40 Td (preparation of financial statements in accordance with IFRS. During the interim period ended on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.71 281.40 Td (March31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.25 281.40 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 265.75 Td (there were no changes in the Corporation's internal controls over financial reporting that have significantly af) Tj ET Q q 0 0 0 rg BT 501.80 265.75 Td (fected, or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 250.05 Td (are reasonably likely to significantly af) Tj ET Q q 0 0 0 rg BT 222.91 250.05 Td (fect, ) Tj ET Q q 0 0 0 rg BT 241.92 250.05 Td (Aimia's internal controls over financial reporting.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 225.40 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 72.00 209.75 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 72.00 194.10 Td (ef) Tj ET Q q 0 0 0 rg BT 79.34 194.10 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 72.00 178.45 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 72.00 153.75 Td (The ) Tj ET Q q 0 0 0 rg BT 89.51 153.75 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 72.00 138.10 Td (Board of Directors of ) Tj ET Q q 0 0 0 rg BT 156.54 138.10 Td (Aimia approved these documents prior to their release.) 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Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 607.30 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 444.50 607.30 Td (fect the business, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.65 Td (please refer to the corresponding sections in the 2014 MD&A) Tj ET Q q 0 0 0 rg BT 314.64 591.65 Td ( and ) Tj ET Q q 0 0 0 rg BT 334.16 591.65 Td (Aimia's ) Tj ET Q q 0 0 0 rg BT 364.89 591.65 Td (Annual Information Form dated March 20, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 576.00 Td (2015.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 551.35 Td (The risks described therein may not be the only risks faced by ) Tj ET Q q 0 0 0 rg BT 320.62 551.35 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 72.00 535.65 Td (are deemed immaterial may surface and have a material adverse impact on ) Tj ET Q q 0 0 0 rg BT 375.15 535.65 Td (Aimia's results of operations and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 520.00 Td (financial condition.) 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310.03 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 146.15 313.84 Td (\(c\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.50 310.08 Td (\(1.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.30 310.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 504.05 310.08 Td (\(23.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 522.30 310.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 296.03 Td (Non-controlling interests share on adjustments above) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.15 296.03 Td (0.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.50 296.08 Td (\(0.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 522.30 296.03 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 282.03 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 163.01 285.84 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.70 282.08 Td (30.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 506.70 282.08 Td (88.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 268.03 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 225.74 271.84 Td (\(a\)\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.70 268.08 Td (0.15) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 506.70 268.08 Td (0.48) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 243.30 Td (\(a\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 243.30 Td (A) Tj ET Q q 0 0 0 rg BT 121.59 243.30 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 159.39 243.30 Td ( measurement.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 228.30 Td (\(b\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 228.30 Td (After deducting dividends declared on preferred shares.) 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Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 558.75 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 558.75 Td (Includes third party Gross Billings of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 219.83 558.75 Td ($161.0 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 269.20 558.75 Td ( in the UK and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.12 558.75 Td ($43.4 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 367.03 558.75 Td ( in the US for the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.29 558.75 Td (three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.45 558.75 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.67 558.75 Td (March31, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 549.15 Td (2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 107.80 549.15 Td (, compared to third party Gross Billings of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 256.75 549.15 Td ($156.7 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 306.11 549.15 Td ( in the UK and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 359.03 549.15 Td ($55.6 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 403.95 549.15 Td ( in the US for the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.20 549.15 Td (three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.36 549.15 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 539.55 Td (March31, 2014) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 145.59 539.55 Td (. ) Tj ET Q q 0 0 0 rg BT 149.89 539.55 Td (Third party Gross Billings are attributed to a country on the basis of the country where the contractual and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 529.95 Td (management responsibility for the customer resides.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 511.35 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 511.35 Td (Includes a $100.0 million upfront contribution received on January 2, 2014 from ) Tj ET Q q 0 0 0 rg BT 372.25 511.35 Td (TD to help fund ) Tj ET Q q 0 0 0 rg BT 428.73 511.35 Td (Aeroplan's program ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 501.75 Td (enhancements.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 483.15 Td (\(d\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 483.15 Td (Includes the upfront contribution received on January 2, 2014 from ) Tj ET Q q 0 0 0 rg BT 327.33 483.15 Td (TD totaling $73.4 million, net of an income tax expense of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 473.55 Td ($26.6 million.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 454.95 Td (\(e\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 454.95 Td (The harmonized sales tax of $22.5 million related to the CIBC Payment made on December 27, 2013 was collected during the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 445.35 Td (first quarter of 2014.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 426.75 Td (\(f\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 426.75 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 90.00 417.15 Td (of loss carry back applied in Canada) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 398.55 Td (\(g\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 398.55 Td (A) Tj ET Q q 0 0 0 rg BT 94.89 398.55 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 135.21 398.55 Td ( measurement.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 379.95 Td (\(h\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 379.95 Td (Represents the variance on a constant currency basis.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 361.35 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 72 333.36552734375 m 115.14453125 333.36552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 334.95 Td (CANADA) 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 72.00 316.35 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 316.35 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 320.79 316.35 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 306.75 Td (technology) Tj ET Q q 0 0 0 rg BT 128.10 306.75 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 288.15 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 288.15 Td (Includes a $100.0 million upfront contribution received on January 2, 2014 from ) Tj ET Q q 0 0 0 rg BT 372.25 288.15 Td (TD to help fund ) Tj ET Q q 0 0 0 rg BT 428.73 288.15 Td (Aeroplan's program ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 278.55 Td (enhancements.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 259.95 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 259.95 Td (A) Tj ET Q q 0 0 0 rg BT 94.89 259.95 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 135.21 259.95 Td ( measurement.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 241.35 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 72 213.36552734375005 m 100.7060546875 213.36552734375005 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 214.95 Td (EMEA) 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 72.00 196.35 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 196.35 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 320.79 196.35 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 186.75 Td (technology) Tj ET Q q 0 0 0 rg BT 128.10 186.75 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 168.15 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 168.15 Td (Includes third party Gross Billings of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 219.83 168.15 Td ($161.0 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 269.20 168.15 Td ( in the UK for the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 331.45 168.15 Td (three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 402.61 168.15 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 404.83 168.15 Td (March31, 2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.42 168.15 Td (, compared to third ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 158.55 Td (party Gross Billings of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 170.03 158.55 Td ($156.7 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 219.39 158.55 Td ( in the UK for the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 281.64 158.55 Td (three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.80 158.55 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 355.03 158.55 Td (March31, 2014) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.62 158.55 Td (. ) Tj ET Q q 0 0 0 rg BT 414.92 158.55 Td (Third party Gross Billings are ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 148.95 Td (attributed to a country on the basis of the country where the contractual and management responsibility for the customer ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 139.35 Td (resides.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 120.75 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 120.75 Td (A) Tj ET Q q 0 0 0 rg BT 94.89 120.75 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 135.21 120.75 Td ( measurement.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 102.15 Td (\(d\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 102.15 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 83.55 Td (** Information not meaningful or not applicable.) Tj ET Q endstream endobj 107 0 obj <> endobj 108 0 obj <> stream BT /F3 8.00 Tf ET q 0 0 0 rg BT 535.10 773.70 Td (52) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 72.50 766.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72.50 740.10 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 326.21 740.10 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.13 740.10 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.78 740.10 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.50 719.70 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 163.79 719.70 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.99 719.70 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 365.90 719.70 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 479.87 719.70 Td (TIONS) Tj ET Q BT /F1 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.50 712.50 Td (_____________________________________________________________________________________________________________________________________________________________) 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 72 675.16552734375 m 125.8916015625 675.16552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 676.75 Td (US & ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 98.30 676.75 Td (AP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 111.45 676.75 Td (AC) 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 72.00 658.15 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 658.15 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 320.79 658.15 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 648.55 Td (technology) Tj ET Q q 0 0 0 rg BT 128.10 648.55 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 629.95 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 629.95 Td (Includes third party Gross Billings of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 219.83 629.95 Td ($43.4 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 264.75 629.95 Td ( in the US for the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 327.00 629.95 Td (three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.16 629.95 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.38 629.95 Td (March31, 2015) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.97 629.95 Td (, compared to third ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 620.35 Td (party Gross Billings of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 170.03 620.35 Td ($55.6 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 214.94 620.35 Td ( in the US for the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 277.20 620.35 Td (three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.36 620.35 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 350.58 620.35 Td (March31, 2014) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.17 620.35 Td (. ) Tj ET Q q 0 0 0 rg BT 410.47 620.35 Td (Third party Gross Billings are ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 610.75 Td (attributed to a country on the basis of the country where the contractual and management responsibility for the customer ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 601.15 Td (resides.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 582.55 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 582.55 Td (Ef) Tj ET Q q 0 0 0 rg BT 97.41 582.55 Td (fective January 1, 2015, the financial position and operating results of operations in India are now reported under the US & ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 572.95 Td (AP) Tj ET Q q 0 0 0 rg BT 100.08 572.95 Td (AC segment. Previously) Tj ET Q q 0 0 0 rg BT 184.85 572.95 Td (, the financial position and operating results of operations in India were reported under Corporate. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 563.35 Td (The comparative information has been restated to conform with the current year presentation.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 544.75 Td (\(d\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 544.75 Td (A) Tj ET Q q 0 0 0 rg BT 94.89 544.75 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 135.21 544.75 Td ( measurement.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 526.15 Td (\(e\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 526.15 Td (Represents the variance on a constant currency basis.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 507.55 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 72 479.56552734375 m 135.1494140625 479.56552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 481.15 Td (CORPORA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 122.37 481.15 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 72.00 462.55 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 462.55 Td (Includes expenses that are not directly attributable to any specific operating segment. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 443.95 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 443.95 Td (Ef) Tj ET Q q 0 0 0 rg BT 97.41 443.95 Td (fective January 1, 2015, the financial position and operating results of operations in India are now reported under the US & ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 434.35 Td (AP) Tj ET Q q 0 0 0 rg BT 100.08 434.35 Td (AC segment. Previously) Tj ET Q q 0 0 0 rg BT 184.85 434.35 Td (, the financial position and operating results of operations in India were reported under Corporate. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 424.75 Td (The comparative information has been restated to conform with the current year presentation.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 406.15 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 406.15 Td (A) Tj ET Q q 0 0 0 rg BT 94.89 406.15 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 135.21 406.15 Td ( measurement.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 387.55 Td (** Information not meaningful or not applicable.) 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 72 321.5486328125 m 232.875 321.5486328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 323.45 Td (ADDITIONAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 145.78 323.45 Td ( INFORMA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 204.21 323.45 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 72.00 295.80 Td (Additional information relating to ) Tj ET Q q 0 0 0 rg BT 202.58 295.80 Td (Aimia and its operating businesses, including ) Tj ET Q q 0 0 0 rg BT 384.19 295.80 Td (Aimia's Management Information ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 280.15 Td (Circular and ) Tj ET Q q 0 0 0 rg BT 122.52 280.15 Td (Annual Information Form, respectively dated March12 and March 20, 2015, is available on SEDAR at ) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 0.94 w 0 i [] 0 d 1 J 1 j 3 M 72 263.073974609375 m 139.693359375 263.073974609375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 264.50 Td (www) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 92.67 264.50 Td (.sedar) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 118.69 264.50 Td (.com) 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 139.69 264.50 Td ( or on ) Tj ET Q q 0 0 0 rg BT 164.71 264.50 Td (Aimia's website at ) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 0.94 w 0 i [] 0 d 1 J 1 j 3 M 238.95703125 263.073974609375 m 306.14501953125 263.073974609375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 238.96 264.50 Td (www) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 259.62 264.50 Td (.aimia.com) 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 306.15 264.50 Td ( under Investors.) 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