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(A) Tj ET Q q 0 0 0 rg BT 99.00 103.35 Td (TIONS ) Tj ET Q q 0 0 0 rg BT 128.58 103.35 Td (T) Tj ET Q q 0 0 0 rg BT 133.92 103.35 Td (O FINANCIAL) Tj ET Q q 0 0 0 rg BT 190.18 103.35 Td ( ) Tj ET Q q 0 0 0 rg BT 192.43 103.35 Td (T) Tj ET Q q 0 0 0 rg BT 197.52 103.35 Td (ABLES) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 84.35 Td (ADDITIONAL) Tj ET Q q 0 0 0 rg BT 128.67 84.35 Td ( INFORMA) Tj ET Q q 0 0 0 rg BT 172.00 84.35 Td (TION) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.45 643.35 Td (3) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.45 624.35 Td (5) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.45 605.35 Td (6) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.45 586.35 Td (7) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.30 567.35 Td (1) Tj ET Q q 0 0 0 rg BT 520.64 567.35 Td (1) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 548.35 Td (16) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 529.35 Td (17) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 502.35 Td (18) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 483.35 Td (20) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 464.35 Td (29) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 445.35 Td (38) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 426.35 Td (43) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 407.35 Td (45) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 388.35 Td (49) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 369.35 Td (51) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 350.35 Td (52) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 331.35 Td (55) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 312.35 Td (56) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 293.35 Td (56) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 274.35 Td (58) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 255.35 Td (59) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 236.35 Td (59) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 217.35 Td (60) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 198.35 Td (67) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 179.35 Td (68) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 160.35 Td (68) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 141.35 Td (69) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 122.35 Td (70) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 103.35 Td (74) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 84.35 Td (76) Tj ET Q BT /F3 9.00 Tf ET endstream endobj 9 0 obj <> endobj 10 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 534.55 750.73 Td (3) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 138.7880859375 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (GLOSSAR) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 130.89 666.30 Td (Y) Tj ET Q BT /F2 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 640.80 Td ("Accumulation Partners") Tj ET Q BT /F3 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 179.06 640.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 181.56 640.80 Td (- means Commercial Partners that purchase coalition loyalty services, including Loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (Units;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 607.80 Td ("Aeroplan" ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 122.04 607.80 Td (- means ) Tj ET Q q 0 0 0 rg BT 156.56 607.80 Td (Aimia 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 72.00 586.30 Td ("Aeroplan Miles") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 144.55 586.30 Td ( - means the miles issued by ) Tj ET Q q 0 0 0 rg BT 260.60 586.30 Td (Aeroplan under the ) Tj ET Q q 0 0 0 rg BT 339.16 586.30 Td (Aeroplan Program;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 564.80 Td ("Aeroplan Program") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 159.05 564.80 Td ( - means the coalition loyalty program owned and operated by ) Tj ET Q q 0 0 0 rg BT 407.20 564.80 Td (Aeroplan;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 543.30 Td ("Aimia" or the "Corporation") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 195.07 543.30 Td ( - means ) Tj ET Q q 0 0 0 rg BT 232.09 543.30 Td (Aimia Inc., and where the context requires, includes its subsidiaries and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 529.80 Td (af) Tj ET Q q 0 0 0 rg BT 79.34 529.80 Td (filiates;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 508.30 Td ("ALP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 94.10 508.30 Td ( - Enterprise" ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 153.39 508.30 Td (- means the ) Tj ET Q q 0 0 0 rg BT 202.91 508.30 Td (Aimia Loyalty Platform - Enterprise \(formerly known as the ) Tj ET Q q 0 0 0 rg BT 437.00 508.30 Td (Aimia Loyalty Platform or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 494.80 Td (ALP\);) 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 72.00 473.30 Td ("ALP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 94.10 473.30 Td ( - SAAS" ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 133.88 473.30 Td (- means the ) Tj ET Q q 0 0 0 rg BT 183.40 473.30 Td (Aimia Loyalty Platform - SAAS \(formerly known as the Smart Button platform\);) 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 72.00 451.80 Td ("Aimia Middle East") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 157.55 451.80 Td ( - means ) Tj ET Q q 0 0 0 rg BT 194.57 451.80 Td (Aimia Middle East Free Zone LLC \(formerly known as Rewards Management Middle ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 438.30 Td (East Free Zone LLC or RMMEL\), the company that owns and operates the ) Tj ET Q q 0 0 0 rg BT 371.15 438.30 Td (Air Miles Middle East 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 72.00 416.80 Td ("A) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 82.43 416.80 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 259.74 416.80 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 72.00 403.30 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 72.00 381.80 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 121.06 381.80 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 72.00 368.30 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 72.00 354.80 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.05 354.80 Td ( is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 140.55 354.80 Td (13%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 158.56 354.80 Td ( \() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 164.06 354.80 Td (June30, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.11 354.80 Td (: 13%\), and is calculated based on the total Loyalty Units outstanding under the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 341.30 Td (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 72.00 319.80 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 173.05 319.80 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 72.00 298.30 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 136.55 298.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 139.05 298.30 Td (- means the ) Tj ET Q q 0 0 0 rg BT 188.58 298.30 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 72.00 276.80 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 187.55 276.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.05 276.80 Td (- means the provision in relation to the net migration of ) Tj ET Q q 0 0 0 rg BT 409.17 276.80 Td (Aeroplan-branded credit card ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 263.30 Td (accounts between CIBC and ) Tj ET Q q 0 0 0 rg BT 188.41 263.30 Td (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 72.00 241.80 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 124.05 241.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.55 241.80 Td (- means Cardlytics, Inc., ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 225.58 248.35 7.51 -8.45 re f /GS0 gs q 0 0 0 rg BT 225.58 241.80 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.09 241.80 Td (publicly traded ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 293.62 248.35 81.54 -8.45 re f /GS0 gs q 0 0 0 rg BT 293.62 241.80 Td (US-based company ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.16 241.80 Td (that makes marketing more relevant and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 228.30 Td (measurable through their purchase intelligence platform;) 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 72.00 206.80 Td ("CGU") 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 100.53 206.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 103.03 206.80 Td (- means cash-generating unit;) 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 72.00 185.30 Td ("Change in Future Redemption Costs") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 236.54 185.30 Td ( - means the change in the estimated Future Redemption Cost liability for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 171.80 Td (any quarter \(for interim periods\) or fiscal year \(for annual reporting purposes\). For the purposes of this calculation, the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 158.30 Td (opening balance of the Future Redemption Cost liability is revalued by retroactively applying to all prior periods the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 144.80 Td (latest available ) Tj ET Q q 0 0 0 rg BT 133.54 144.80 Td (A) Tj ET Q q 0 0 0 rg BT 139.38 144.80 Td (verage Cost of Rewards per Loyalty Unit, experienced during the most recent quarter \(for interim ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 131.30 Td (periods\) or fiscal year \(for annual reporting purposes\). It is calculated by multiplying the change in estimated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 117.80 Td (Unbroken Loyalty Units outstanding between periods by the ) Tj ET Q q 0 0 0 rg BT 311.65 117.80 Td (A) Tj ET Q q 0 0 0 rg BT 317.49 117.80 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 96.30 Td ("Commercial Partners") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 171.07 96.30 Td ( - means ) Tj ET Q q 0 0 0 rg BT 208.09 96.30 Td (Accumulation Partners and Redemption Partners;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 74.80 Td ("CRA" ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 102.53 74.80 Td (- means the Canada Revenue ) Tj ET Q q 0 0 0 rg BT 224.61 74.80 Td (Agency;) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 534.55 750.73 Td (4) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 668.45 Td ("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 138.56 668.45 Td ( - means the ) Tj ET Q q 0 0 0 rg BT 190.58 668.45 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 72.00 654.95 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 72.00 633.45 Td ("Future Redemption Costs") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 190.54 633.45 Td ( - means the total estimated liability of the future costs of rewards for Loyalty Units ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 619.95 Td (which have been sold and remain outstanding, net of Breakage and valued at the ) Tj ET Q q 0 0 0 rg BT 397.23 619.95 Td (A) Tj ET Q q 0 0 0 rg BT 403.07 619.95 Td (verage Cost of Rewards per ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 606.45 Td (Loyalty Unit, experienced during the most recent rolling twelve-month 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 72.00 584.95 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 106.54 584.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.04 584.95 Td (- means generally accepted accounting principles in Canada which are in accordance with IFRS;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 563.45 Td ("Gross Billings") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 141.55 563.45 Td ( - means gross proceeds from the sale of Loyalty Units, from loyalty services, analytics and insights ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 549.95 Td (services and from other services rendered or to be rendered;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 528.45 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 270.07 528.45 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 72.00 506.95 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 101.03 506.95 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 72.00 485.45 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 93.05 485.45 Td ( - means Insight 2 Communication LLP) Tj ET Q q 0 0 0 rg BT 246.96 485.45 Td (, which was sold on January 31, 2018; ) 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 72.00 463.95 Td ("Invested Capital") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 149.55 463.95 Td ( - means the sum of net equity) Tj ET Q q 0 0 0 rg BT 269.95 463.95 Td (, deferred revenue margin, accumulated amortization of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 450.45 Td (Accumulation Partners' contracts and customer relationships, and net debt. For more information, 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 72.00 436.95 Td (PERFORMANCE INDICA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 174.34 436.95 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 179.67 436.95 Td (ORS \(INCLUDING CER) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 275.52 436.95 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 280.35 436.95 Td (AIN NON-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 345.52 436.95 Td ( FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 394.87 436.95 Td ( MEASURES\)) 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 450.88 436.95 Td ( section) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.90 436.95 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 72.00 415.45 Td ("Loyalty Units") Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 137.04 415.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 139.54 415.45 Td (- means the miles, points or other loyalty program units issued by ) Tj ET Q q 0 0 0 rg BT 401.16 415.45 Td (Aimia's subsidiaries under the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 401.95 Td (respective programs owned and operated by each of the entities;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 380.45 Td ("Nectar", "Nectar U.K." ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 173.10 380.45 Td (or the ) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 198.62 380.45 Td ("Nectar Program") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 274.68 380.45 Td ( - means the coalition loyalty program in the United Kingdom, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 366.95 Td (which was sold on January 31, 2018;) 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 72.00 345.45 Td ("PLM") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 99.53 345.45 Td ( - means PLM Premier) Tj ET Q q 0 0 0 rg BT 189.06 345.45 Td (, S.A.P) Tj ET Q q 0 0 0 rg BT 215.91 345.45 Td (.I. de C.V) Tj ET Q q 0 0 0 rg BT 252.60 345.45 Td (., together with its predecessor Premier Loyalty & Marketing, S.A.P) Tj ET Q q 0 0 0 rg BT 517.55 345.45 Td (.I. de ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 331.95 Td (C.V) Tj ET Q q 0 0 0 rg BT 86.18 331.95 Td (., owner and operator of Club Premier) Tj ET Q q 0 0 0 rg BT 236.25 331.95 Td (, a Mexican coalition loyalty program;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 310.45 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 171.55 310.45 Td ( - means Commercial Partners that of) Tj ET Q q 0 0 0 rg BT 320.94 310.45 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 72.00 296.95 Td (members upon redemption of Loyalty Units;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 275.45 Td ("ROIC") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 103.03 275.45 Td ( - means return on invested capital;) 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 72.00 253.95 Td ("Think Big") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 121.53 253.95 Td ( - means ) Tj ET Q q 0 0 0 rg BT 158.88 253.95 Td (Think Big Digital Sdn Bhd, the owner and operator of BIG, ) Tj ET Q q 0 0 0 rg BT 391.51 253.95 Td (AirAsia and ) Tj ET Q q 0 0 0 rg BT 439.88 253.95 Td (T) Tj ET Q q 0 0 0 rg BT 445.04 253.95 Td (une Group's loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 240.45 Td (program;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 218.95 Td ("T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 81.10 218.95 Td (otal Miles") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 126.37 218.95 Td ( - means all redeemable ) Tj ET Q q 0 0 0 rg BT 224.93 218.95 Td (Aeroplan Miles \(including Broken Miles but not Expired Miles\), under the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 205.45 Td (Aeroplan Program;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 183.95 Td ("T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 81.27 183.95 Td (ravel Club") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 129.05 183.95 Td ( - means ) Tj ET Q q 0 0 0 rg BT 166.06 183.95 Td (Air Miles Espaa, S.A., the owner and operator of ) Tj ET Q q 0 0 0 rg BT 366.01 183.95 Td (T) Tj ET Q q 0 0 0 rg BT 371.17 183.95 Td (ravel Club, a Spanish coalition loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 170.45 Td (program. ) Tj ET Q q 0 0 0 rg BT 110.02 170.45 Td (Aimia exited its investment in ) Tj ET Q q 0 0 0 rg BT 228.40 170.45 Td (T) Tj ET Q q 0 0 0 rg BT 233.56 170.45 Td (ravel Club in the first quarter of 2017;) 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 72.00 148.95 Td ("Unbroken Loyalty Units" ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 184.05 148.95 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 72.00 127.45 Td ("U.S. CEL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 114.11 127.45 Td ( 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 163.39 127.45 Td (- means the U.S. Channel and Employee Loyalty business, which was sold on May 1, 2017.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 534.55 750.73 Td (5) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 136.458984375 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (OVER) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 105.79 666.30 Td (VIEW) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 640.80 Td (Aimia Inc. \(Aimia or the Corporation\) was incorporated on May 5, 2008 under the ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 408.15 640.80 Td (Canada Business Corporations ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (Act) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 85.00 627.30 Td (. ) Tj ET Q q 0 0 0 rg BT 89.84 627.30 Td (The registered and head of) Tj ET Q q 0 0 0 rg BT 197.75 627.30 Td (fice of ) Tj ET Q q 0 0 0 rg BT 223.77 627.30 Td (Aimia is located at 525 V) Tj ET Q q 0 0 0 rg BT 322.66 627.30 Td (iger ) Tj ET Q q 0 0 0 rg BT 339.67 627.30 Td (A) Tj ET Q q 0 0 0 rg BT 345.51 627.30 Td (venue W) Tj ET Q q 0 0 0 rg BT 380.87 627.30 Td (est, Suite 1000, Montreal, Quebec, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 613.80 Td (Canada, H2Z 0B2.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 588.30 Td (Aimia, a data-driven marketing and loyalty analytics company) Tj ET Q q 0 0 0 rg BT 315.45 588.30 Td (, through its subsidiaries, operates in the following ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 574.80 Td (business segments: Coalitions and Insights & Loyalty Solutions \(ILS\). ) 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 72.00 547.80 Td (Coalitions) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 522.30 Td (Within the Coalitions segment, ) Tj ET Q q 0 0 0 rg BT 195.56 522.30 Td (Aimia owns and operates the ) Tj ET Q q 0 0 0 rg BT 313.63 522.30 Td (Aeroplan Program, a premier coalition loyalty program in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 508.80 Td (Canada, and the Corporation's Canadian rewards business. ) Tj ET Q q 0 0 0 rg BT 312.70 508.80 Td (The division also includes a 48.9% interest in, and joint ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 495.30 Td (control with Grupo ) Tj ET Q q 0 0 0 rg BT 147.04 495.30 Td (Aeromexico of, PLM, the owner and operator of Club Premier) Tj ET Q q 0 0 0 rg BT 390.66 495.30 Td (, a Mexican coalition loyalty program, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 481.80 Td (and an investment in) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 155.05 488.35 336.85 -8.45 re f /GS0 gs q 0 0 0 rg BT 155.05 481.80 Td ( ) Tj ET Q q 0 0 0 rg BT 157.39 481.80 Td (Think Big, the owner and operator of BIG, ) Tj ET Q q 0 0 0 rg BT 325.49 481.80 Td (AirAsia and ) Tj ET Q q 0 0 0 rg BT 373.85 481.80 Td (T) Tj ET Q q 0 0 0 rg BT 379.01 481.80 Td (une Group) Tj ET Q q 0 0 0 rg BT 423.38 481.80 Td (s loyalty program) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.90 481.80 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 72.00 454.80 Td (Insights & Loyalty Solutions) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 429.30 Td (Within the Insights & Loyalty Solutions \(ILS\) segment, ) Tj ET Q q 0 0 0 rg BT 294.10 429.30 Td (Aimia provides clients with comprehensive end-to-end loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 415.80 Td (solutions across the globe with operations in the ) Tj ET Q q 0 0 0 rg BT 265.62 415.80 Td (Americas, Europe and ) Tj ET Q q 0 0 0 rg BT 356.67 415.80 Td (Asia Pacific. ) Tj ET Q q 0 0 0 rg BT 408.02 415.80 Td (The ILS business provides ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 402.30 Td (clients with loyalty strategy) Tj ET Q q 0 0 0 rg BT 177.87 402.30 Td (, program design, implementation, campaign, analytics and rewards fulfillment, as well as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 388.80 Td (deploys ) Tj ET Q q 0 0 0 rg BT 105.02 388.80 Td (Aimia) Tj ET Q q 0 0 0 rg BT 129.37 388.80 Td (s loyalty platforms including the ) Tj ET Q q 0 0 0 rg BT 256.43 388.80 Td (Aimia Loyalty Platform - Enterprise and ) Tj ET Q q 0 0 0 rg BT 414.50 388.80 Td (Aimia Loyalty Platform - SAAS ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 375.30 Td (as part of its loyalty solutions. ) Tj ET Q q 0 0 0 rg BT 191.89 375.30 Td (The Middle East loyalty solutions business, which includes the ) Tj ET Q q 0 0 0 rg BT 441.52 375.30 Td (Air Miles Middle East ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 361.80 Td (program, as well as ) Tj ET Q q 0 0 0 rg BT 152.03 361.80 Td (Aimia's international analytics platform and services business and global product development ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 348.30 Td (activities are also included in the ILS division. ) 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 72.00 321.30 Td (Other ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 101.45 321.30 Td (Businesses) Tj ET Q 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 (Other ) Tj ET Q q 0 0 0 rg BT 97.43 295.80 Td (Businesses ) Tj ET Q q 0 0 0 rg BT 146.38 295.80 Td (include ) Tj ET Q q 0 0 0 rg BT 177.82 295.80 Td (the ) Tj ET Q q 0 0 0 rg BT 193.26 295.80 Td (results ) Tj ET Q q 0 0 0 rg BT 222.69 295.80 Td (of ) Tj ET Q q 0 0 0 rg BT 233.12 295.80 Td (the ) Tj ET Q q 0 0 0 rg BT 248.55 295.80 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 268.98 295.80 Td (Channel ) Tj ET Q q 0 0 0 rg BT 305.42 295.80 Td (and ) Tj ET Q q 0 0 0 rg BT 323.36 295.80 Td (Employee ) Tj ET Q q 0 0 0 rg BT 366.31 295.80 Td (Loyalty ) Tj ET Q q 0 0 0 rg BT 397.75 295.80 Td (\(CEL\) ) Tj ET Q q 0 0 0 rg BT 430.17 295.80 Td (business, ) Tj ET Q q 0 0 0 rg BT 471.11 295.80 Td (the ) Tj ET Q q 0 0 0 rg BT 486.54 295.80 Td (New ) Tj ET Q q 0 0 0 rg BT 507.47 295.80 Td (Zealand ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 282.30 Td (business ) Tj ET Q q 0 0 0 rg BT 109.91 282.30 Td (and ) Tj ET Q q 0 0 0 rg BT 127.32 282.30 Td (the ) Tj ET Q q 0 0 0 rg BT 142.22 282.30 Td (royalty ) Tj ET Q q 0 0 0 rg BT 171.12 282.30 Td (revenue ) Tj ET Q q 0 0 0 rg BT 206.03 282.30 Td (related ) Tj ET Q q 0 0 0 rg BT 235.94 282.30 Td (to ) Tj ET Q q 0 0 0 rg BT 245.84 282.30 Td (the ) Tj ET Q q 0 0 0 rg BT 260.74 282.30 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 301.19 282.30 Td (Air ) Tj ET Q q 0 0 0 rg BT 314.58 282.30 Td (Miles ) Tj ET Q q 0 0 0 rg BT 337.97 282.30 Td (trademarks, ) Tj ET Q q 0 0 0 rg BT 387.87 282.30 Td (until ) Tj ET Q q 0 0 0 rg BT 406.78 282.30 Td (their ) Tj ET Q q 0 0 0 rg BT 426.67 282.30 Td (respective ) Tj ET Q q 0 0 0 rg BT 470.08 282.30 Td (disposals. ) Tj ET Q q 0 0 0 rg BT 512.49 282.30 Td (Please ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 268.80 Td (refer ) Tj ET Q q 0 0 0 rg BT 93.01 268.80 Td (to ) Tj ET Q q 0 0 0 rg BT 103.01 268.80 Td (the ) Tj ET Q q 0 0 0 rg BT 118.02 268.80 Td (section ) 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 149.04 268.80 Td (Discontinued ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 203.57 268.80 Td (Operations ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 250.10 268.80 Td (and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 267.61 268.80 Td (Disposal ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 304.63 268.80 Td (of ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 314.64 268.80 Td (Businesses ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 363.16 268.80 Td (and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 380.68 268.80 Td (Other ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 405.35 268.80 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 434.86 268.80 Td (for ) Tj ET Q q 0 0 0 rg BT 447.86 268.80 Td (additional ) Tj ET Q q 0 0 0 rg BT 488.90 268.80 Td (information.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 243.30 Td (Other ) Tj ET Q q 0 0 0 rg BT 96.12 243.30 Td (businesses ) Tj ET Q q 0 0 0 rg BT 142.76 243.30 Td (also ) Tj ET Q q 0 0 0 rg BT 160.88 243.30 Td (include ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 191.02 249.85 208.98 -8.45 re f /GS0 gs q 0 0 0 rg BT 191.02 243.30 Td (minority ) Tj ET Q q 0 0 0 rg BT 224.13 243.30 Td (interests ) Tj ET Q q 0 0 0 rg BT 259.76 243.30 Td (in ) Tj ET Q q 0 0 0 rg BT 268.38 243.30 Td (Cardlytics, ) Tj ET Q q 0 0 0 rg BT 312.00 243.30 Td ( ) Tj ET Q q 0 0 0 rg BT 313.61 243.30 Td (a ) Tj ET Q q 0 0 0 rg BT 320.23 243.30 Td (US-based ) Tj ET Q q 0 0 0 rg BT 361.86 243.30 Td (company ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.99 243.30 Td (that ) Tj ET Q q 0 0 0 rg BT 416.62 243.30 Td (makes ) Tj ET Q q 0 0 0 rg BT 444.74 243.30 Td (marketing ) Tj ET Q q 0 0 0 rg BT 485.87 243.30 Td (more ) Tj ET Q q 0 0 0 rg BT 507.99 243.30 Td (relevant ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 229.80 Td (and ) Tj ET Q q 0 0 0 rg BT 89.52 229.80 Td (measurable ) Tj ET Q q 0 0 0 rg BT 139.04 229.80 Td (through ) Tj ET Q q 0 0 0 rg BT 172.07 229.80 Td (their ) Tj ET Q q 0 0 0 rg BT 192.08 229.80 Td (purchase ) Tj ET Q q 0 0 0 rg BT 231.60 229.80 Td (intelligence ) Tj ET Q q 0 0 0 rg BT 279.13 229.80 Td (platform) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 311.64 236.35 222.12 -8.45 re f /GS0 gs q 0 0 0 rg BT 311.64 229.80 Td (, ) Tj ET Q q 0 0 0 rg BT 316.64 229.80 Td (and ) Tj ET Q q 0 0 0 rg BT 334.16 229.80 Td (Fractal ) Tj ET Q q 0 0 0 rg BT 363.67 229.80 Td (Analytics, ) Tj ET Q q 0 0 0 rg BT 404.68 229.80 Td (a ) Tj ET Q q 0 0 0 rg BT 412.19 229.80 Td (provider ) Tj ET Q q 0 0 0 rg BT 447.21 229.80 Td (of ) Tj ET Q q 0 0 0 rg BT 457.21 229.80 Td (advanced ) Tj ET Q q 0 0 0 rg BT 498.74 229.80 Td (analytics) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.76 229.80 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 72.00 202.80 Td (Discontinued ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 138.11 202.80 Td (Operations ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 177.30 Td (Discontinued ) Tj ET Q q 0 0 0 rg BT 127.40 177.30 Td (operations ) Tj ET Q q 0 0 0 rg BT 172.79 177.30 Td (include ) Tj ET Q q 0 0 0 rg BT 204.68 177.30 Td (the ) Tj ET Q q 0 0 0 rg BT 220.55 177.30 Td (results ) Tj ET Q q 0 0 0 rg BT 250.42 177.30 Td (of ) Tj ET Q q 0 0 0 rg BT 261.29 177.30 Td (the ) Tj ET Q q 0 0 0 rg BT 277.17 177.30 Td (Nectar ) Tj ET Q q 0 0 0 rg BT 307.04 177.30 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 327.91 177.30 Td (coalition ) Tj ET Q q 0 0 0 rg BT 364.30 177.30 Td (loyalty ) Tj ET Q q 0 0 0 rg BT 393.17 177.30 Td (program, ) Tj ET Q q 0 0 0 rg BT 431.88 177.30 Td (Aimia) Tj ET Q q 0 0 0 rg BT 456.22 177.30 Td (s ) Tj ET Q q 0 0 0 rg BT 464.09 177.30 Td (Intelligent ) Tj ET Q q 0 0 0 rg BT 505.98 177.30 Td (Shopper ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 163.80 Td (Solutions ) Tj ET Q q 0 0 0 rg BT 112.08 163.80 Td (UK ) Tj ET Q q 0 0 0 rg BT 127.64 163.80 Td (and ) Tj ET Q q 0 0 0 rg BT 145.71 163.80 Td (Intelligent ) Tj ET Q q 0 0 0 rg BT 187.30 163.80 Td (Research ) Tj ET Q q 0 0 0 rg BT 228.87 163.80 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 279.46 163.80 Td (and ) Tj ET Q q 0 0 0 rg BT 297.53 163.80 Td (its ) Tj ET Q q 0 0 0 rg BT 309.59 163.80 Td (50% ) Tj ET Q q 0 0 0 rg BT 330.66 163.80 Td (participation ) Tj ET Q q 0 0 0 rg BT 382.24 163.80 Td (in ) Tj ET Q q 0 0 0 rg BT 392.31 163.80 Td (i2C, ) Tj ET Q q 0 0 0 rg BT 411.37 163.80 Td (a ) Tj ET Q q 0 0 0 rg BT 419.43 163.80 Td (joint ) Tj ET Q q 0 0 0 rg BT 439.00 163.80 Td (venture ) Tj ET Q q 0 0 0 rg BT 472.07 163.80 Td (with ) Tj ET Q q 0 0 0 rg BT 491.14 163.80 Td (Sainsbury) Tj ET Q q 0 0 0 rg BT 532.99 163.80 Td (s, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 150.30 Td (until ) Tj ET Q q 0 0 0 rg BT 91.05 150.30 Td (their ) Tj ET Q q 0 0 0 rg BT 111.09 150.30 Td (disposal. ) Tj ET Q q 0 0 0 rg BT 149.15 150.30 Td (Please ) Tj ET Q q 0 0 0 rg BT 179.21 150.30 Td (refer ) Tj ET Q q 0 0 0 rg BT 200.25 150.30 Td (to ) Tj ET Q q 0 0 0 rg BT 210.29 150.30 Td (the ) Tj ET Q q 0 0 0 rg BT 225.34 150.30 Td (section ) 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 256.39 150.30 Td (Discontinued ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 310.96 150.30 Td (Operations ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.52 150.30 Td (and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 375.08 150.30 Td (Disposal ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 412.13 150.30 Td (of ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 422.17 150.30 Td (Businesses ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 470.73 150.30 Td (and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 488.29 150.30 Td (Other ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 512.99 150.30 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 72.00 136.80 Td (for ) Tj ET Q q 0 0 0 rg BT 85.00 136.80 Td (additional ) Tj ET Q q 0 0 0 rg BT 126.04 136.80 Td (information. ) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 534.55 750.73 Td (6) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 163.34765625 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (OUR BUSINESS) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 640.80 Td (W) Tj ET Q q 0 0 0 rg BT 80.33 640.80 Td (e provide our clients with the customer insights they need to make smarter business decisions and build relevant ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (and rewarding one-to-one relationships to the benefit of both their business and customers. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 604.80 Td (W) Tj ET Q q 0 0 0 rg BT 80.33 604.80 Td (e do this through permission-based data analytics for the programs we run for ourselves and for our clients -) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.30 Td (drawing insights from all the customer interactions collected by individual companies, financial institutions and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 577.80 Td (through loyalty rewards programs. Our data analysts find hidden patterns and actionable insights to help marketers ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 564.30 Td (work more ef) Tj ET Q q 0 0 0 rg BT 123.85 564.30 Td (fectively and get more value from their resources.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 541.80 Td (W) Tj ET Q q 0 0 0 rg BT 80.33 541.80 Td (e help our clients make business personal, providing their customers with experiences and interactions that are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 528.30 Td (uniquely relevant and rewarding.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 505.80 Td (T) Tj ET Q q 0 0 0 rg BT 76.50 505.80 Td (o do this we have developed advanced technology platforms and operational experience. Our experts use those ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 492.30 Td (tools and experience to evolve and improve our of) Tj ET Q q 0 0 0 rg BT 270.96 492.30 Td (fering, for the benefit of our clients, partners and our company) Tj ET Q q 0 0 0 rg BT 518.93 492.30 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 469.80 Td (There are three main ways that our clients work with us:) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 447.30 Td (Coalition Loyalty) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 424.80 Td (A) Tj ET Q q 0 0 0 rg BT 77.51 424.80 Td ( coalition program is one that brings together many partners in a loyalty rewards program. Partners benefit from the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 411.30 Td (insights gained from a more complete picture of customer behaviour and preferences they get from pooling data, and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 397.80 Td (members of the program benefit from an ability to collect and redeem rewards in multiple ways. ) 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 72.00 375.30 Td (Loyalty Solutions) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 352.80 Td (While coalition programs connect many partners under one rewards umbrella, ) Tj ET Q q 0 0 0 rg BT 383.65 352.80 Td (Aimia also provides individual ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 339.30 Td (companies with loyalty programs and support. ) Tj ET Q q 0 0 0 rg BT 257.09 339.30 Td (Aimia) Tj ET Q q 0 0 0 rg BT 281.43 339.30 Td (s loyalty service experts design, launch and operate client ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 325.80 Td (programs, and advance existing programs leveraging our technology platforms, and our digital, mobile and analytical ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 312.30 Td (expertise.) 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 72.00 289.80 Td (Analytics and Insights) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 267.30 Td (For both coalition programs we own and operate and loyalty programs we manage on behalf of clients, we draw ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 253.80 Td (insights from the data created. In addition, we provide analytics and insights services to other clients. By looking at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 240.30 Td (the transactional, behavioural and contextual data that is collected through our programs and technology) Tj ET Q q 0 0 0 rg BT 487.10 240.30 Td (, our data ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 226.80 Td (analysts find hidden patterns and insights that marketers use to better predict customer behaviours. Using those ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 213.30 Td (findings, our programs and our clients can provide relevant of) Tj ET Q q 0 0 0 rg BT 315.97 213.30 Td (fers that will influence customer behaviourfrom the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 199.80 Td (companies they do business with and for the products and services they buy) Tj ET Q q 0 0 0 rg BT 375.50 199.80 Td (. ) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 534.55 750.73 Td (7) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 512.220703125 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (PERFORMANCE INDICA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 209.78 666.30 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 216.89 666.30 Td (ORS \(INCLUDING CERT) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 352.00 666.30 Td (AIN NON-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 441.11 666.30 Td ( FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 508.89 666.30 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 649.9986328125 m 144.005859375 649.9986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 651.90 Td (MEASURES\)) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 621.90 Td (GROSS BILLINGS) Tj ET Q BT /F5 10.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 597.90 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 572.40 Td (Aimia derives cash inflows from the sale of Loyalty Units to ) Tj ET Q q 0 0 0 rg BT 308.10 572.40 Td (Accumulation Partners with respect to its coalition loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 558.90 Td (programs. ) Tj ET Q q 0 0 0 rg BT 114.85 558.90 Td (These inflows are referred to as Gross Billings from the sale of Loyalty Units.) Tj ET Q BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 534.90 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 509.40 Td (Aimia also derives cash inflows from loyalty services rendered or to be rendered to customers, from analytics and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 495.90 Td (insights services, as well as various other loyalty related services. ) Tj ET Q q 0 0 0 rg BT 337.94 495.90 Td (These inflows are referred to as Gross Billings ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 482.40 Td (from Loyalty Services and Other.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 459.90 Td (When ) Tj ET Q q 0 0 0 rg BT 97.51 459.90 Td (Aimia determines that it acts as an agent when providing loyalty services and other) Tj ET Q q 0 0 0 rg BT 426.69 459.90 Td (, Gross Billings from Loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 446.40 Td (Services and Other are recognized on a net basis.) 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 72.00 416.40 Td (OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 113.78 416.40 Td (TING INCOME) Tj ET Q BT /F5 10.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 392.40 Td (Revenue) Tj ET Q BT /F5 10.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 94.50 368.40 Td (Coalition Loyalty ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 94.50 342.90 Td (A) Tj ET Q q 0 0 0 rg BT 100.01 342.90 Td ( key characteristic of ) Tj ET Q q 0 0 0 rg BT 184.04 342.90 Td (Aimia's multi-partner or shared currency loyalty programs business is that the gross ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 329.40 Td (proceeds received from the sale of Loyalty Units to partners, known as "Gross Billings from the sale of Loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 315.90 Td (Units, are deferred and recognized as revenue upon the redemption of Loyalty Units by the members. Based ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 302.40 Td (upon past experience, management anticipates that a number of Loyalty Units sold will never be redeemed by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 288.90 Td (members. ) Tj ET Q q 0 0 0 rg BT 136.85 288.90 Td (This is known as Breakage. For those Loyalty Units that ) Tj ET Q q 0 0 0 rg BT 366.95 288.90 Td (Aimia does not expect will be redeemed by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 275.40 Td (members, ) Tj ET Q q 0 0 0 rg BT 136.51 275.40 Td (Aimia recognizes revenue based on the number of Loyalty Units redeemed in a period in relation to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 261.90 Td (the total number expected to be redeemed. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 239.40 Td (When ) Tj ET Q q 0 0 0 rg BT 120.01 239.40 Td (Aimia acts as principal in the delivery of the rewards to the members, revenue from Loyalty Units are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 225.90 Td (recognized on a gross basis. When ) Tj ET Q q 0 0 0 rg BT 237.08 225.90 Td (Aimia acts as an agent in the delivery of the rewards to the members, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 212.40 Td (revenue from Loyalty Units are recognized on a net basis.) 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 94.50 188.40 Td (Loyalty Services and Other) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 94.50 162.90 Td (Aimia derives loyalty services fees related to direct marketing, sales promotion and the design, development ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 149.40 Td (and administration of loyalty programs on behalf of its clients, as well as from software of) Tj ET Q q 0 0 0 rg BT 447.00 149.40 Td (fered as a service. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 135.90 Td (These loyalty service fees are included in Gross Billings and recognized as revenue when the amount, stage of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 122.40 Td (completion and costs for the service can be measured reliably and it is probable that the economic benefits ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 108.90 Td (associated with the service will be realized.) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 534.55 750.73 Td (8) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 668.45 Td (When ) Tj ET Q q 0 0 0 rg BT 120.01 668.45 Td (Aimia determines that it acts as an agent when providing loyalty services and other) Tj ET Q q 0 0 0 rg BT 449.19 668.45 Td (, revenue from Loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 654.95 Td (Services and Other are recognized on a net basis.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 632.45 Td (Loyalty services and other revenue also include:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 608.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.00 608.45 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 126.00 594.95 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 126.00 581.45 Td (investment; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 566.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.00 566.45 Td (charges to coalition loyalty members for various services; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 551.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.00 551.45 Td (loyalty industry related business know-how) Tj ET Q q 0 0 0 rg BT 296.09 551.45 Td (, trademarks and expertise, including royalties earned with ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.00 537.95 Td (respect to the ) Tj ET Q q 0 0 0 rg BT 182.54 537.95 Td (Air Miles trademark until its disposal in ) Tj ET Q q 0 0 0 rg BT 337.59 537.95 Td (August 2017; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 522.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.00 522.95 Td (the management of ) Tj ET Q q 0 0 0 rg BT 205.55 522.95 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 90.00 500.45 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 90.00 486.95 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 72.00 462.95 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 72.00 437.45 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 72.00 423.95 Td (in order to deliver rewards chosen by members upon redemption of their Loyalty Units. ) Tj ET Q q 0 0 0 rg BT 420.67 423.95 Td (At that time, the costs of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 410.45 Td (chosen rewards are incurred and recognized. When ) Tj ET Q q 0 0 0 rg BT 280.62 410.45 Td (Aimia acts as an agent in the delivery of the rewards to the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 396.95 Td (members, the cost of rewards is recorded against deferred revenue. ) Tj ET Q q 0 0 0 rg BT 344.97 396.95 Td (The total cost of rewards varies with the number ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 383.45 Td (of Loyalty Units redeemed and the cost of the individual rewards purchased in connection with such redeemed ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 369.95 Td (Loyalty Units.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 347.45 Td (The ) Tj ET Q q 0 0 0 rg BT 89.51 347.45 Td (A) Tj ET Q q 0 0 0 rg BT 95.35 347.45 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 72.00 333.95 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 72.00 311.45 Td (Direct costs consist of those costs directly attributable to the delivery of loyalty services and analytics and insights ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 297.95 Td (services. Direct costs include labour) Tj ET Q q 0 0 0 rg BT 215.06 297.95 Td (, technology and commissions.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 275.45 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 72.00 261.95 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 72.00 231.95 Td (ADJUSTED EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 206.45 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 141.53 206.45 Td ( is not a measurement based on GAAP) Tj ET Q q 0 0 0 rg BT 296.46 206.45 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 72.00 192.95 Td (earnings in measuring performance, and is not comparable to similar measures used by other issuers. Management ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 179.45 Td (does not believe that ) Tj ET Q q 0 0 0 rg BT 157.06 179.45 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 226.60 179.45 Td ( has an appropriate directly comparable GAAP) Tj ET Q q 0 0 0 rg BT 412.04 179.45 Td ( measure. However) Tj ET Q q 0 0 0 rg BT 489.57 179.45 Td (, a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 165.95 Td (reconciliation to operating income is provided. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 143.45 Td (Unless otherwise noted, ) Tj ET Q q 0 0 0 rg BT 170.06 143.45 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 239.59 143.45 Td ( for the current and comparable periods exclude the results of discontinued ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 129.95 Td (operations.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 107.45 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 141.53 107.45 Td ( is used by management to evaluate performance and to measure compliance with debt covenants. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 93.95 Td (Management believes ) Tj ET Q q 0 0 0 rg BT 162.06 93.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 231.59 93.95 Td ( assists investors in comparing ) Tj ET Q q 0 0 0 rg BT 356.14 93.95 Td (Aimia's performance on a consistent basis ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 80.45 Td (without regard to depreciation and amortization and impairment charges related to non-financial assets, which are ) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 534.55 750.73 Td (9) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (non-cash in nature and can vary significantly depending on accounting methods, and non-operating factors such as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (historical cost. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 632.45 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 141.53 632.45 Td ( is operating income adjusted to exclude depreciation, amortization and impairment charges related ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 618.95 Td (to non-financial assets, as well as adjusted for certain factors particular to the business, such as changes in deferred ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 605.45 Td (revenue and Future Redemption Costs. ) Tj ET Q q 0 0 0 rg BT 231.59 605.45 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 301.13 605.45 Td ( also includes distributions and dividends received or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.95 Td (receivable from equity-accounted investments.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 569.45 Td (Change in deferred revenue is calculated as the dif) Tj ET Q q 0 0 0 rg BT 274.97 569.45 Td (ference between Gross Billings, revenue recognized, including ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 555.95 Td (recognition of Breakage, and cost of rewards recorded against deferred revenue when ) Tj ET Q q 0 0 0 rg BT 417.21 555.95 Td (Aimia acts as an agent in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 542.45 Td (delivery of the rewards to the members.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 519.95 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 72.00 506.45 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 72.00 492.95 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 72.00 479.45 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 72.00 465.95 Td (Units outstanding at the end of that period. ) Tj ET Q q 0 0 0 rg BT 243.62 465.95 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 72.00 452.45 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 425.05 452.45 Td (The simple addition of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 438.95 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 72.00 425.45 Td (results depending on the fluctuation in the ) Tj ET Q q 0 0 0 rg BT 240.62 425.45 Td (A) Tj ET Q q 0 0 0 rg BT 246.46 425.45 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 72.00 411.95 Td (question.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 389.45 Td (For a reconciliation of ) Tj ET Q q 0 0 0 rg BT 160.04 389.45 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 229.58 389.45 Td ( to GAAP) Tj ET Q q 0 0 0 rg BT 265.94 389.45 Td (, please refer to the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 345.98 389.45 Td (SUMMAR) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 385.65 389.45 Td (Y) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 391.49 389.45 Td ( OF) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 406.32 389.45 Td ( CONSOLIDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 461.17 389.45 Td (TED OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 512.51 389.45 Td (TING ) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 375.95 Td (RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 101.34 375.95 Td (TS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 115.01 375.95 Td (AND RECONCILIA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 190.85 375.95 Td (TION OF) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.17254901960784313 0.16862745098039217 0.4823529411764706 rg BT 227.19 375.95 Td ( ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 229.35 375.95 Td (ADJUSTED EBITDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 311.53 375.95 Td ( ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 313.70 375.95 Td (AND FREE CASH FLOW ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 417.71 375.95 Td (included in the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 478.25 375.95 Td (Operating and ) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 362.45 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 140.53 362.45 Td ( section. ) Tj ET Q q 0 0 0 rg BT 176.05 362.45 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 245.58 362.45 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 72.00 348.95 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 72.00 335.45 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 72.00 305.45 Td (RETURN ON INVESTED CAPIT) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 245.12 305.45 Td (AL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 260.90 305.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 279.95 Td (Return on invested capital \(ROIC\) is not a measurement based on GAAP) Tj ET Q q 0 0 0 rg BT 368.97 279.95 Td ( and is not comparable to similar ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 266.45 Td (measures used by other issuers. ROIC is used by management to assess the ef) Tj ET Q q 0 0 0 rg BT 390.49 266.45 Td (ficiency with which it allocates its ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 252.95 Td (capital to generate returns. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 230.45 Td (ROIC is calculated as adjusted operating income after taxes expressed as a percentage of the average invested ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 216.95 Td (capital. ) Tj ET Q q 0 0 0 rg BT 102.52 216.95 Td (Adjusted operating income after taxes and invested capital exclude the ef) Tj ET Q q 0 0 0 rg BT 394.04 216.95 Td (fect of discontinued operations. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 203.45 Td (Adjusted operating income after taxes is ) Tj ET Q q 0 0 0 rg BT 234.09 203.45 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 303.63 203.45 Td ( less depreciation and amortization, tax ef) Tj ET Q q 0 0 0 rg BT 469.56 203.45 Td (fected at the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 189.95 Td (Canadian statutory rate, on a rolling twelve-month basis. ) Tj ET Q q 0 0 0 rg BT 298.62 189.95 Td (A) Tj ET Q q 0 0 0 rg BT 304.13 189.95 Td ( description of ) Tj ET Q q 0 0 0 rg BT 362.16 189.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 431.70 189.95 Td ( as well as its ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 176.45 Td (reconciliation to operating income is presented in the preceding section. Invested capital is the sum of net equity ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 162.95 Td (\(calculated as total equity less net assets of discontinued operations\), deferred revenue margin related to continuing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 149.45 Td (operations \(calculated as deferred revenue less future redemption cost liability) Tj ET Q q 0 0 0 rg BT 382.50 149.45 Td (, tax ef) Tj ET Q q 0 0 0 rg BT 409.35 149.45 Td (fected at the Canadian statutory ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 135.95 Td (rate\), accumulated amortization of ) Tj ET Q q 0 0 0 rg BT 210.07 135.95 Td (Accumulation Partners' contracts and customer relationships related to continuing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 122.45 Td (operations, and net debt \(calculated as long-term debt, including the current portion, less cash and cash equivalents\), ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 108.95 Td (averaged between the beginning and ending balance over a rolling twelve-month period.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 86.45 Td (For a reconciliation of ROIC to GAAP) Tj ET Q q 0 0 0 rg BT 219.40 86.45 Td (, please refer to the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 299.44 86.45 Td (Reconciliation of ROIC and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 410.16 86.45 Td (Adjusted Net Earnings ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 502.22 86.45 Td (section.) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (10) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (ADJUSTED NET EARNINGS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 233.57 666.30 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 262.46 666.30 Td (ADJUSTED NET EARNINGS PER COMMON ) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 651.90 Td (SHARE) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 626.40 Td (Adjusted Net Earnings and ) Tj ET Q q 0 0 0 rg BT 181.07 626.40 Td (Adjusted Net Earnings per common share are not measurements based on GAAP) Tj ET Q q 0 0 0 rg BT 506.58 626.40 Td (, are not ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 612.90 Td (considered alternatives to net earnings or net earnings per common share in measuring profitability) Tj ET Q q 0 0 0 rg BT 465.54 612.90 Td (, and are not ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 599.40 Td (comparable to similar measures used by other issuers. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 576.90 Td (Adjusted Net Earnings and ) Tj ET Q q 0 0 0 rg BT 181.07 576.90 Td (Adjusted Net Earnings per common share are presented for both continuing and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 563.40 Td (discontinued operations.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 540.90 Td (Adjusted Net Earnings provides a measurement of profitability calculated on a basis consistent with ) Tj ET Q q 0 0 0 rg BT 468.71 540.90 Td (Adjusted ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 527.40 Td (EBITDA. Net earnings attributable to equity holders of the Corporation are adjusted to exclude ) Tj ET Q q 0 0 0 rg BT 450.72 527.40 Td (Amortization of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 513.90 Td (Accumulation Partners' contracts, customer relationships and technology) Tj ET Q q 0 0 0 rg BT 361.20 513.90 Td (, share of net earnings \(loss\) of equity-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 500.40 Td (accounted investments and impairment charges related to non-financial assets. ) Tj ET Q q 0 0 0 rg BT 392.18 500.40 Td (Adjusted Net Earnings includes the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 486.90 Td (change in deferred revenue and Change in Future Redemption Costs, net of the income tax ef) Tj ET Q q 0 0 0 rg BT 446.57 486.90 Td (fect and non controlling ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 473.40 Td (interest ef) Tj ET Q q 0 0 0 rg BT 111.36 473.40 Td (fect \(where applicable\) on these items at an entity level basis. ) Tj ET Q q 0 0 0 rg BT 358.49 473.40 Td (Adjusted Net Earnings also includes ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 459.90 Td (distributions and dividends received or receivable from equity-accounted investments.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 437.40 Td (Adjusted Net Earnings per common share provides a measurement of profitability per common share on a basis ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 423.90 Td (consistent with ) Tj ET Q q 0 0 0 rg BT 133.03 423.90 Td (Adjusted Net Earnings and is calculated as ) Tj ET Q q 0 0 0 rg BT 306.14 423.90 Td (Adjusted Net Earnings less dividends declared on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 410.40 Td (preferred shares and cumulative undeclared dividends on preferred shares in the period divided by the weighted ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 396.90 Td (average number of basic and diluted common shares outstanding for the period. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 374.40 Td (For a reconciliation of ) Tj ET Q q 0 0 0 rg BT 160.04 374.40 Td (Adjusted Net Earnings to net earnings attributable to equity holders of the Corporation \(GAAP\), ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 360.90 Td (please refer to the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 147.05 360.90 Td (Reconciliation of ROIC and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 257.77 360.90 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 347.32 360.90 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 72.00 330.90 Td (FREE CASH FLOW ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 182.88 330.90 Td (AND FREE CASH FLOW BEFORE DIVIDENDS P) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 452.67 330.90 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 72.00 305.40 Td (Free Cash Flow and Free Cash Flow before Dividends Paid are non-GAAP) Tj ET Q q 0 0 0 rg BT 370.48 305.40 Td ( measures and are not comparable to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 291.90 Td (similar measures used by other issuers. ) Tj ET Q q 0 0 0 rg BT 232.90 291.90 Td (They are used in order to provide a consistent and comparable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 278.40 Td (measurement of cash generated from operations and used as indicators of financial strength and performance. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 255.90 Td (Free Cash Flow is defined as cash flows from operating activities \(including continuing and discontinued operations\), ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 242.40 Td (as reported in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 220.92 242.40 Td (, less adjustments for: ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 219.90 Td (a\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 219.90 Td (total capital expenditures \(including continuing and discontinued operations\) as reported in accordance with ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 206.40 Td (GAAP; and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 192.90 Td (b\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 192.90 Td (dividends paid.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 170.40 Td (Free Cash Flow before Dividends Paid is defined as cash flows from operating activities as reported in accordance ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 156.90 Td (with GAAP) Tj ET Q q 0 0 0 rg BT 114.35 156.90 Td (, less capital expenditures as reported in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 369.33 156.90 Td (. Free Cash Flow before Dividends Paid is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 143.40 Td (presented for both continuing and discontinued operations.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 120.90 Td (Free Cash Flow before Dividends Paid per common share is calculated as follows: Free Cash Flow before Dividends ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 107.40 Td (Paid less dividends paid on preferred shares and to non-controlling interests over the weighted average number of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 93.90 Td (basic and diluted common shares outstanding for the period.) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.65 750.73 Td (1) Tj ET Q q 0 0 0 rg BT 534.51 750.73 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (For a reconciliation of Free Cash Flow and Free Cash Flow before Dividends Paid to cash flows from operations ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (\(GAAP\), please refer to the) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.17254901960784313 0.16862745098039217 0.4823529411764706 rg BT 180.55 654.95 Td ( ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 183.05 654.95 Td (SUMMAR) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 222.71 654.95 Td (Y) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 228.56 654.95 Td ( OF) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 243.39 654.95 Td ( CONSOLIDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 298.23 654.95 Td (TED OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 349.58 654.95 Td (TING RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.92 654.95 Td (TS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 416.58 654.95 Td (AND RECONCILIA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 492.43 654.95 Td (TION OF) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 528.76 654.95 Td ( ) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 641.45 Td (ADJUSTED EBITDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 154.18 641.45 Td ( ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 156.34 641.45 Td (AND FREE CASH FLOW ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 260.35 641.45 Td (included in the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 320.90 641.45 Td (Operating and Financial Results) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 448.97 641.45 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 72.00 611.45 Td (CONST) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 113.11 611.45 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 72.00 585.95 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 72.00 572.45 Td (various financial metrics on a constant currency basis or after giving ef) Tj ET Q q 0 0 0 rg BT 351.97 572.45 Td (fect to foreign exchange translation, in addition ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 558.95 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 72.00 545.45 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 72.00 531.95 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 72.00 518.45 Td (foreign currency exchange rates from the same period in the prior year) Tj ET Q q 0 0 0 rg BT 352.64 518.45 Td (. Results calculated on a Constant Currency ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 504.95 Td (basis should be considered in addition to, not as a substitute for) Tj ET Q q 0 0 0 rg BT 325.16 504.95 Td (, results reported in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 497.08 504.95 Td ( and may ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 491.45 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 72.00 477.95 Td (consideration mostly for ) Tj ET Q q 0 0 0 rg BT 169.04 477.95 Td (Aimia) Tj ET Q q 0 0 0 rg BT 193.39 477.95 Td (s foreign operations \(those with a functional currency which is not the Canadian dollar\). ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 464.45 Td (The ILS segment operates under varying foreign currencies. ) 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 72 425.3486328125 m 516.708984375 425.3486328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 427.25 Td (DISCONTINUED OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 208.45 427.25 Td (TIONS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 248.01 427.25 Td (AND DISPOSAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 338.47 427.25 Td ( OF BUSINESSES ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 442.04 427.25 Td (AND OTHER ) 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 72 409.1486328125 m 120.01171875 409.1486328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 411.05 Td (ASSETS) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 387.05 Td (DISCONTINUED OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 208.45 387.05 Td (TIONS) Tj ET Q BT /F5 10.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 360.05 Td (Nectar coalition loyalty program and related 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 72.00 338.55 Td (On January 31, 2018, ) Tj ET Q q 0 0 0 rg BT 160.56 338.55 Td (Aimia sold the Nectar coalition loyalty program and related assets to J Sainsbury plc. ) Tj ET Q q 0 0 0 rg BT 500.06 338.55 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 325.05 Td (related assets include the Nectar trademarks, the Intelligent Shopper Solutions U.K and Intelligent Research ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 311.55 Td (businesses, and its 50% equity stake in its i2c joint venture.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 289.05 Td (The Corporation received gross consideration of $104.3 million \(60.0 million\). Of) Tj ET Q q 0 0 0 rg BT 395.50 289.05 Td (fsetting this cash consideration was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 275.55 Td (cash transferred to cover the Nectar Redemption Liability of $182.7 million \(105.0 million\) and net working capital of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 262.05 Td ($84.0 million \(48.3 million\). ) Tj ET Q q 0 0 0 rg BT 188.89 262.05 Td (The transaction was subject to customary working capital adjustments based on closing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 248.55 Td (accounts. ) Tj ET Q q 0 0 0 rg BT 112.86 248.55 Td (The amount owed to Sainsbury) Tj ET Q q 0 0 0 rg BT 239.27 248.55 Td (s related to working capital adjustments of $20.5 million \(1) Tj ET Q q 0 0 0 rg BT 474.72 248.55 Td (1.8 million\) was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 235.05 Td (accrued in the three months ended March 31, 2018, of) Tj ET Q q 0 0 0 rg BT 288.47 235.05 Td (fsetting cash generated by the disposed business in January) Tj ET Q q 0 0 0 rg BT 528.96 235.05 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 221.55 Td (and was paid in ) Tj ET Q q 0 0 0 rg BT 136.55 221.55 Td (April 2018. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 199.05 Td (Aimia and Sainsbury) Tj ET Q q 0 0 0 rg BT 156.38 199.05 Td (s are to provide each other transition services for a period of up to nine months. ) Tj ET Q q 0 0 0 rg BT 474.89 199.05 Td (These services ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 185.55 Td (include finance, technology) Tj ET Q q 0 0 0 rg BT 179.91 185.55 Td (, human resources and facility management. ) Tj ET Q q 0 0 0 rg BT 359.00 185.55 Td (Aimia has subleased the London of) Tj ET Q q 0 0 0 rg BT 499.44 185.55 Td (fice space ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 172.05 Td (from one of the disposed entities which went over to Sainsbury) Tj ET Q q 0 0 0 rg BT 323.47 172.05 Td (s in the transaction. ) Tj ET Q q 0 0 0 rg BT 408.52 172.05 Td (As part of the arrangement, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 158.55 Td (Aimia agreed to pay for the remaining lease term and its share of dilapidation costs at the transaction date. ) Tj ET Q q 0 0 0 rg BT 500.74 158.55 Td (Aimia ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 145.05 Td (has recorded this prepayment of $1) Tj ET Q q 0 0 0 rg BT 212.92 145.05 Td (1.8 million \(6.7 million\) as an outflow in cash from operating activities.) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (12) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 674.50 452.00 -18.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 583.50 452.00 -24.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 628.5 m 447.5 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 628.5 m 524.5 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 598.5 m 447.5 598.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 598.5 m 524.5 598.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 583.5 m 447.5 583.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 583.5 m 524.5 583.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 391.5 m 447.5 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 391.5 m 524.5 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 375.5 m 447.5 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 391.5 m 524.5 391.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 375.5 m 524.5 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 375.5 m 447.5 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 375.5 m 524.5 375.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 347.5 m 447.5 347.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 347.5 m 524.5 347.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 334.5 m 447.5 334.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 332.5 m 447.5 332.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 334.5 m 524.5 334.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 332.5 m 524.5 332.5 l s BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 75.00 660.90 Td (Consideration associated with the disposal of the Nectar program and related 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 75.00 646.90 Td (Cash) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.45 646.90 Td (104.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 632.90 Td (T) Tj ET Q q 0 0 0 rg BT 80.33 632.90 Td (ransaction costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 505.45 632.90 Td (\(4.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.00 632.90 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 617.90 Td (Consideration relating to disposed assets and liabilities, net of transaction costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 498.45 617.90 Td (100.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 602.90 Td (Estimated payment associated with working capital adjustment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.45 602.90 Td (\(20.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.00 602.90 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 587.90 Td (Net consideration) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.45 587.90 Td (79.8) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 75.00 563.90 Td (Assets and liabilities disposed of) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 549.90 Td (Cash and cash equivalents) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.45 549.90 Td (266.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 535.90 Td (Accounts receivable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 535.90 Td (79.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 521.90 Td (Prepaid expenses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.45 521.90 Td (3.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 507.90 Td (Equity-accounted investments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.45 507.90 Td (3.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 493.90 Td (Property and equipment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.45 493.90 Td (5.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 479.90 Td (Software and technology) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 479.90 Td (13.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 465.90 Td (Accumulation partners' contracts and customer relationships) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.45 465.90 Td (3.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 451.90 Td (T) Tj ET Q q 0 0 0 rg BT 80.33 451.90 Td (rade names) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 451.90 Td (36.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 437.90 Td (Goodwill) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.45 437.90 Td (1) Tj ET Q q 0 0 0 rg BT 503.46 437.90 Td (16.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 423.90 Td (Accounts payable and accrued liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.45 423.90 Td (\(189.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.00 423.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 409.90 Td (Deferred revenue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.45 409.90 Td (\(248.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.00 409.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 395.90 Td (Deferred income taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 505.45 395.90 Td (\(1.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.00 395.90 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 379.90 Td (Net assets \(liabilities\) disposed of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.45 379.90 Td (88.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 365.90 Td (Loss before reclassification to net earnings of cumulative translation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 505.45 365.90 Td (\(8.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.00 365.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 351.90 Td (Reclassification to net earnings of cumulative translation adjustments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 351.90 Td (14.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 337.90 Td (Gain on disposal of the Nectar program and related assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 508.45 337.90 Td (5.4) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 299.50 Td (On the basis of the status of the discussions between ) Tj ET Q q 0 0 0 rg BT 286.63 299.50 Td (Aimia and Sainsbury's for the sale of the Nectar coalition loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 286.00 Td (program and related assets, an impairment charge of $180.5 million \(included in net loss from discontinued ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 272.50 Td (operations in the consolidated statement of operations\) was recorded during the fourth quarter of 2017 to reduce the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 259.00 Td (carrying amount of the disposal group to its fair value less costs of disposal. ) Tj ET Q q 0 0 0 rg BT 375.49 259.00 Td (The impairment charge was applied to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 245.50 Td (reduce the carrying amount of goodwill within the disposal group. ) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (13) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (The operating results and ) Tj ET Q q 0 0 0 rg BT 176.07 668.45 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 245.60 668.45 Td ( from these activities were presented as discontinued operations until ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (their disposal and prior periods have been restated. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 635.45 Td (A) Tj ET Q q 0 0 0 rg BT 77.51 635.45 Td ( discussion of the operating results of the discontinued operations for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.18 635.45 Td (three and six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.26 635.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.76 635.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.81 635.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 621.95 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.52 621.95 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.54 621.95 Td ( follows. ) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 605.45 260.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 332.50 605.45 136.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 468.50 605.45 72.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 581.45 260.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 332.50 581.45 54.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 386.50 581.45 14.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 400.50 581.45 54.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 454.50 581.45 14.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 468.50 581.45 36.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 504.50 581.45 36.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 332.50 556.45 54.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 556.45 14.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 332.50 545.45 54.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 545.45 14.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 332.50 534.45 54.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 534.45 14.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 332.50 523.45 54.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 523.45 14.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 332.50 512.45 54.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 512.45 14.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 332.50 501.45 54.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 501.45 14.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 332.50 490.45 54.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 490.45 14.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 332.50 479.45 54.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 479.45 14.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 332.50 468.45 54.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 468.45 14.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 332.50 457.45 54.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 457.45 14.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 332.50 446.45 54.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 446.45 14.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 332.50 435.45 54.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 435.45 14.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 332.50 424.45 54.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 424.45 14.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 332.50 413.45 54.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 413.45 14.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 332.50 402.45 54.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 402.45 14.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 332.50 391.45 54.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 391.45 14.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 332.50 380.45 54.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 380.45 14.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 332.50 369.45 54.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 369.45 14.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 332.50 358.45 54.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 358.45 14.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 332.50 347.45 54.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 347.45 14.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 332.50 336.45 54.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 336.45 14.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 332.50 325.45 54.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 325.45 14.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 332.50 314.45 54.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 314.45 14.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 332.50 303.45 54.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 386.50 303.45 14.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 534.45 m 332.5 534.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 332.5 534.45 m 386.5 534.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 534.45 m 400.5 534.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 534.45 m 454.5 534.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 454.5 534.45 m 468.5 534.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 534.45 m 504.5 534.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 534.45 m 540.5 534.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 523.45 m 332.5 523.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 332.5 534.45 m 386.5 534.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 332.5 523.45 m 386.5 523.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 523.45 m 400.5 523.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 534.45 m 454.5 534.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 523.45 m 454.5 523.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 454.5 523.45 m 468.5 523.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 523.45 m 504.5 523.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 523.45 m 540.5 523.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 332.5 523.45 m 386.5 523.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 523.45 m 454.5 523.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 501.45 m 332.5 501.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 332.5 501.45 m 386.5 501.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 501.45 m 400.5 501.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 501.45 m 454.5 501.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 454.5 501.45 m 468.5 501.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 501.45 m 504.5 501.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 501.45 m 540.5 501.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 501.45 m 332.5 501.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 332.5 501.45 m 386.5 501.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 501.45 m 400.5 501.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 501.45 m 454.5 501.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 454.5 501.45 m 468.5 501.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 501.45 m 504.5 501.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 501.45 m 540.5 501.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 332.5 479.45 m 386.5 479.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 479.45 m 454.5 479.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 479.45 m 332.5 479.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 332.5 479.45 m 386.5 479.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 479.45 m 400.5 479.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 479.45 m 454.5 479.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 454.5 479.45 m 468.5 479.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 479.45 m 504.5 479.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 479.45 m 540.5 479.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 457.45 m 332.5 457.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 332.5 457.45 m 386.5 457.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 457.45 m 400.5 457.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 457.45 m 454.5 457.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 454.5 457.45 m 468.5 457.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 457.45 m 504.5 457.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 457.45 m 540.5 457.45 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 332.5 424.45 m 386.5 424.45 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 424.45 m 454.5 424.45 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 424.45 m 332.5 424.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 413.45 m 332.5 413.45 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 332.5 424.45 m 386.5 424.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 332.5 413.45 m 386.5 413.45 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 424.45 m 400.5 424.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 413.45 m 400.5 413.45 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 424.45 m 454.5 424.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 413.45 m 454.5 413.45 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 454.5 424.45 m 468.5 424.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 454.5 413.45 m 468.5 413.45 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 424.45 m 504.5 424.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 413.45 m 504.5 413.45 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 424.45 m 540.5 424.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 413.45 m 540.5 413.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 332.5 358.45 m 386.5 358.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 358.45 m 454.5 358.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 358.45 m 332.5 358.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 332.5 358.45 m 386.5 358.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 358.45 m 400.5 358.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 358.45 m 454.5 358.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 454.5 358.45 m 468.5 358.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 358.45 m 504.5 358.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 358.45 m 540.5 358.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 347.45 m 332.5 347.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 336.45 m 332.5 336.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 332.5 347.45 m 386.5 347.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 332.5 336.45 m 386.5 336.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 347.45 m 400.5 347.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 336.45 m 400.5 336.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 347.45 m 454.5 347.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 336.45 m 454.5 336.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 454.5 347.45 m 468.5 347.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 454.5 336.45 m 468.5 336.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 347.45 m 504.5 347.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 336.45 m 504.5 336.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 347.45 m 540.5 347.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 336.45 m 540.5 336.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 292.45 m 332.5 292.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 332.5 292.45 m 386.5 292.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 292.45 m 400.5 292.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 292.45 m 454.5 292.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 454.5 292.45 m 468.5 292.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 292.45 m 504.5 292.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 292.45 m 540.5 292.45 l s BT /F3 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 349.50 591.54 Td (Three Months Ended June 30,) Tj ET Q BT /F3 7.50 Tf ET q 1 1 1 rg BT 489.45 591.54 Td (V) Tj ET Q q 1 1 1 rg BT 493.90 591.54 Td (ariance) Tj ET Q BT /F4 6.50 Tf ET q 1 1 1 rg BT 75.00 571.32 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.50 Tf ET q 1 1 1 rg BT 353.00 571.54 Td (2018) Tj ET Q BT /F3 7.50 Tf ET q 1 1 1 rg BT 421.00 571.54 Td (2017) Tj ET Q BT /F3 7.50 Tf ET q 1 1 1 rg BT 483.90 571.54 Td ($) Tj ET Q BT /F3 7.50 Tf ET q 1 1 1 rg BT 518.65 571.54 Td (%) 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 75.00 548.49 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 369.25 548.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 430.20 548.54 Td (92.3) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 484.40 548.49 Td (\(92.3) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 548.49 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 519.05 548.49 Td (**) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 537.49 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 369.25 537.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 434.30 537.49 Td (6.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 488.55 537.49 Td (\(6.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 537.49 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 519.05 537.49 Td (**) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 526.49 Td (T) Tj ET Q q 0 0 0 rg BT 79.17 526.49 Td (otal Gross Billings) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 369.25 526.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 430.20 526.54 Td (98.8) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 484.40 526.49 Td (\(98.8) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 526.49 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 519.05 526.49 Td (**) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 515.49 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 369.25 515.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 430.20 515.54 Td (15.8) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 484.40 515.49 Td (\(15.8) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 515.49 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 519.05 515.49 Td (**) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 504.49 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 369.25 504.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 434.30 504.49 Td (6.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 488.55 504.49 Td (\(6.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 504.49 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 519.05 504.49 Td (**) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 493.49 Td (T) Tj ET Q q 0 0 0 rg BT 78.75 493.49 Td (otal revenue) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 369.25 493.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 430.20 493.54 Td (22.3) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 484.40 493.49 Td (\(22.3) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 493.49 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 519.05 493.49 Td (**) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 482.49 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 369.25 482.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 434.30 482.49 Td (1.8) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 488.55 482.49 Td (\(1.8) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 482.49 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 519.05 482.49 Td (**) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 471.49 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 369.25 471.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 430.20 471.54 Td (20.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 484.40 471.49 Td (\(20.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 471.49 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 519.05 471.49 Td (**) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 460.49 Td (Depreciation and amortization ) Tj ET Q BT /F4 7.50 Tf ET BT /F4 4.87 Tf ET q 0 0 0 rg BT 176.73 464.07 Td (\(a\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 369.25 460.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 434.30 460.49 Td (3.1) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 488.55 460.49 Td (\(3.1) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 460.49 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 519.05 460.49 Td (**) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 449.49 Td (Gross margin) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 369.25 449.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 430.20 449.54 Td (17.4) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 484.40 449.49 Td (\(17.4) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 449.49 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 519.05 449.49 Td (**) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 438.49 Td (Operating expenses before impairment charges) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 369.25 438.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 430.20 438.54 Td (15.6) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 484.40 438.49 Td (\(15.6) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 438.49 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 519.05 438.49 Td (**) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 427.49 Td ( Impairment of charges) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 369.25 427.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 437.25 427.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 494.00 427.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 519.05 427.49 Td (**) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 416.49 Td (T) Tj ET Q q 0 0 0 rg BT 79.17 416.49 Td (otal operating expenses) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 369.25 416.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 430.20 416.54 Td (15.6) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 484.40 416.49 Td (\(15.6) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 416.49 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 519.05 416.49 Td (**) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 75.00 405.49 Td (Operating income) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 369.25 405.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 434.30 405.49 Td (1.8) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 488.55 405.49 Td (\(1.8) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 405.49 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 519.05 405.49 Td (**) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 394.49 Td (Gain on disposal of businesses and other assets) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 369.25 394.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 437.25 394.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 383.49 Td (Net financial expenses) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 369.25 383.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 431.80 383.49 Td (\(0.3) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 444.80 383.49 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 372.49 Td (Share of net earnings of equity-accounted investments) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 369.25 372.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 434.30 372.49 Td (1.2) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 361.49 Td (Income tax recovery) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 369.25 361.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 434.30 361.49 Td (1.3) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 75.00 350.49 Td (Net earnings from discontinued operations) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 369.25 350.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 434.30 350.49 Td (4.0) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 488.55 350.49 Td (\(4.0) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 350.49 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 519.05 350.49 Td (**) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 75.00 339.49 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 136.81 339.49 Td ( ) Tj ET Q BT /F5 7.50 Tf ET BT /F5 4.87 Tf ET q 0 0 0 rg BT 138.89 343.07 Td (\(b\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 369.25 339.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 430.20 339.54 Td (12.2) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 484.40 339.49 Td (\(12.2) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 339.49 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 519.05 339.49 Td (**) Tj ET Q BT /F3 7.50 Tf ET 0 0 0 RG /GS0 gs 0.55 w 0 i [] 0 d 1 J 1 j 3 M 75 327.42021484375 m 173.39501953125 327.42021484375 l s q 0 0 0 rg BT 75.00 328.49 Td (Included in ) Tj ET Q q 0 0 0 rg BT 112.95 328.49 Td (Adjusted EBITDA:) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 317.49 Td (Change in Future Redemption Costs) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 369.25 317.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 427.70 317.54 Td (\(18.4) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 444.80 317.49 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 486.90 317.49 Td (18.4) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 519.05 317.49 Td (**) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 306.49 Td (Cost of rewards recorded against deferred revenue) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 369.25 306.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 427.70 306.54 Td (\(52.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 444.80 306.49 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 486.90 306.49 Td (52.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 519.05 306.49 Td (**) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 295.49 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 369.25 295.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 434.30 295.49 Td (1.7) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 488.55 295.49 Td (\(1.7) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 295.49 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 519.05 295.49 Td (**) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 269.70 Td (\(a\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 269.70 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 333.38 269.70 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 258.45 Td (technology) Tj ET Q q 0 0 0 rg BT 152.72 258.45 Td (.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 237.45 Td (\(b\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 237.45 Td (A) Tj ET Q q 0 0 0 rg BT 121.59 237.45 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 159.39 237.45 Td ( measurement. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 211.50 237.45 Td (Pleas) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 231.51 237.45 Td (e refer to ) Tj ET Q BT /F4 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 263.61 237.45 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 437.59 237.45 Td ( financial measures\)) Tj ET Q BT /F3 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 504.71 237.45 Td (.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 214.20 Td (** ) Tj ET Q q 0 0 0 rg BT 108.00 214.20 Td ( Information not meaningful.) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (14) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 674.50 262.00 -20.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 334.50 674.50 134.00 -20.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 468.50 674.50 72.00 -20.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 654.50 262.00 -11.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 334.50 654.50 51.00 -11.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 385.50 654.50 15.00 -11.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 400.50 654.50 51.00 -11.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 451.50 654.50 17.00 -11.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 468.50 654.50 36.00 -11.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 504.50 654.50 36.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 334.50 632.50 51.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 385.50 632.50 15.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 334.50 621.50 51.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 385.50 621.50 15.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 334.50 610.50 51.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 385.50 610.50 15.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 334.50 599.50 51.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 385.50 599.50 15.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 334.50 588.50 51.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 385.50 588.50 15.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 334.50 577.50 51.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 385.50 577.50 15.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 334.50 566.50 51.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 385.50 566.50 15.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 334.50 555.50 51.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 385.50 555.50 15.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 334.50 544.50 51.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 385.50 544.50 15.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 334.50 533.50 51.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 385.50 533.50 15.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 334.50 522.50 51.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 385.50 522.50 15.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 334.50 511.50 51.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 385.50 511.50 15.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 334.50 500.50 51.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 385.50 500.50 15.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 334.50 489.50 51.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 385.50 489.50 15.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 334.50 478.50 51.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 385.50 478.50 15.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 334.50 467.50 51.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 385.50 467.50 15.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 334.50 456.50 51.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 385.50 456.50 15.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 334.50 445.50 51.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 385.50 445.50 15.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 334.50 434.50 51.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 385.50 434.50 15.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 334.50 423.50 51.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 385.50 423.50 15.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 334.50 412.50 51.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 385.50 412.50 15.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 334.50 401.50 51.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 385.50 401.50 15.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 334.50 390.50 51.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 385.50 390.50 15.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 334.50 379.50 51.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 385.50 379.50 15.00 -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 72.5 610.5 m 334.5 610.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 610.5 m 385.5 610.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 610.5 m 400.5 610.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 610.5 m 451.5 610.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451.5 610.5 m 468.5 610.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 610.5 m 504.5 610.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 610.5 m 540.5 610.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 599.5 m 334.5 599.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 610.5 m 385.5 610.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 599.5 m 385.5 599.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 599.5 m 400.5 599.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 610.5 m 451.5 610.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 599.5 m 451.5 599.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451.5 599.5 m 468.5 599.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 599.5 m 504.5 599.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 599.5 m 540.5 599.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 599.5 m 385.5 599.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 599.5 m 451.5 599.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 577.5 m 334.5 577.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 577.5 m 385.5 577.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 577.5 m 400.5 577.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 577.5 m 451.5 577.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451.5 577.5 m 468.5 577.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 577.5 m 334.5 577.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 577.5 m 385.5 577.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 577.5 m 400.5 577.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 577.5 m 451.5 577.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451.5 577.5 m 468.5 577.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 577.5 m 504.5 577.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 577.5 m 540.5 577.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 555.5 m 385.5 555.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 555.5 m 451.5 555.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 555.5 m 334.5 555.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 555.5 m 385.5 555.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 555.5 m 400.5 555.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 555.5 m 451.5 555.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451.5 555.5 m 468.5 555.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 555.5 m 504.5 555.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 555.5 m 540.5 555.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 533.5 m 334.5 533.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 533.5 m 385.5 533.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 533.5 m 400.5 533.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 533.5 m 451.5 533.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451.5 533.5 m 468.5 533.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 533.5 m 504.5 533.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 533.5 m 540.5 533.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 500.5 m 385.5 500.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 500.5 m 451.5 500.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 500.5 m 334.5 500.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 489.5 m 334.5 489.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 500.5 m 385.5 500.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 489.5 m 385.5 489.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 500.5 m 400.5 500.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 489.5 m 400.5 489.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 500.5 m 451.5 500.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 489.5 m 451.5 489.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451.5 500.5 m 468.5 500.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451.5 489.5 m 468.5 489.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 500.5 m 504.5 500.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 489.5 m 504.5 489.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 500.5 m 540.5 500.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 489.5 m 540.5 489.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 489.5 m 540.5 489.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 434.5 m 385.5 434.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 434.5 m 451.5 434.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 434.5 m 334.5 434.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 423.5 m 334.5 423.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 434.5 m 385.5 434.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 423.5 m 385.5 423.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 434.5 m 400.5 434.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 423.5 m 400.5 423.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 434.5 m 451.5 434.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 423.5 m 451.5 423.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451.5 434.5 m 468.5 434.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451.5 423.5 m 468.5 423.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 434.5 m 504.5 434.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 423.5 m 504.5 423.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 434.5 m 540.5 434.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 423.5 m 540.5 423.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 423.5 m 334.5 423.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 423.5 m 385.5 423.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 423.5 m 400.5 423.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 423.5 m 451.5 423.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451.5 423.5 m 468.5 423.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 423.5 m 504.5 423.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 423.5 m 540.5 423.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 401.5 m 334.5 401.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 401.5 m 385.5 401.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 401.5 m 400.5 401.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 401.5 m 451.5 401.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451.5 401.5 m 468.5 401.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 401.5 m 504.5 401.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 401.5 m 540.5 401.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 367.5 m 334.5 367.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 367.5 m 385.5 367.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 367.5 m 400.5 367.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 367.5 m 451.5 367.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451.5 367.5 m 468.5 367.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 367.5 m 504.5 367.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 367.5 m 540.5 367.5 l s BT /F3 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 355.10 662.59 Td (Six Months Ended June 30,) Tj ET Q BT /F3 7.50 Tf ET q 1 1 1 rg BT 489.45 662.59 Td (V) Tj ET Q q 1 1 1 rg BT 493.90 662.59 Td (ariance) Tj ET Q BT /F4 6.50 Tf ET q 1 1 1 rg BT 75.00 647.27 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.50 Tf ET q 1 1 1 rg BT 355.00 646.54 Td (2018) Tj ET Q BT /F3 7.50 Tf ET q 1 1 1 rg BT 421.00 646.54 Td (2017) Tj ET Q BT /F3 7.50 Tf ET q 1 1 1 rg BT 483.90 646.54 Td ($) Tj ET Q BT /F3 7.50 Tf ET q 1 1 1 rg BT 518.65 646.54 Td (%) 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 75.00 624.54 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 361.20 624.59 Td (25.7) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 423.00 624.59 Td (179.4) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 480.20 624.54 Td (\(153.7) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 624.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 509.95 624.54 Td (\(85.7) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 527.05 624.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 613.54 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 365.30 613.54 Td (1.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 427.20 613.59 Td (14.0) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 484.40 613.54 Td (\(12.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 613.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 509.95 613.54 Td (\(89.3) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 527.05 613.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 602.54 Td (T) Tj ET Q q 0 0 0 rg BT 79.17 602.54 Td (otal Gross Billings) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 361.20 602.59 Td (27.2) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 423.00 602.59 Td (193.4) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 480.20 602.54 Td (\(166.2) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 602.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 509.95 602.54 Td (\(85.9) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 527.05 602.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 591.54 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 365.30 591.54 Td (6.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 427.20 591.59 Td (31.4) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 484.40 591.54 Td (\(24.9) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 591.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 509.95 591.54 Td (\(79.3) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 527.05 591.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 580.54 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 365.30 580.54 Td (1.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 427.20 580.59 Td (14.0) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 484.40 580.54 Td (\(12.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 580.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 509.95 580.54 Td (\(89.3) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 527.05 580.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 569.54 Td (T) Tj ET Q q 0 0 0 rg BT 78.75 569.54 Td (otal revenue) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 365.30 569.54 Td (8.0) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 427.20 569.59 Td (45.4) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 484.40 569.54 Td (\(37.4) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 569.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 509.95 569.54 Td (\(82.4) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 527.05 569.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 558.54 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 368.25 558.54 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 431.30 558.54 Td (4.3) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 488.55 558.54 Td (\(4.3) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 558.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 519.05 558.54 Td (**) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 547.54 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 365.30 547.54 Td (8.0) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 427.20 547.59 Td (41.1) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 484.40 547.54 Td (\(33.1) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 547.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 509.95 547.54 Td (\(80.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 527.05 547.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 536.54 Td (Depreciation and amortization ) Tj ET Q BT /F4 7.50 Tf ET BT /F4 4.87 Tf ET q 0 0 0 rg BT 176.73 540.12 Td (\(a\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 368.25 536.54 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 431.30 536.54 Td (5.6) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 488.55 536.54 Td (\(5.6) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 536.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 519.05 536.54 Td (**) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 525.54 Td (Gross margin) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 365.30 525.54 Td (8.0) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 427.20 525.59 Td (35.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 484.40 525.54 Td (\(27.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 525.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 509.95 525.54 Td (\(77.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 527.05 525.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 514.54 Td (Operating expenses before impairment charges) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 365.30 514.54 Td (4.6) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 427.20 514.59 Td (28.8) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 484.40 514.54 Td (\(24.2) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 514.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 509.95 514.54 Td (\(84.0) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 527.05 514.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 503.54 Td ( Impairment of charges) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 368.25 503.54 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 434.25 503.54 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 494.00 503.54 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 519.05 503.54 Td (**) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 492.54 Td (T) Tj ET Q q 0 0 0 rg BT 79.17 492.54 Td (otal operating expenses) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 365.30 492.54 Td (4.6) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 427.20 492.59 Td (28.8) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 484.40 492.54 Td (\(24.2) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 492.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 509.95 492.54 Td (\(84.0) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 527.05 492.54 Td (\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 75.00 481.54 Td (Operating income) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 365.30 481.54 Td (3.4) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 431.30 481.54 Td (6.7) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 488.55 481.54 Td (\(3.3) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 481.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 509.95 481.54 Td (\(49.3) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 527.05 481.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 470.54 Td (Gain on disposal of businesses and other assets) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 365.30 470.54 Td (5.4) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 434.25 470.54 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 459.54 Td (Net financial expenses) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 362.80 459.54 Td (\(1.7) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 375.80 459.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 428.80 459.54 Td (\(0.3) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 441.80 459.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 448.54 Td (Share of net earnings of equity-accounted investments) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 365.30 448.54 Td (0.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 431.30 448.54 Td (2.6) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 437.54 Td (Income tax recovery) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 368.25 437.54 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 431.30 437.54 Td (1.7) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 75.00 426.54 Td (Net earnings from discontinued operations) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 365.30 426.54 Td (7.6) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 427.20 426.59 Td (10.7) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 488.55 426.54 Td (\(3.1) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 426.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 509.95 426.54 Td (\(29.0) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 527.05 426.54 Td (\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 75.00 415.54 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 136.81 415.54 Td ( ) Tj ET Q BT /F5 7.50 Tf ET BT /F5 4.87 Tf ET q 0 0 0 rg BT 138.89 419.12 Td (\(b\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 365.30 415.54 Td (3.2) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 427.20 415.59 Td (27.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 484.40 415.54 Td (\(24.3) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 415.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 509.95 415.54 Td (\(88.4) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 527.05 415.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET 0 0 0 RG /GS0 gs 0.55 w 0 i [] 0 d 1 J 1 j 3 M 75 403.47021484375 m 173.39501953125 403.47021484375 l s q 0 0 0 rg BT 75.00 404.54 Td (Included in ) Tj ET Q q 0 0 0 rg BT 112.95 404.54 Td (Adjusted EBITDA:) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 393.54 Td (Change in Future Redemption Costs) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 365.30 393.54 Td (3.6) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 424.70 393.59 Td (\(30.3) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 441.80 393.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 486.90 393.54 Td (33.9) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 519.05 393.54 Td (**) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 382.54 Td (Cost of rewards recorded against deferred revenue) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 358.70 382.59 Td (\(23.0) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 375.80 382.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 420.50 382.59 Td (\(106.2) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 441.80 382.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 486.90 382.54 Td (83.2) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 514.70 382.54 Td (78.3) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 371.54 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 368.25 371.54 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 431.30 371.54 Td (3.7) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 488.55 371.54 Td (\(3.7) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 371.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 519.05 371.54 Td (**) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 350.75 Td (\(a\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 350.75 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 333.38 350.75 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 339.50 Td (technology) Tj ET Q q 0 0 0 rg BT 152.72 339.50 Td (.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 318.50 Td (\(b\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 318.50 Td (A) Tj ET Q q 0 0 0 rg BT 121.59 318.50 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 159.39 318.50 Td ( measurement. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 211.50 318.50 Td (Pleas) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 231.51 318.50 Td (e refer to ) Tj ET Q BT /F4 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 263.61 318.50 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 437.59 318.50 Td ( financial measures\)) Tj ET Q BT /F3 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 504.71 318.50 Td (.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 298.25 Td (** ) Tj ET Q q 0 0 0 rg BT 108.00 298.25 Td ( Information not meaningful.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 263.75 Td (V) Tj ET Q q 0 0 0 rg BT 77.33 263.75 Td (ariances in operating results generated for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 263.45 263.75 Td (three and six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.52 263.75 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.02 263.75 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.07 263.75 Td ( compared to the same ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 250.25 Td (periods in the prior year are mostly explained by the sale of the Nectar Program and related assets on January 31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 236.75 Td (2018.) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (15) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (Cash flows from \(used in\) discontinued operations included within the consolidated statements of cash flows are as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (follows:) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 644.45 240.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 312.50 644.45 114.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 426.50 644.45 114.00 -19.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 625.45 240.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 312.50 625.45 57.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 369.50 625.45 57.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 426.50 625.45 57.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 483.50 625.45 57.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 597.45 46.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 597.45 11.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 426.50 597.45 46.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 472.50 597.45 11.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 583.45 46.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 583.45 11.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 426.50 583.45 46.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 472.50 583.45 11.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 569.45 46.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 569.45 11.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 426.50 569.45 46.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 472.50 569.45 11.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 550.45 46.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 550.45 11.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 426.50 550.45 46.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 472.50 550.45 11.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 536.45 46.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 536.45 11.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 426.50 536.45 46.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 472.50 536.45 11.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 517.45 46.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 517.45 11.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 426.50 517.45 46.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 472.50 517.45 11.00 -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 72.5 550.45 m 312.5 550.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 312.5 550.45 m 358.5 550.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 550.45 m 369.5 550.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 369.5 550.45 m 415.5 550.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 550.45 m 426.5 550.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 426.5 550.45 m 472.5 550.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 550.45 m 483.5 550.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 483.5 550.45 m 529.5 550.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 529.5 550.45 m 540.5 550.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 517.45 m 312.5 517.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 312.5 517.45 m 358.5 517.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 517.45 m 369.5 517.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 369.5 517.45 m 415.5 517.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 517.45 m 426.5 517.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 426.5 517.45 m 472.5 517.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 517.45 m 483.5 517.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 483.5 517.45 m 529.5 517.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 529.5 517.45 m 540.5 517.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 504.45 m 312.5 504.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 502.45 m 312.5 502.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 504.45 m 358.5 504.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 502.45 m 358.5 502.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 504.45 m 369.5 504.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 502.45 m 369.5 502.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 504.45 m 415.5 504.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 502.45 m 415.5 502.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 504.45 m 426.5 504.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 502.45 m 426.5 502.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 504.45 m 472.5 504.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 502.45 m 472.5 502.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 504.45 m 483.5 504.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 502.45 m 483.5 502.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 504.45 m 529.5 504.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 502.45 m 529.5 502.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 504.45 m 540.5 504.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529.5 502.45 m 540.5 502.45 l s BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 315.15 632.93 Td (Three Months Ended June 30,) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 434.05 632.93 Td (Six Months Ended June 30,) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 617.85 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 331.60 615.68 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 388.60 615.68 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 445.60 615.68 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 502.60 615.68 Td (2017) 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 75.00 601.68 Td (Net cash flows of discontinued operations) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 587.68 Td (Cash flows from \(used in\):) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 87.00 573.68 Td (Operating activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.25 573.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.70 573.73 Td (23.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.70 573.73 Td (15.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.05 573.73 Td (\(35.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.30 573.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 87.00 561.13 Td (Investing activities - ) Tj ET Q q 0 0 0 rg BT 158.81 561.13 Td (Additions to property) Tj ET Q q 0 0 0 rg BT 231.66 561.13 Td (, equipment, software) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 87.00 553.13 Td (and technology) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.25 554.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.50 554.73 Td (\(1.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.30 554.68 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.25 554.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 512.50 554.73 Td (\(3.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.30 554.68 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 540.68 Td (Free cash flow from discontinued operations ) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 247.91 544.49 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.25 540.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.70 540.73 Td (21.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.70 540.73 Td (15.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.05 540.73 Td (\(38.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.30 540.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 87.00 528.13 Td (Investing activities - Payment made for the disposal of) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 87.00 520.13 Td (businesses and other assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.05 521.73 Td (\(21.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.30 521.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 404.25 521.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.55 521.68 Td (\(187.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.30 521.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 518.25 521.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 507.68 Td (T) Tj ET Q q 0 0 0 rg BT 79.29 507.68 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.05 507.73 Td (\(21.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.30 507.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.70 507.73 Td (21.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.55 507.68 Td (\(172.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.30 507.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.05 507.73 Td (\(38.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.30 507.68 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 479.95 Td (\(a\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 479.95 Td (A) Tj ET Q q 0 0 0 rg BT 121.59 479.95 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 159.39 479.95 Td ( measurement. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 211.50 479.95 Td (Pleas) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 231.51 479.95 Td (e refer to ) Tj ET Q BT /F4 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 263.61 479.95 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 437.59 479.95 Td ( financial measures\)) Tj ET Q BT /F3 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 504.71 479.95 Td (.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 427.45 Td (DISPOSAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 133.13 427.45 Td ( OF BUSINESSES ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 236.70 427.45 Td (AND OTHER ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 310.92 427.45 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 72.00 401.95 Td (In 2017, the Corporation completed the sale of several businesses and other assets as part of its ongoing process to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 388.45 Td (simplify and refocus the business. ) Tj ET Q q 0 0 0 rg BT 209.40 388.45 Td (These included the sale of the U.S. CEL) Tj ET Q q 0 0 0 rg BT 369.16 388.45 Td ( Business, the New Zealand business and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 374.95 Td (the royalty revenue related to the Canadian ) Tj ET Q q 0 0 0 rg BT 246.62 374.95 Td (Air Miles trademarks. Until their disposal, the results of these businesses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 361.45 Td (and other assets were presented under Other Businesses in the segmented information as they did not qualify for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 347.95 Td (discontinued operations classification.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 322.45 Td (Please refer to ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 133.03 322.45 Td (Note 5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 159.55 322.45 Td ( of the condensed interim consolidated financial statements of ) Tj ET Q q 0 0 0 rg BT 407.70 322.45 Td (Aimia for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.72 322.45 Td (three and six ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 308.95 Td (months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.04 308.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.54 308.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.59 308.95 Td ( for additional information on these transactions. ) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (16) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 195.556640625 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (STRA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 103.78 666.30 Td (TEGIC UPDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 176.89 666.30 Td (TE ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 640.80 Td (The Corporation and its Board of Directors has made significant progress since 2016 against the principal objectives ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (set out previously: \(i\) the identification, negotiation and execution of long-term strategic partnerships and its member ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 613.80 Td (of) Tj ET Q q 0 0 0 rg BT 79.34 613.80 Td (fering for the post-2020 period, \(ii\) the ongoing simplification of the Corporation) Tj ET Q q 0 0 0 rg BT 397.36 613.80 Td (s business through cost reduction ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 600.30 Td (initiatives, and \(iii\) the preservation of a strong cash and liquidity position to support the transition period to post-2020. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 574.80 Td (Aimia is also focused on maximizing the value of its existing assets through continued execution on its ) Tj ET Q q 0 0 0 rg BT 480.22 574.80 Td (Aeroplan ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 561.30 Td (strategy and a keen focus on returns from other investments. It continues to consider potential further sales of non-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 547.80 Td (core assets.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 520.80 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 108.00 520.80 Td (Key ) Tj ET Q q 0 0 0 rg BT 126.68 520.80 Td (Aeroplan coalition partnerships and member offering: ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.21 520.80 Td (Aimia) Tj ET Q q 0 0 0 rg BT 386.55 520.80 Td (s coalition partnerships are at the core ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 507.30 Td (of a cash generative business and the Corporation will continue to explore the way our members ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 493.80 Td (accumulate and redeem and the insight and benefits we can continue to bring to our partners. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 471.30 Td (The Corporation has a base of 5 million active ) Tj ET Q q 0 0 0 rg BT 293.10 471.30 Td (Aeroplan members and a high-value cardholder base that ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 457.80 Td (provides substantial and certain purchasing volume to our travel partners. ) Tj ET Q q 0 0 0 rg BT 403.00 457.80 Td (This includes financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 444.30 Td (cardholders under its contracts with ) Tj ET Q q 0 0 0 rg BT 251.90 444.30 Td (TD Bank and CIBC, which agreements extend to 2024. ) Tj ET Q q 0 0 0 rg BT 473.03 444.30 Td (Aimia believes ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 430.80 Td (that these assets could be highly valuable and compelling to numerous potential strategic partners, including ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 417.30 Td (airlines operating within the Canadian market - either domestically) Tj ET Q q 0 0 0 rg BT 369.96 417.30 Td (, trans-border) Tj ET Q q 0 0 0 rg BT 423.49 417.30 Td (, or internationally) Tj ET Q q 0 0 0 rg BT 493.86 417.30 Td (. ) Tj ET Q q 0 0 0 rg BT 500.86 417.30 Td (Aimia is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 403.80 Td (actively pursuing all alternatives with the underlying objective of continuing to of) Tj ET Q q 0 0 0 rg BT 424.02 403.80 Td (fer high-value travel rewards ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 390.30 Td (to our ) Tj ET Q q 0 0 0 rg BT 133.02 390.30 Td (Aeroplan members and our strategic commercial partners, which it expects to be underpinned by a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 376.80 Td (dif) Tj ET Q q 0 0 0 rg BT 117.34 376.80 Td (ferentiated flight reward purchasing strategy) Tj ET Q q 0 0 0 rg BT 291.77 376.80 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 354.30 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 108.00 354.30 Td (Ongoing business simplification with acceleration of cost reduction initiatives:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.05 354.30 Td ( Over the last three ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 340.80 Td (years, ) Tj ET Q q 0 0 0 rg BT 134.51 340.80 Td (Aimia has simplified and refocused the business significantly) Tj ET Q q 0 0 0 rg BT 374.97 340.80 Td (, including the disposal of non-core ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 327.30 Td (assets, and has streamlined its core operating model into two divisions: Coalitions and ILS. Further ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 313.80 Td (operating cost reductions are expected in 2018. ) Tj ET Q q 0 0 0 rg BT 302.46 313.80 Td (The Corporation) Tj ET Q q 0 0 0 rg BT 369.33 313.80 Td (s focus will remain on protecting the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 300.30 Td (health, sustainability and growth of our coalitions and delivering a profitable service business. ) Tj ET Q q 0 0 0 rg BT 483.55 300.30 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 286.80 Td (Corporation may also consider further asset sales.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 264.30 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 108.00 264.30 Td (Preserving a strong cash and liquidity position: ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.53 264.30 Td (As the Corporation moves through a transition period ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 250.80 Td (following the notice of non-renewal of the CPSA) Tj ET Q q 0 0 0 rg BT 298.12 250.80 Td ( to be ef) Tj ET Q q 0 0 0 rg BT 330.48 250.80 Td (fective on June 29, 2020, ) Tj ET Q q 0 0 0 rg BT 433.05 250.80 Td (Aimia believes that a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 237.30 Td (strong cash and liquidity position is critical in order to maintain appropriate financial flexibility during this ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 223.80 Td (period. In support of this objective, and in addition to aggressive cost-reduction initiatives and non-core ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 210.30 Td (asset sales described above, the Corporation holds significant cash and investments within its ) Tj ET Q q 0 0 0 rg BT 483.71 210.30 Td (Aeroplan ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 196.80 Td (coalition program. In addition, further liquidity is provided through the suspension of dividend payments on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 183.30 Td (the outstanding Preferred Shares due to restrictions under the CBCA) Tj ET Q q 0 0 0 rg BT 381.66 183.30 Td ( and the Corporation's credit facility) Tj ET Q q 0 0 0 rg BT 521.27 183.30 Td (, it ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 169.80 Td (has also suspended the payment of common share dividends for the foreseeable future. ) Tj ET Q q 0 0 0 rg BT 460.55 169.80 Td (The Corporation) Tj ET Q q 0 0 0 rg BT 527.42 169.80 Td (s ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 156.30 Td (current credit facility remains in place through to 2020.) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (17) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 300.890625 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 113.78 666.30 Td (TING ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 145.34 666.30 Td (AND FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 239.11 666.30 Td ( RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 282.22 666.30 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 72.00 640.80 Td (Certain of the following financial information of ) Tj ET Q q 0 0 0 rg BT 258.10 640.80 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 72.00 627.30 Td (the condensed interim consolidated financial statements for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.15 627.30 Td (three and six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.22 627.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.72 627.30 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.77 627.30 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.79 627.30 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.81 627.30 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 613.80 Td (and the related notes. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.30 Td (Historically) Tj ET Q q 0 0 0 rg BT 114.84 591.30 Td (, the ) Tj ET Q q 0 0 0 rg BT 134.35 591.30 Td (Aeroplan Program, which is reported within the Coalitions segment, has been marked by seasonality ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 577.80 Td (relating to high redemption activity in the first half of the year and high accumulation activity in the second half of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 564.30 Td (year) Tj ET Q q 0 0 0 rg BT 89.01 564.30 Td (. While the reward fulfillment component of insights & loyalty solutions is af) Tj ET Q q 0 0 0 rg BT 385.48 564.30 Td (fected by similar seasonality in the last ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 550.80 Td (quarter of the year) Tj ET Q q 0 0 0 rg BT 145.05 550.80 Td (, related to the holiday season, the impact at the consolidated level is not significant due to the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 537.30 Td (smaller size of the business compared to that of the ) Tj ET Q q 0 0 0 rg BT 279.61 537.30 Td (Aeroplan Program.) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 746.5 m 564 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.15 750.73 Td ( 18) Tj ET Q BT /F2 17.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 40.50 726.60 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 294.52 726.60 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 335.44 726.60 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 381.56 726.60 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 40.50 706.20 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 131.79 706.20 Td ( CONDITIONS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 247.33 706.20 Td (AND ) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 288.88 706.20 Td (RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 345.24 706.20 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 459.21 706.20 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 690.7 m 564 690.7 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 40.5 664.3986328125 m 510.498046875 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 40.50 666.30 Td (SUMMAR) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 94.05 666.30 Td (Y) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 101.84 666.30 Td ( OF CONSOLIDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 196.28 666.30 Td (TED OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 265.39 666.30 Td (TING RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 337.17 666.30 Td (TS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 355.39 666.30 Td (AND RECONCILIA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 458.50 666.30 Td (TION OF ) Tj ET Q BT /F2 12.00 Tf ET 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 40.5 649.9986328125 m 292.9453125 649.9986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 40.50 651.90 Td (ADJUSTED EBITDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 152.73 651.90 Td ( ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 155.62 651.90 Td (AND FREE CASH FLOW) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 41.00 629.40 222.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 263.00 629.40 119.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 382.00 629.40 119.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 501.00 629.40 62.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 41.00 605.40 222.00 -15.00 re f /GS0 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0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 486.40 45.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 486.40 14.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 486.40 45.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 486.40 14.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 468.40 45.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 468.40 14.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 468.40 45.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 468.40 14.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 455.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 455.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 455.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 455.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 443.40 45.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 443.40 14.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 443.40 45.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 443.40 14.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 430.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 430.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 430.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 430.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 418.40 45.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 418.40 14.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 418.40 45.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 418.40 14.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 400.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 400.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 400.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 400.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 388.40 45.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 388.40 14.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 388.40 45.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 388.40 14.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 370.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 370.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 370.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 370.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 358.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 358.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 358.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 358.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 346.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 346.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 346.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 346.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 334.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 334.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 334.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 334.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 322.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 322.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 322.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 322.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 310.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 310.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 310.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 310.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 298.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 298.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 298.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 298.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 286.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 286.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 286.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 286.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 274.40 45.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 274.40 14.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 274.40 45.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 274.40 14.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 261.40 45.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 261.40 14.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 261.40 45.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 261.40 14.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 250.40 45.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 250.40 14.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 250.40 45.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 250.40 14.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 237.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 237.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 237.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 237.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 225.40 45.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 225.40 14.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 225.40 45.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 225.40 14.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 212.40 45.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 212.40 14.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 212.40 45.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 212.40 14.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 199.40 45.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 199.40 14.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 199.40 45.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 199.40 14.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 186.40 45.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 186.40 14.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 186.40 45.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 186.40 14.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 168.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 168.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 168.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 168.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 156.40 45.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 156.40 14.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 156.40 45.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 156.40 14.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 143.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 143.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 143.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 143.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 263.00 131.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.00 131.40 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 382.00 131.40 45.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 427.00 131.40 14.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 559.4 m 263 559.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 559.4 m 308 559.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 559.4 m 322 559.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 559.4 m 367 559.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 559.4 m 382 559.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 559.4 m 427 559.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 559.4 m 441 559.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 559.4 m 486 559.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 559.4 m 501 559.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 559.4 m 532 559.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532 559.4 m 563 559.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 546.4 m 263 546.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 546.4 m 308 546.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 546.4 m 322 546.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 546.4 m 367 546.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 546.4 m 382 546.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 546.4 m 427 546.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 546.4 m 441 546.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 546.4 m 486 546.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 546.4 m 501 546.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 546.4 m 532 546.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532 546.4 m 563 546.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 522.4 m 263 522.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 522.4 m 308 522.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 522.4 m 322 522.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 522.4 m 367 522.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 522.4 m 382 522.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 522.4 m 427 522.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 522.4 m 441 522.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 522.4 m 486 522.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 522.4 m 501 522.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 522.4 m 532 522.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532 522.4 m 563 522.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 522.4 m 322 522.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 522.4 m 367 522.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 522.4 m 382 522.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 522.4 m 427 522.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 522.4 m 441 522.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 522.4 m 486 522.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 522.4 m 501 522.4 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 263 468.4 l s 0 0 0 RG /GS0 gs 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l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 443.4 m 382 443.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 443.4 m 427 443.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 443.4 m 441 443.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 443.4 m 486 443.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 443.4 m 501 443.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 443.4 m 532 443.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532 443.4 m 563 443.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 430.4 m 263 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 430.4 m 308 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 430.4 m 322 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 430.4 m 367 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 430.4 m 382 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 430.4 m 427 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 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RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 388.4 m 532 388.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532 388.4 m 563 388.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 370.4 m 263 370.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 370.4 m 308 370.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 370.4 m 322 370.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 370.4 m 367 370.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 370.4 m 382 370.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 370.4 m 427 370.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 370.4 m 441 370.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 370.4 m 486 370.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 370.4 m 501 370.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 370.4 m 532 370.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532 370.4 m 563 370.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 286.4 m 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1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 274.4 m 441 274.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 274.4 m 486 274.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 274.4 m 501 274.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532 274.4 m 563 274.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 250.39999999999998 m 263 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 250.39999999999998 m 308 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 250.39999999999998 m 322 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 250.39999999999998 m 367 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 250.39999999999998 m 382 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 250.39999999999998 m 427 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 250.39999999999998 m 441 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 250.39999999999998 m 486 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 250.39999999999998 m 501 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 250.39999999999998 m 532 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532 250.39999999999998 m 563 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 250.39999999999998 m 263 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 250.39999999999998 m 308 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 250.39999999999998 m 322 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 250.39999999999998 m 367 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 250.39999999999998 m 382 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 250.39999999999998 m 427 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 250.39999999999998 m 441 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 250.39999999999998 m 486 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 250.39999999999998 m 501 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 250.39999999999998 m 532 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532 250.39999999999998 m 563 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 225.39999999999998 m 263 225.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 225.39999999999998 m 308 225.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 225.39999999999998 m 322 225.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 225.39999999999998 m 367 225.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 225.39999999999998 m 382 225.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 225.39999999999998 m 427 225.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 225.39999999999998 m 441 225.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 225.39999999999998 m 486 225.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 225.39999999999998 m 501 225.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 225.39999999999998 m 532 225.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532 225.39999999999998 m 563 225.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 156.39999999999998 m 263 156.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 156.39999999999998 m 308 156.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 156.39999999999998 m 322 156.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 156.39999999999998 m 367 156.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 156.39999999999998 m 382 156.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 156.39999999999998 m 427 156.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 156.39999999999998 m 441 156.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 156.39999999999998 m 486 156.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 156.39999999999998 m 501 156.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 156.39999999999998 m 532 156.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 143.39999999999998 m 263 143.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 143.39999999999998 m 308 143.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 143.39999999999998 m 322 143.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 143.39999999999998 m 367 143.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 143.39999999999998 m 382 143.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 143.39999999999998 m 427 143.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 143.39999999999998 m 441 143.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 143.39999999999998 m 486 143.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 143.39999999999998 m 501 143.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 156.39999999999998 m 532 156.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 143.39999999999998 m 532 143.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532 156.39999999999998 m 563 156.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532 143.39999999999998 m 563 143.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 119.39999999999998 m 263 119.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 119.39999999999998 m 308 119.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 119.39999999999998 m 322 119.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 119.39999999999998 m 367 119.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 119.39999999999998 m 382 119.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 119.39999999999998 m 427 119.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427 119.39999999999998 m 441 119.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 119.39999999999998 m 486 119.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 119.39999999999998 m 501 119.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 119.39999999999998 m 532 119.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532 119.39999999999998 m 563 119.39999999999998 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 289.30 619.10 Td (Three Months Ended ) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 308.55 612.10 Td (June 30,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 412.55 619.10 Td (Six Months Ended) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 427.55 612.10 Td (June 30,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 513.85 615.60 Td (V) Tj ET Q q 1 1 1 rg BT 518.00 615.60 Td (ariance %) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 43.50 594.18 Td (\(in millions of Canadian dollars, except per share information\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 284.20 594.40 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 339.95 594.40 Td (2017 ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 357.47 597.74 Td (\(h\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 403.20 594.40 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 458.95 594.40 Td (2017 ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 476.47 597.74 Td (\(h\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 511.30 594.40 Td (Q2) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 540.00 594.40 Td (YTD) 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 43.50 575.40 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 283.70 575.40 Td (321.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 342.70 575.40 Td (334.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 402.70 575.40 Td (630.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.70 575.40 Td (645.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.05 575.45 Td (\(4.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.15 575.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 540.05 575.45 Td (\(2.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.15 575.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 563.40 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 287.60 563.40 Td (45.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 346.55 563.40 Td (61.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 406.55 563.40 Td (94.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.70 563.40 Td (145.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.15 563.40 Td (\(25.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.15 563.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 536.15 563.40 Td (\(34.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.15 563.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 550.40 Td (T) Tj ET Q q 0 0 0 rg BT 47.52 550.40 Td (otal Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 283.70 550.40 Td (366.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 342.70 550.40 Td (396.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 402.70 550.40 Td (724.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.70 550.40 Td (790.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.05 550.45 Td (\(7.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.15 550.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 540.05 550.45 Td (\(8.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.15 550.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 538.40 Td (T) Tj ET Q q 0 0 0 rg BT 47.52 538.40 Td (otal revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 283.70 538.40 Td (375.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 342.70 538.40 Td (361.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 402.70 538.40 Td (781.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.70 538.40 Td (763.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 511.40 538.40 Td (3.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 542.40 538.40 Td (2.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 526.40 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 281.40 526.40 Td (\(222.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 301.25 526.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 340.40 526.40 Td (\(212.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 360.25 526.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 400.40 526.40 Td (\(468.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 420.25 526.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.40 526.40 Td (\(441.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 479.25 526.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 511.40 526.40 Td (4.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 542.40 526.40 Td (6.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 513.40 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 215.81 516.74 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 283.70 513.40 Td (153.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 342.70 513.40 Td (149.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 402.70 513.40 Td (312.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.70 513.40 Td (322.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 511.40 513.40 Td (2.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 540.05 513.45 Td (\(2.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.15 513.40 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 49.50 502.18 Td (Gross margin as a % of total revenue) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 289.55 502.18 Td (40.9) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 302.15 502.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 348.55 502.18 Td (41.3) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 361.15 502.18 Td (%) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 408.55 502.18 Td (40.0) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 421.15 502.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 467.55 502.18 Td (42.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 480.15 502.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 510.80 502.18 Td (\(0.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 521.15 502.18 Td (\) pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 541.80 502.18 Td (\(2.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 552.15 502.18 Td (\) pp) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 490.40 Td (Depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.25 490.40 Td (\(13.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 301.25 490.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 348.15 490.40 Td (\(9.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 360.25 490.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 404.25 490.40 Td (\(27.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 420.25 490.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.25 490.40 Td (\(19.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 479.25 490.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 507.50 490.40 Td (42.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 538.50 490.40 Td (44.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 478.80 Td (Amortization of ) Tj ET Q q 0 0 0 rg BT 91.94 478.80 Td (Accumulation Partners' contracts, customer) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 52.50 471.80 Td (relationships and technology) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.25 472.40 Td (\(38.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 301.25 472.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 344.25 472.40 Td (\(35.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 360.25 472.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 404.25 472.40 Td (\(79.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 420.25 472.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.25 472.40 Td (\(60.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 479.25 472.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 511.40 472.40 Td (8.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 538.50 472.40 Td (30.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 459.40 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 283.70 459.40 Td (101.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 342.70 459.40 Td (104.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 402.70 459.40 Td (205.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.70 459.40 Td (242.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.05 459.45 Td (\(3.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.15 459.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 536.15 459.40 Td (\(15.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.15 459.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 447.40 Td (Operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 281.40 447.40 Td (\(1) Tj ET Q q 0 0 0 rg BT 287.62 447.40 Td (17.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 301.25 447.40 Td (\)) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 311.40 448.11 Td (\(g\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 340.40 447.40 Td (\(140.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 360.25 447.40 Td (\)) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 371.60 448.11 Td (\(f\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 400.40 447.40 Td (\(209.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 420.25 447.40 Td (\)) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 430.40 448.11 Td (\(g\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.40 447.40 Td (\(278.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 479.25 447.40 Td (\)) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 490.60 448.11 Td (\(f\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.15 447.40 Td (\(16.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.15 447.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 536.15 447.40 Td (\(24.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 552.15 447.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 434.40 Td (Operating loss) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.25 434.40 Td (\(16.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 301.25 434.40 Td (\)) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 311.40 435.61 Td (\(g\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 344.25 434.40 Td (\(36.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 360.25 434.40 Td (\)) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 371.60 435.61 Td (\(f\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 408.15 434.40 Td (\(3.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 420.25 434.40 Td (\)) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 430.40 435.61 Td (\(g\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.25 434.40 Td (\(36.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 479.25 434.40 Td (\)) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 490.60 435.61 Td (\(f\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 507.50 434.40 Td (55.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 540.15 434.40 Td (89.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 422.40 Td (Depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 287.60 422.40 Td (13.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 350.50 422.40 Td (9.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 406.55 422.40 Td (27.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.60 422.40 Td (19.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 507.50 422.40 Td (42.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 538.50 422.40 Td (44.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 410.80 Td (Amortization of ) Tj ET Q q 0 0 0 rg BT 91.94 410.80 Td (Accumulation Partners' contracts, customer) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 52.50 403.80 Td (relationships and technology) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 287.60 404.40 Td (38.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 346.55 404.40 Td (35.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 406.55 404.40 Td (79.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.60 404.40 Td (60.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 511.40 404.40 Td (8.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 538.50 404.40 Td (30.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 392.40 Td (Impairment charges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.50 392.40 Td (8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 353.25 392.40 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 410.50 392.40 Td (8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 472.25 392.40 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.25 392.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 544.25 392.40 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 380.80 Td (Operating income excluding depreciation, amortization and ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 373.80 Td (impairment charges ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 120.97 377.14 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 287.60 374.40 Td (43.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 350.50 374.40 Td (8.5) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 371.60 378.11 Td (\(f\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 402.70 374.40 Td (1) Tj ET Q q 0 0 0 rg BT 406.59 374.40 Td (1) Tj ET Q q 0 0 0 rg BT 410.49 374.40 Td (1.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.60 374.40 Td (43.8) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 490.60 378.11 Td (\(f\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.25 374.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 544.25 374.40 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 362.40 Td (Adjustments:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 49.50 350.40 Td (Change in deferred revenue) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 67.50 338.40 Td (Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 283.70 338.40 Td (366.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 342.70 338.40 Td (396.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 402.70 338.40 Td (724.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.70 338.40 Td (790.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 67.50 326.40 Td (T) Tj ET Q q 0 0 0 rg BT 71.39 326.40 Td (otal revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 281.40 326.40 Td (\(375.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 301.25 326.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 340.40 326.40 Td (\(361.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 360.25 326.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 400.40 326.40 Td (\(781.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 420.25 326.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.40 326.40 Td (\(763.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 479.25 326.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 67.50 314.40 Td (Cost of rewards recorded against deferred revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 289.15 314.40 Td (\(7.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 301.25 314.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 348.15 314.40 Td (\(8.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 360.25 314.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 404.25 314.40 Td (\(15.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 420.25 314.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.25 314.40 Td (\(18.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 479.25 314.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 49.50 302.40 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 165.06 305.74 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 287.60 302.40 Td (14.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 344.25 302.40 Td (\(10.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 360.25 302.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 406.55 302.40 Td (60.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 469.50 302.40 Td (9.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 49.50 290.40 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.50 290.40 Td (4.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 350.50 290.40 Td (5.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 410.50 290.40 Td (8.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.60 290.40 Td (1) Tj ET Q q 0 0 0 rg BT 469.49 290.40 Td (1.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 278.40 Td (Subtotal of ) Tj ET Q q 0 0 0 rg BT 78.53 278.40 Td (Adjustments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.50 278.40 Td (2.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 346.55 278.40 Td (21.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 408.15 278.40 Td (\(3.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 420.25 278.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.60 278.40 Td (29.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 265.40 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 101.19 265.40 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 103.13 268.74 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 287.60 265.40 Td (46.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 346.55 265.40 Td (29.5) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 371.60 266.61 Td (\(f\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 402.70 265.40 Td (107.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.60 265.40 Td (73.0) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 490.60 266.61 Td (\(f\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 507.50 265.40 Td (56.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 538.50 265.40 Td (47.8) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 49.50 254.18 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 98.94 254.18 Td ( as a % of total Gross Billings) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 289.55 254.18 Td (12.6) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 302.15 254.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 351.90 254.18 Td (7.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 361.15 254.18 Td (%) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 408.55 254.18 Td (14.9) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 421.15 254.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 470.90 254.18 Td (9.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 480.15 254.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 512.80 254.18 Td (5.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 521.15 254.18 Td ( pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 543.80 254.18 Td (5.7) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 552.15 254.18 Td ( pp) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 241.40 Td (Cash from operating activities) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 287.60 241.40 Td (27.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 346.55 241.40 Td (66.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 406.55 241.40 Td (71.2) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 430.40 242.61 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.60 241.40 Td (55.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 229.40 Td (Capital expenditures) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 289.15 229.40 Td (\(7.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 301.25 229.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 344.25 229.40 Td (\(12.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 360.25 229.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 404.25 229.40 Td (\(10.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 420.25 229.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.25 229.40 Td (\(24.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 479.25 229.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 216.40 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 172.64 219.74 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 287.60 216.40 Td (20.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 346.55 216.40 Td (54.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 406.55 216.40 Td (60.4) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 430.40 217.61 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.60 216.40 Td (30.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.15 216.40 Td (\(63.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.15 216.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 540.15 216.40 Td (99.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 49.50 203.40 Td (Free Cash Flow before Dividends Paid - Continuing operations ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 245.60 206.74 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 287.60 203.40 Td (20.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 346.55 203.40 Td (32.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 406.55 203.40 Td (45.1) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 430.40 204.61 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.60 203.40 Td (68.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 49.50 190.40 Td (Free Cash Flow before Dividends Paid - Discontinued operations ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 252.60 193.74 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 294.25 190.40 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 346.55 190.40 Td (21.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 406.55 190.40 Td (15.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.25 190.40 Td (\(38.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 479.25 190.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 172.40 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 225.58 175.74 Td (\(c\)\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 287.60 172.40 Td (0.13) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 346.55 172.40 Td (0.36) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 406.55 172.40 Td (0.40) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 430.40 176.11 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.60 172.40 Td (0.17) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 160.40 Td (Dividends paid to equity holders of the Corporation) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 294.25 160.40 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 353.25 160.40 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 413.25 160.40 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.25 160.40 Td (\(34.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 479.25 160.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 147.40 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 97.18 150.74 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 287.60 147.40 Td (20.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 346.55 147.40 Td (54.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 406.55 147.40 Td (60.4) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 430.40 148.61 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.15 147.40 Td (\(4.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 479.25 147.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.15 147.40 Td (\(63.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.15 147.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 544.25 147.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 135.40 Td (T) Tj ET Q q 0 0 0 rg BT 47.39 135.40 Td (otal assets) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 277.85 135.40 Td (3,521.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 336.80 135.40 Td (4,295.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 396.80 135.40 Td (3,521.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.85 135.40 Td (4,295.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 123.40 Td (T) Tj ET Q q 0 0 0 rg BT 47.00 123.40 Td (otal long-term liabilities) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 277.85 123.40 Td (1,900.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 336.80 123.40 Td (2,468.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 396.80 123.40 Td (1,900.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.85 123.40 Td (2,468.9) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 41 0 obj <> endobj 42 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (19) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 669.55 Td (\(a\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 669.55 Td (Excludes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 308.88 669.55 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 658.30 Td (technology) Tj ET Q q 0 0 0 rg BT 125.72 658.30 Td (.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 635.80 Td (\(b\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 635.80 Td (The per unit cost derived from this calculation is retroactively applied to all prior periods with the ef) Tj ET Q q 0 0 0 rg BT 415.04 635.80 Td (fect of revaluing the Future ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 624.55 Td (Redemption Cost liability on the basis of the latest available average unit cost.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 602.05 Td (\(c\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 602.05 Td (A) Tj ET Q q 0 0 0 rg BT 94.59 602.05 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 132.39 602.05 Td ( measurement. Please refer to ) Tj ET Q BT /F4 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 235.36 602.05 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 409.34 602.05 Td ( financial measures\)) Tj ET Q BT /F3 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 476.46 602.05 Td (.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 579.55 Td (\(d\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 579.55 Td (Free Cash Flow before Dividends Paid per common share is calculated after deducting dividends paid on preferred shares.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 556.30 Td (\(e\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 556.30 Td (Includes a rent prepayment of $1) Tj ET Q q 0 0 0 rg BT 199.10 556.30 Td (1.8 million made during the ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 291.24 556.30 Td (six months ended) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 350.03 556.30 Td ( ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 352.11 556.30 Td (June30, 2018) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 399.66 556.30 Td ( related to the Nectar transaction. ) Tj ET Q q 0 0 0 rg BT 512.50 556.30 Td (The ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 545.05 Td (prepayment covers the period from February 2018 to December 2019. ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 521.80 Td (\(f\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 521.80 Td (For the three and six months ended ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 210.49 521.80 Td (June30, 2017) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 258.04 521.80 Td (, operating expenses, operating loss and ) Tj ET Q q 0 0 0 rg BT 394.81 521.80 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 452.76 521.80 Td ( include the unfavourable ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 510.55 Td (impact of an onerous contract provision of $20.3 million related to an IT) Tj ET Q q 0 0 0 rg BT 325.84 510.55 Td ( outsourcing arrangement in the US. ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 488.05 Td (\(g\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 488.05 Td (For the three and six months ended ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 210.49 488.05 Td (June30, 2018) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 258.04 488.05 Td (, operating expenses and operating loss include an impairment charge of $8.0 million ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 476.80 Td (related to the International ISS business. ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 454.30 Td (\(h\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 454.30 Td (2017 financial information was restated to reflect the retroactive application of IFRS 15. Refer to the ) Tj ET Q BT /F4 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 421.86 454.30 Td (Changes in ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 461.61 454.30 Td (Accounting Policies) 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 526.65 454.30 Td ( ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 443.05 Td (section for additional information.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 419.80 Td (** ) Tj ET Q q 0 0 0 rg BT 99.00 419.80 Td ( Information not meaningful.) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (20) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 180.005859375 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (QUARTER ENDED ) Tj ET Q BT /F2 12.00 Tf ET 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 180.005859375 664.3986328125 m 262.060546875 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 180.01 666.30 Td (JUNE30, 2018) 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 262.060546875 664.3986328125 m 465.626953125 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 262.06 666.30 Td ( COMP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 300.50 666.30 Td (ARED T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 344.95 666.30 Td (O QUARTER ENDED ) Tj ET Q BT /F2 12.00 Tf ET 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 465.626953125 664.3986328125 m 520.986328125 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 465.63 666.30 Td (JUNE30, ) Tj ET Q BT /F2 12.00 Tf ET 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 649.9986328125 m 98.6953125 649.9986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 651.90 Td (2017) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 98.70 651.90 Td ( ) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 621.90 Td (CONSOLIDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 143.11 621.90 Td (TED OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 212.23 621.90 Td (TING RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 284.00 621.90 Td (TS ) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 599.40 213.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 285.50 599.40 123.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 408.50 599.40 66.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 474.50 599.40 66.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 575.40 213.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 285.50 575.40 40.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 325.50 575.40 22.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 347.50 575.40 39.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 386.50 575.40 22.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 408.50 575.40 33.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 441.50 575.40 33.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 474.50 575.40 33.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 507.50 575.40 33.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 551.40 40.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 551.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 539.40 40.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 539.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 527.40 40.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 527.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 515.40 40.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 515.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 503.40 40.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 503.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 491.40 40.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 491.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 479.40 40.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 479.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 467.40 40.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 467.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 455.40 40.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 455.40 22.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 444.40 40.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 444.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 432.40 40.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 432.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 420.40 40.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 420.40 22.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 402.40 40.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 402.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 390.40 40.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 390.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 378.40 40.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 378.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 366.40 40.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 366.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 354.40 40.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 354.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 342.40 40.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 342.40 22.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 331.40 40.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 331.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 319.40 40.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 319.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 307.40 40.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 307.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 295.40 40.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 295.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 283.40 40.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 283.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 271.40 40.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 271.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 259.40 40.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 259.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 247.40 40.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 247.40 22.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 285.50 235.40 40.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 325.50 235.40 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 72.5 527.4 m 285.5 527.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 527.4 m 325.5 527.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 527.4 m 347.5 527.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 527.4 m 386.5 527.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 527.4 m 408.5 527.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 527.4 m 441.5 527.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 527.4 m 474.5 527.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 527.4 m 507.5 527.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 527.4 m 540.5 527.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 515.4 m 285.5 515.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 515.4 m 325.5 515.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 515.4 m 347.5 515.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 515.4 m 386.5 515.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 515.4 m 408.5 515.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 515.4 m 441.5 515.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 515.4 m 474.5 515.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 515.4 m 507.5 515.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 515.4 m 540.5 515.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 515.4 m 325.5 515.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 515.4 m 386.5 515.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 515.4 m 507.5 515.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 491.4 m 285.5 491.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 491.4 m 325.5 491.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 491.4 m 347.5 491.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 491.4 m 386.5 491.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 491.4 m 408.5 491.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 491.4 m 441.5 491.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 491.4 m 474.5 491.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 491.4 m 507.5 491.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 491.4 m 540.5 491.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 467.4 m 325.5 467.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 467.4 m 386.5 467.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 467.4 m 507.5 467.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 467.4 m 285.5 467.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 467.4 m 325.5 467.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 467.4 m 347.5 467.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 467.4 m 386.5 467.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 467.4 m 408.5 467.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 467.4 m 441.5 467.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 467.4 m 474.5 467.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 467.4 m 507.5 467.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 467.4 m 540.5 467.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 432.4 m 285.5 432.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 432.4 m 325.5 432.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 432.4 m 347.5 432.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 432.4 m 386.5 432.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 432.4 m 408.5 432.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 432.4 m 441.5 432.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 432.4 m 474.5 432.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 432.4 m 507.5 432.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 432.4 m 540.5 432.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 378.4 m 285.5 378.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 378.4 m 325.5 378.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 378.4 m 347.5 378.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 378.4 m 386.5 378.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 378.4 m 408.5 378.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 378.4 m 441.5 378.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 378.4 m 474.5 378.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 378.4 m 507.5 378.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 378.4 m 540.5 378.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 378.4 m 285.5 378.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 366.4 m 285.5 366.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 378.4 m 325.5 378.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 366.4 m 325.5 366.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 378.4 m 347.5 378.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 366.4 m 347.5 366.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 378.4 m 386.5 378.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 366.4 m 386.5 366.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 378.4 m 408.5 378.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 366.4 m 408.5 366.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 378.4 m 441.5 378.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 366.4 m 441.5 366.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 378.4 m 474.5 378.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 366.4 m 474.5 366.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 378.4 m 507.5 378.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 366.4 m 507.5 366.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 378.4 m 540.5 378.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 366.4 m 540.5 366.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 354.4 m 285.5 354.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 354.4 m 325.5 354.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 354.4 m 347.5 354.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 354.4 m 386.5 354.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 354.4 m 408.5 354.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 354.4 m 441.5 354.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 354.4 m 474.5 354.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 354.4 m 507.5 354.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 354.4 m 540.5 354.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 331.4 m 285.5 331.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 331.4 m 325.5 331.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 331.4 m 347.5 331.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 331.4 m 386.5 331.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 331.4 m 408.5 331.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 331.4 m 441.5 331.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 331.4 m 474.5 331.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 331.4 m 507.5 331.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 331.4 m 540.5 331.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 283.4 m 325.5 283.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 283.4 m 386.5 283.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 283.4 m 285.5 283.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 271.4 m 285.5 271.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 283.4 m 325.5 283.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 271.4 m 325.5 271.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 283.4 m 347.5 283.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 271.4 m 347.5 271.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 283.4 m 386.5 283.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 271.4 m 386.5 271.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 283.4 m 408.5 283.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 271.4 m 408.5 271.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 283.4 m 441.5 283.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 271.4 m 441.5 271.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 283.4 m 474.5 283.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 271.4 m 474.5 271.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 283.4 m 507.5 283.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 271.4 m 507.5 271.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 283.4 m 540.5 283.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 271.4 m 540.5 271.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 271.4 m 285.5 271.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 259.4 m 285.5 259.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 271.4 m 325.5 271.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 259.4 m 325.5 259.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 271.4 m 347.5 271.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 259.4 m 347.5 259.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 271.4 m 386.5 271.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 259.4 m 386.5 259.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 271.4 m 408.5 271.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 259.4 m 408.5 259.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 271.4 m 441.5 271.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 259.4 m 441.5 259.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 271.4 m 474.5 271.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 259.4 m 474.5 259.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 271.4 m 507.5 271.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 259.4 m 507.5 259.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 271.4 m 540.5 271.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 259.4 m 540.5 259.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 259.4 m 285.5 259.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 247.39999999999998 m 285.5 247.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 259.4 m 325.5 259.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 247.39999999999998 m 325.5 247.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 259.4 m 347.5 259.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 247.39999999999998 m 347.5 247.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 259.4 m 386.5 259.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 247.39999999999998 m 386.5 247.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 259.4 m 408.5 259.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 247.39999999999998 m 408.5 247.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 259.4 m 441.5 259.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 247.39999999999998 m 441.5 247.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 259.4 m 474.5 259.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 247.39999999999998 m 474.5 247.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 259.4 m 507.5 259.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 247.39999999999998 m 507.5 247.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 259.4 m 540.5 259.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 247.39999999999998 m 540.5 247.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 235.39999999999998 m 285.5 235.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 247.39999999999998 m 325.5 247.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 235.39999999999998 m 325.5 235.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 235.39999999999998 m 347.5 235.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 247.39999999999998 m 386.5 247.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 235.39999999999998 m 386.5 235.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 235.39999999999998 m 408.5 235.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 235.39999999999998 m 441.5 235.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 235.39999999999998 m 474.5 235.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 235.39999999999998 m 507.5 235.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 235.39999999999998 m 540.5 235.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 223.39999999999998 m 285.5 223.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 235.39999999999998 m 325.5 235.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 223.39999999999998 m 325.5 223.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 223.39999999999998 m 347.5 223.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 235.39999999999998 m 386.5 235.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 347.5 223.39999999999998 m 386.5 223.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 223.39999999999998 m 408.5 223.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 223.39999999999998 m 441.5 223.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 223.39999999999998 m 474.5 223.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 223.39999999999998 m 507.5 223.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 223.39999999999998 m 540.5 223.39999999999998 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 299.40 585.60 Td (Three Months Ended June 30,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 427.40 585.60 Td (V) Tj ET Q q 1 1 1 rg BT 431.55 585.60 Td (ariance) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 479.05 585.60 Td (V) Tj ET Q q 1 1 1 rg BT 483.20 585.60 Td (ariance C.C. ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 524.05 588.94 Td (\(c\)\(d\)) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 75.00 567.18 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 297.20 567.40 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 358.70 567.40 Td (2017) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 422.55 567.40 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 454.35 567.40 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 488.55 567.40 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 520.35 567.40 Td (%) Tj ET Q BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 543.40 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 301.20 543.40 Td (321.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 362.20 543.40 Td (334.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 543.60 Td (\(13.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 543.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.50 543.60 Td (\(4.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 543.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.65 543.60 Td (\(13.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 543.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 543.65 Td (\(4.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 543.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 531.40 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 305.10 531.40 Td (45.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 366.05 531.40 Td (61.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 531.60 Td (\(15.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 531.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 447.65 531.60 Td (\(25.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 531.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.65 531.60 Td (\(14.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 531.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 531.60 Td (\(24.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 531.60 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 519.40 Td (T) Tj ET Q q 0 0 0 rg BT 79.02 519.40 Td (otal Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 301.20 519.40 Td (366.8) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 328.00 519.88 Td (\(b\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 362.20 519.40 Td (396.0) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 389.00 519.88 Td (\(b\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 519.60 Td (\(29.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 519.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.50 519.60 Td (\(7.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 519.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.65 519.60 Td (\(28.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 519.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 519.65 Td (\(7.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 519.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 507.40 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 301.20 507.40 Td (329.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 362.20 507.40 Td (301.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.00 507.60 Td (28.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.90 507.60 Td (9.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 507.60 Td (28.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.90 507.60 Td (9.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 495.40 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 305.10 495.40 Td (45.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 366.05 495.40 Td (60.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 495.60 Td (\(14.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 495.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 447.65 495.60 Td (\(24.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 495.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.65 495.60 Td (\(13.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 495.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 495.60 Td (\(23.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 495.60 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 483.40 Td (T) Tj ET Q q 0 0 0 rg BT 78.76 483.40 Td (otal revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 301.20 483.40 Td (375.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 362.20 483.40 Td (361.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.00 483.60 Td (14.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.90 483.60 Td (3.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 483.60 Td (14.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.90 483.60 Td (4.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 471.40 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 301.20 471.40 Td (222.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 362.20 471.40 Td (212.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.00 471.60 Td (10.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.90 471.60 Td (4.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 471.60 Td (10.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.90 471.60 Td (4.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 459.40 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 301.20 459.40 Td (153.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 362.20 459.40 Td (149.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.90 459.60 Td (4.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.90 459.60 Td (2.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.90 459.60 Td (4.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.90 459.60 Td (3.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 448.18 Td (Gross margin as a % of total revenue) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 307.05 448.18 Td (40.9) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 319.65 448.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 368.05 448.18 Td (41.3) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 380.65 448.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 433.30 448.38 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 453.30 448.38 Td (\(0.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 463.65 448.38 Td (\) pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 499.30 448.38 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 519.30 448.38 Td (\(0.3) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 529.65 448.38 Td (\) pp) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 436.40 Td (Depreciation and amortization ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 169.94 439.74 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 305.10 436.40 Td (52.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 366.05 436.40 Td (45.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.90 436.60 Td (7.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.00 436.60 Td (15.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.90 436.60 Td (7.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 516.00 436.60 Td (16.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 424.40 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 301.20 424.40 Td (101.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 362.20 424.40 Td (104.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 426.50 424.60 Td (\(3.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 424.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.50 424.60 Td (\(3.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 424.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.55 424.65 Td (\(2.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 424.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 424.65 Td (\(2.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 424.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 412.80 Td (Operating expenses before share-based compensation and other) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 84.00 405.80 Td (performance awards and impairment charges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 301.20 406.40 Td (107.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 362.20 406.40 Td (150.3) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 389.00 409.88 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 409.60 Td (\(43.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 409.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 447.65 409.60 Td (\(28.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 409.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.65 409.60 Td (\(42.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 409.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 409.60 Td (\(28.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 409.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 394.40 Td ( Share-based compensation and other performance awards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 309.00 394.40 Td (2.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 367.65 394.40 Td (\(9.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 379.75 394.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.00 394.60 Td (1) Tj ET Q q 0 0 0 rg BT 428.89 394.60 Td (1.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.75 394.60 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 394.60 Td (1) Tj ET Q q 0 0 0 rg BT 494.89 394.60 Td (1.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 394.60 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 382.40 Td ( Impairment of charges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 309.00 382.40 Td (8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 372.75 382.40 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.90 382.60 Td (8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.75 382.60 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.90 382.60 Td (8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 382.60 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 370.40 Td (T) Tj ET Q q 0 0 0 rg BT 78.50 370.40 Td (otal operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 301.20 370.40 Td (1) Tj ET Q q 0 0 0 rg BT 305.09 370.40 Td (17.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 362.20 370.40 Td (140.8) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 389.00 370.88 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 370.60 Td (\(23.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 370.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 447.65 370.60 Td (\(16.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 370.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.65 370.60 Td (\(22.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 370.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 370.60 Td (\(16.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 370.60 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 358.40 Td (Operating loss) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 302.75 358.40 Td (\(16.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 318.75 358.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.75 358.40 Td (\(36.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 379.75 358.40 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 389.00 358.88 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.00 358.60 Td (20.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.00 358.60 Td (55.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 358.60 Td (20.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 516.00 358.60 Td (54.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 346.40 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 132.69 346.40 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 134.63 349.74 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 305.10 346.40 Td (46.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 366.05 346.40 Td (29.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 389.00 346.88 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.00 346.60 Td (16.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.00 346.60 Td (56.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 346.60 Td (16.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 516.00 346.60 Td (56.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 335.18 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 127.46 335.18 Td ( as a % of total Gross Billings) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 307.05 335.18 Td (12.6) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 319.65 335.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 371.40 335.18 Td (7.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 380.65 335.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 433.30 335.53 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 455.30 335.53 Td (5.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 463.65 335.53 Td ( pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 499.30 335.53 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 521.30 335.53 Td (5.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 529.65 335.53 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 75 322.40576171875 m 166.83056640625 322.40576171875 l s q 0 0 0 rg BT 75.00 323.40 Td (Included in ) Tj ET Q q 0 0 0 rg BT 110.42 323.40 Td (Adjusted EBITDA:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.00 311.40 Td (Change in Future Redemption Costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 305.10 311.40 Td (14.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.75 311.40 Td (\(10.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 379.75 311.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.00 311.60 Td (24.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.75 311.60 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 311.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 311.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.00 299.80 Td (Cost of rewards recorded against deferred revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 306.65 299.40 Td (\(7.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 318.75 299.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 367.65 299.40 Td (\(8.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 379.75 299.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.90 299.60 Td (1.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.65 299.60 Td (15.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 299.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 299.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.00 287.40 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 309.00 287.40 Td (4.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 370.00 287.40 Td (5.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 426.50 287.60 Td (\(1.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 287.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 447.65 287.60 Td (\(24.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 287.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 287.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 287.80 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 275.40 Td (Adjusted Net Earnings - Continuing operations ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 232.89 278.74 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 305.10 275.40 Td (55.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 366.05 275.40 Td (20.0) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 389.00 275.88 Td (\(e\)\(f\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.00 275.80 Td (35.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.75 275.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 275.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 275.80 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 263.40 Td (Adjusted Net Earnings - Discontinued operations ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 240.29 266.74 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 311.75 263.40 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 366.05 263.40 Td (10.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 263.80 Td (\(10.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 263.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.75 263.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 263.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 263.80 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 251.40 Td (Free Cash Flow before Dividends Paid ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 204.14 254.74 Td (\(c\)\(h\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 305.10 251.40 Td (20.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 366.05 251.40 Td (54.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 251.80 Td (\(34.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 251.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 447.65 251.80 Td (\(63.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 251.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 251.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 251.80 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 239.40 Td (Free Cash Flow ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 128.68 242.74 Td (\(c\)\(h\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 305.10 239.40 Td (20.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 366.05 239.40 Td (54.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 239.80 Td (\(34.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 239.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 447.65 239.80 Td (\(63.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 239.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 239.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 239.80 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 227.40 Td (ROIC ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 94.44 230.74 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 309.00 227.40 Td (7.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 318.75 227.40 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 370.00 227.40 Td (4.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 379.75 227.40 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 389.00 227.88 Td (\(g\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 432.55 227.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.90 227.80 Td (2.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 227.80 Td ( pp) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 227.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 227.80 Td (**) Tj ET Q BT /F1 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 99.00 205.90 Td (Refer to section entitled ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 185.27 205.90 Td (Notations to Financial T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 268.57 205.90 Td (ables) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 287.70 205.90 Td ( for details on notations in the table above beginning on page ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 506.09 205.90 Td (74) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.98 205.90 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 180.40 Td (A) Tj ET Q q 0 0 0 rg BT 77.51 180.40 Td ( discussion of ) Tj ET Q q 0 0 0 rg BT 134.04 180.40 Td (Aimia's consolidated operating results follows. For a detailed discussion of the segmented operating ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 166.90 Td (results, refer to the section entitled ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 212.07 166.90 Td (Segmented Operating Results) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 332.64 166.90 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 144.40 Td (Gross Billings) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 133.01 144.40 Td ( generated for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.12 144.40 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.17 144.40 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.21 144.40 Td ($366.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.74 144.40 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.74 144.40 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.27 144.40 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 130.90 Td ($29.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 130.90 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.53 130.90 Td (7.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.05 130.90 Td (. On a constant currency basis, Gross Billings ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.12 130.90 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.15 130.90 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.65 130.90 Td ($28.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.18 130.90 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.19 130.90 Td (7.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.70 130.90 Td (, driven by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 117.40 Td (Gross Billings from Loyalty Services and Other) Tj ET Q q 0 0 0 rg BT 257.57 117.40 Td (, representing a decrease of $14.8 million, primarily due to the impact ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 103.90 Td (of business disposals, as well as lower billings resulting from lost clients and revised contract terms in International ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 90.40 Td (ISS. ) Tj ET Q q 0 0 0 rg BT 91.34 90.40 Td (The decrease is also explained by a $13.4 million reduction in Gross Billings from the sale of Loyalty Units, of ) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (21) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (which $1) Tj ET Q q 0 0 0 rg BT 106.85 668.45 Td (1.3 million is attributable to the ) Tj ET Q q 0 0 0 rg BT 230.42 668.45 Td (Aeroplan Program and the remainder is due to a decrease from the ) Tj ET Q q 0 0 0 rg BT 500.08 668.45 Td (Air Miles ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (Middle East program.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 632.45 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 420.41 632.45 Td (Accumulation Partners' ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 618.95 Td (respective customer base and their spending patterns, as well as ILS clients, which are in each case in turn af) Tj ET Q q 0 0 0 rg BT 508.57 618.95 Td (fected ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 605.45 Td (by the general economic conditions present in the countries in which the loyalty programs are operated and the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.95 Td (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 72.00 569.45 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 77.16 569.45 Td (otal Revenue ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 135.68 569.45 Td (generated for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.29 569.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.34 569.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.37 569.45 Td ($375.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.91 569.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.91 569.45 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.44 569.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 555.95 Td ($14.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 555.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.53 555.95 Td (3.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.05 555.95 Td (. On a constant currency basis, total revenue ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.14 555.95 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.16 555.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.67 555.95 Td ($14.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 441.20 555.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.20 555.95 Td (4.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.71 555.95 Td ( and is mostly ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 542.45 Td (explained by an increase of $28.7 million in Revenue from Loyalty Units driven by a $30.3 million increase in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 528.95 Td (Aeroplan Program due to increased redemption volumes and an increase in the cumulative average selling price of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 515.45 Td (an ) Tj ET Q q 0 0 0 rg BT 84.01 515.45 Td (Aeroplan Mile. ) Tj ET Q q 0 0 0 rg BT 143.88 515.45 Td (The increase was of) Tj ET Q q 0 0 0 rg BT 224.26 515.45 Td (fset in part by a decrease of $13.9 million in Revenue from Loyalty Services ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 501.95 Td (and Other) Tj ET Q q 0 0 0 rg BT 111.53 501.95 Td (, primarily due to the impact of business disposals, as well as lower revenue resulting from lost clients and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 488.45 Td (revised contract terms in ILS.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 465.95 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 72.00 452.45 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 72.00 438.95 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 496.75 438.95 Td ($3.3 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 425.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 425.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.58 425.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.63 425.45 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 402.95 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 217.03 402.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.07 402.95 Td ($222.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.60 402.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.67 402.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 497.72 402.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.72 402.95 Td (an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 389.45 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 106.02 389.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.52 389.45 Td ($10.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.05 389.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.06 389.45 Td (4.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 202.57 389.45 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 458.18 389.45 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 497.21 389.45 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.71 389.45 Td ($10.0 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 375.95 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 375.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 375.95 Td (4.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.02 375.95 Td ( and is mainly explained by higher redemption volumes in the ) Tj ET Q q 0 0 0 rg BT 376.66 375.95 Td (Aeroplan Program, partially of) Tj ET Q q 0 0 0 rg BT 495.56 375.95 Td (fset by a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 362.45 Td (lower redemption cost per ) Tj ET Q q 0 0 0 rg BT 177.55 362.45 Td (Aeroplan Mile redeemed, as well as a decrease from ILS due to the impact of lost clients ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 348.95 Td (and revised contract terms.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 326.45 Td (Given the large volume of Loyalty Units issued and redeemed, slight fluctuations in the ) Tj ET Q q 0 0 0 rg BT 418.20 326.45 Td (A) Tj ET Q q 0 0 0 rg BT 424.04 326.45 Td (verage Cost of Rewards per ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 312.95 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 72.00 299.45 Td (A) Tj ET Q q 0 0 0 rg BT 77.84 299.45 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 72.00 285.95 Td (income taxes of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 137.53 285.95 Td ($2.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 183.05 285.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 296.13 285.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.18 285.95 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 263.45 Td (Gross Margin before Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 237.70 263.45 Td (Amortization) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 292.70 263.45 Td ( represented ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.73 263.45 Td (40.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.25 263.45 Td ( of total revenue for the three months ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 249.95 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 99.53 249.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.58 249.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.58 249.95 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.11 249.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 218.61 249.95 Td (0.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 231.13 249.95 Td ( percentage-points or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.68 249.95 Td (0.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.19 249.95 Td ( percentage-points on a constant currency basis ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 236.45 Td (compared to the same period in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.07 236.45 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.09 236.45 Td (, a direct result of the factors described above. Excluding the impact of business ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 222.95 Td (disposals, gross margin before depreciation and amortization increased by 1.4 percentage-points on a reported basis ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 209.45 Td (and 1.5 percentage-points on a constant currency basis compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.67 209.45 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.69 209.45 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 185.45 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 159.03 185.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.07 185.45 Td ($1) Tj ET Q q 0 0 0 rg BT 223.41 185.45 Td (17.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 268.93 185.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.00 185.45 Td (June30, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.05 185.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.05 185.45 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.58 185.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.09 185.45 Td ($23.3 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 171.95 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 171.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 171.95 Td (16.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.03 171.95 Td (. On a constant currency basis, operating expenses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.64 171.95 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.67 171.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.18 171.95 Td ($22.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.71 171.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.71 171.95 Td (16.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.23 171.95 Td (, due in part ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 158.45 Td (to the impact of business disposals, including the onerous contract provision of $20.3 million recorded during the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 144.95 Td (second quarter of 2017 related to an IT) Tj ET Q q 0 0 0 rg BT 227.44 144.95 Td ( outsourcing arrangement in the US, of) Tj ET Q q 0 0 0 rg BT 381.86 144.95 Td (fset in part by the impairment charge of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 131.45 Td ($8.0 million recorded during the current period related to the International ISS business in ILS. ) Tj ET Q q 0 0 0 rg BT 448.56 131.45 Td (The remaining ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 117.95 Td (variance, representing a decrease of $1.3 million or 1.2%, is mostly explained by operational ef) Tj ET Q q 0 0 0 rg BT 449.55 117.95 Td (ficiencies due mainly ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 104.45 Td (to lower headcount, timing of advertising and promotional spend, reduced spend on information technology and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 90.95 Td (operations, as well as lower professional and consulting fees, of) Tj ET Q q 0 0 0 rg BT 325.98 90.95 Td (fset in part by increased share-based compensation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 77.45 Td (expense, driven mainly by the revaluation of cash-settled awards in the prior year) Tj ET Q q 0 0 0 rg BT 394.67 77.45 Td (, and higher severance costs. ) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (22) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 668.45 Td (Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 147.18 668.45 Td (Amortization) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 202.18 668.45 Td (, including amortization of ) Tj ET Q q 0 0 0 rg BT 306.24 668.45 Td (Accumulation Partners' contracts, customer relationships ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (and technology) Tj ET Q q 0 0 0 rg BT 132.38 654.95 Td (, amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.92 654.95 Td ($52.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 240.45 654.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.52 654.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.57 654.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.57 654.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.10 654.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.60 654.95 Td ($7.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.13 654.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (15.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.52 641.45 Td (. On a constant currency basis, depreciation and amortization, including amortization of ) Tj ET Q q 0 0 0 rg BT 446.21 641.45 Td (Accumulation Partners' ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.95 Td (contracts, customer relationships and technology) Tj ET Q q 0 0 0 rg BT 266.44 627.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.44 627.95 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.46 627.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.97 627.95 Td ($7.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.49 627.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.49 627.95 Td (16.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.01 627.95 Td (, due mainly to higher ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 614.45 Td (depreciation and amortization expense in ) Tj ET Q q 0 0 0 rg BT 238.11 614.45 Td (April in the Coalitions division as a result of the reduction to the estimated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 600.95 Td (life of the ) Tj ET Q q 0 0 0 rg BT 110.53 600.95 Td (Air Canada ) Tj ET Q q 0 0 0 rg BT 157.56 600.95 Td (Accumulation Partner contract in May 2017. ) Tj ET Q q 0 0 0 rg BT 334.48 600.95 Td (The variance is also due to an increase in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 587.45 Td (depreciation and amortization expense in ISS International in ILS, driven by increased information technology ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 573.95 Td (development spend in the prior year) Tj ET Q q 0 0 0 rg BT 215.09 573.95 Td (. ) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 551.45 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 178.01 551.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.05 551.45 Td ($\(16.5\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.57 551.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.64 551.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.69 551.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.70 551.45 Td (an improvement) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.22 551.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 537.95 Td ($20.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 537.95 Td (. On a constant currency basis, operating loss improved by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.14 537.95 Td ($20.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.67 537.95 Td (, a direct result of the factors ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 524.45 Td (described above. ) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 501.95 Td (Net Financial 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 164.52 501.95 Td (for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 275.09 501.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.14 501.95 Td ( consist of the fair value gain of $27.5 million on the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 488.45 Td (investment in equity instruments of Cardlytics, interest revenue of $2.1million earned on cash and cash equivalents, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 474.95 Td (short-term investments on deposit and long-term investments in bonds, and other net financial income of $0.3 million; ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 461.45 Td (of) Tj ET Q q 0 0 0 rg BT 79.34 461.45 Td (fset in part by interest expense of $6.1 million on long-term debt.) 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 72.00 437.45 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 157.01 437.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 159.79 437.45 Td (for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.36 437.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.41 437.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.43 437.45 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 367.45 437.45 Td ( include the ef) Tj ET Q q 0 0 0 rg BT 423.33 437.45 Td (fect of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.34 437.45 Td ($6.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.86 437.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.88 437.45 Td ($1.4 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 423.95 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 423.95 Td ( of current income tax expenses, respectively) Tj ET Q q 0 0 0 rg BT 276.92 423.95 Td (, as well as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 323.94 423.95 Td ($5.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.46 423.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.48 423.95 Td ($1.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 423.95 Td ( of deferred income tax ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 410.45 Td (recoveries, respectively) Tj ET Q q 0 0 0 rg BT 165.37 410.45 Td (. Net earnings \(loss\) for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.97 410.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.02 410.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.03 410.45 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.06 410.45 Td ( also include the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 396.95 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 300.63 396.95 Td ($5.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.16 396.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.17 396.95 Td ($3.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.70 396.95 Td (, respectively) Tj ET Q q 0 0 0 rg BT 463.55 396.95 Td (, net earnings ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 383.45 Td (\(loss\) from discontinued operations of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.57 383.45 Td ($4.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.10 383.45 Td ( and the gain on disposal of businesses and other assets of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.26 383.45 Td ($6.2 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 369.95 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 369.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.58 369.95 Td (June30, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.63 369.95 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 347.45 Td (Current income taxes are primarily attributed to our Canadian operations.Consistent with the prior year) Tj ET Q q 0 0 0 rg BT 481.70 347.45 Td (, deferred ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 333.95 Td (income tax recoveries 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 72.00 320.45 Td (Consequently) Tj ET Q q 0 0 0 rg BT 126.37 320.45 Td (, the deferred income tax recovery recorded in the current period, which is related to our Canadian ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 306.95 Td (operations, was not increased by deferred income tax recoveries in our foreign operations. ) Tj ET Q q 0 0 0 rg BT 434.03 306.95 Td (The above results in a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 293.45 Td (distorted ef) Tj ET Q q 0 0 0 rg BT 116.36 293.45 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 72.00 270.95 Td (Adjusted EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 146.50 270.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.54 270.95 Td ($46.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.07 270.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.14 270.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.19 270.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.19 270.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.72 270.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.22 270.95 Td ($16.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.75 270.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 257.45 Td (or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.50 257.45 Td (56.6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.02 257.45 Td (. On a constant currency basis, ) Tj ET Q q 0 0 0 rg BT 234.08 257.45 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 303.62 257.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.12 257.45 Td (improved) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.13 257.45 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.64 257.45 Td ($16.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.17 257.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.17 257.45 Td (56.6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.69 257.45 Td (. Excluding the results ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 243.95 Td (of business disposals, which included the impact of the onerous contract provision, ) Tj ET Q q 0 0 0 rg BT 403.19 243.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 472.72 243.95 Td ( decreased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 230.45 Td ($0.8 million or 1.7%, mainly attributable to reduced contribution from ILS and lower distributions from equity-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 216.95 Td (accounted investments, of) Tj ET Q q 0 0 0 rg BT 176.40 216.95 Td (fset in part by improved contribution from the ) Tj ET Q q 0 0 0 rg BT 356.48 216.95 Td (Aeroplan Program and lower operating ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 203.45 Td (expenses globally) Tj ET Q q 0 0 0 rg BT 142.88 203.45 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 179.45 Td (Adjusted 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 198.01 179.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 200.79 179.45 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.33 179.45 Td ($55.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.86 179.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.93 179.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.98 179.45 Td (, all of which is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 165.95 Td (attributable to continuing operations. ) Tj ET Q q 0 0 0 rg BT 219.10 165.95 Td (Adjusted Net Earnings for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.73 165.95 Td (June30, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.78 165.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 152.45 Td ($30.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 152.45 Td (, of which ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 163.05 152.45 Td ($20.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.57 152.45 Td ( is attributable to continuing operations and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.69 152.45 Td ($10.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.22 152.45 Td ( to discontinued ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 138.95 Td (operations. ) Tj ET Q q 0 0 0 rg BT 118.53 138.95 Td (Adjusted Net Earnings from continuing operations for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 429.72 138.95 Td (June30, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.77 138.95 Td ( included the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 125.45 Td (unfavourable impact of the onerous contract provision of $20.3 million related to an IT) Tj ET Q q 0 0 0 rg BT 412.03 125.45 Td ( outsourcing arrangement in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 111.95 Td (US, the gain on the disposal of the U.S. CEL) Tj ET Q q 0 0 0 rg BT 249.27 111.95 Td ( Business of $5.4 million and the fair value gain on the convertible notes ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 98.45 Td (of Cardlytics of $7.7 million. ) Tj ET Q q 0 0 0 rg BT 184.38 98.45 Td (The ef) Tj ET Q q 0 0 0 rg BT 209.73 98.45 Td (fective tax rate has been impacted as described under the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 443.37 98.45 Td (Net Earnings \(Loss\) ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 84.95 Td (section) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 100.52 84.95 Td (. ) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (23) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 668.45 Td (Free Cash Flow Before Dividends Paid) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 236.54 668.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.61 668.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.66 668.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.70 668.45 Td ($20.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.23 668.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.53 654.95 Td ($54.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 175.06 654.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.13 654.95 Td (June30, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.18 654.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.18 654.95 Td (an unfavourable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 414.73 654.95 Td ( variance of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.75 654.95 Td ($34.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.28 654.95 Td (. Free ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (Cash Flow before dividends paid from continuing operations for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.21 641.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.26 641.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.95 Td ($20.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 627.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.53 627.95 Td (an unfavourable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 192.08 627.95 Td ( variance of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.11 627.95 Td ($12.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 291.63 627.95 Td ( which is mainly the result of:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 600.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 600.95 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.53 600.95 Td ( in cash from operating activities of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.59 600.95 Td ($16.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.12 600.95 Td (, explained primarily by: ) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 585.51 cm /I3 Do Q q 0 0 0 rg BT 129.00 587.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 587.45 Td (a decrease in Gross Billings of $29.2 million; ) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 572.01 cm /I4 Do Q q 0 0 0 rg BT 129.00 573.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 573.95 Td (higher cost of rewards and direct costs of $8.6 million, including the impact of cost of rewards ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 560.45 Td (recorded against deferred revenue; and ) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 545.01 cm /I5 Do Q q 0 0 0 rg BT 129.00 546.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 546.95 Td (a $6.2 million unfavourable variance in the change in net operating assets, excluding the impact of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 533.45 Td (the onerous contract provision expense in the prior year; of) Tj ET Q q 0 0 0 rg BT 378.47 533.45 Td (fset in part ) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 518.01 cm /I6 Do Q q 0 0 0 rg BT 129.00 519.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 519.95 Td (by lower operating expenses of $22.8 million, before certain non-cash impacting items; ) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 504.51 cm /I7 Do Q q 0 0 0 rg BT 129.00 506.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 506.45 Td (and a $5.2 million decrease in net interest paid; ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 492.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 492.95 Td (lower) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.51 492.95 Td ( capital expenditures of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.56 492.95 Td ($3.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.09 492.95 Td (, mostly due to lower information technology development spend in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 479.45 Td (International ISS in ILS. ) 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 72.00 452.45 Td (ROIC) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 94.50 452.45 Td ( for the twelve months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.57 452.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.62 452.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 282.12 452.45 Td (7.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.64 452.45 Td ( compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.67 452.45 Td (4.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.18 452.45 Td ( for the twelve months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.25 452.45 Td (June30, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 438.95 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.02 438.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.02 438.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 143.55 438.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.06 438.95 Td (2.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 168.57 438.95 Td ( percentage-points. 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 324.16 438.95 Td (Consolidated 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 451.23 438.95 Td ( sub- section within ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 425.45 Td (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 87.01 425.45 Td (SIX MONTHS ENDED ) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 179.52 425.45 Td (JUNE30, 2018) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 240.56 425.45 Td ( COMP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 269.39 425.45 Td (ARED T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 302.23 425.45 Td (O SIX MONTHS ENDED ) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 404.24 425.45 Td (JUNE30, 2017) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 465.28 425.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 467.78 425.45 Td (section for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 411.95 Td (explanations of the variance.) 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 72.00 389.45 Td (Adjusted EBITDA, ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 146.70 389.45 Td (Adjusted Net Earnings, 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 304.77 389.45 Td ( and ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 324.79 389.45 Td (ROIC) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 347.29 389.45 Td ( are non-GAAP) Tj ET Q q 0 0 0 rg BT 408.16 389.45 Td ( measures. Please refer to the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 375.95 Td (PERFORMANCE INDICA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 174.34 375.95 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 179.67 375.95 Td (ORS \(INCLUDING CER) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 275.52 375.95 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 280.35 375.95 Td (AIN NON-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 345.52 375.95 Td ( FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 394.87 375.95 Td ( MEASURES\)) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 450.88 375.95 Td ( section for additional ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 362.45 Td (information on these measures.) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (24) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (SEGMENTED OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 193.13 666.30 Td (TING RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 264.90 666.30 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 72.00 640.80 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 72 603.21552734375 m 133.6650390625 603.21552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 604.80 Td (COALITIONS) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 585.30 282.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 354.50 585.30 122.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 476.50 585.30 64.00 -19.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 566.30 282.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 354.50 566.30 43.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 397.50 566.30 18.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 415.50 566.30 43.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 458.50 566.30 18.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 476.50 566.30 32.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 508.50 566.30 32.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 540.30 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 540.30 18.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 526.30 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 526.30 18.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 512.30 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 512.30 18.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 498.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 498.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 486.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 486.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 474.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 474.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 462.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 462.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 450.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 450.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 438.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 438.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 426.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 426.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 414.30 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 414.30 18.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 400.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 400.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 388.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 388.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 376.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 376.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 364.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 364.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 352.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 352.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 340.30 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 340.30 18.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 326.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 326.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 314.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 314.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 302.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 302.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 290.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 290.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 278.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 278.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 266.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 266.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 254.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 254.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 242.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 242.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 230.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 230.30 18.00 -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 72.5 512.3 m 354.5 512.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 512.3 m 397.5 512.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 512.3 m 415.5 512.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 512.3 m 458.5 512.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 512.3 m 476.5 512.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 512.3 m 508.5 512.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 512.3 m 540.5 512.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 498.29999999999995 m 354.5 498.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 498.29999999999995 m 397.5 498.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 498.29999999999995 m 415.5 498.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 498.29999999999995 m 458.5 498.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 498.29999999999995 m 476.5 498.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 498.29999999999995 m 508.5 498.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 498.29999999999995 m 540.5 498.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 462.29999999999995 m 354.5 462.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 462.29999999999995 m 397.5 462.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 462.29999999999995 m 415.5 462.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 462.29999999999995 m 458.5 462.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 462.29999999999995 m 476.5 462.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 462.29999999999995 m 508.5 462.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 462.29999999999995 m 540.5 462.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 438.29999999999995 m 354.5 438.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 438.29999999999995 m 397.5 438.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 438.29999999999995 m 415.5 438.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 438.29999999999995 m 458.5 438.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 438.29999999999995 m 476.5 438.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 438.29999999999995 m 508.5 438.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 438.29999999999995 m 540.5 438.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 400.29999999999995 m 354.5 400.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 400.29999999999995 m 397.5 400.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 400.29999999999995 m 415.5 400.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 400.29999999999995 m 458.5 400.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 400.29999999999995 m 476.5 400.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 400.29999999999995 m 508.5 400.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 400.29999999999995 m 540.5 400.29999999999995 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 364.29999999999995 m 354.5 364.29999999999995 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 364.29999999999995 m 397.5 364.29999999999995 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 364.29999999999995 m 415.5 364.29999999999995 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 364.29999999999995 m 458.5 364.29999999999995 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 364.29999999999995 m 476.5 364.29999999999995 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 364.29999999999995 m 508.5 364.29999999999995 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 364.29999999999995 m 540.5 364.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 352.29999999999995 m 354.5 352.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 352.29999999999995 m 397.5 352.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 352.29999999999995 m 415.5 352.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 352.29999999999995 m 458.5 352.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 352.29999999999995 m 476.5 352.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 352.29999999999995 m 508.5 352.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 352.29999999999995 m 540.5 352.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 340.29999999999995 m 354.5 340.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 340.29999999999995 m 397.5 340.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 340.29999999999995 m 415.5 340.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 340.29999999999995 m 458.5 340.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 340.29999999999995 m 476.5 340.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 340.29999999999995 m 508.5 340.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 340.29999999999995 m 540.5 340.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 314.29999999999995 m 354.5 314.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 314.29999999999995 m 397.5 314.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 314.29999999999995 m 415.5 314.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 314.29999999999995 m 458.5 314.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 314.29999999999995 m 476.5 314.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 314.29999999999995 m 508.5 314.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 314.29999999999995 m 540.5 314.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 314.29999999999995 m 397.5 314.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 314.29999999999995 m 458.5 314.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 278.29999999999995 m 354.5 278.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 278.29999999999995 m 397.5 278.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 278.29999999999995 m 415.5 278.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 278.29999999999995 m 458.5 278.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 278.29999999999995 m 476.5 278.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 278.29999999999995 m 508.5 278.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 278.29999999999995 m 540.5 278.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 218.29999999999995 m 354.5 218.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 218.29999999999995 m 397.5 218.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 218.29999999999995 m 415.5 218.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 218.29999999999995 m 458.5 218.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 218.29999999999995 m 476.5 218.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 218.29999999999995 m 508.5 218.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 218.29999999999995 m 540.5 218.29999999999995 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 367.90 574.00 Td (Three Months Ended June 30,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 494.40 574.00 Td (V) Tj ET Q q 1 1 1 rg BT 498.55 574.00 Td (ariance) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 75.00 556.08 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 367.70 556.30 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 428.70 556.30 Td (2017) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 490.05 556.30 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 520.85 556.30 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 75.00 530.30 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 370.80 530.30 Td (310.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.20 530.30 Td (321.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 530.30 Td (\(1) Tj ET Q q 0 0 0 rg BT 495.87 530.30 Td (1.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 530.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.55 530.35 Td (\(3.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 530.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 516.30 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.75 516.30 Td (15.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.05 516.30 Td (15.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 516.30 Td (0.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.90 516.30 Td (5.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 502.30 Td (T) Tj ET Q q 0 0 0 rg BT 79.02 502.30 Td (otal Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 370.80 502.30 Td (326.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.20 502.30 Td (336.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 502.30 Td (\(10.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 502.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.55 502.35 Td (\(3.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 502.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 490.30 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 370.80 490.30 Td (325.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.20 490.30 Td (295.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 490.30 Td (30.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.00 490.30 Td (10.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 478.30 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.75 478.30 Td (15.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.05 478.30 Td (15.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 478.30 Td (0.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.90 478.30 Td (4.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 466.30 Td (Intercompany revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.65 466.30 Td (0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 444.75 466.30 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 466.30 Td (0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 466.30 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 454.30 Td (T) Tj ET Q q 0 0 0 rg BT 78.76 454.30 Td (otal revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 370.80 454.30 Td (341.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.20 454.30 Td (310.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 454.30 Td (31.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.00 454.30 Td (10.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 442.30 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 370.80 442.30 Td (217.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.20 442.30 Td (205.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 442.30 Td (1) Tj ET Q q 0 0 0 rg BT 495.89 442.30 Td (1.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.90 442.30 Td (5.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 430.30 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 370.80 430.30 Td (124.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.20 430.30 Td (104.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 430.30 Td (19.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.00 430.30 Td (18.3) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 418.08 Td (Gross margin as a % of total revenue) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 376.70 418.08 Td (36.3) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 391.65 418.08 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 440.05 418.08 Td (33.8) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 452.65 418.08 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 500.30 418.08 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 523.30 418.08 Td (2.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 531.65 418.08 Td ( pp) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 404.30 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 169.94 407.64 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.75 404.30 Td (48.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.05 404.30 Td (42.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 404.30 Td (5.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.00 404.30 Td (13.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 392.30 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.75 392.30 Td (76.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.05 392.30 Td (62.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 392.30 Td (13.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.00 392.30 Td (21.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 380.30 Td (Operating expenses before share-based compensation and other performance awards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.75 380.30 Td (69.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.05 380.30 Td (78.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 380.35 Td (\(9.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 380.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.65 380.30 Td (\(1) Tj ET Q q 0 0 0 rg BT 521.87 380.30 Td (1.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 380.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 368.30 Td ( Share-based compensation and other performance awards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.65 368.30 Td (1.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 439.65 368.30 Td (\(8.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.75 368.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 368.50 Td (9.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 368.50 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 356.30 Td (T) Tj ET Q q 0 0 0 rg BT 78.89 356.30 Td (otal operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.75 356.30 Td (70.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.05 356.30 Td (69.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 356.30 Td (0.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.90 356.30 Td (1.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 344.30 Td (Operating income \(loss\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.65 344.30 Td (5.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 439.65 344.30 Td (\(7.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.75 344.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 344.30 Td (12.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 344.30 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 330.30 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 132.69 330.30 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 134.63 333.64 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.75 330.30 Td (57.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.05 330.30 Td (54.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 330.30 Td (3.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.90 330.30 Td (6.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 318.08 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 127.46 318.08 Td ( as a % of total Gross Billings) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 376.70 318.08 Td (17.6) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 391.65 318.08 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 440.05 318.08 Td (16.0) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 452.65 318.08 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 500.30 318.08 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 523.30 318.08 Td (1.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 531.65 318.08 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 75 305.30576171875 m 166.83056640625 305.30576171875 l s q 0 0 0 rg BT 75.00 306.30 Td (Included in ) Tj ET Q q 0 0 0 rg BT 110.42 306.30 Td (Adjusted EBITDA:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 294.30 Td (Change in Future Redemption Costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.75 294.30 Td (14.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.75 294.30 Td (\(1) Tj ET Q q 0 0 0 rg BT 441.97 294.30 Td (1.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.75 294.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 294.30 Td (26.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 294.30 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 282.30 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.65 282.30 Td (4.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 282.30 Td (4.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 282.35 Td (\(0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 282.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.55 282.35 Td (\(4.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 282.30 Td (\)) 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 75 269.30576171875 m 134.51708984375 269.30576171875 l s q 0 0 0 rg BT 75.00 270.30 Td (Operating metrics \() Tj ET Q BT /F4 7.00 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 134.51708984375 269.30576171875 m 208.18115234375 269.30576171875 l s q 0 0 0 rg BT 134.52 270.30 Td (year) Tj ET Q q 0 0 0 rg BT 148.01 270.30 Td (-over) Tj ET Q q 0 0 0 rg BT 163.83 270.30 Td (-year variance) Tj ET Q BT /F3 7.00 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 208.18115234375 269.30576171875 m 212.45703125 269.30576171875 l s q 0 0 0 rg BT 208.18 270.30 Td (\):) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 258.30 Td (Accumulation activity - ) Tj ET Q q 0 0 0 rg BT 146.39 258.30 Td (Aeroplan) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 376.25 258.30 Td (\(4.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 388.40 258.30 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 258.30 Td (1.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.75 258.30 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.55 258.30 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 258.30 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 246.30 Td (Redemption activity - ) Tj ET Q q 0 0 0 rg BT 141.92 246.30 Td (Aeroplan) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.65 246.30 Td (7.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.75 246.30 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 246.30 Td (1.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.75 246.30 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.55 246.30 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 246.30 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 234.30 Td (T) Tj ET Q q 0 0 0 rg BT 78.89 234.30 Td (otal rewards issued - ) Tj ET Q q 0 0 0 rg BT 144.83 234.30 Td (Aeroplan) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.65 234.30 Td (6.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.75 234.30 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 234.30 Td (2.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.75 234.30 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.55 234.30 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 234.30 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 222.30 Td (T) Tj ET Q q 0 0 0 rg BT 78.50 222.30 Td (otal air rewards issued - ) Tj ET Q q 0 0 0 rg BT 154.37 222.30 Td (Aeroplan) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.65 222.30 Td (8.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.75 222.30 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 442.00 222.30 Td (0.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.75 222.30 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.55 222.30 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 222.30 Td (**) Tj ET Q BT /F1 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 99.00 200.80 Td (Refer to section entitled ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 185.27 200.80 Td (Notations to Financial T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 268.57 200.80 Td (ables) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 287.70 200.80 Td ( for details on notations in the table above beginning on page ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 506.09 200.80 Td (74) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.98 200.80 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 72.00 175.30 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 133.01 175.30 Td ( generated for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.12 175.30 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.17 175.30 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.21 175.30 Td ($326.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.74 175.30 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.74 175.30 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.27 175.30 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 161.80 Td ($10.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 161.80 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.53 161.80 Td (3.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.05 161.80 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 139.30 Td (The dif) Tj ET Q q 0 0 0 rg BT 99.35 139.30 Td (ferent Gross Billings categories were af) Tj ET Q q 0 0 0 rg BT 255.76 139.30 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 72.00 116.80 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 262.53 116.80 Td ( generated for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.64 116.80 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.69 116.80 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 103.30 Td ($310.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.53 103.30 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 132.53 103.30 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 177.06 103.30 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.57 103.30 Td ($1) Tj ET Q q 0 0 0 rg BT 198.91 103.30 Td (1.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.43 103.30 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.44 103.30 Td (3.5%) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 272.95 109.85 5.00 -8.45 re f /GS0 gs q 0 0 0 rg BT 272.95 103.30 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.95 103.30 Td (mostly explained by a decrease of $8.4 million in the financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 89.80 Td (sector) Tj ET Q q 0 0 0 rg BT 96.01 89.80 Td (. Despite improvement from higher average spend per cards across all card partners and higher conversions ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 76.30 Td (from one financial card partner) Tj ET Q q 0 0 0 rg BT 193.57 76.30 Td (, purchase volumes are down from the other card partners due to the timing of ) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (25) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (campaign activities and lower active cards. Further contributing to lower Gross Billings from Loyalty Units, a $1.7 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (million decrease in the non-air travel sector was mainly driven by a conversion campaign run in the prior year) Tj ET Q q 0 0 0 rg BT 504.71 654.95 Td (, as well ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (as a $1.1 million decrease from the retail sector due in part to a lost partner) Tj ET Q q 0 0 0 rg BT 370.66 641.45 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 618.95 Td (Accumulation ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 133.67 618.95 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 168.68 618.95 Td (- ) Tj ET Q q 0 0 0 rg BT 173.69 618.95 Td (Aeroplan Miles issued during the three month period ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.33 618.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.38 618.95 Td ( decreased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 605.45 Td (4.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.51 605.45 Td ( due to the factors described above. Excluding all promotional mileage on new financial cards acquired, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.95 Td (Aeroplan Miles issued during the period decreased by 2.5%.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 569.45 Td (Gross Billings from Loyalty Services and Other ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 276.56 569.45 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.10 569.45 Td ($15.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.63 569.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.70 569.45 Td (June30, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 555.95 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.02 555.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.02 555.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 143.55 555.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.06 555.95 Td ($0.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.58 555.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.58 555.95 Td (5.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.10 555.95 Td (, primarily explained by higher Gross Billings from ancillary services.) 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 72.00 533.45 Td (Redemption ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 126.17 533.45 Td (Activity) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 158.68 533.45 Td ( - ) Tj ET Q q 0 0 0 rg BT 166.51 533.45 Td (T) Tj ET Q q 0 0 0 rg BT 171.01 533.45 Td (otal Miles redeemed under the ) Tj ET Q q 0 0 0 rg BT 294.59 533.45 Td (Aeroplan Program) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 367.62 533.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 370.13 533.45 Td (for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.70 533.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.75 533.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 519.95 Td (increased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 125.53 519.95 Td (7.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 146.04 519.95 Td (. ) Tj ET Q q 0 0 0 rg BT 150.88 519.95 Td (The total number of rewards issued increased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.98 519.95 Td (6.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.49 519.95 Td ( and the total number of air rewards issued ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 506.45 Td (increased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 125.53 506.45 Td (8.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 146.04 506.45 Td ( compared to the same period in the prior year) Tj ET Q q 0 0 0 rg BT 330.14 506.45 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 483.95 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 77.16 483.95 Td (otal Revenue ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 135.68 483.95 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.22 483.95 Td ($341.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 243.75 483.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.82 483.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 413.87 483.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.87 483.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.40 483.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.91 483.95 Td ($31.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.44 483.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 470.45 Td (10.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.52 470.45 Td (, explained primarily by:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 447.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 447.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 154.53 447.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 167.04 447.95 Td ($30.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 217.56 447.95 Td ( in revenue from Loyalty Units due mainly to an increase in redemption volumes ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 434.45 Td (and an increase in the cumulative average selling price of an ) Tj ET Q q 0 0 0 rg BT 351.65 434.45 Td (Aeroplan Mile; and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 420.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 420.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 154.53 420.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 167.04 420.95 Td ($0.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.56 420.95 Td ( in revenue from Loyalty Services and Other) Tj ET Q q 0 0 0 rg BT 387.65 420.95 Td (, primarily explained by an increase in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 407.45 Td (ancillary services.) 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 72.00 380.45 Td (Cost of Rewards and Direct Costs) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 217.03 380.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.07 380.45 Td ($217.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.60 380.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.67 380.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 497.72 380.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.72 380.45 Td (an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 366.95 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 106.02 366.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.52 366.95 Td ($1) Tj ET Q q 0 0 0 rg BT 127.87 366.95 Td (1.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 168.39 366.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 181.39 366.95 Td (5.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.90 366.95 Td (, mainly attributable to the following factors: ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 344.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 344.45 Td (a higher volume of redemptions in the ) Tj ET Q q 0 0 0 rg BT 260.59 344.45 Td (Aeroplan Program representing $16.0 million, primarily related to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 330.95 Td (higher availability and capacity; of) Tj ET Q q 0 0 0 rg BT 242.42 330.95 Td (fset in part by) Tj ET Q q 0 0 0 rg BT 295.77 330.95 Td (,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 317.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 317.45 Td (a lower redemption cost per ) Tj ET Q q 0 0 0 rg BT 221.06 317.45 Td (Aeroplan Mile redeemed, representing $4.0 million driven by favourable foreign ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 303.95 Td (exchange impacts and product mix.) 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 72.00 276.95 Td (Gross Margin before Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 237.70 276.95 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 295.20 276.95 Td (represented ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.73 276.95 Td (36.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.25 276.95 Td ( of total revenue for the three month ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 263.45 Td (period ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.05 263.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 184.10 263.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.10 263.45 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.63 263.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 248.13 263.45 Td (2.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 260.64 263.45 Td ( percentage-points compared to the same period in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.77 263.45 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.79 263.45 Td (, a direct ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 249.95 Td (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 72.00 227.45 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 159.03 227.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.07 227.45 Td ($70.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.59 227.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.67 227.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.72 227.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.72 227.45 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.25 227.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.75 227.45 Td ($0.8 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 213.95 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 213.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 213.95 Td (1.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.02 213.95 Td (, mostly explained by higher share-based compensation expense, driven mainly by the revaluation of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 200.45 Td (cash-settled awards in the prior year) Tj ET Q q 0 0 0 rg BT 216.57 200.45 Td (, and higher severance, of) Tj ET Q q 0 0 0 rg BT 320.48 200.45 Td (fset in part by operational ef) Tj ET Q q 0 0 0 rg BT 431.38 200.45 Td (ficiencies due mainly to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 186.95 Td (lower headcount, timing of advertising and promotional spend, and lower professional and consulting fees.) 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 72.00 164.45 Td (Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 147.18 164.45 Td (Amortization) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 202.18 164.45 Td (, including amortization of ) Tj ET Q q 0 0 0 rg BT 306.24 164.45 Td (Accumulation Partners' contracts, customer relationships ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 150.95 Td (and technology) Tj ET Q q 0 0 0 rg BT 132.38 150.95 Td (, amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.92 150.95 Td ($48.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 240.45 150.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.52 150.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.57 150.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.57 150.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.10 150.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.60 150.95 Td ($5.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.13 150.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 137.45 Td (13.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.52 137.45 Td (, due mostly to higher depreciation and amortization expense in ) Tj ET Q q 0 0 0 rg BT 352.17 137.45 Td (April as a result of the reduction to the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 123.95 Td (estimated life of the ) Tj ET Q q 0 0 0 rg BT 152.05 123.95 Td (Air Canada ) Tj ET Q q 0 0 0 rg BT 199.08 123.95 Td (Accumulation Partner contract in May 2017. ) 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 72.00 101.45 Td (Operating Income \(Loss\) ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 180.51 101.45 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.05 101.45 Td ($5.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 278.57 101.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.65 101.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.69 101.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.70 101.45 Td (an improvement) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.23 101.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 87.95 Td ($12.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 87.95 Td (, a direct result of the factors described above.) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (26) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 668.45 Td (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 146.50 668.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.54 668.45 Td ($57.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.07 668.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.14 668.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.19 668.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.19 668.45 Td (an improvement) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.72 668.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 504.22 668.45 Td ($3.3 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 654.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 654.95 Td (6.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.02 654.95 Td (, mainly attributable to improved contribution from the ) Tj ET Q q 0 0 0 rg BT 345.13 654.95 Td (Aeroplan Program, due primarily to lower unit ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (cost per ) Tj ET Q q 0 0 0 rg BT 106.02 641.45 Td (Aeroplan mile, of) Tj ET Q q 0 0 0 rg BT 173.39 641.45 Td (fset in part by higher operating expenses across the division.) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 618.95 Td (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 142.03 618.95 Td ( is a non-GAAP) Tj ET Q q 0 0 0 rg BT 203.90 618.95 Td ( measure. Please refer to the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 324.96 618.95 Td (PERFORMANCE INDICA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 427.30 618.95 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 432.63 618.95 Td (ORS \(INCLUDING ) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 605.45 Td (CER) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 90.84 605.45 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 95.67 605.45 Td (AIN NON-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.84 605.45 Td ( FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 210.19 605.45 Td ( MEASURES\)) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 266.20 605.45 Td ( section for additional information on this measure.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 570.86552734375 m 237.9423828125 570.86552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 572.45 Td (INSIGHTS & LOY) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 151.64 572.45 Td (AL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 164.23 572.45 Td (TY) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 176.83 572.45 Td ( SOLUTIONS) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 552.95 218.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 290.50 552.95 122.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 412.50 552.95 64.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 476.50 552.95 64.00 -19.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 533.95 218.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 290.50 533.95 43.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 333.50 533.95 18.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 351.50 533.95 43.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 394.50 533.95 18.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 412.50 533.95 32.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 444.50 533.95 32.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 476.50 533.95 32.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 508.50 533.95 32.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 507.95 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 507.95 18.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 493.95 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 493.95 18.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 479.95 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 479.95 18.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 465.95 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 465.95 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 453.95 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 453.95 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 441.95 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 441.95 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 429.95 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 429.95 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 417.95 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 417.95 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 405.95 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 405.95 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 393.95 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 393.95 18.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 379.95 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 379.95 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 367.95 43.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 367.95 18.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 349.95 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 349.95 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 337.95 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 337.95 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 325.95 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 325.95 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 313.95 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 313.95 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 301.95 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 301.95 18.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 287.95 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 287.95 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 275.95 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 275.95 18.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 261.95 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 261.95 18.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 247.95 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 247.95 18.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 233.95 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 233.95 18.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 219.95 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 219.95 18.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 205.95 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 205.95 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 193.95 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 193.95 18.00 -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 72.5 479.95000000000005 m 290.5 479.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 290.5 479.95000000000005 m 333.5 479.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 479.95000000000005 m 351.5 479.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 479.95000000000005 m 394.5 479.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 479.95000000000005 m 412.5 479.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 479.95000000000005 m 444.5 479.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 479.95000000000005 m 476.5 479.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 479.95000000000005 m 508.5 479.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 479.95000000000005 m 540.5 479.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 465.95000000000005 m 290.5 465.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 290.5 465.95000000000005 m 333.5 465.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 465.95000000000005 m 351.5 465.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 465.95000000000005 m 394.5 465.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 465.95000000000005 m 412.5 465.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 465.95000000000005 m 444.5 465.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 465.95000000000005 m 476.5 465.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 465.95000000000005 m 508.5 465.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 465.95000000000005 m 540.5 465.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 465.95000000000005 m 508.5 465.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 441.95000000000005 m 290.5 441.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 290.5 441.95000000000005 m 333.5 441.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 441.95000000000005 m 351.5 441.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 441.95000000000005 m 394.5 441.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 441.95000000000005 m 412.5 441.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 441.95000000000005 m 444.5 441.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 441.95000000000005 m 476.5 441.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 441.95000000000005 m 508.5 441.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 441.95000000000005 m 540.5 441.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 417.95000000000005 m 508.5 417.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 417.95000000000005 m 290.5 417.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 290.5 417.95000000000005 m 333.5 417.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 417.95000000000005 m 351.5 417.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 417.95000000000005 m 394.5 417.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 417.95000000000005 m 412.5 417.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 417.95000000000005 m 444.5 417.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 417.95000000000005 m 476.5 417.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 417.95000000000005 m 508.5 417.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 417.95000000000005 m 540.5 417.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 379.95000000000005 m 290.5 379.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 290.5 379.95000000000005 m 333.5 379.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 379.95000000000005 m 351.5 379.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 379.95000000000005 m 394.5 379.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 379.95000000000005 m 412.5 379.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 379.95000000000005 m 444.5 379.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 379.95000000000005 m 476.5 379.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 379.95000000000005 m 508.5 379.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 379.95000000000005 m 540.5 379.95000000000005 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 325.95000000000005 m 290.5 325.95000000000005 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 290.5 325.95000000000005 m 333.5 325.95000000000005 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 325.95000000000005 m 351.5 325.95000000000005 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 325.95000000000005 m 394.5 325.95000000000005 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 325.95000000000005 m 412.5 325.95000000000005 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 325.95000000000005 m 444.5 325.95000000000005 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 325.95000000000005 m 476.5 325.95000000000005 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 325.95000000000005 m 508.5 325.95000000000005 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 325.95000000000005 m 540.5 325.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 313.95000000000005 m 290.5 313.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 290.5 313.95000000000005 m 333.5 313.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 313.95000000000005 m 351.5 313.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 313.95000000000005 m 394.5 313.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 313.95000000000005 m 412.5 313.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 313.95000000000005 m 444.5 313.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 313.95000000000005 m 476.5 313.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 313.95000000000005 m 508.5 313.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 313.95000000000005 m 540.5 313.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 313.95000000000005 m 476.5 313.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 301.95000000000005 m 476.5 301.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 301.95000000000005 m 290.5 301.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 290.5 301.95000000000005 m 333.5 301.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 301.95000000000005 m 351.5 301.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 301.95000000000005 m 394.5 301.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 301.95000000000005 m 412.5 301.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 301.95000000000005 m 444.5 301.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 301.95000000000005 m 476.5 301.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 301.95000000000005 m 508.5 301.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 301.95000000000005 m 540.5 301.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 275.95000000000005 m 290.5 275.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 290.5 275.95000000000005 m 333.5 275.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 275.95000000000005 m 351.5 275.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 275.95000000000005 m 394.5 275.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 275.95000000000005 m 412.5 275.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 275.95000000000005 m 444.5 275.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 275.95000000000005 m 476.5 275.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 275.95000000000005 m 508.5 275.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 275.95000000000005 m 540.5 275.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 219.95000000000005 m 290.5 219.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 290.5 219.95000000000005 m 333.5 219.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 219.95000000000005 m 351.5 219.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 219.95000000000005 m 394.5 219.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 219.95000000000005 m 412.5 219.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 219.95000000000005 m 444.5 219.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 219.95000000000005 m 476.5 219.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 219.95000000000005 m 508.5 219.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 219.95000000000005 m 540.5 219.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 181.95000000000005 m 290.5 181.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 290.5 181.95000000000005 m 333.5 181.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 181.95000000000005 m 351.5 181.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 181.95000000000005 m 394.5 181.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 181.95000000000005 m 412.5 181.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 181.95000000000005 m 444.5 181.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 181.95000000000005 m 476.5 181.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 181.95000000000005 m 508.5 181.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 181.95000000000005 m 540.5 181.95000000000005 l s BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 303.90 541.65 Td (Three Months Ended June 30,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 430.40 541.65 Td (V) Tj ET Q q 1 1 1 rg BT 434.55 541.65 Td (ariance) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 480.05 541.65 Td (V) Tj ET Q q 1 1 1 rg BT 484.20 541.65 Td (ariance C.C. ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 525.05 544.99 Td (\(b\)\(c\)) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 75.00 523.73 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 303.70 523.95 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 364.70 523.95 Td (2017) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 426.05 523.95 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 456.85 523.95 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 490.05 523.95 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 520.85 523.95 Td (%) Tj ET Q BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 497.95 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.75 497.95 Td (10.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.75 497.95 Td (13.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 497.95 Td (\(2.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 497.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 497.95 Td (\(19.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 497.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 498.00 Td (\(2.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 497.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 497.95 Td (\(16.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 497.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 483.95 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.75 483.95 Td (30.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.75 483.95 Td (34.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 483.95 Td (\(4.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 483.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 483.95 Td (\(13.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 483.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 484.00 Td (\(4.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 483.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 483.95 Td (\(1) Tj ET Q q 0 0 0 rg BT 519.87 483.95 Td (1.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 483.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 469.95 Td (T) Tj ET Q q 0 0 0 rg BT 79.02 469.95 Td (otal Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.75 469.95 Td (40.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.75 469.95 Td (47.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 469.95 Td (\(7.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 469.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 469.95 Td (\(14.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 469.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 470.00 Td (\(6.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 469.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 469.95 Td (\(12.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 469.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 457.95 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.65 457.95 Td (3.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 375.65 457.95 Td (5.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 457.95 Td (\(1.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 457.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 457.95 Td (\(30.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 457.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 458.00 Td (\(1.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 457.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 457.95 Td (\(29.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 457.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 445.95 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.75 445.95 Td (30.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.75 445.95 Td (34.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 445.95 Td (\(4.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 445.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 445.95 Td (\(13.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 445.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 446.00 Td (\(4.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 445.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 445.95 Td (\(1) Tj ET Q q 0 0 0 rg BT 519.87 445.95 Td (1.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 445.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 433.95 Td (T) Tj ET Q q 0 0 0 rg BT 78.76 433.95 Td (otal revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.75 433.95 Td (33.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.75 433.95 Td (40.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 433.95 Td (\(6.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 433.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 433.95 Td (\(15.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 433.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 434.00 Td (\(5.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 433.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 433.95 Td (\(13.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 433.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 421.95 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.65 421.95 Td (4.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 375.65 421.95 Td (6.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 421.95 Td (\(2.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 421.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 421.95 Td (\(32.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 421.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 422.00 Td (\(2.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 421.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 421.95 Td (\(32.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 421.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 409.95 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.75 409.95 Td (29.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.75 409.95 Td (33.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 409.95 Td (\(4.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 409.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 409.95 Td (\(12.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 409.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 410.00 Td (\(3.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 409.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 409.95 Td (\(10.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 409.95 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 397.73 Td (Gross margin as a % of total revenue) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 312.70 397.73 Td (87.0) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 327.65 397.73 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 373.70 397.73 Td (83.8) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 388.65 397.73 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 436.30 397.73 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 457.30 397.73 Td (3.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 465.65 397.73 Td ( pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 500.30 397.73 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 521.30 397.73 Td (3.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 529.65 397.73 Td ( pp) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 383.95 Td (Depreciation and amortization ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 169.94 387.29 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.65 383.95 Td (4.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 375.65 383.95 Td (2.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.90 383.95 Td (1.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 452.00 383.95 Td (72.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 383.95 Td (1.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 516.00 383.95 Td (76.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 371.95 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.75 371.95 Td (25.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.75 371.95 Td (31.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 371.95 Td (\(6.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 371.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 371.95 Td (\(19.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 371.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 372.00 Td (\(5.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 371.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 371.95 Td (\(17.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 371.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 360.35 Td (Operating expenses before share-based compensation and other) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 84.00 353.35 Td (performance awards and impairment charges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.75 353.95 Td (38.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.75 353.95 Td (43.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 353.95 Td (\(4.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 353.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 353.95 Td (\(1) Tj ET Q q 0 0 0 rg BT 455.87 353.95 Td (1.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 353.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 354.00 Td (\(4.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 353.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 354.00 Td (\(9.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 353.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 341.95 Td ( Share-based compensation and other performance awards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.65 341.95 Td (0.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.25 341.95 Td (\(1.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 385.40 341.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.90 341.95 Td (2.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 341.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 341.95 Td (2.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 341.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 329.95 Td ( Impairment charges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.65 329.95 Td (8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 378.40 329.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.90 330.15 Td (8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 330.15 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 330.15 Td (8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 330.15 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 317.95 Td (T) Tj ET Q q 0 0 0 rg BT 78.89 317.95 Td (otal operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.75 317.95 Td (47.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.75 317.95 Td (41.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.90 317.95 Td (5.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 452.00 317.95 Td (12.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 317.95 Td (5.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 516.00 317.95 Td (14.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 305.95 Td (Operating loss) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 308.40 305.95 Td (\(21.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.40 305.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.40 305.95 Td (\(10.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 385.40 305.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 305.95 Td (\(1) Tj ET Q q 0 0 0 rg BT 431.87 305.95 Td (1.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 305.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 305.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 305.95 Td (\(1) Tj ET Q q 0 0 0 rg BT 495.87 305.95 Td (1.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 305.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 305.95 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 291.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 132.69 291.95 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 134.63 295.29 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 308.40 291.95 Td (\(1) Tj ET Q q 0 0 0 rg BT 314.62 291.95 Td (1.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.40 291.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.25 291.95 Td (\(7.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 385.40 291.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 291.95 Td (\(4.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 291.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 291.95 Td (\(58.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 291.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 292.00 Td (\(4.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 291.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 291.95 Td (\(58.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 291.95 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 279.73 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 127.46 279.73 Td ( as a % of total Gross Billings) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 310.70 279.73 Td (\(27.3) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 325.65 279.73 Td (\)%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 371.70 279.73 Td (\(14.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 386.65 279.73 Td (\)%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 436.30 279.73 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 451.95 279.73 Td (\(12.7) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 465.65 279.73 Td (\) pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 500.30 279.73 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 515.95 279.73 Td (\(12.0) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 529.65 279.73 Td (\) 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 75 264.95576171875007 m 166.83056640625 264.95576171875007 l s q 0 0 0 rg BT 75.00 265.95 Td (Included in ) Tj ET Q q 0 0 0 rg BT 110.42 265.95 Td (Adjusted EBITDA:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 251.95 Td (Change in Future Redemption Costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 312.30 251.95 Td (\(0.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.40 251.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 375.65 251.95 Td (1.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 251.95 Td (\(2.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 251.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 251.95 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 499.55 251.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 251.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 237.95 Td (Cost of rewards recorded against deferred revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 312.30 237.95 Td (\(7.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.40 237.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.25 237.95 Td (\(8.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 385.40 237.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.90 237.95 Td (1.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 452.00 237.95 Td (15.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 499.55 237.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 237.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 223.95 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 317.40 223.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 375.65 223.95 Td (1.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 223.95 Td (\(1.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 223.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 223.95 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 499.55 223.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 223.95 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 75 208.95576171875007 m 134.51708984375 208.95576171875007 l s q 0 0 0 rg BT 75.00 209.95 Td (Operating metrics \() Tj ET Q BT /F4 7.00 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 134.51708984375 208.95576171875007 m 208.18115234375 208.95576171875007 l s q 0 0 0 rg BT 134.52 209.95 Td (year) Tj ET Q q 0 0 0 rg BT 148.01 209.95 Td (-over) Tj ET Q q 0 0 0 rg BT 163.83 209.95 Td (-year variance) Tj ET Q BT /F3 7.00 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 208.18115234375 208.95576171875007 m 212.45703125 208.95576171875007 l s q 0 0 0 rg BT 208.18 209.95 Td (\):) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 197.95 Td (Accumulation activity - ) Tj ET Q q 0 0 0 rg BT 146.39 197.95 Td (Air Miles Middle East) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.65 197.95 Td (4.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 326.75 197.95 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.25 197.95 Td (\(1.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 385.40 197.95 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.55 197.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 197.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.55 197.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 197.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 185.95 Td (Redemption activity - ) Tj ET Q q 0 0 0 rg BT 141.92 185.95 Td (Air Miles Middle East) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 308.40 185.95 Td (\(16.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.40 185.95 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.75 185.95 Td (17.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 387.75 185.95 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.55 185.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 185.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.55 185.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 185.95 Td (**) Tj ET Q BT /F1 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 99.00 164.45 Td (Refer to section entitled ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 185.27 164.45 Td (Notations to Financial T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 268.57 164.45 Td (ables) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 287.70 164.45 Td ( for details on notations in the table above beginning on page ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 506.09 164.45 Td (74) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.98 164.45 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 138.95 Td (Gross Billings) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 133.01 138.95 Td ( generated for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.12 138.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.17 138.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.21 138.95 Td ($40.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.74 138.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.74 138.95 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.27 138.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.77 138.95 Td ($7.1 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 125.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 125.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 125.45 Td (14.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.03 125.45 Td (. On a constant currency basis, Gross Billings ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.10 125.45 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.13 125.45 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.64 125.45 Td ($6.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.16 125.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.16 125.45 Td (12.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.68 125.45 Td (, primarily ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 111.95 Td (explained by lower billings resulting from lost clients, revised pricing terms in International ISS and the ) Tj ET Q q 0 0 0 rg BT 479.20 111.95 Td (Air Miles ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 98.45 Td (Middle East program, and reduced volume of set-up activities related to platform based services, of) Tj ET Q q 0 0 0 rg BT 466.03 98.45 Td (fset in part by an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 84.95 Td (increase in recurring billings from loyalty platforms and related services. ) Tj ET Q endstream endobj 57 0 obj <> endobj 58 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (27) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 668.45 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 77.16 668.45 Td (otal Revenue ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 135.68 668.45 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.22 668.45 Td ($33.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.75 668.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.82 668.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.87 668.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 413.87 668.45 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.40 668.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.90 668.45 Td ($6.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.43 668.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (15.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.52 654.95 Td (. On a constant currency basis, total revenue ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 278.61 654.95 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.64 654.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.15 654.95 Td ($5.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.67 654.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.68 654.95 Td (13.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.19 654.95 Td ( and is explained mostly by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (the following: ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 618.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 618.95 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.53 618.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.04 618.95 Td ($4.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.56 618.95 Td ( in revenue from Loyalty Services and Other) Tj ET Q q 0 0 0 rg BT 385.65 618.95 Td (, primarily explained by lost clients and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 605.45 Td (revised contract terms, and reduced volume of set-up activities related to platform based services, of) Tj ET Q q 0 0 0 rg BT 507.52 605.45 Td (fset in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 591.95 Td (part by an increase in recurring revenue from loyalty platforms and related services; and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 578.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 578.45 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.53 578.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.04 578.45 Td ($1.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.56 578.45 Td ( in revenue from Loyalty Units driven mostly by lower redemptions in the ) Tj ET Q q 0 0 0 rg BT 499.69 578.45 Td (Air Miles ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 564.95 Td (Middle East 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 72.00 542.45 Td (Cost of Rewards and Direct Costs) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 217.03 542.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.07 542.45 Td ($4.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.59 542.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.66 542.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.71 542.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.71 542.45 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.24 542.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 528.95 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.01 528.95 Td ($2.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.53 528.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 140.53 528.95 Td (32.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 166.05 528.95 Td (. On a constant currency basis, cost of rewards and direct costs ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.66 528.95 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.69 528.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.20 528.95 Td ($2.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.72 528.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 515.45 Td (32.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.52 515.45 Td ( and is mostly attributable to a decrease due to the impact of lost clients and revised contract terms, of) Tj ET Q q 0 0 0 rg BT 503.56 515.45 Td (fset in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 501.95 Td (part by an increase in direct costs from loyalty platforms and related services.) 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 72.00 479.45 Td (Gross Margin before Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 237.70 479.45 Td (Amortization) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 292.70 479.45 Td ( represented ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.73 479.45 Td (87.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.25 479.45 Td ( of total revenue for the three month ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 465.95 Td (period ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.05 465.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 184.10 465.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.10 465.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.63 465.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 248.13 465.95 Td (3.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 260.64 465.95 Td ( percentage-points or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.20 465.95 Td (3.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.71 465.95 Td ( percentage-points on a constant currency ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 452.45 Td (basis, a direct result of the factors described above. ) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 429.95 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 159.03 429.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.07 429.95 Td ($47.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.59 429.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.67 429.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.72 429.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.72 429.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.25 429.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.75 429.95 Td ($5.2 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 416.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 416.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 416.45 Td (12.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.03 416.45 Td (. On a constant currency basis, operating expenses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.64 416.45 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.67 416.45 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.17 416.45 Td ($5.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.70 416.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.70 416.45 Td (14.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.22 416.45 Td (, mostly due to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 402.95 Td (the impairment charge of $8.0 million recorded during the current period related to the International ISS business. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 389.45 Td (The remaining variance, representing a decrease of $2.1 million or 5.0%, is mostly explained by operational ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 375.95 Td (ef) Tj ET Q q 0 0 0 rg BT 79.34 375.95 Td (ficiencies due mainly to lower headcount and reduced spend on information technology and operations, of) Tj ET Q q 0 0 0 rg BT 500.45 375.95 Td (fset in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 362.45 Td (part by higher share-based compensation expense driven mainly by the revaluation of cash-settled awards.) 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 72.00 339.95 Td (Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 147.18 339.95 Td (Amortization) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 202.18 339.95 Td (, including amortization of ) Tj ET Q q 0 0 0 rg BT 306.24 339.95 Td (Accumulation Partners' contracts, customer relationships ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 324.95 Td (and technology) Tj ET Q q 0 0 0 rg BT 132.38 324.95 Td (, amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.92 324.95 Td ($4.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.44 324.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.51 324.95 Td (June30, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.56 324.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.56 324.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.09 324.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.60 324.95 Td ($1.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.12 324.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 311.45 Td (72.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.52 311.45 Td (. On a constant currency basis, depreciation and amortization, including amortization of ) Tj ET Q q 0 0 0 rg BT 446.21 311.45 Td (Accumulation Partners' ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 297.95 Td (contracts, customer relationships and technology) Tj ET Q q 0 0 0 rg BT 266.44 297.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.44 297.95 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.46 297.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.97 297.95 Td ($1.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.49 297.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.49 297.95 Td (76.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.01 297.95 Td (, mostly due to higher ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 284.45 Td (depreciation and amortization expense in the International ISS business driven by increased information technology ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 270.95 Td (development spend in the prior year) Tj ET Q q 0 0 0 rg BT 215.09 270.95 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 248.45 Td (Operating Income \(Loss\) ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 180.51 248.45 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.05 248.45 Td ($\(21.9\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.57 248.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.64 248.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.69 248.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.70 248.45 Td (a deterioration) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.23 248.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 234.95 Td ($1) Tj ET Q q 0 0 0 rg BT 81.34 234.95 Td (1.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 121.86 234.95 Td (. On a constant currency basis, operating loss increased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.48 234.95 Td ($1) Tj ET Q q 0 0 0 rg BT 369.83 234.95 Td (1.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.34 234.95 Td (, a direct result of the factors ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 221.45 Td (described above.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 198.95 Td (Adjusted EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 146.50 198.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.54 198.95 Td ($\(1) Tj ET Q q 0 0 0 rg BT 213.88 198.95 Td (1.1\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.39 198.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.46 198.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.51 198.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.51 198.95 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.04 198.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.55 198.95 Td ($4.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.07 198.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 185.45 Td (on a reported and constant currency basis mostly explained by lower contribution from the ) Tj ET Q q 0 0 0 rg BT 432.19 185.45 Td (Air Miles Middle East ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 171.95 Td (program and International ISS, reduced volume of set-up activities related to platform based services and lower ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 158.45 Td (distributions from equity-accounted investments, of) Tj ET Q q 0 0 0 rg BT 274.43 158.45 Td (fset in part by lower operating expenses across the division.) 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 72.00 135.95 Td (Adjusted EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 142.03 135.95 Td ( is a non-GAAP) Tj ET Q q 0 0 0 rg BT 203.90 135.95 Td ( measure. Please refer to the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 324.96 135.95 Td (PERFORMANCE INDICA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 427.30 135.95 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 432.63 135.95 Td (ORS \(INCLUDING ) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 122.45 Td (CER) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 90.84 122.45 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 95.67 122.45 Td (AIN NON-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.84 122.45 Td ( FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 210.19 122.45 Td ( MEASURES\)) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 266.20 122.45 Td ( section for additional information on this measure.) Tj ET Q endstream endobj 59 0 obj <> endobj 60 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (28) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 666.16552734375 m 174.2412109375 666.16552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 667.75 Td (OTHER BUSINESSES) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 648.25 278.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 350.50 648.25 122.00 -19.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 472.50 648.25 68.00 -19.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 629.25 278.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 350.50 629.25 43.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 393.50 629.25 18.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 411.50 629.25 43.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 454.50 629.25 18.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 472.50 629.25 34.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 506.50 629.25 34.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 603.25 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 603.25 18.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 589.25 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 589.25 18.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 575.25 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 575.25 18.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 561.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 561.25 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 549.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 549.25 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 537.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 537.25 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 525.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 525.25 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 513.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 513.25 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 501.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 501.25 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 489.25 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 489.25 18.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 475.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 475.25 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 463.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 463.25 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 451.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 451.25 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 439.25 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 439.25 18.00 -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 72.5 575.25 m 350.5 575.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 350.5 575.25 m 393.5 575.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393.5 575.25 m 411.5 575.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 411.5 575.25 m 454.5 575.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 454.5 575.25 m 472.5 575.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 575.25 m 506.5 575.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 575.25 m 540.5 575.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 561.25 m 350.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 350.5 561.25 m 393.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393.5 561.25 m 411.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 411.5 561.25 m 454.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 454.5 561.25 m 472.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 561.25 m 506.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 561.25 m 540.5 561.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 525.25 m 540.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 525.25 m 350.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 350.5 525.25 m 393.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393.5 525.25 m 411.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 411.5 525.25 m 454.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 454.5 525.25 m 472.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 525.25 m 506.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 525.25 m 540.5 525.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 501.25 m 350.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 350.5 501.25 m 393.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393.5 501.25 m 411.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 411.5 501.25 m 454.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 454.5 501.25 m 472.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 501.25 m 506.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 501.25 m 540.5 501.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 475.25 m 350.5 475.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 350.5 475.25 m 393.5 475.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393.5 475.25 m 411.5 475.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 411.5 475.25 m 454.5 475.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 454.5 475.25 m 472.5 475.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 475.25 m 506.5 475.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 475.25 m 540.5 475.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 451.25 m 350.5 451.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 350.5 451.25 m 393.5 451.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393.5 451.25 m 411.5 451.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 411.5 451.25 m 454.5 451.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 454.5 451.25 m 472.5 451.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 451.25 m 506.5 451.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 451.25 m 540.5 451.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 439.25 m 350.5 439.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 425.25 m 350.5 425.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 350.5 439.25 m 393.5 439.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 350.5 425.25 m 393.5 425.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393.5 439.25 m 411.5 439.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393.5 425.25 m 411.5 425.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 411.5 439.25 m 454.5 439.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 411.5 425.25 m 454.5 425.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 454.5 439.25 m 472.5 439.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 454.5 425.25 m 472.5 425.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 439.25 m 506.5 439.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 472.5 425.25 m 506.5 425.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 439.25 m 540.5 439.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 425.25 m 540.5 425.25 l s BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 363.90 636.95 Td (Three Months Ended June 30,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 492.40 636.95 Td (V) Tj ET Q q 1 1 1 rg BT 496.55 636.95 Td (ariance) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 75.00 619.03 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 369.70 619.25 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 430.70 619.25 Td (2017) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 487.05 619.25 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 519.85 619.25 Td (%) Tj ET Q BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 593.25 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 593.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 439.65 593.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 496.65 593.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.50 593.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 579.25 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 579.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 433.00 579.25 Td (1) Tj ET Q q 0 0 0 rg BT 436.89 579.25 Td (1.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.65 579.25 Td (\(1) Tj ET Q q 0 0 0 rg BT 493.87 579.25 Td (1.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.65 579.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.25 579.25 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 565.25 Td (T) Tj ET Q q 0 0 0 rg BT 79.02 565.25 Td (otal Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 565.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 433.00 565.25 Td (1) Tj ET Q q 0 0 0 rg BT 436.89 565.25 Td (1.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.65 565.25 Td (\(1) Tj ET Q q 0 0 0 rg BT 493.87 565.25 Td (1.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.65 565.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.25 565.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 553.25 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 553.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 439.65 553.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 496.65 553.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.50 553.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 541.25 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 541.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 433.00 541.25 Td (10.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.65 541.25 Td (\(10.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.65 541.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.25 541.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 529.25 Td (Intercompany revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 529.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 436.90 529.25 Td (0.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.55 529.30 Td (\(0.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.65 529.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.25 529.25 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 517.25 Td (T) Tj ET Q q 0 0 0 rg BT 78.76 517.25 Td (otal revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 517.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 433.00 517.25 Td (10.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.65 517.25 Td (\(10.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.65 517.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.25 517.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 505.25 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 505.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 439.65 505.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 496.65 505.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.25 505.25 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 493.25 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 493.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 433.00 493.25 Td (10.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.65 493.25 Td (\(10.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.65 493.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.25 493.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 479.25 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 169.94 482.59 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 479.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 436.90 479.25 Td (0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.55 479.30 Td (\(0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.65 479.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.25 479.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 467.25 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 467.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 433.00 467.25 Td (10.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.65 467.25 Td (\(10.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.65 467.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.25 467.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 455.25 Td (T) Tj ET Q q 0 0 0 rg BT 78.50 455.25 Td (otal operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 455.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 433.00 455.25 Td (29.3) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 457.00 456.38 Td (\(c\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.65 455.25 Td (\(29.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.65 455.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.25 455.25 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 443.25 Td (Operating loss) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 443.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 430.65 443.25 Td (\(18.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 446.65 443.25 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 457.00 444.38 Td (\(c\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 490.00 443.25 Td (18.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.25 443.25 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 429.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 132.69 429.25 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 134.63 432.59 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 429.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 430.65 429.25 Td (\(17.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 446.65 429.25 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 457.00 432.38 Td (\(c\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 490.00 429.25 Td (17.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.25 429.25 Td (**) Tj ET Q BT /F1 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 99.00 407.75 Td (Refer to section entitled ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 185.27 407.75 Td (Notations to Financial T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 268.57 407.75 Td (ables) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 287.70 407.75 Td ( for details on notations in the table above beginning on page ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 506.09 407.75 Td (74) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.98 407.75 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 382.25 Td (V) Tj ET Q q 0 0 0 rg BT 77.33 382.25 Td (ariances in operating results generated for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.00 382.25 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.05 382.25 Td ( compared to the same period in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 368.75 Td (the prior year are explained by the disposal of the U.S. CEL) Tj ET Q q 0 0 0 rg BT 308.80 368.75 Td ( Business and the New Zealand business in May 2017, as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 355.25 Td (well as the sale of the Canadian ) Tj ET Q q 0 0 0 rg BT 201.59 355.25 Td (Air Miles trademarks in ) Tj ET Q q 0 0 0 rg BT 295.11 355.25 Td (August 2017.) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (29) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 195.345703125 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (SIX MONTHS 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 195.345703125 664.3986328125 m 277.400390625 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 195.35 666.30 Td (JUNE30, 2018) 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 277.400390625 664.3986328125 m 496.306640625 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 277.40 666.30 Td ( COMP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 315.84 666.30 Td (ARED T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 360.29 666.30 Td (O SIX MONTHS ENDED ) Tj ET Q BT /F2 12.00 Tf ET 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 649.9986328125 m 154.0546875 649.9986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 651.90 Td (JUNE30, 2017) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 154.05 651.90 Td ( ) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 621.90 Td (CONSOLIDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 143.11 621.90 Td (TED OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 212.23 621.90 Td (TING RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 284.00 621.90 Td (TS) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 299.34 621.90 Td ( ) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 599.40 217.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 289.50 599.40 119.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 408.50 599.40 66.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 474.50 599.40 66.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 575.40 217.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 289.50 575.40 39.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 328.50 575.40 20.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 348.50 575.40 39.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 387.50 575.40 21.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 408.50 575.40 33.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 441.50 575.40 33.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 474.50 575.40 33.00 -14.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 507.50 575.40 33.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 549.40 39.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 549.40 20.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 535.40 39.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 535.40 20.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 521.40 39.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 521.40 20.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 507.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 507.40 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 495.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 495.40 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 483.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 483.40 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 471.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 471.40 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 459.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 459.40 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 447.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 447.40 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 435.40 39.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 435.40 20.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 421.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 421.40 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 409.40 39.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 409.40 20.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 391.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 391.40 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 379.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 379.40 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 367.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 367.40 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 355.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 355.40 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 343.40 39.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 343.40 20.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 329.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 329.40 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 317.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 317.40 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 305.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 305.40 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 293.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 293.40 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 281.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 281.40 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 269.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 269.40 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 257.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 257.40 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 245.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 245.40 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 233.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 233.40 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 289.50 221.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 328.50 221.40 20.00 -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 72.5 521.4 m 289.5 521.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 521.4 m 328.5 521.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 328.5 521.4 m 348.5 521.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 348.5 521.4 m 387.5 521.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 521.4 m 408.5 521.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 521.4 m 441.5 521.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 521.4 m 474.5 521.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 521.4 m 507.5 521.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 521.4 m 540.5 521.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 507.4 m 289.5 507.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 507.4 m 328.5 507.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 328.5 507.4 m 348.5 507.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 348.5 507.4 m 387.5 507.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 507.4 m 408.5 507.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 507.4 m 441.5 507.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 507.4 m 474.5 507.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 507.4 m 507.5 507.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 507.4 m 540.5 507.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 507.4 m 328.5 507.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 348.5 507.4 m 387.5 507.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 507.4 m 507.5 507.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 483.4 m 289.5 483.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 483.4 m 328.5 483.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 328.5 483.4 m 348.5 483.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 348.5 483.4 m 387.5 483.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 483.4 m 408.5 483.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 483.4 m 441.5 483.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 483.4 m 474.5 483.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 483.4 m 507.5 483.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 483.4 m 540.5 483.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 459.4 m 328.5 459.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 348.5 459.4 m 387.5 459.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 459.4 m 507.5 459.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 459.4 m 289.5 459.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 459.4 m 328.5 459.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 328.5 459.4 m 348.5 459.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 348.5 459.4 m 387.5 459.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 459.4 m 408.5 459.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 459.4 m 441.5 459.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 459.4 m 474.5 459.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 459.4 m 507.5 459.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 459.4 m 540.5 459.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 421.4 m 289.5 421.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 421.4 m 328.5 421.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 328.5 421.4 m 348.5 421.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 348.5 421.4 m 387.5 421.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 421.4 m 408.5 421.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 421.4 m 441.5 421.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 421.4 m 474.5 421.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 421.4 m 507.5 421.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 421.4 m 540.5 421.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 367.4 m 507.5 367.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 367.4 m 289.5 367.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 355.4 m 289.5 355.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 367.4 m 328.5 367.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 355.4 m 328.5 355.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 328.5 367.4 m 348.5 367.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 328.5 355.4 m 348.5 355.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 348.5 367.4 m 387.5 367.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 348.5 355.4 m 387.5 355.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 367.4 m 408.5 367.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 355.4 m 408.5 355.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 367.4 m 441.5 367.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 355.4 m 441.5 355.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 367.4 m 474.5 367.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 355.4 m 474.5 355.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 367.4 m 507.5 367.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 355.4 m 507.5 355.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 367.4 m 540.5 367.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 355.4 m 540.5 355.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 355.4 m 474.5 355.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 343.4 m 474.5 343.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 343.4 m 289.5 343.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 343.4 m 328.5 343.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 328.5 343.4 m 348.5 343.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 348.5 343.4 m 387.5 343.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 343.4 m 408.5 343.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 343.4 m 441.5 343.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 343.4 m 474.5 343.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 343.4 m 507.5 343.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 343.4 m 540.5 343.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 317.4 m 540.5 317.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 317.4 m 289.5 317.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 317.4 m 328.5 317.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 328.5 317.4 m 348.5 317.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 348.5 317.4 m 387.5 317.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 317.4 m 408.5 317.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 317.4 m 441.5 317.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 317.4 m 474.5 317.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 317.4 m 507.5 317.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 317.4 m 540.5 317.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 269.4 m 289.5 269.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 269.4 m 328.5 269.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 328.5 269.4 m 348.5 269.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 348.5 269.4 m 387.5 269.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 269.4 m 408.5 269.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 269.4 m 441.5 269.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 269.4 m 474.5 269.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 269.4 m 507.5 269.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 269.4 m 540.5 269.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 257.4 m 289.5 257.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 269.4 m 328.5 269.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 257.4 m 328.5 257.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 328.5 257.4 m 348.5 257.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 348.5 269.4 m 387.5 269.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 348.5 257.4 m 387.5 257.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 257.4 m 408.5 257.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 257.4 m 441.5 257.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 269.4 m 474.5 269.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 257.4 m 474.5 257.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 257.4 m 507.5 257.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 257.4 m 540.5 257.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 245.39999999999998 m 289.5 245.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 257.4 m 328.5 257.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 245.39999999999998 m 328.5 245.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 328.5 245.39999999999998 m 348.5 245.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 348.5 257.4 m 387.5 257.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 348.5 245.39999999999998 m 387.5 245.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 245.39999999999998 m 408.5 245.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 245.39999999999998 m 441.5 245.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 245.39999999999998 m 474.5 245.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 245.39999999999998 m 507.5 245.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 245.39999999999998 m 540.5 245.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 233.39999999999998 m 289.5 233.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 245.39999999999998 m 328.5 245.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 233.39999999999998 m 328.5 233.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 328.5 233.39999999999998 m 348.5 233.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 348.5 245.39999999999998 m 387.5 245.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 348.5 233.39999999999998 m 387.5 233.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 233.39999999999998 m 408.5 233.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 233.39999999999998 m 441.5 233.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 233.39999999999998 m 474.5 233.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 233.39999999999998 m 507.5 233.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 233.39999999999998 m 540.5 233.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 221.39999999999998 m 289.5 221.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 233.39999999999998 m 328.5 233.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 221.39999999999998 m 328.5 221.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 328.5 221.39999999999998 m 348.5 221.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 348.5 233.39999999999998 m 387.5 233.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 348.5 221.39999999999998 m 387.5 221.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 221.39999999999998 m 408.5 221.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 221.39999999999998 m 441.5 221.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 221.39999999999998 m 474.5 221.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 221.39999999999998 m 507.5 221.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 221.39999999999998 m 540.5 221.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 209.39999999999998 m 289.5 209.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 221.39999999999998 m 328.5 221.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 209.39999999999998 m 328.5 209.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 328.5 209.39999999999998 m 348.5 209.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 348.5 221.39999999999998 m 387.5 221.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 348.5 209.39999999999998 m 387.5 209.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 387.5 209.39999999999998 m 408.5 209.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 209.39999999999998 m 441.5 209.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 221.39999999999998 m 474.5 221.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 209.39999999999998 m 474.5 209.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 209.39999999999998 m 507.5 209.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 209.39999999999998 m 540.5 209.39999999999998 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 305.65 585.60 Td (Six Months Ended June 30,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 427.40 585.60 Td (V) Tj ET Q q 1 1 1 rg BT 431.55 585.60 Td (ariance) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 479.05 585.60 Td (V) Tj ET Q q 1 1 1 rg BT 483.20 585.60 Td (ariance C.C. ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 524.05 588.94 Td (\(c\)\(d\)) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 75.00 565.18 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 300.70 565.40 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 359.70 565.40 Td (2017) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 422.55 565.40 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 454.35 565.40 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 488.55 565.40 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 520.35 565.40 Td (%) Tj ET Q BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 539.40 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 304.20 539.40 Td (630.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.20 539.40 Td (645.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 540.60 Td (\(15.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 540.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.50 540.60 Td (\(2.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 540.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.65 540.60 Td (\(14.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 540.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 540.65 Td (\(2.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 540.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 525.40 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 308.10 525.40 Td (94.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.20 525.40 Td (145.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 526.60 Td (\(50.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 526.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 447.65 526.60 Td (\(34.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 526.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.65 526.60 Td (\(49.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 526.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 526.60 Td (\(34.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 526.60 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 511.40 Td (T) Tj ET Q q 0 0 0 rg BT 79.02 511.40 Td (otal Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 304.20 511.40 Td (724.9) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 331.00 512.88 Td (\(b\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.20 511.40 Td (790.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 390.00 512.88 Td (\(b\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 512.60 Td (\(65.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 512.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.50 512.60 Td (\(8.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 512.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.65 512.60 Td (\(64.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 512.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 512.65 Td (\(8.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 512.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 499.40 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 304.20 499.40 Td (687.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.20 499.40 Td (621.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.00 499.60 Td (65.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.00 499.60 Td (10.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 499.60 Td (65.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 516.00 499.60 Td (10.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 487.40 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 308.10 487.40 Td (94.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.20 487.40 Td (141.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 487.60 Td (\(47.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 487.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 447.65 487.60 Td (\(33.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 487.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.65 487.60 Td (\(46.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 487.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 487.60 Td (\(33.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 487.60 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 475.40 Td (T) Tj ET Q q 0 0 0 rg BT 78.76 475.40 Td (otal revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 304.20 475.40 Td (781.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.20 475.40 Td (763.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.00 475.60 Td (17.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.90 475.60 Td (2.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 475.60 Td (18.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.90 475.60 Td (2.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 463.40 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 304.20 463.40 Td (468.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.20 463.40 Td (441.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.00 463.60 Td (27.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.90 463.60 Td (6.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 463.60 Td (27.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.90 463.60 Td (6.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 451.40 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 304.20 451.40 Td (312.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.20 451.40 Td (322.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 426.50 451.60 Td (\(9.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 451.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.50 451.60 Td (\(2.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 451.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.55 451.65 Td (\(8.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 451.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 451.65 Td (\(2.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 451.60 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 439.18 Td (Gross margin as a % of total revenue) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 310.05 439.18 Td (40.0) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 322.65 439.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 369.05 439.18 Td (42.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 381.65 439.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 433.30 439.88 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 453.30 439.88 Td (\(2.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 463.65 439.88 Td (\) pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 499.30 439.88 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 519.30 439.88 Td (\(2.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 529.65 439.88 Td (\) pp) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 425.40 Td (Depreciation and amortization ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 169.94 428.74 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 304.20 425.40 Td (106.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 367.05 425.40 Td (79.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.00 426.60 Td (27.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.00 426.60 Td (33.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 426.60 Td (26.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 516.00 426.60 Td (33.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 413.40 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 304.20 413.40 Td (205.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.20 413.40 Td (242.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 413.60 Td (\(36.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 413.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 447.65 413.60 Td (\(15.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 413.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.65 413.60 Td (\(35.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 413.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 413.60 Td (\(14.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 413.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 401.80 Td (Operating expenses before share-based compensation and other) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 84.00 394.80 Td (performance awards and impairment charges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 304.20 395.40 Td (201.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.20 395.40 Td (283.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 390.00 398.88 Td (\(h\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 395.40 Td (\(82.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 395.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 447.65 395.40 Td (\(29.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 395.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.65 395.40 Td (\(81.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 395.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 395.40 Td (\(28.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 395.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 383.40 Td ( Share-based compensation and other performance awards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 312.00 383.40 Td (0.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 368.65 383.40 Td (\(5.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 380.75 383.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.90 383.60 Td (5.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.75 383.60 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.90 383.60 Td (5.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 383.60 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 371.40 Td ( Impairment charges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 312.00 371.40 Td (8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.75 371.40 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.90 371.60 Td (8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.75 371.60 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.90 371.60 Td (8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 371.60 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 359.40 Td (T) Tj ET Q q 0 0 0 rg BT 78.89 359.40 Td (otal operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 304.20 359.40 Td (209.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 363.20 359.40 Td (278.3) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 390.00 359.88 Td (\(h\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 359.60 Td (\(68.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 359.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 447.65 359.60 Td (\(24.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 359.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 488.65 359.60 Td (\(68.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 359.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 359.60 Td (\(24.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 359.60 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 347.40 Td (Operating loss) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 309.65 347.40 Td (\(3.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 321.75 347.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 364.75 347.40 Td (\(36.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 380.75 347.40 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 390.00 347.88 Td (\(h\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.00 347.60 Td (32.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.65 347.60 Td (89.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 347.60 Td (33.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 516.65 347.60 Td (91.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 333.40 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 132.69 333.40 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 134.63 336.74 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 304.20 333.40 Td (107.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 367.05 333.40 Td (73.0) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 390.00 334.88 Td (\(h\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.00 334.60 Td (34.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.65 334.60 Td (47.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 491.00 334.60 Td (35.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 516.65 334.60 Td (48.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 321.18 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 127.46 321.18 Td ( as a % of total Gross Billings) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 310.05 321.18 Td (14.9) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 322.65 321.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 372.40 321.18 Td (9.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 381.65 321.18 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 433.30 322.53 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 455.30 322.53 Td (5.7) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 463.65 322.53 Td ( pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 499.30 322.53 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 521.30 322.53 Td (5.7) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 529.65 322.53 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 75 308.40576171875 m 166.83056640625 308.40576171875 l s q 0 0 0 rg BT 75.00 309.40 Td (Included in ) Tj ET Q q 0 0 0 rg BT 110.42 309.40 Td (Adjusted EBITDA:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 297.40 Td (Change in Future Redemption Costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 308.10 297.40 Td (60.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.00 297.40 Td (9.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.00 297.80 Td (50.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.75 297.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 297.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 297.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 285.80 Td (Cost of rewards recorded against deferred revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 305.75 285.40 Td (\(15.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 321.75 285.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 364.75 285.40 Td (\(18.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 380.75 285.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.90 285.80 Td (2.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.65 285.80 Td (14.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 285.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 285.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 273.40 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 312.00 273.40 Td (8.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 367.05 273.40 Td (1) Tj ET Q q 0 0 0 rg BT 370.94 273.40 Td (1.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 426.50 273.80 Td (\(2.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 273.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 448.35 273.80 Td (\(20.7\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 273.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 273.80 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 261.40 Td (Adjusted Net Earnings - Continuing operations ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 232.89 264.74 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 308.10 261.40 Td (96.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 331.00 261.88 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 367.05 261.40 Td (43.9) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 390.00 261.88 Td (\(h\)\(i\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.00 261.40 Td (52.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.75 261.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 261.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 261.40 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 249.40 Td (Adjusted Net Earnings - Discontinued operations ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 240.29 252.74 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 312.00 249.40 Td (6.9) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 331.00 249.88 Td (\(f\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 367.05 249.40 Td (24.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 422.65 249.80 Td (\(17.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.65 249.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 448.35 249.80 Td (\(71.8\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 249.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 249.80 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 237.40 Td (Free Cash Flow before Dividends Paid ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 204.14 240.74 Td (\(c\)\(k\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 308.10 237.40 Td (60.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 331.00 237.88 Td (\(g\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 367.05 237.40 Td (30.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.00 237.80 Td (30.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.65 237.80 Td (99.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 237.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 237.80 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 225.40 Td (Free Cash Flow ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 128.68 228.74 Td (\(c\)\(k\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 308.10 225.40 Td (60.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 331.00 225.88 Td (\(g\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 368.65 225.40 Td (\(4.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 380.75 225.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.00 225.80 Td (64.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.75 225.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 225.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 225.80 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 213.40 Td (ROIC ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 94.44 216.74 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 312.00 213.40 Td (7.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 321.75 213.40 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.00 213.40 Td (4.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 380.75 213.40 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 390.00 213.88 Td (\(j\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 432.55 213.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.90 213.80 Td (2.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.65 213.80 Td ( pp) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.55 213.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.75 213.80 Td (**) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 99.00 191.90 Td ( ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 108.00 191.90 Td (Refer to section entitled ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 194.27 191.90 Td (Notations to Financial T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 277.57 191.90 Td (ables) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 296.70 191.90 Td ( for details on notations in the table above beginning on page ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 515.09 191.90 Td (74) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 523.98 191.90 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 166.40 Td (A) Tj ET Q q 0 0 0 rg BT 77.51 166.40 Td ( discussion of ) Tj ET Q q 0 0 0 rg BT 134.04 166.40 Td (Aimia's consolidated operating results follows. For a detailed discussion of the segmented operating ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 152.90 Td (results, refer to the section entitled ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 212.07 152.90 Td (Segmented Operating Results) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 332.64 152.90 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 128.90 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 133.01 128.90 Td ( generated for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.56 128.90 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.11 128.90 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.61 128.90 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.66 128.90 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.69 128.90 Td ($724.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.23 128.90 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.23 128.90 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.76 128.90 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.26 128.90 Td ($65.7 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 115.40 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 115.40 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 115.40 Td (8.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.02 115.40 Td (. On a constant currency basis, Gross Billings ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.10 115.40 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.13 115.40 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.63 115.40 Td ($64.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.16 115.40 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.16 115.40 Td (8.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.68 115.40 Td (, driven by Gross ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 101.90 Td (Billings from Loyalty Services and Other) Tj ET Q q 0 0 0 rg BT 231.07 101.90 Td (, representing a decrease of $49.9 million, primarily due to the impact of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 88.40 Td (business disposals, as well as lower billings resulting from lost clients and revised contract terms in International ISS. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 74.90 Td (The decrease is also explained by a $14.2 million reduction in Gross Billings from the sale of Loyalty Units, of which ) Tj ET Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (30) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td ($1) Tj ET Q q 0 0 0 rg BT 81.34 668.45 Td (1.9 million is attributable to the ) Tj ET Q q 0 0 0 rg BT 204.91 668.45 Td (Aeroplan Program and the remainder is due to a decrease from the ) Tj ET Q q 0 0 0 rg BT 474.57 668.45 Td (Air Miles Middle ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (East program. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 632.45 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 420.41 632.45 Td (Accumulation Partners' ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 618.95 Td (respective customer base and their spending patterns, as well as ILS clients, which are in each case af) Tj ET Q q 0 0 0 rg BT 481.06 618.95 Td (fected by the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 605.45 Td (general economic conditions present in the countries in which the loyalty programs are operated and the services are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.95 Td (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 72.00 569.45 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 77.16 569.45 Td (otal Revenue ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 135.68 569.45 Td (generated for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.73 569.45 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.27 569.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.77 569.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.82 569.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.86 569.45 Td ($781.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.39 569.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.40 569.45 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.92 569.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.43 569.45 Td ($17.7 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 555.95 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 555.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 555.95 Td (2.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.02 555.95 Td (. On a constant currency basis, total revenue ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.12 555.95 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.14 555.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.65 555.95 Td ($18.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.18 555.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 429.18 555.95 Td (2.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.69 555.95 Td ( and is mostly ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 542.45 Td (explained by an increase of $65.6 million in Revenue from Loyalty Units driven by a $68.1 million increase in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 528.95 Td (Aeroplan Program due to increased redemption volumes and an increase in the cumulative average selling price of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 515.45 Td (an ) Tj ET Q q 0 0 0 rg BT 84.01 515.45 Td (Aeroplan Mile. ) Tj ET Q q 0 0 0 rg BT 143.88 515.45 Td (The increase was of) Tj ET Q q 0 0 0 rg BT 224.26 515.45 Td (fset in part by a decrease of $46.9 million in Revenue from Loyalty Services ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 501.95 Td (and Other) Tj ET Q q 0 0 0 rg BT 111.53 501.95 Td (, primarily due to the impact of business disposals as well as a decrease from ILS due mainly to the impact ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 488.45 Td (of lost clients and revised contract terms. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 465.95 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 72.00 452.45 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 72.00 438.95 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 496.75 438.95 Td ($6.9 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 425.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 425.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 128.02 425.45 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.56 425.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.06 425.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.11 425.45 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 402.95 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 217.03 402.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.07 402.95 Td ($468.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.60 402.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.11 402.95 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.66 402.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.16 402.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.21 402.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 493.21 402.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.74 402.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 389.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.01 389.45 Td ($27.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 132.53 389.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 145.54 389.45 Td (6.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 166.05 389.45 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 421.66 389.45 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.69 389.45 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.19 389.45 Td ($27.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.72 389.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 375.95 Td (6.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.51 375.95 Td ( and is mainly explained by higher redemption volumes in the ) Tj ET Q q 0 0 0 rg BT 338.15 375.95 Td (Aeroplan Program, of) Tj ET Q q 0 0 0 rg BT 423.54 375.95 Td (fset in part by a lower ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 362.45 Td (redemption cost per ) Tj ET Q q 0 0 0 rg BT 153.54 362.45 Td (Aeroplan Mile redeemed, as well as a decrease from ILS due to the impact of lost clients and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 348.95 Td (revised contract terms.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 326.45 Td (Given the large volume of Loyalty Units issued and redeemed, slight fluctuations in the ) Tj ET Q q 0 0 0 rg BT 418.20 326.45 Td (A) Tj ET Q q 0 0 0 rg BT 424.04 326.45 Td (verage Cost of Rewards per ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 312.95 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 72.00 299.45 Td (A) Tj ET Q q 0 0 0 rg BT 77.84 299.45 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 72.00 285.95 Td (income taxes of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 137.53 285.95 Td ($4.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 183.05 285.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.57 285.95 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 284.11 285.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.61 285.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.66 285.95 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 263.45 Td (Gross Margin before Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 237.70 263.45 Td (Amortization ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 295.20 263.45 Td (represented ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.73 263.45 Td (40.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.25 263.45 Td ( of total revenue for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.31 263.45 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.85 263.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 249.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.05 249.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 134.05 249.95 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.58 249.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.09 249.95 Td (2.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 203.60 249.95 Td ( percentage-points or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 291.15 249.95 Td (2.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.66 249.95 Td ( percentage-points on a constant currency basis compared ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 236.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.01 236.45 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.03 236.45 Td (, a direct result of the factors described above. Excluding the impact of business disposals, gross margin ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 222.95 Td (before depreciation and amortization increased 1.0 percentage-point on a reported basis and 1.1 percentage-point on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 209.45 Td (a constant currency basis compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.08 209.45 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 249.10 209.45 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 186.95 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 159.03 186.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.07 186.95 Td ($209.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.60 186.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 300.12 186.95 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.66 186.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.16 186.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.21 186.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.21 186.95 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.74 186.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.24 186.95 Td ($68.7 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 173.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 173.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 173.45 Td (24.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.03 173.45 Td (. On a constant currency basis, operating expenses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.64 173.45 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.67 173.45 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.18 173.45 Td ($68.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.71 173.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.71 173.45 Td (24.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.23 173.45 Td (, due in part ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 159.95 Td (to the impact of business disposals, including the onerous contract provision of $20.3 million recorded during the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 146.45 Td (second quarter of 2017 related to an IT) Tj ET Q q 0 0 0 rg BT 227.44 146.45 Td ( outsourcing arrangement in the US, of) Tj ET Q q 0 0 0 rg BT 381.86 146.45 Td (fset in part by the impairment charge of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 132.95 Td ($8.0 million recorded during the current period related to the International ISS business in ILS. ) Tj ET Q q 0 0 0 rg BT 448.56 132.95 Td (The remaining ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 119.45 Td (variance, representing a decrease of $18.8 million or 8.5%, is mostly explained by operational ef) Tj ET Q q 0 0 0 rg BT 454.55 119.45 Td (ficiencies due mainly ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 105.95 Td (to lower headcount, timing of advertising and promotional spend, a lower payout than expected on variable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 92.45 Td (compensation plans related to the prior year) Tj ET Q q 0 0 0 rg BT 247.10 92.45 Td (, and reduced spend on information technology and operations in ILS, ) Tj ET Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (31) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (partially of) Tj ET Q q 0 0 0 rg BT 112.86 668.45 Td (fset by a higher share-based compensation expense, driven mainly by the revaluation of cash-settled ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (awards in the prior year) Tj ET Q q 0 0 0 rg BT 165.55 654.95 Td (, and higher severance.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 632.45 Td (Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 147.18 632.45 Td (Amortization) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 202.18 632.45 Td (, including amortization of ) Tj ET Q q 0 0 0 rg BT 306.24 632.45 Td (Accumulation Partners' contracts, customer relationships ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 617.45 Td (and technology) Tj ET Q q 0 0 0 rg BT 132.38 617.45 Td (, amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.92 617.45 Td ($106.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.45 617.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 275.97 617.45 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.51 617.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.01 617.45 Td (June30, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.06 617.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.06 617.45 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.59 617.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.10 617.45 Td ($27.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.62 617.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 603.95 Td (33.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.52 603.95 Td (. On a constant currency basis, depreciation and amortization, including amortization of ) Tj ET Q q 0 0 0 rg BT 446.21 603.95 Td (Accumulation Partners' ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 590.45 Td (contracts, customer relationships and technology) Tj ET Q q 0 0 0 rg BT 266.44 590.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.44 590.45 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.46 590.45 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.97 590.45 Td ($26.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.50 590.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.50 590.45 Td (33.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 414.02 590.45 Td (, due mainly to higher ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 576.95 Td (depreciation and amortization expense for the period from January to ) Tj ET Q q 0 0 0 rg BT 349.16 576.95 Td (April as a result of the reduction to the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 563.45 Td (estimated life of the ) Tj ET Q q 0 0 0 rg BT 152.05 563.45 Td (Air Canada ) Tj ET Q q 0 0 0 rg BT 199.08 563.45 Td (Accumulation Partner contract in May 2017. ) Tj ET Q q 0 0 0 rg BT 376.00 563.45 Td (The variance is also due to an increase ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 549.95 Td (in depreciation and amortization expense in ISS International in ILS, driven by increased information technology ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 536.45 Td (development spend in the prior year) Tj ET Q q 0 0 0 rg BT 215.09 536.45 Td (. ) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 513.95 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 178.01 513.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.05 513.95 Td ($\(3.8\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 284.57 513.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.08 513.95 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.62 513.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.13 513.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.17 513.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.18 513.95 Td (an improvement) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.71 513.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 500.45 Td ($32.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 500.45 Td (. On a constant currency basis, operating loss improved by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.14 500.45 Td ($33.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.67 500.45 Td (, a direct result of the factors ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 486.95 Td (described above.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 464.45 Td (Net Financial 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 164.52 464.45 Td (for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 192.54 464.45 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 263.08 464.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.58 464.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.63 464.45 Td ( consists primarily of the fair value gain of $33.8 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 450.95 Td (million on the investment in equity instruments of Cardlytics, interest revenue of $4.3million earned on cash and cash ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 437.45 Td (equivalents, short-term investments on deposit and long-term investments in bonds, and other net financial income of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 423.95 Td ($2.1 million; of) Tj ET Q q 0 0 0 rg BT 129.87 423.95 Td (fset in part by interest expense of $12.6 million on long-term debt.) 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 72.00 399.95 Td (Net Earnings \(Loss\)) Tj ET Q BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.23529411764705882 0.5647058823529412 0.8156862745098039 rg BT 157.01 399.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 159.79 399.95 Td (for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 187.81 399.95 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.35 399.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 260.85 399.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.90 399.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.91 399.95 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.94 399.95 Td ( include the ef) Tj ET Q q 0 0 0 rg BT 413.81 399.95 Td (fect of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.83 399.95 Td ($10.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.35 399.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.37 399.95 Td ($4.4 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 386.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 386.45 Td ( of current income tax expenses, respectively) Tj ET Q q 0 0 0 rg BT 276.92 386.45 Td (, as well as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 323.94 386.45 Td ($1.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.46 386.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.48 386.45 Td ($0.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.00 386.45 Td ( of deferred income tax ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 372.95 Td (recoveries, respectively) Tj ET Q q 0 0 0 rg BT 165.37 372.95 Td (. Net earnings \(loss\) for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 276.41 372.95 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.95 372.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.45 372.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.50 372.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.52 372.95 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.54 372.95 Td ( also include the share ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 359.45 Td (of net earnings of equity-accounted investments of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 275.62 359.45 Td ($15.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.15 359.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.17 359.45 Td ($15.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.69 359.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 448.55 359.45 Td (, the gain \(loss\) on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 345.95 Td (disposal of businesses and other assets of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 244.10 345.95 Td ($\(5.3\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.62 345.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.64 345.95 Td ($6.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.16 345.95 Td (, respectively) Tj ET Q q 0 0 0 rg BT 413.01 345.95 Td (, and net earnings from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 332.45 Td (discontinued operations of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 179.57 332.45 Td ($7.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 225.10 332.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.11 332.45 Td ($10.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.64 332.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 347.49 332.45 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 309.95 Td (Current income taxes are primarily attributed to our Canadian operations.Consistent with the prior year) Tj ET Q q 0 0 0 rg BT 481.70 309.95 Td (, deferred ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 296.45 Td (income tax recoveries 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 72.00 282.95 Td (Consequently) Tj ET Q q 0 0 0 rg BT 126.37 282.95 Td (, the deferred income tax recovery recorded in the current period, which is mostly related to our ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 269.45 Td (Canadian operations, was not increased by deferred income tax recoveries in our foreign operations. ) Tj ET Q q 0 0 0 rg BT 475.07 269.45 Td (The above ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 255.95 Td (results in a distorted ef) Tj ET Q q 0 0 0 rg BT 162.38 255.95 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 72.00 233.45 Td (Adjusted EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 146.50 233.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.54 233.45 Td ($107.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.07 233.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.59 233.45 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.13 233.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.63 233.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 417.68 233.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.68 233.45 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.21 233.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.72 233.45 Td ($34.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.24 233.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 219.95 Td (or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.50 219.95 Td (47.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.02 219.95 Td (. On a constant currency basis, ) Tj ET Q q 0 0 0 rg BT 234.08 219.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 303.62 219.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.12 219.95 Td (improved) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.13 219.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.64 219.95 Td ($35.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.17 219.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.17 219.95 Td (48.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.69 219.95 Td (. Excluding the results ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 206.45 Td (of business disposals, which included the impact of the onerous contract provision, ) Tj ET Q q 0 0 0 rg BT 403.19 206.45 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 472.72 206.45 Td ( improved by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 192.95 Td ($21.1 million or 24.2%, mainly attributable to lower operating expenses globally and improved contribution from the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 179.45 Td (Aeroplan Program, of) Tj ET Q q 0 0 0 rg BT 157.38 179.45 Td (fset in part by reduced contribution from ILS and lower distributions from equity-accounted ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 165.95 Td (investments.) 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 72.00 141.95 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 168.51 141.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 171.29 141.95 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 223.83 141.95 Td ($103.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.36 141.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.88 141.95 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.42 141.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.92 141.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.97 141.95 Td (, of which ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.49 141.95 Td ($96.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.01 141.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 128.45 Td (is attributable to continuing operations and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 243.62 128.45 Td ($6.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.14 128.45 Td ( to discontinued operations. ) Tj ET Q q 0 0 0 rg BT 401.22 128.45 Td (Adjusted Net Earnings from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 114.95 Td (continuing operations for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.08 114.95 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.62 114.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 261.12 114.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.17 114.95 Td ( included the unfavourable impact of the reversal of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 101.45 Td (contingent consideration of $5.3 million related to sale of the Canadian ) Tj ET Q q 0 0 0 rg BT 354.69 101.45 Td (Air Miles trademarks and an income tax ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 87.95 Td (recovery of $1.3 million related to this reversal. ) Tj ET Q q 0 0 0 rg BT 260.09 87.95 Td (Adjusted Net Earnings from discontinued operations for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.22 87.95 Td (six ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 74.45 Td (months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.04 74.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.54 74.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.59 74.45 Td ( included the gain of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.65 74.45 Td ($5.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.18 74.45 Td ( recognized on the disposal of the Nectar Program and ) Tj ET Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (32) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (related assets. ) Tj ET Q q 0 0 0 rg BT 132.53 668.45 Td (Adjusted Net Earnings for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.60 668.45 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 323.14 668.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.64 668.45 Td (June30, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.69 668.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.73 668.45 Td ($68.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.26 668.45 Td (, of which ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td ($43.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 654.95 Td ( is attributable to continuing operations and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 296.64 654.95 Td ($24.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.17 654.95 Td ( to discontinued operations. ) Tj ET Q q 0 0 0 rg BT 459.25 654.95 Td (Adjusted Net ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (Earnings from continuing operations for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.60 641.45 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.14 641.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.64 641.45 Td (June30, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.69 641.45 Td ( included the unfavourable impact of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.95 Td (onerous contract provision of $20.3 million related to an IT) Tj ET Q q 0 0 0 rg BT 303.46 627.95 Td ( outsourcing arrangement in the US, the gain on the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 614.45 Td (disposal of the U.S. CEL) Tj ET Q q 0 0 0 rg BT 169.72 614.45 Td ( Business of $5.4 million and the fair value gain on the convertible notes of Cardlytics of $7.7 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 600.95 Td (million. ) Tj ET Q q 0 0 0 rg BT 102.34 600.95 Td (The ef) Tj ET Q q 0 0 0 rg BT 127.70 600.95 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 346.32 600.95 Td (Net Earnings \(Loss\). ) Tj ET Q BT /F5 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 578.45 Td (Free Cash Flow Before Dividends Paid) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 236.54 578.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.06 578.45 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.60 578.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.10 578.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.15 578.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.18 578.45 Td ($60.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.71 578.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 564.95 Td (compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.53 564.95 Td ($30.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 175.06 564.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 205.57 564.95 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 276.11 564.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 278.61 564.95 Td (June30, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.66 564.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.66 564.95 Td (a favourable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.20 564.95 Td ( variance of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.22 564.95 Td ($30.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.75 564.95 Td (. Free Cash ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 551.45 Td (Flow before dividends paid from continuing operations for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.14 551.45 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.68 551.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.18 551.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.23 551.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.27 551.45 Td ($45.1 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 537.95 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 537.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.51 537.95 Td (an unfavourable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 167.06 537.95 Td ( variance of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 216.08 537.95 Td ($23.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 266.61 537.95 Td ( and is mainly the result of:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 515.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 515.45 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.53 515.45 Td ( in cash from operating activities of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.59 515.45 Td ($34.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.12 515.45 Td (, explained primarily by: ) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 500.01 cm /I8 Do Q q 0 0 0 rg BT 129.00 501.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 501.95 Td (a decrease in Gross Billings of $65.7 million; ) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 486.51 cm /I9 Do Q q 0 0 0 rg BT 129.00 488.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 488.45 Td (higher cost of rewards and direct costs of $24.4 million, including the impact of cost of rewards ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 474.95 Td (recorded against deferred revenue;) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 459.51 cm /I10 Do Q q 0 0 0 rg BT 129.00 461.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 461.45 Td (a $18.6 million unfavourable variance in the change in net operating assets, which included the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 447.95 Td (impact of the rent prepayment related to the Nectar transaction in the current period but excluded ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 434.45 Td (the impact of the onerous contract provision expense in the prior year; and ) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 419.01 cm /I11 Do Q q 0 0 0 rg BT 129.00 420.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 420.95 Td (lower distributions from equity-accounted investments of $2.3 million; of) Tj ET Q q 0 0 0 rg BT 428.47 420.95 Td (fset in part by) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 405.51 cm /I12 Do Q q 0 0 0 rg BT 129.00 407.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 407.45 Td (lower operating expenses of $62.0 million, before certain non-cash impacting items; ) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 392.01 cm /I13 Do Q q 0 0 0 rg BT 129.00 393.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 393.95 Td (a $9.8 million decrease in net interest paid; and ) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 378.51 cm /I14 Do Q q 0 0 0 rg BT 129.00 380.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 380.45 Td (a $4.6 million decrease in taxes paid.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 366.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 366.95 Td (lower) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.51 366.95 Td ( capital expenditures of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.56 366.95 Td ($10.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 275.09 366.95 Td ( resulting mostly from a reduction in capital expenditures in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 353.45 Td (Coalitions division, due primarily to reduced technology initiatives, as well as proceeds of $2.7 million from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 339.95 Td (the sale of technology assets in the current period. ) Tj ET Q q 0 0 0 rg BT 311.46 339.95 Td (The reduction in capital expenditures is also attributable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 326.45 Td (to lower information technology development spend in International ISS in the ILS division. ) 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 72.00 299.45 Td (Free Cash Flow) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 138.52 299.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.03 299.45 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.57 299.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 242.07 299.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.12 299.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.16 299.45 Td ($60.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.69 299.45 Td ( compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.72 299.45 Td ($\(4.4\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.23 299.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 285.95 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.54 285.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 145.04 285.95 Td (June30, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 202.09 285.95 Td (. ) Tj ET Q q 0 0 0 rg BT 206.93 285.95 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.94 285.95 Td (favourable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 266.97 285.95 Td ( variance of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.99 285.95 Td ($64.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.52 285.95 Td ( is a result of the factors described above ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 272.45 Td (in Free Cash Flow before dividends paid, as well as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 280.10 272.45 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.63 272.45 Td ( in dividends paid on common shares and preferred ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 258.95 Td (shares of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 111.52 258.95 Td ($34.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.05 258.95 Td (, primarily due the suspension of the payment of all dividends on the Corporation's common ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 245.45 Td (and preferred shares, as announced on June 14, 2017.) 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 72.00 222.95 Td (ROIC) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 94.50 222.95 Td ( for the twelve months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.57 222.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.62 222.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 282.12 222.95 Td (7.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.64 222.95 Td ( compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.67 222.95 Td (4.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.18 222.95 Td ( for the twelve months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.25 222.95 Td (June30, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 209.45 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.02 209.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.02 209.45 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 143.55 209.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.06 209.45 Td (2.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 168.57 209.45 Td ( percentage-points, explained in part by an improvement in adjusted operating income after ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 195.95 Td (taxes, driven by lower operating expenses globally and improved margin contribution from the ) Tj ET Q q 0 0 0 rg BT 446.70 195.95 Td (Aeroplan Program, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 182.45 Td (of) Tj ET Q q 0 0 0 rg BT 79.34 182.45 Td (fset in part by a decrease in margin contribution from ILS and disposed businesses. ) Tj ET Q q 0 0 0 rg BT 413.86 182.45 Td (The reduction in the average ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 168.95 Td (invested capital also contributed favourably to the variance, due in part to the reduction in net debt.) 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 72.00 146.45 Td (Adjusted EBITDA, ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 146.70 146.45 Td (Adjusted Net Earnings) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 236.25 146.45 Td (, ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 241.25 146.45 Td (Free Cash Flow) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 304.77 146.45 Td ( and ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 324.79 146.45 Td (ROIC ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 349.79 146.45 Td (are non-GAAP) Tj ET Q q 0 0 0 rg BT 408.16 146.45 Td ( measures. Please refer to the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 132.95 Td (PERFORMANCE INDICA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 174.34 132.95 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 179.67 132.95 Td (ORS \(INCLUDING CER) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 275.52 132.95 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 280.35 132.95 Td (AIN NON-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 345.52 132.95 Td ( FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 394.87 132.95 Td ( MEASURES\)) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 450.88 132.95 Td ( section for additional ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 119.45 Td (information on these measures.) Tj ET Q endstream endobj 69 0 obj <> endobj 70 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (33) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (SEGMENTED OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 193.13 666.30 Td (TING RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 264.90 666.30 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 72.00 640.80 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 72 606.21552734375 m 133.6650390625 606.21552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 607.80 Td (COALITIONS) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 585.30 286.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 358.50 585.30 118.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 476.50 585.30 64.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 561.30 286.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 358.50 561.30 43.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 401.50 561.30 16.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 417.50 561.30 43.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 460.50 561.30 16.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 476.50 561.30 32.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 508.50 561.30 32.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 537.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 537.30 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 525.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 525.30 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 513.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 513.30 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 501.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 501.30 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 489.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 489.30 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 477.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 477.30 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 465.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 465.30 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 453.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 453.30 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 441.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 441.30 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 429.30 43.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 429.30 16.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 418.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 418.30 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 406.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 406.30 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 394.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 394.30 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 382.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 382.30 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 370.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 370.30 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 358.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 358.30 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 346.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 346.30 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 334.30 43.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 334.30 16.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 323.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 323.30 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 311.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 311.30 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 299.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 299.30 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 287.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 287.30 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 275.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 275.30 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 263.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 263.30 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 251.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 251.30 16.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 358.50 239.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 401.50 239.30 16.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 513.3 m 358.5 513.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 513.3 m 401.5 513.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 401.5 513.3 m 417.5 513.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 513.3 m 460.5 513.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 460.5 513.3 m 476.5 513.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 513.3 m 508.5 513.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 513.3 m 540.5 513.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 501.29999999999995 m 358.5 501.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 501.29999999999995 m 401.5 501.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 401.5 501.29999999999995 m 417.5 501.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 501.29999999999995 m 460.5 501.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 460.5 501.29999999999995 m 476.5 501.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 501.29999999999995 m 508.5 501.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 501.29999999999995 m 540.5 501.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 501.29999999999995 m 358.5 501.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 501.29999999999995 m 401.5 501.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 401.5 501.29999999999995 m 417.5 501.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 501.29999999999995 m 460.5 501.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 460.5 501.29999999999995 m 476.5 501.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 501.29999999999995 m 508.5 501.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 501.29999999999995 m 540.5 501.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 465.29999999999995 m 401.5 465.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 465.29999999999995 m 460.5 465.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 465.29999999999995 m 358.5 465.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 465.29999999999995 m 401.5 465.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 401.5 465.29999999999995 m 417.5 465.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 465.29999999999995 m 460.5 465.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 460.5 465.29999999999995 m 476.5 465.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 465.29999999999995 m 508.5 465.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 465.29999999999995 m 540.5 465.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 441.29999999999995 m 401.5 441.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 441.29999999999995 m 460.5 441.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 441.29999999999995 m 358.5 441.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 441.29999999999995 m 401.5 441.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 401.5 441.29999999999995 m 417.5 441.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 441.29999999999995 m 460.5 441.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 460.5 441.29999999999995 m 476.5 441.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 441.29999999999995 m 508.5 441.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 441.29999999999995 m 540.5 441.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 406.29999999999995 m 358.5 406.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 406.29999999999995 m 401.5 406.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 401.5 406.29999999999995 m 417.5 406.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 406.29999999999995 m 460.5 406.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 460.5 406.29999999999995 m 476.5 406.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 406.29999999999995 m 508.5 406.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 406.29999999999995 m 540.5 406.29999999999995 l s 0.6745098039215687 0.6745098039215687 0.6745098039215687 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 370.29999999999995 m 358.5 370.29999999999995 l s 0.6745098039215687 0.6745098039215687 0.6745098039215687 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 370.29999999999995 m 401.5 370.29999999999995 l s 0.6745098039215687 0.6745098039215687 0.6745098039215687 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 401.5 370.29999999999995 m 417.5 370.29999999999995 l s 0.6745098039215687 0.6745098039215687 0.6745098039215687 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 370.29999999999995 m 460.5 370.29999999999995 l s 0.6745098039215687 0.6745098039215687 0.6745098039215687 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 460.5 370.29999999999995 m 476.5 370.29999999999995 l s 0.6745098039215687 0.6745098039215687 0.6745098039215687 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 370.29999999999995 m 508.5 370.29999999999995 l s 0.6745098039215687 0.6745098039215687 0.6745098039215687 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 370.29999999999995 m 540.5 370.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 358.29999999999995 m 358.5 358.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 358.29999999999995 m 401.5 358.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 401.5 358.29999999999995 m 417.5 358.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 358.29999999999995 m 460.5 358.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 460.5 358.29999999999995 m 476.5 358.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 358.29999999999995 m 508.5 358.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 358.29999999999995 m 540.5 358.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 346.29999999999995 m 358.5 346.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 346.29999999999995 m 401.5 346.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 401.5 346.29999999999995 m 417.5 346.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 346.29999999999995 m 460.5 346.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 460.5 346.29999999999995 m 476.5 346.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 346.29999999999995 m 508.5 346.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 346.29999999999995 m 540.5 346.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 323.29999999999995 m 358.5 323.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 323.29999999999995 m 401.5 323.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 401.5 323.29999999999995 m 417.5 323.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 323.29999999999995 m 460.5 323.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 460.5 323.29999999999995 m 476.5 323.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 323.29999999999995 m 508.5 323.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 323.29999999999995 m 540.5 323.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 323.29999999999995 m 401.5 323.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 323.29999999999995 m 460.5 323.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 287.29999999999995 m 358.5 287.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 287.29999999999995 m 401.5 287.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 401.5 287.29999999999995 m 417.5 287.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 287.29999999999995 m 460.5 287.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 460.5 287.29999999999995 m 476.5 287.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 287.29999999999995 m 508.5 287.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 287.29999999999995 m 540.5 287.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 227.29999999999995 m 358.5 227.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 227.29999999999995 m 401.5 227.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 401.5 227.29999999999995 m 417.5 227.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 227.29999999999995 m 460.5 227.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 460.5 227.29999999999995 m 476.5 227.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 227.29999999999995 m 508.5 227.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 227.29999999999995 m 540.5 227.29999999999995 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 374.15 571.50 Td (Six Months Ended June 30,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 494.40 571.50 Td (V) Tj ET Q q 1 1 1 rg BT 498.55 571.50 Td (ariance) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 75.00 553.08 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 371.70 553.30 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 430.70 553.30 Td (2017) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 490.05 553.30 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 520.85 553.30 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 75.00 529.30 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.80 529.30 Td (609.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 436.20 529.30 Td (621.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 529.30 Td (\(1) Tj ET Q q 0 0 0 rg BT 495.87 529.30 Td (1.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 529.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.55 529.35 Td (\(1.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 529.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 517.30 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.75 517.30 Td (33.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 440.05 517.30 Td (31.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 517.30 Td (2.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.90 517.30 Td (7.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 505.30 Td (T) Tj ET Q q 0 0 0 rg BT 79.02 505.30 Td (otal Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.80 505.30 Td (643.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 436.20 505.30 Td (652.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 505.35 Td (\(9.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 505.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.55 505.35 Td (\(1.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 505.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 493.30 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.80 493.30 Td (679.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 436.20 493.30 Td (610.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 493.30 Td (68.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.00 493.30 Td (1) Tj ET Q q 0 0 0 rg BT 521.89 493.30 Td (1.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 481.30 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.75 481.30 Td (33.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 440.05 481.30 Td (31.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 481.30 Td (2.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.10 481.30 Td (6.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 469.30 Td (Intercompany revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 382.65 469.30 Td (0.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 446.75 469.30 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 469.30 Td (0.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 469.30 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 457.30 Td (T) Tj ET Q q 0 0 0 rg BT 78.76 457.30 Td (otal revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.80 457.30 Td (712.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 436.20 457.30 Td (642.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 457.30 Td (70.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.00 457.30 Td (1) Tj ET Q q 0 0 0 rg BT 521.89 457.30 Td (1.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 445.30 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.80 445.30 Td (460.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 436.20 445.30 Td (428.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 445.30 Td (31.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.90 445.30 Td (7.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 433.30 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.80 433.30 Td (252.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 436.20 433.30 Td (213.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 433.30 Td (38.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.00 433.30 Td (18.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 422.08 Td (Gross margin as a % of total revenue) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 380.70 422.08 Td (35.4) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 395.65 422.08 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 442.05 422.08 Td (33.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 454.65 422.08 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 500.30 422.08 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 523.30 422.08 Td (2.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 531.65 422.08 Td ( pp) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 410.30 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 169.94 413.64 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.75 410.30 Td (98.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 440.05 410.30 Td (74.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 410.30 Td (23.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.00 410.30 Td (31.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 398.30 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.80 398.30 Td (153.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 436.20 398.30 Td (138.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 398.30 Td (15.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.00 398.30 Td (10.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 386.30 Td (Operating expenses before share-based compensation and other performance awards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.80 386.30 Td (125.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 436.20 386.30 Td (142.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 386.30 Td (\(17.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 386.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.65 386.30 Td (\(12.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 386.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 374.30 Td ( Share-based compensation and other performance awards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 380.25 374.30 Td (\(0.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.40 374.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 374.30 Td (\(4.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.75 374.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 374.30 Td (4.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.00 374.30 Td (89.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 362.30 Td (T) Tj ET Q q 0 0 0 rg BT 78.89 362.30 Td (otal operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.80 362.30 Td (124.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 436.20 362.30 Td (137.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 362.30 Td (\(12.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 362.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.55 362.35 Td (\(9.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 362.30 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 350.30 Td (Operating income) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.75 350.30 Td (28.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 444.00 350.30 Td (0.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 350.30 Td (28.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 350.30 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 338.30 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 132.69 338.30 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 134.63 341.64 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.80 338.30 Td (126.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 436.20 338.30 Td (101.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 338.30 Td (24.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.00 338.30 Td (24.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 327.08 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 127.46 327.08 Td ( as a % of total Gross Billings) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 380.70 327.08 Td (19.7) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 395.65 327.08 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 442.05 327.08 Td (15.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 454.65 327.08 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 500.30 327.08 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 523.30 327.08 Td (4.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 531.65 327.08 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 75 314.30576171875 m 166.83056640625 314.30576171875 l s q 0 0 0 rg BT 75.00 315.30 Td (Included in ) Tj ET Q q 0 0 0 rg BT 110.42 315.30 Td (Adjusted EBITDA:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 303.30 Td (Change in Future Redemption Costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.75 303.30 Td (59.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 444.00 303.30 Td (6.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 303.30 Td (53.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 303.30 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 291.30 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 382.65 291.30 Td (8.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 444.00 291.30 Td (9.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 291.35 Td (\(0.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 291.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.55 291.35 Td (\(3.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 291.30 Td (\)) 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 75 278.30576171875 m 134.51708984375 278.30576171875 l s q 0 0 0 rg BT 75.00 279.30 Td (Operating metrics \() Tj ET Q BT /F4 7.00 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 134.51708984375 278.30576171875 m 208.18115234375 278.30576171875 l s q 0 0 0 rg BT 134.52 279.30 Td (year) Tj ET Q q 0 0 0 rg BT 148.01 279.30 Td (-over) Tj ET Q q 0 0 0 rg BT 163.83 279.30 Td (-year variance) Tj ET Q BT /F3 7.00 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 208.18115234375 278.30576171875 m 212.45703125 278.30576171875 l s q 0 0 0 rg BT 208.18 279.30 Td (\):) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 267.30 Td (Accumulation activity - ) Tj ET Q q 0 0 0 rg BT 146.39 267.30 Td (Aeroplan) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 380.25 267.30 Td (\(3.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.40 267.30 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 444.00 267.30 Td (3.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.75 267.30 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.55 267.30 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 267.30 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 255.30 Td (Redemption activity - ) Tj ET Q q 0 0 0 rg BT 142.11 255.30 Td (Aeroplan) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 382.65 255.30 Td (8.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 394.75 255.30 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 444.00 255.30 Td (2.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.75 255.30 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.55 255.30 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 255.30 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 243.30 Td (T) Tj ET Q q 0 0 0 rg BT 78.50 243.30 Td (otal rewards issued - ) Tj ET Q q 0 0 0 rg BT 144.64 243.30 Td (Aeroplan) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 382.65 243.30 Td (7.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 394.75 243.30 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 444.00 243.30 Td (0.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.75 243.30 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.55 243.30 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 243.30 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 231.30 Td (T) Tj ET Q q 0 0 0 rg BT 78.50 231.30 Td (otal air rewards issued - ) Tj ET Q q 0 0 0 rg BT 154.37 231.30 Td (Aeroplan) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 382.65 231.30 Td (6.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 394.75 231.30 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 444.00 231.30 Td (3.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.75 231.30 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.55 231.30 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 231.30 Td (**) Tj ET Q BT /F1 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 99.00 209.80 Td (Refer to section entitled ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 185.27 209.80 Td (Notations to Financial T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 268.57 209.80 Td (ables) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 287.70 209.80 Td ( for details on notations in the table above beginning on page ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 506.09 209.80 Td (74) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.98 209.80 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 72.00 184.30 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 133.01 184.30 Td ( generated for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.56 184.30 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.11 184.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.61 184.30 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.66 184.30 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.69 184.30 Td ($643.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.23 184.30 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.23 184.30 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.76 184.30 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.26 184.30 Td ($9.5 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 170.80 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 170.80 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 170.80 Td (1.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.02 170.80 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 148.30 Td (The dif) Tj ET Q q 0 0 0 rg BT 99.35 148.30 Td (ferent Gross Billings categories were af) Tj ET Q q 0 0 0 rg BT 255.76 148.30 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 72.00 125.80 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 262.53 125.80 Td ( generated for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.08 125.80 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.63 125.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.13 125.80 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.18 125.80 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 112.30 Td ($609.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.53 112.30 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 132.53 112.30 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 177.06 112.30 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.57 112.30 Td ($1) Tj ET Q q 0 0 0 rg BT 198.91 112.30 Td (1.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.43 112.30 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.44 112.30 Td (1.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.95 112.30 Td (,) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 275.45 118.85 2.50 -8.45 re f /GS0 gs q 0 0 0 rg BT 275.45 112.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.95 112.30 Td (mostly explained by a decrease of $6.7 million in the financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 98.80 Td (sector) Tj ET Q q 0 0 0 rg BT 96.01 98.80 Td (. Despite improvement from higher average spend per card across all card partners and higher conversions ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 85.30 Td (from one financial card partner) Tj ET Q q 0 0 0 rg BT 193.57 85.30 Td (, purchase volumes are down from the other card partners due to the timing of ) Tj ET Q endstream endobj 71 0 obj <> endobj 72 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (34) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (campaign activities and lower active cards. Further contributing to lower Gross Billings from Loyalty Units, a $1.8 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (million decrease in the non-air travel sector was mainly driven by a conversion campaign run in the prior year) Tj ET Q q 0 0 0 rg BT 504.71 654.95 Td (, as well ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (as a $1.2 million decrease from the retail sector due in part to a lost partner) Tj ET Q q 0 0 0 rg BT 370.66 641.45 Td (. ) Tj ET Q q 0 0 0 rg BT 375.16 641.45 Td (A) Tj ET Q q 0 0 0 rg BT 380.67 641.45 Td ( $0.9 million decrease in the airline ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.95 Td (sector was mainly driven by a shift in product mix.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 605.45 Td (Accumulation ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 133.67 605.45 Td (Activity ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 168.68 605.45 Td (- ) Tj ET Q q 0 0 0 rg BT 173.69 605.45 Td (Aeroplan Miles issued during the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.76 605.45 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.30 605.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.80 605.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.85 605.45 Td ( decreased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.89 605.45 Td (3.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.40 605.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.95 Td (primarily due to the factors described above. Excluding all promotional mileage on new financial cards acquired, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 578.45 Td (Aeroplan Miles issued during the period decreased by 1.7%.) 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 72.00 555.95 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 274.06 555.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.10 555.95 Td ($33.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.63 555.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.14 555.95 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.68 555.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.18 555.95 Td (June30, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 542.45 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.02 542.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.02 542.45 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 143.55 542.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.06 542.45 Td ($2.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.58 542.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.58 542.45 Td (7.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.10 542.45 Td (, primarily explained by higher Gross Billings from ancillary services.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 519.95 Td (Redemption ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 126.17 519.95 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 158.68 519.95 Td ( - ) Tj ET Q q 0 0 0 rg BT 166.51 519.95 Td (T) Tj ET Q q 0 0 0 rg BT 171.01 519.95 Td (otal Miles redeemed under the ) Tj ET Q q 0 0 0 rg BT 294.59 519.95 Td (Aeroplan Program for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.14 519.95 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.68 519.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.18 519.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.23 519.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 506.45 Td (increased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 125.53 506.45 Td (8.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 146.04 506.45 Td (. ) Tj ET Q q 0 0 0 rg BT 150.88 506.45 Td (The total number of rewards issued increased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.98 506.45 Td (7.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.49 506.45 Td ( and the number of air rewards issued ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 492.95 Td (increased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 125.53 492.95 Td (6.6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 146.04 492.95 Td ( compared to the prior year) Tj ET Q q 0 0 0 rg BT 253.60 492.95 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 470.45 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 77.16 470.45 Td (otal Revenue ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 135.68 470.45 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.22 470.45 Td ($712.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 243.75 470.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.27 470.45 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.81 470.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.31 470.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.36 470.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.36 470.45 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.89 470.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.40 470.45 Td ($70.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.92 470.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 456.95 Td (1) Tj ET Q q 0 0 0 rg BT 76.34 456.95 Td (1.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 96.85 456.95 Td (, explained primarily by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 432.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 432.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 154.53 432.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 167.04 432.95 Td ($68.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 217.56 432.95 Td ( in revenue from Loyalty Units mostly due to an increase in redemption volumes ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 419.45 Td (and an increase in the cumulative average selling price of an ) Tj ET Q q 0 0 0 rg BT 351.65 419.45 Td (Aeroplan Mile; and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 405.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 405.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 154.53 405.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 167.04 405.95 Td ($2.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.56 405.95 Td ( in revenue from Loyalty Services and Other) Tj ET Q q 0 0 0 rg BT 387.65 405.95 Td (, primarily explained by an increase in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 392.45 Td (ancillary services.) 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 72.00 369.95 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 217.03 369.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.07 369.95 Td ($460.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.60 369.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.11 369.95 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.66 369.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.16 369.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.21 369.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 493.21 369.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.74 369.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 356.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.01 356.45 Td ($31.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 132.53 356.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 145.54 356.45 Td (7.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 166.05 356.45 Td (, mainly attributable to the impact of the following factors: ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 332.45 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.15 332.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 332.45 Td (a higher volume of redemptions in the ) Tj ET Q q 0 0 0 rg BT 260.59 332.45 Td (Aeroplan Program, representing $37.6 million, partially related to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 318.95 Td (higher availability and capacity; of) Tj ET Q q 0 0 0 rg BT 242.42 318.95 Td (fset in part by) Tj ET Q q 0 0 0 rg BT 295.77 318.95 Td (,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 303.95 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.15 303.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 303.95 Td (a lower redemption cost per ) Tj ET Q q 0 0 0 rg BT 221.06 303.95 Td (Aeroplan Mile redeemed, representing $6.0 million driven by favourable foreign ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 290.45 Td (exchange impacts and product mix.) 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 72.00 263.45 Td (Gross Margin before Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 237.70 263.45 Td (Amortization ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 295.20 263.45 Td (represented ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.73 263.45 Td (35.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.25 263.45 Td ( of total revenue for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.31 263.45 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.85 263.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 249.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.05 249.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 134.05 249.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 180.58 249.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.09 249.95 Td (2.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 205.60 249.95 Td ( percentage-points compared to the same period in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.72 249.95 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.74 249.95 Td (, a direct result of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 236.45 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 72.00 213.95 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 159.03 213.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.07 213.95 Td ($124.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.60 213.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 300.12 213.95 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.66 213.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.16 213.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.21 213.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.21 213.95 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.74 213.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.24 213.95 Td ($12.9 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 200.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 200.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 200.45 Td (9.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.02 200.45 Td ( mostly explained by operational ef) Tj ET Q q 0 0 0 rg BT 269.44 200.45 Td (ficiencies due mainly to lower headcount and reduced real estate ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 186.95 Td (spend, timing of advertising and promotional spend, a lower payout than expected on variable compensation plans ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 173.45 Td (related to the prior year) Tj ET Q q 0 0 0 rg BT 164.55 173.45 Td (, partially of) Tj ET Q q 0 0 0 rg BT 210.41 173.45 Td (fset by a higher share-based compensation expense, driven mainly by the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 159.95 Td (revaluation of cash-settled awards in the prior year) Tj ET Q q 0 0 0 rg BT 273.11 159.95 Td (, higher severance and higher IT) Tj ET Q q 0 0 0 rg BT 402.52 159.95 Td ( fees and services.) 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 72.00 137.45 Td (Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 147.18 137.45 Td (Amortization) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 202.18 137.45 Td (, including amortization of ) Tj ET Q q 0 0 0 rg BT 306.24 137.45 Td (Accumulation Partners' contracts, customer relationships ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 123.95 Td (and technology) Tj ET Q q 0 0 0 rg BT 132.38 123.95 Td (, amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.92 123.95 Td ($98.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 240.45 123.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.96 123.95 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.50 123.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.00 123.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.05 123.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.05 123.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.58 123.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.09 123.95 Td ($23.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.62 123.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 110.45 Td (31.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.52 110.45 Td (, due mostly to higher depreciation and amortization expense for the period from January to ) Tj ET Q q 0 0 0 rg BT 463.23 110.45 Td (April as a result of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 96.95 Td (the reduction to the estimated life of the ) Tj ET Q q 0 0 0 rg BT 231.60 96.95 Td (Air Canada ) Tj ET Q q 0 0 0 rg BT 278.63 96.95 Td (Accumulation Partner contract in May 2017.) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (35) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 668.45 Td (Operating Income ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 151.01 668.45 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 203.55 668.45 Td ($28.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.08 668.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 284.59 668.45 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 355.14 668.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.64 668.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 414.69 668.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.69 668.45 Td (an improvement) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.22 668.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.72 668.45 Td ($28.0 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 654.95 Td (, a direct result of the factors described above.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 632.45 Td (Adjusted EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 146.50 632.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.54 632.45 Td ($126.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.07 632.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.59 632.45 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.13 632.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.63 632.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 417.68 632.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.68 632.45 Td (an improvement) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.21 632.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.72 632.45 Td ($24.8 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 618.95 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 618.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 618.95 Td (24.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.03 618.95 Td (, mainly attributable to lower operating expenses across the division and improved contribution from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 605.45 Td (the ) Tj ET Q q 0 0 0 rg BT 86.52 605.45 Td (Aeroplan Program, due primarily to lower unit cost per ) Tj ET Q q 0 0 0 rg BT 303.61 605.45 Td (Aeroplan mile.) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 582.95 Td (Adjusted EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 142.03 582.95 Td ( is a non-GAAP) Tj ET Q q 0 0 0 rg BT 203.90 582.95 Td ( measure. Please refer to the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 324.96 582.95 Td (PERFORMANCE INDICA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 427.30 582.95 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 432.63 582.95 Td (ORS \(INCLUDING ) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 569.45 Td (CER) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 90.84 569.45 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 95.67 569.45 Td (AIN NON-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.84 569.45 Td ( FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 210.19 569.45 Td ( MEASURES\)) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 266.20 569.45 Td ( section for additional information on this measure.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 534.86552734375 m 237.9423828125 534.86552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 536.45 Td (INSIGHTS & LOY) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 151.64 536.45 Td (AL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 164.23 536.45 Td (TY) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 176.83 536.45 Td ( SOLUTIONS) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 513.95 222.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 294.50 513.95 118.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 412.50 513.95 64.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 476.50 513.95 64.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 489.95 222.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 294.50 489.95 42.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 336.50 489.95 17.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 353.50 489.95 42.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 395.50 489.95 17.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 412.50 489.95 32.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 444.50 489.95 32.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 476.50 489.95 32.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 508.50 489.95 32.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 462.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 462.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 450.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 450.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 438.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 438.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 426.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 426.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 414.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 414.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 402.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 402.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 390.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 390.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 378.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 378.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 366.95 42.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 366.95 17.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 355.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 355.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 343.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 343.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 331.95 42.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 331.95 17.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 313.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 313.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 301.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 301.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 289.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 289.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 277.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 277.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 265.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 265.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 253.95 42.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 253.95 17.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 242.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 242.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 230.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 230.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 218.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 218.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 206.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 206.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 194.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 194.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 182.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 182.95 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 170.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 170.95 17.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 438.95000000000005 m 294.5 438.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 438.95000000000005 m 336.5 438.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 336.5 438.95000000000005 m 353.5 438.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 438.95000000000005 m 395.5 438.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 395.5 438.95000000000005 m 412.5 438.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 438.95000000000005 m 444.5 438.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 438.95000000000005 m 476.5 438.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 438.95000000000005 m 508.5 438.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 438.95000000000005 m 540.5 438.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 426.95000000000005 m 294.5 426.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 426.95000000000005 m 336.5 426.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 336.5 426.95000000000005 m 353.5 426.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 426.95000000000005 m 395.5 426.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 395.5 426.95000000000005 m 412.5 426.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 426.95000000000005 m 444.5 426.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 426.95000000000005 m 476.5 426.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 426.95000000000005 m 508.5 426.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 426.95000000000005 m 540.5 426.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 426.95000000000005 m 508.5 426.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 402.95000000000005 m 294.5 402.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 402.95000000000005 m 336.5 402.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 336.5 402.95000000000005 m 353.5 402.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 402.95000000000005 m 395.5 402.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 395.5 402.95000000000005 m 412.5 402.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 402.95000000000005 m 444.5 402.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 402.95000000000005 m 476.5 402.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 402.95000000000005 m 508.5 402.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 402.95000000000005 m 540.5 402.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 378.95000000000005 m 336.5 378.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 378.95000000000005 m 395.5 378.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 378.95000000000005 m 508.5 378.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 378.95000000000005 m 294.5 378.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 378.95000000000005 m 336.5 378.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 336.5 378.95000000000005 m 353.5 378.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 378.95000000000005 m 395.5 378.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 395.5 378.95000000000005 m 412.5 378.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 378.95000000000005 m 444.5 378.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 378.95000000000005 m 476.5 378.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 378.95000000000005 m 508.5 378.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 378.95000000000005 m 540.5 378.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 343.95000000000005 m 294.5 343.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 343.95000000000005 m 336.5 343.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 336.5 343.95000000000005 m 353.5 343.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 343.95000000000005 m 395.5 343.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 395.5 343.95000000000005 m 412.5 343.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 343.95000000000005 m 444.5 343.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 343.95000000000005 m 476.5 343.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 343.95000000000005 m 508.5 343.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 343.95000000000005 m 540.5 343.95000000000005 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 289.95000000000005 m 294.5 289.95000000000005 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 289.95000000000005 m 336.5 289.95000000000005 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 336.5 289.95000000000005 m 353.5 289.95000000000005 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 289.95000000000005 m 395.5 289.95000000000005 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 395.5 289.95000000000005 m 412.5 289.95000000000005 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 289.95000000000005 m 444.5 289.95000000000005 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 289.95000000000005 m 476.5 289.95000000000005 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 289.95000000000005 m 508.5 289.95000000000005 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 289.95000000000005 m 540.5 289.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 277.95000000000005 m 294.5 277.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 277.95000000000005 m 336.5 277.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 336.5 277.95000000000005 m 353.5 277.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 277.95000000000005 m 395.5 277.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 395.5 277.95000000000005 m 412.5 277.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 277.95000000000005 m 444.5 277.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 277.95000000000005 m 476.5 277.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 277.95000000000005 m 508.5 277.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 277.95000000000005 m 540.5 277.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 265.95000000000005 m 294.5 265.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 265.95000000000005 m 336.5 265.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 336.5 265.95000000000005 m 353.5 265.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 265.95000000000005 m 395.5 265.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 395.5 265.95000000000005 m 412.5 265.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 265.95000000000005 m 444.5 265.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 265.95000000000005 m 476.5 265.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 265.95000000000005 m 508.5 265.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 265.95000000000005 m 540.5 265.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 242.95000000000005 m 294.5 242.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 242.95000000000005 m 336.5 242.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 336.5 242.95000000000005 m 353.5 242.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 242.95000000000005 m 395.5 242.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 395.5 242.95000000000005 m 412.5 242.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 242.95000000000005 m 444.5 242.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 242.95000000000005 m 476.5 242.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 242.95000000000005 m 508.5 242.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 242.95000000000005 m 540.5 242.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 194.95000000000005 m 294.5 194.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 194.95000000000005 m 336.5 194.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 336.5 194.95000000000005 m 353.5 194.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 194.95000000000005 m 395.5 194.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 395.5 194.95000000000005 m 412.5 194.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 194.95000000000005 m 444.5 194.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 194.95000000000005 m 476.5 194.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 194.95000000000005 m 508.5 194.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 194.95000000000005 m 540.5 194.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 158.95000000000005 m 294.5 158.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 158.95000000000005 m 336.5 158.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 336.5 158.95000000000005 m 353.5 158.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 158.95000000000005 m 395.5 158.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 395.5 158.95000000000005 m 412.5 158.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 158.95000000000005 m 444.5 158.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 158.95000000000005 m 476.5 158.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 158.95000000000005 m 508.5 158.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 158.95000000000005 m 540.5 158.95000000000005 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 310.15 500.15 Td (Six Months Ended June 30,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 430.40 500.15 Td (V) Tj ET Q q 1 1 1 rg BT 434.55 500.15 Td (ariance) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 480.05 500.15 Td (V) Tj ET Q q 1 1 1 rg BT 484.20 500.15 Td (ariance C.C. ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 525.05 503.49 Td (\(b\)\(c\)) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 75.00 481.73 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 307.20 481.95 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 366.20 481.95 Td (2017) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 426.05 481.95 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 456.85 481.95 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 490.05 481.95 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 520.85 481.95 Td (%) Tj ET Q BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 454.95 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 313.75 454.95 Td (21.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 372.75 454.95 Td (24.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 454.95 Td (\(3.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 454.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 454.95 Td (\(13.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 454.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 455.00 Td (\(2.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 454.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 455.00 Td (\(9.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 454.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 442.95 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 313.75 442.95 Td (61.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 372.75 442.95 Td (71.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 442.95 Td (\(10.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 442.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 442.95 Td (\(14.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 442.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 443.00 Td (\(9.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 442.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 442.95 Td (\(13.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 442.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 430.95 Td (T) Tj ET Q q 0 0 0 rg BT 79.02 430.95 Td (otal Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 313.75 430.95 Td (82.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 372.75 430.95 Td (95.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 430.95 Td (\(13.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 430.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 430.95 Td (\(13.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 430.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 430.95 Td (\(1) Tj ET Q q 0 0 0 rg BT 495.87 430.95 Td (1.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 430.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 430.95 Td (\(12.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 430.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 418.95 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 317.65 418.95 Td (8.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 372.75 418.95 Td (10.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 418.95 Td (\(2.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 418.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 418.95 Td (\(25.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 418.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 419.00 Td (\(2.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 418.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 418.95 Td (\(22.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 418.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 406.95 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 313.75 406.95 Td (61.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 372.75 406.95 Td (71.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 406.95 Td (\(10.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 406.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 406.95 Td (\(14.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 406.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 407.00 Td (\(9.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 406.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 406.95 Td (\(13.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 406.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 394.95 Td (T) Tj ET Q q 0 0 0 rg BT 78.76 394.95 Td (otal revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 313.75 394.95 Td (69.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 372.75 394.95 Td (82.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 394.95 Td (\(12.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 394.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 394.95 Td (\(15.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 394.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 394.95 Td (\(1) Tj ET Q q 0 0 0 rg BT 495.87 394.95 Td (1.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 394.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 394.95 Td (\(14.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 394.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 382.95 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 317.65 382.95 Td (8.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 372.75 382.95 Td (13.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 382.95 Td (\(4.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 382.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 382.95 Td (\(36.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 382.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 383.00 Td (\(4.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 382.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 382.95 Td (\(36.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 382.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 370.95 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 313.75 370.95 Td (60.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 372.75 370.95 Td (68.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 370.95 Td (\(8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 370.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 370.95 Td (\(1) Tj ET Q q 0 0 0 rg BT 455.87 370.95 Td (1.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 370.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 371.00 Td (\(7.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 370.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 370.95 Td (\(10.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 370.95 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 359.73 Td (Gross margin as a % of total revenue) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 315.70 359.73 Td (87.9) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 330.65 359.73 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 374.70 359.73 Td (83.9) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 389.65 359.73 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 436.30 359.73 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 457.30 359.73 Td (4.0) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 465.65 359.73 Td ( pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 500.30 359.73 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 521.30 359.73 Td (4.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 529.65 359.73 Td ( pp) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 347.95 Td (Depreciation and amortization ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 169.94 351.29 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 317.65 347.95 Td (8.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 376.65 347.95 Td (4.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.90 347.95 Td (3.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 452.00 347.95 Td (73.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 347.95 Td (3.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 516.00 347.95 Td (69.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 335.95 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 313.75 335.95 Td (52.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 372.75 335.95 Td (64.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 335.95 Td (\(1) Tj ET Q q 0 0 0 rg BT 431.87 335.95 Td (1.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 335.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 335.95 Td (\(18.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 335.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 335.95 Td (\(10.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 335.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 335.95 Td (\(16.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 335.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 324.35 Td (Operating expenses before share-based compensation and other) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 84.00 317.35 Td (performance awards and impairment charges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 313.75 317.95 Td (76.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 372.75 317.95 Td (84.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 317.95 Td (\(7.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 317.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.50 317.95 Td (\(9.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 317.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 318.00 Td (\(7.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 317.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.55 318.00 Td (\(8.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 317.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 305.95 Td ( Share-based compensation and other performance awards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 317.65 305.95 Td (0.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 374.25 305.95 Td (\(0.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 386.40 305.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.90 306.15 Td (1.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 306.15 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 306.15 Td (1.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 306.15 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 293.95 Td ( Impairment charges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 317.65 293.95 Td (8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 379.40 293.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.90 294.15 Td (8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 294.15 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 294.15 Td (8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 294.15 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 281.95 Td (T) Tj ET Q q 0 0 0 rg BT 78.89 281.95 Td (otal operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 313.75 281.95 Td (85.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 372.75 281.95 Td (83.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.90 281.95 Td (1.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.90 281.95 Td (1.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 281.95 Td (2.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.90 281.95 Td (2.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 269.95 Td (Operating loss) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 311.40 269.95 Td (\(32.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 327.40 269.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 370.40 269.95 Td (\(19.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 386.40 269.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 269.95 Td (\(13.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 269.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.85 269.95 Td (\(67.7\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 269.95 Td (\(12.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 269.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 514.85 269.95 Td (\(63.6\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 257.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 132.69 257.95 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 134.63 261.29 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 311.40 257.95 Td (\(18.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 327.40 257.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 370.40 257.95 Td (\(14.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 386.40 257.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 257.95 Td (\(4.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 257.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 257.95 Td (\(29.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 257.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 258.00 Td (\(3.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 257.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 257.95 Td (\(25.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 257.95 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 246.73 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 127.46 246.73 Td ( as a % of total Gross Billings) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 313.70 246.73 Td (\(22.6) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 328.65 246.73 Td (\)%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 372.70 246.73 Td (\(15.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 387.65 246.73 Td (\)%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 436.30 246.73 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 455.30 246.73 Td (\(7.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 465.65 246.73 Td (\) pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 500.30 246.73 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 519.30 246.73 Td (\(6.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 529.65 246.73 Td (\) 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 75 233.95576171875007 m 166.83056640625 233.95576171875007 l s q 0 0 0 rg BT 75.00 234.95 Td (Included in ) Tj ET Q q 0 0 0 rg BT 110.61 234.95 Td (Adjusted EBITDA:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 222.95 Td (Change in Future Redemption Costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 317.65 222.95 Td (0.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 376.65 222.95 Td (3.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 222.95 Td (\(2.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 222.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 222.95 Td (\(87.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 222.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.55 222.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 222.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 211.35 Td (Cost of rewards recorded against deferred revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 311.40 210.95 Td (\(15.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 327.40 210.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 370.40 210.95 Td (\(18.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 386.40 210.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.90 210.95 Td (2.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 452.00 210.95 Td (14.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.55 210.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 210.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 198.95 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 320.40 198.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 376.65 198.95 Td (2.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 198.95 Td (\(2.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 198.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 198.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.55 198.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 198.95 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 75 185.95576171875007 m 212.7099609375 185.95576171875007 l s q 0 0 0 rg BT 75.00 186.95 Td (Operating metrics \(year-over-year variance\):) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 174.95 Td (Accumulation activity - ) Tj ET Q q 0 0 0 rg BT 146.39 174.95 Td (Air Miles Middle East) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 317.65 174.95 Td (0.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 329.75 174.95 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 374.25 174.95 Td (\(4.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 386.40 174.95 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.55 174.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 174.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.55 174.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 174.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 162.95 Td (Redemption activity - ) Tj ET Q q 0 0 0 rg BT 141.92 162.95 Td (Air Miles Middle East) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 311.40 162.95 Td (\(14.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 327.40 162.95 Td (\)%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 376.65 162.95 Td (0.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 388.75 162.95 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.55 162.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 162.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.55 162.95 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 162.95 Td (**) Tj ET Q BT /F1 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 99.00 141.45 Td (Refer to section entitled ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 185.27 141.45 Td (Notations to Financial T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 268.57 141.45 Td (ables) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 287.70 141.45 Td ( for details on notations in the table above beginning on page ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 506.09 141.45 Td (74) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.98 141.45 Td (.) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (36) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 668.10 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 133.01 668.10 Td ( generated for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.56 668.10 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.11 668.10 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.61 668.10 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.66 668.10 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.69 668.10 Td ($82.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.22 668.10 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.22 668.10 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.75 668.10 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 504.26 668.10 Td ($13.2 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.60 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 654.60 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 654.60 Td (13.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.03 654.60 Td (. On a constant currency basis, Gross Billings ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.10 654.60 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.13 654.60 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.64 654.60 Td ($1) Tj ET Q q 0 0 0 rg BT 385.98 654.60 Td (1.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.50 654.60 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.50 654.60 Td (12.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.02 654.60 Td (, primarily ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.10 Td (explained by lower billings resulting from lost clients, revised contract terms in International ISS and the ) Tj ET Q q 0 0 0 rg BT 484.70 641.10 Td (Air Miles ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.60 Td (Middle East program, and reduced volume of set-up activities related to platform based services, of) Tj ET Q q 0 0 0 rg BT 466.03 627.60 Td (fset in part by an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 614.10 Td (increase in recurring billings from loyalty platforms and related services.) 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 72.00 590.10 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 77.16 590.10 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 135.68 590.10 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.22 590.10 Td ($69.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.75 590.10 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.26 590.10 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.80 590.10 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.30 590.10 Td (June30, 2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 399.35 590.10 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.91 590.10 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.44 590.10 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.95 590.10 Td ($12.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.47 590.10 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 576.60 Td (15.6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.52 576.60 Td (. On a constant currency basis, total revenue ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 278.61 576.60 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.64 576.60 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.15 576.60 Td ($1) Tj ET Q q 0 0 0 rg BT 344.49 576.60 Td (1.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.01 576.60 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.01 576.60 Td (14.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.53 576.60 Td (, and is primarily explained ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 563.10 Td (by the following: ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 540.60 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 540.60 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.53 540.60 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.04 540.60 Td ($9.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.56 540.60 Td ( in revenue from Loyalty Services and Other explained primarily by lost clients and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 527.10 Td (revised contract terms, and reduced volume of set-up activities related to platform based services, of) Tj ET Q q 0 0 0 rg BT 507.52 527.10 Td (fset in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 513.60 Td (part by an increase in recurring revenue from loyalty platforms and related services; and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 500.10 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 500.10 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.53 500.10 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.04 500.10 Td ($2.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.56 500.10 Td ( in revenue from Loyalty Units driven mostly by lower redemption volumes in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 486.60 Td (Air Miles Middle East 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 72.00 464.10 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 217.03 464.10 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.07 464.10 Td ($8.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.59 464.10 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.10 464.10 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.65 464.10 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.15 464.10 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.20 464.10 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.20 464.10 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.73 464.10 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 450.60 Td ($4.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 117.52 450.60 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 130.53 450.60 Td (36.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.05 450.60 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 411.66 450.60 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.69 450.60 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.19 450.60 Td ($4.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.72 450.60 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 437.10 Td (36.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.52 437.10 Td (, and is mostly attributable to a due to the impact of lost clients and revised contract terms, of) Tj ET Q q 0 0 0 rg BT 466.54 437.10 Td (fset in part by an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 423.60 Td (increase in direct costs from loyalty platforms and related services.) 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 72.00 401.10 Td (Gross Margin before Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 237.70 401.10 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 295.20 401.10 Td (represented ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.73 401.10 Td (87.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.25 401.10 Td ( of total revenue for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.31 401.10 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.85 401.10 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 387.60 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.05 387.60 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 134.05 387.60 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 180.58 387.60 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.09 387.60 Td (4.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 205.60 387.60 Td ( percentage-points or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.15 387.60 Td (4.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.66 387.60 Td ( percentage-points on a constant currency basis compared ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 374.10 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.01 374.10 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.03 374.10 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 72.00 347.10 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 159.03 347.10 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.07 347.10 Td ($85.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.59 347.10 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.11 347.10 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.65 347.10 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.15 347.10 Td (June30, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.20 347.10 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.20 347.10 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.73 347.10 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.24 347.10 Td ($1.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.76 347.10 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 333.60 Td (or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.50 333.60 Td (1.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 103.02 333.60 Td (. On a constant currency basis, operating expenses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.63 333.60 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.66 333.60 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.16 333.60 Td ($2.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.68 333.60 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.69 333.60 Td (2.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.20 333.60 Td (, due in part to the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 320.10 Td (impairment charge of $8.0 million recorded during the current period related to the International ISS business. ) Tj ET Q q 0 0 0 rg BT 510.08 320.10 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 306.60 Td (remaining variance, representing a decrease of $6.0 million or 7.2%, is mostly explained by operational ef) Tj ET Q q 0 0 0 rg BT 491.57 306.60 Td (ficiencies ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 293.10 Td (due mainly to lower headcount and reduced spend on information technology and operations, of) Tj ET Q q 0 0 0 rg BT 453.59 293.10 Td (fset in part by higher ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 279.60 Td (share-based compensation expense.) 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 72.00 257.10 Td (Depreciation and ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 147.18 257.10 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 202.18 257.10 Td (, including amortization of ) Tj ET Q q 0 0 0 rg BT 306.24 257.10 Td (Accumulation Partners' contracts, customer relationships ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 243.60 Td (and technology) Tj ET Q q 0 0 0 rg BT 132.38 243.60 Td (, amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.92 243.60 Td ($8.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.44 243.60 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.96 243.60 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.50 243.60 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.00 243.60 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.05 243.60 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.05 243.60 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.58 243.60 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.09 243.60 Td ($3.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 505.61 243.60 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 230.10 Td (73.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.52 230.10 Td (. On a constant currency basis, depreciation and amortization, including amortization of ) Tj ET Q q 0 0 0 rg BT 446.21 230.10 Td (Accumulation Partners' ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 216.60 Td (contracts, customer relationships and technology) Tj ET Q q 0 0 0 rg BT 266.44 216.60 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.44 216.60 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.46 216.60 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.97 216.60 Td ($3.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.49 216.60 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.49 216.60 Td (69.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.01 216.60 Td (, mostly due to higher ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 203.10 Td (depreciation and amortization expense in the International ISS business driven by increased information technology ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 189.60 Td (development spend in the prior year) Tj ET Q q 0 0 0 rg BT 215.09 189.60 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 72.00 167.10 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 180.51 167.10 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.05 167.10 Td ($\(32.7\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.57 167.10 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.09 167.10 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.63 167.10 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.13 167.10 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.18 167.10 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.18 167.10 Td (a deterioration) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.72 167.10 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 153.60 Td ($13.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 153.60 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.53 153.60 Td (67.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.05 153.60 Td (. On a constant currency basis, operating loss increased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.67 153.60 Td ($12.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.20 153.60 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.21 153.60 Td (63.6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.72 153.60 Td (, a direct ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 140.10 Td (result of the factors described above. ) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 117.60 Td (Adjusted EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 146.50 117.60 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.54 117.60 Td ($\(18.6\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.06 117.60 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.58 117.60 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.12 117.60 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.62 117.60 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.67 117.60 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.67 117.60 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.20 117.60 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.70 117.60 Td ($4.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.23 117.60 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 104.10 Td (29.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.52 104.10 Td (. On a constant currency basis, ) Tj ET Q q 0 0 0 rg BT 223.58 104.10 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 293.12 104.10 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.62 104.10 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.65 104.10 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.15 104.10 Td ($3.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.67 104.10 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.68 104.10 Td (25.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.20 104.10 Td (, mostly explained by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 90.60 Td (lower contribution from International ISS and the ) Tj ET Q q 0 0 0 rg BT 266.61 90.60 Td (Air Miles Middle East program, lower distributions from equity ) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (37) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (accounted investments, as well as, reduced volume of set-up activities related to platform based services, of) Tj ET Q q 0 0 0 rg BT 502.05 668.45 Td (fset in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (part by lower operating expenses across the division.) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 632.45 Td (Adjusted EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 142.03 632.45 Td ( is a non-GAAP) Tj ET Q q 0 0 0 rg BT 203.90 632.45 Td ( measure. Please refer to the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 324.96 632.45 Td (PERFORMANCE INDICA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 427.30 632.45 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 432.63 632.45 Td (ORS \(INCLUDING ) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 618.95 Td (CER) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 90.84 618.95 Td (T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 95.67 618.95 Td (AIN NON-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.84 618.95 Td ( FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 210.19 618.95 Td ( MEASURES\)) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 266.20 618.95 Td ( section for additional information on this measure.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 584.36552734375 m 174.2412109375 584.36552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 585.95 Td (OTHER BUSINESSES) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 563.45 278.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 350.50 563.45 126.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 476.50 563.45 64.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 539.45 278.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 350.50 539.45 43.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 393.50 539.45 20.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 413.50 539.45 43.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 456.50 539.45 20.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 476.50 539.45 32.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 508.50 539.45 32.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 515.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 515.45 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 503.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 503.45 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 491.45 43.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 491.45 20.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 478.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 478.45 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 466.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 466.45 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 454.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 454.45 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 442.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 442.45 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 430.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 430.45 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 418.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 418.45 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 406.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 406.45 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 394.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 394.45 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 382.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 382.45 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 370.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 370.45 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 358.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 358.45 20.00 -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 72.5 491.45 m 350.5 491.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 350.5 491.45 m 393.5 491.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393.5 491.45 m 413.5 491.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 491.45 m 456.5 491.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 456.5 491.45 m 476.5 491.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 491.45 m 508.5 491.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 491.45 m 540.5 491.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 478.45 m 350.5 478.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 350.5 478.45 m 393.5 478.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393.5 478.45 m 413.5 478.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 478.45 m 456.5 478.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 456.5 478.45 m 476.5 478.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 478.45 m 508.5 478.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 478.45 m 540.5 478.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 350.5 442.45 m 393.5 442.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 442.45 m 456.5 442.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 442.45 m 350.5 442.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 350.5 442.45 m 393.5 442.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393.5 442.45 m 413.5 442.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 442.45 m 456.5 442.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 456.5 442.45 m 476.5 442.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 442.45 m 508.5 442.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 442.45 m 540.5 442.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 350.5 418.45 m 393.5 418.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 418.45 m 456.5 418.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 418.45 m 350.5 418.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 350.5 418.45 m 393.5 418.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393.5 418.45 m 413.5 418.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 418.45 m 456.5 418.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 456.5 418.45 m 476.5 418.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 418.45 m 508.5 418.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 418.45 m 540.5 418.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 394.45 m 350.5 394.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 350.5 394.45 m 393.5 394.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393.5 394.45 m 413.5 394.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 394.45 m 456.5 394.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 456.5 394.45 m 476.5 394.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 394.45 m 508.5 394.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 394.45 m 540.5 394.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 370.45 m 350.5 370.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 350.5 370.45 m 393.5 370.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393.5 370.45 m 413.5 370.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 370.45 m 456.5 370.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 456.5 370.45 m 476.5 370.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 370.45 m 508.5 370.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 370.45 m 540.5 370.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 358.45 m 350.5 358.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 346.45 m 350.5 346.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 350.5 358.45 m 393.5 358.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 350.5 346.45 m 393.5 346.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393.5 358.45 m 413.5 358.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393.5 346.45 m 413.5 346.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 358.45 m 456.5 358.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 346.45 m 456.5 346.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 456.5 358.45 m 476.5 358.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 456.5 346.45 m 476.5 346.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 358.45 m 508.5 358.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 346.45 m 508.5 346.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 358.45 m 540.5 358.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 346.45 m 540.5 346.45 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 370.15 549.65 Td (Six Months Ended June 30,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 494.40 549.65 Td (V) Tj ET Q q 1 1 1 rg BT 498.55 549.65 Td (ariance) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 75.00 531.23 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 369.70 531.45 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 432.70 531.45 Td (2017) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 490.05 531.45 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 520.85 531.45 Td (%) Tj ET Q BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 507.45 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 507.45 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 507.45 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.65 507.45 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 530.65 507.45 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 495.45 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 495.45 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.00 495.45 Td (43.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 495.45 Td (\(43.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 495.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.55 495.45 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 482.45 Td (T) Tj ET Q q 0 0 0 rg BT 79.02 482.45 Td (otal Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 482.45 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.00 482.45 Td (43.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 482.45 Td (\(43.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 482.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.55 482.45 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 470.45 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 470.45 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 470.45 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.65 470.45 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 530.65 470.45 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 458.45 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 458.45 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.00 458.45 Td (39.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 458.45 Td (\(39.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 458.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.55 458.45 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 446.45 Td (Intercompany revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 446.45 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.90 446.45 Td (0.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 446.50 Td (\(0.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 446.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.55 446.45 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 434.45 Td (T) Tj ET Q q 0 0 0 rg BT 78.76 434.45 Td (otal revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 434.45 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.00 434.45 Td (40.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 434.45 Td (\(40.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 434.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.55 434.45 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 422.45 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 422.45 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 422.45 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.65 422.45 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 530.65 422.45 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 410.45 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 410.45 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.00 410.45 Td (40.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 410.45 Td (\(40.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 410.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.55 410.45 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 398.45 Td (Depreciation and amortization ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 169.94 401.79 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 398.45 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.90 398.45 Td (0.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 398.50 Td (\(0.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 398.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.55 398.45 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 386.45 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 386.45 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.00 386.45 Td (40.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 386.45 Td (\(40.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 386.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.55 386.45 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 374.45 Td (T) Tj ET Q q 0 0 0 rg BT 78.50 374.45 Td (otal operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 374.45 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 435.00 374.45 Td (57.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 459.00 374.23 Td (\(c\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 374.45 Td (\(57.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 374.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.55 374.45 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 362.45 Td (Operating loss) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 362.45 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 432.65 362.45 Td (\(17.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 448.65 362.45 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 459.00 362.23 Td (\(c\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 362.45 Td (17.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.55 362.45 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 350.45 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 132.69 350.45 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 134.63 353.79 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 383.65 350.45 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 432.65 350.45 Td (\(14.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 448.65 350.45 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 459.00 350.23 Td (\(c\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 350.45 Td (14.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.55 350.45 Td (**) Tj ET Q BT /F1 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 99.00 328.95 Td (Refer to section entitled ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 185.27 328.95 Td (Notations to Financial T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 268.57 328.95 Td (ables) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 287.70 328.95 Td ( for details on notations in the table above beginning on page ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 506.09 328.95 Td (74) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.98 328.95 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 303.45 Td (V) Tj ET Q q 0 0 0 rg BT 77.33 303.45 Td (ariances in operating results generated for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 263.45 303.45 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 333.99 303.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.49 303.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.54 303.45 Td ( compared to the same period in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 289.95 Td (prior year are explained by the disposal of the U.S. CEL) Tj ET Q q 0 0 0 rg BT 293.79 289.95 Td ( Business and the New Zealand business in May 2017, as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 276.45 Td (well as the sale of the Canadian ) Tj ET Q q 0 0 0 rg BT 201.59 276.45 Td (Air Miles trademarks in ) Tj ET Q q 0 0 0 rg BT 295.11 276.45 Td (August 2017.) Tj ET Q endstream endobj 79 0 obj <> endobj 80 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (38) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 235.107421875 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (SEGMENTED INFORMA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 206.44 666.30 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 72.00 640.80 Td (Ef) Tj ET Q q 0 0 0 rg BT 80.34 640.80 Td (fective October 1, 2017, the Corporation was reorganized into a new divisional structure, which consists of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (following reportable and operating segments: Coalitions and ILS. Previously) Tj ET Q q 0 0 0 rg BT 373.01 627.30 Td (, the divisional structure and its reportable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 613.80 Td (and operating segments were: ) Tj ET Q q 0 0 0 rg BT 195.08 613.80 Td (Americas Coalitions, International Coalitions and Global Loyalty Solutions. ) Tj ET Q q 0 0 0 rg BT 492.57 613.80 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 600.30 Td (changes were made as part of the ongoing ef) Tj ET Q q 0 0 0 rg BT 252.46 600.30 Td (forts to simplify and focus the operations of the Corporation. ) Tj ET Q q 0 0 0 rg BT 492.59 600.30 Td (As a result ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 586.80 Td (of those changes, the comparative information has been restated to conform with the new segmentation.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 559.80 Td (For each of the operating segments, the Corporation) Tj ET Q q 0 0 0 rg BT 282.96 559.80 Td (s President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 422.37 559.80 Td (ficer reviews internal ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 546.30 Td (management reports on a monthly basis. ) Tj ET Q q 0 0 0 rg BT 239.92 546.30 Td (The segments were identified on a divisional basis and are aligned with the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 532.80 Td (organizational structure and strategic direction of the organization. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 507.30 Td (The Coalitions segment derives its revenues primarily from the ) Tj ET Q q 0 0 0 rg BT 323.10 507.30 Td (Aeroplan Program and from non-platform based ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 493.80 Td (loyalty solutions services in Canada. ) Tj ET Q q 0 0 0 rg BT 219.41 493.80 Td (The ILS segment derives its revenues primarily from loyalty services, including ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 480.30 Td (revenue from the ) Tj ET Q q 0 0 0 rg BT 142.04 480.30 Td (Aimia Loyalty Platform - Enterprise and ) Tj ET Q q 0 0 0 rg BT 300.11 480.30 Td (Aimia Loyalty Platform - SAAS. In addition, the ILS segment ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 466.80 Td (derives its revenues from ) Tj ET Q q 0 0 0 rg BT 174.54 466.80 Td (Aimia's Middle East loyalty business, which includes the ) Tj ET Q q 0 0 0 rg BT 399.37 466.80 Td (Air Miles Middle East loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 453.30 Td (program, as well as from ) Tj ET Q q 0 0 0 rg BT 172.53 453.30 Td (Aimia's international analytics platform and services business.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 427.80 Td (The operating results and the financial position of the U.S. Channel and Employee Loyalty business, the New ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 414.30 Td (Zealand business and the royalty revenue and asset related to the Canadian ) Tj ET Q q 0 0 0 rg BT 378.71 414.30 Td (Air Miles trademarks were reported ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 400.80 Td (under Other Businesses until their respective disposals as they did not qualify for discontinued operations ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 387.30 Td (classification.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 361.80 Td (Accounting policies relating to each segment are identical to those used for the purposes of the consolidated financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 348.30 Td (statements. ) Tj ET Q endstream endobj 81 0 obj <> endobj 82 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 27.00 594.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 566.5 m 762.5 566.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 750.10 570.73 Td (39) Tj ET Q BT /F1 10.00 Tf ET BT /F2 17.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 27.00 546.60 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 280.71 546.60 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 321.63 546.60 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.28 546.60 Td (YSIS OF FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 530.37 546.60 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 634.57 546.60 Td (AND ) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 27.00 526.20 Td (RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 83.35 526.20 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 197.32 526.20 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 510.7 m 762.5 510.7 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 27.00 488.45 Td (The tables below summarize the relevant financial information by operating segment:) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 26.50 468.95 216.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 242.50 468.95 522.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 26.50 444.95 216.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 242.50 444.95 55.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 297.50 444.95 55.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 352.50 444.95 55.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 407.50 444.95 55.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 462.50 444.95 55.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 517.50 444.95 55.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 572.50 444.95 40.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 612.50 444.95 40.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 652.50 444.95 55.00 -12.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 707.50 444.95 57.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 420.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 420.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 420.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 420.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 420.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 420.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 420.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 420.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 420.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 420.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 408.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 408.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 408.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 408.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 408.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 408.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 408.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 408.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 408.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 408.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 396.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 396.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 396.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 396.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 396.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 396.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 396.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 396.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 396.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 396.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 384.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 384.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 384.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 384.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 384.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 384.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 384.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 384.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 384.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 384.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 372.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 372.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 372.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 372.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 372.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 372.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 372.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 372.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 372.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 372.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 360.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 360.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 360.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 360.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 360.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 360.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 360.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 360.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 360.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 360.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 348.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 348.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 348.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 348.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 348.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 348.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 348.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 348.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 348.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 348.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 336.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 336.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 336.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 336.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 336.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 336.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 336.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 336.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 336.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 336.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 324.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 324.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 324.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 324.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 324.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 324.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 324.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 324.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 324.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 324.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 312.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 312.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 312.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 312.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 312.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 312.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 312.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 312.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 312.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 312.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 300.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 300.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 300.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 300.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 300.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 300.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 300.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 300.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 300.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 300.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 288.95 36.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 288.95 19.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 288.95 36.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 288.95 19.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 288.95 36.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 288.95 19.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 288.95 36.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 288.95 4.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 288.95 36.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 288.95 19.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 271.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 271.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 271.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 271.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 271.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 271.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 271.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 271.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 271.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 271.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 259.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 259.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 259.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 259.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 259.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 259.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 259.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 259.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 259.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 259.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 247.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 247.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 247.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 247.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 247.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 247.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 247.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 247.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 247.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 247.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 235.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 235.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 235.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 235.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 235.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 235.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 235.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 235.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 235.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 235.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 223.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 223.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 223.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 223.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 223.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 223.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 223.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 223.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 223.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 223.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 211.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 211.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 211.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 211.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 211.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 211.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 211.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 211.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 211.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 211.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 199.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 199.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 199.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 199.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 199.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 199.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 199.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 199.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 199.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 199.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 187.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 187.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 187.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 187.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 187.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 187.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 187.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 187.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 187.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 187.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 175.95 36.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 175.95 19.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 175.95 36.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 175.95 19.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 175.95 36.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 175.95 19.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 175.95 36.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 175.95 4.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 175.95 36.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 175.95 19.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 164.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 164.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 164.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 164.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 164.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 164.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 164.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 164.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 164.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 164.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 152.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 152.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 152.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 152.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 152.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 152.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 152.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 152.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 152.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 152.95 19.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 396.95 m 242.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 396.95 m 278.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 396.95 m 297.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 396.95 m 333.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 396.95 m 352.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 352.5 396.95 m 388.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 388.5 396.95 m 407.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 407.5 396.95 m 443.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 396.95 m 462.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 396.95 m 498.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 396.95 m 517.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 517.5 396.95 m 553.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 553.5 396.95 m 572.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 572.5 396.95 m 608.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 608.5 396.95 m 612.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 612.5 396.95 m 648.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 648.5 396.95 m 652.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 396.95 m 688.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 396.95 m 707.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 396.95 m 743.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 396.95 m 764.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 384.95 m 242.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 384.95 m 278.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 384.95 m 297.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 384.95 m 333.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 384.95 m 352.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 352.5 384.95 m 388.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 388.5 384.95 m 407.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 407.5 384.95 m 443.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 384.95 m 462.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 384.95 m 498.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 384.95 m 517.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 517.5 384.95 m 553.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 553.5 384.95 m 572.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 572.5 384.95 m 608.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 608.5 384.95 m 612.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 612.5 384.95 m 648.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 648.5 384.95 m 652.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 384.95 m 688.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 384.95 m 707.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 384.95 m 743.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 384.95 m 764.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 348.95 m 242.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 348.95 m 278.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 348.95 m 297.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 348.95 m 333.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 348.95 m 352.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 352.5 348.95 m 388.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 388.5 348.95 m 407.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 407.5 348.95 m 443.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 348.95 m 462.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 348.95 m 498.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 348.95 m 517.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 517.5 348.95 m 553.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 553.5 348.95 m 572.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 572.5 348.95 m 608.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 608.5 348.95 m 612.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 612.5 348.95 m 648.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 648.5 348.95 m 652.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 348.95 m 688.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 348.95 m 707.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 348.95 m 743.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 348.95 m 764.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 324.95 m 242.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 324.95 m 278.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 324.95 m 297.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 324.95 m 333.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 324.95 m 352.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 352.5 324.95 m 388.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 388.5 324.95 m 407.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 407.5 324.95 m 443.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 324.95 m 462.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 324.95 m 498.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 324.95 m 517.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 517.5 324.95 m 553.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 553.5 324.95 m 572.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 572.5 324.95 m 608.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 608.5 324.95 m 612.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 612.5 324.95 m 648.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 648.5 324.95 m 652.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 324.95 m 688.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 324.95 m 707.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 324.95 m 743.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 324.95 m 764.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 300.95 m 242.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 300.95 m 278.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 300.95 m 297.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 300.95 m 333.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 300.95 m 352.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 352.5 300.95 m 388.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 388.5 300.95 m 407.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 407.5 300.95 m 443.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 300.95 m 462.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 300.95 m 498.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 300.95 m 517.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 517.5 300.95 m 553.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 553.5 300.95 m 572.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 572.5 300.95 m 608.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 608.5 300.95 m 612.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 612.5 300.95 m 648.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 648.5 300.95 m 652.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 300.95 m 688.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 300.95 m 707.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 300.95 m 743.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 300.95 m 764.5 300.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 247.95 m 278.5 247.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 247.95 m 333.5 247.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 352.5 247.95 m 388.5 247.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 407.5 247.95 m 443.5 247.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 247.95 m 498.5 247.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 517.5 247.95 m 553.5 247.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 572.5 247.95 m 608.5 247.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 612.5 247.95 m 648.5 247.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 247.95 m 242.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 235.95 m 242.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 247.95 m 278.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 235.95 m 278.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 247.95 m 297.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 235.95 m 297.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 247.95 m 333.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 235.95 m 333.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 247.95 m 352.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 235.95 m 352.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 352.5 247.95 m 388.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 352.5 235.95 m 388.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 388.5 247.95 m 407.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 388.5 235.95 m 407.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 407.5 247.95 m 443.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 407.5 235.95 m 443.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 247.95 m 462.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 235.95 m 462.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 247.95 m 498.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 235.95 m 498.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 247.95 m 517.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 235.95 m 517.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 517.5 247.95 m 553.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 517.5 235.95 m 553.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 553.5 247.95 m 572.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 553.5 235.95 m 572.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 572.5 247.95 m 608.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 572.5 235.95 m 608.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 608.5 247.95 m 612.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 608.5 235.95 m 612.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 612.5 247.95 m 648.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 612.5 235.95 m 648.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 648.5 247.95 m 652.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 648.5 235.95 m 652.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 247.95 m 688.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 235.95 m 688.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 247.95 m 707.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 235.95 m 707.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 247.95 m 743.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 235.95 m 743.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 247.95 m 764.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 235.95 m 764.5 235.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 223.95 m 242.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 211.95 m 242.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 223.95 m 278.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 211.95 m 278.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 223.95 m 297.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 211.95 m 297.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 223.95 m 333.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 211.95 m 333.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 223.95 m 352.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 211.95 m 352.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 352.5 223.95 m 388.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 352.5 211.95 m 388.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 388.5 223.95 m 407.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 388.5 211.95 m 407.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 407.5 223.95 m 443.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 407.5 211.95 m 443.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 223.95 m 462.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 211.95 m 462.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 223.95 m 498.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 211.95 m 498.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 223.95 m 517.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 211.95 m 517.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 517.5 223.95 m 553.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 517.5 211.95 m 553.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 553.5 223.95 m 572.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 553.5 211.95 m 572.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 572.5 223.95 m 608.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 572.5 211.95 m 608.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 608.5 223.95 m 612.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 608.5 211.95 m 612.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 612.5 223.95 m 648.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 612.5 211.95 m 648.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 648.5 223.95 m 652.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 648.5 211.95 m 652.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 223.95 m 688.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 211.95 m 688.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 223.95 m 707.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 211.95 m 707.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 223.95 m 743.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 211.95 m 743.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 223.95 m 764.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 211.95 m 764.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 164.95 m 242.5 164.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 164.95 m 278.5 164.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 164.95 m 297.5 164.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 164.95 m 333.5 164.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 164.95 m 352.5 164.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 352.5 164.95 m 388.5 164.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 388.5 164.95 m 407.5 164.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 407.5 164.95 m 443.5 164.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 164.95 m 462.5 164.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 164.95 m 498.5 164.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 164.95 m 517.5 164.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 517.5 164.95 m 553.5 164.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 553.5 164.95 m 572.5 164.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 572.5 164.95 m 608.5 164.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 608.5 164.95 m 612.5 164.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 612.5 164.95 m 648.5 164.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 648.5 164.95 m 652.5 164.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 164.95 m 688.5 164.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 164.95 m 707.5 164.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 164.95 m 743.5 164.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 164.95 m 764.5 164.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 140.95 m 242.5 140.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 140.95 m 278.5 140.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 140.95 m 297.5 140.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 140.95 m 333.5 140.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 140.95 m 352.5 140.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 140.95 m 388.5 140.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 140.95 m 407.5 140.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 140.95 m 443.5 140.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 140.95 m 462.5 140.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 140.95 m 498.5 140.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 140.95 m 517.5 140.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 140.95 m 553.5 140.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 553.5 140.95 m 572.5 140.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 572.5 140.95 m 608.5 140.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 608.5 140.95 m 612.5 140.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 612.5 140.95 m 648.5 140.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 648.5 140.95 m 652.5 140.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 652.5 140.95 m 688.5 140.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 140.95 m 707.5 140.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 707.5 140.95 m 743.5 140.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 743.5 140.95 m 764.5 140.95 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 453.40 455.15 Td (Three Months Ended June 30,) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 29.00 436.73 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 261.70 436.95 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 312.95 436.95 Td (2017 ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 330.47 440.29 Td (\(h\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 371.70 436.95 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 422.95 436.95 Td (2017 ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 440.47 440.29 Td (\(h\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 481.70 436.95 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 532.95 436.95 Td (2017 ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 550.47 440.29 Td (\(h\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 584.20 436.95 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 620.45 436.95 Td (2017 ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 637.97 440.29 Td (\(h\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 671.70 436.95 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 723.95 436.95 Td (2017 ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 741.47 440.29 Td (\(h\)) Tj ET Q BT /F2 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 29.00 424.95 Td (Operating Segments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 280.05 424.95 Td (Coalitions) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 401.55 424.95 Td (ILS) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 487.20 424.95 Td (Other Businesses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.15 424.95 Td (Eliminations) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 685.80 424.95 Td (Consolidated) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 412.95 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 258.10 412.95 Td (310.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 313.05 412.95 Td (321.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 372.00 412.95 Td (10.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.00 412.95 Td (13.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 412.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 543.65 412.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 598.65 412.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 638.65 412.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 668.10 412.95 Td (321.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 412.95 Td (334.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 400.95 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 262.00 400.95 Td (15.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 317.00 400.95 Td (15.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 372.00 400.95 Td (30.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.00 400.95 Td (34.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 400.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.00 400.95 Td (1) Tj ET Q q 0 0 0 rg BT 540.89 400.95 Td (1.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 593.55 400.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 605.65 400.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 633.55 400.95 Td (\(0.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 645.65 400.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 672.00 400.95 Td (45.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 727.00 400.95 Td (61.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 29.00 388.95 Td (T) Tj ET Q q 0 0 0 rg BT 33.02 388.95 Td (otal Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 258.10 388.95 Td (326.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 313.05 388.95 Td (336.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 372.00 388.95 Td (40.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.00 388.95 Td (47.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 388.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.00 388.95 Td (1) Tj ET Q q 0 0 0 rg BT 540.89 388.95 Td (1.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 593.55 388.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 605.65 388.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 633.55 388.95 Td (\(0.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 645.65 388.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 668.10 388.95 Td (366.8) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 691.00 389.43 Td (\(b\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 388.95 Td (396.0) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 746.00 389.43 Td (\(b\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 376.95 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 258.10 376.95 Td (325.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 313.05 376.95 Td (295.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 375.90 376.95 Td (3.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 430.90 376.95 Td (5.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 376.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 543.65 376.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 598.65 376.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 638.65 376.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 668.10 376.95 Td (329.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 376.95 Td (301.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 364.95 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 262.00 364.95 Td (15.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 317.00 364.95 Td (15.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 372.00 364.95 Td (30.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.00 364.95 Td (34.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 364.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.00 364.95 Td (10.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 598.65 364.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 638.65 364.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 672.00 364.95 Td (45.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 727.00 364.95 Td (60.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 352.95 Td (Intercompany revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 265.90 352.95 Td (0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 323.65 352.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.65 352.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 433.65 352.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 352.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 540.90 352.95 Td (0.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 593.55 352.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 605.65 352.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 633.55 352.95 Td (\(0.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 645.65 352.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 678.65 352.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 733.65 352.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 29.00 340.95 Td (T) Tj ET Q q 0 0 0 rg BT 32.76 340.95 Td (otal revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 258.10 340.95 Td (341.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 313.05 340.95 Td (310.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 372.00 340.95 Td (33.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.00 340.95 Td (40.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 340.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.00 340.95 Td (10.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 593.55 340.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 605.65 340.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 633.55 340.95 Td (\(0.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 645.65 340.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 668.10 340.95 Td (375.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 340.95 Td (361.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 328.95 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 258.10 328.95 Td (217.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 313.05 328.95 Td (205.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 375.90 328.95 Td (4.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 430.90 328.95 Td (6.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 328.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 543.65 328.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 598.65 328.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 633.55 328.95 Td (\(0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 645.65 328.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 668.10 328.95 Td (222.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 328.95 Td (212.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 29.00 316.95 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 258.10 316.95 Td (124.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 313.05 316.95 Td (104.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 372.00 316.95 Td (29.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.00 316.95 Td (33.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 316.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.00 316.95 Td (10.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 593.55 316.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 605.65 316.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 633.55 316.95 Td (\(0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 645.65 316.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 668.10 316.95 Td (153.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 316.95 Td (149.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 304.95 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 123.94 308.29 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 262.00 304.95 Td (48.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 317.00 304.95 Td (42.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 375.90 304.95 Td (4.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 430.90 304.95 Td (2.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 304.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 540.90 304.95 Td (0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 598.65 304.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 638.65 304.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 672.00 304.95 Td (52.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 727.00 304.95 Td (45.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 292.95 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 262.00 292.95 Td (76.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 317.00 292.95 Td (62.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 372.00 292.95 Td (25.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.00 292.95 Td (31.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 292.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.00 292.95 Td (10.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 593.55 292.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 605.65 292.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 633.55 292.95 Td (\(0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 645.65 292.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 668.10 292.95 Td (101.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 292.95 Td (104.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 281.35 Td (Operating expenses before share-based compensation and other) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 274.35 Td (performance awards and impairment charges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 262.00 275.95 Td (69.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 317.00 275.95 Td (78.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 372.00 275.95 Td (38.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.00 275.95 Td (43.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 275.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.00 275.95 Td (29.3) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 556.00 278.93 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 593.55 275.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 605.65 275.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 633.55 275.95 Td (\(0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 645.65 275.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 668.10 275.95 Td (107.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 275.95 Td (150.3) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 746.00 278.93 Td (\(c\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 263.95 Td ( Share-based compensation and other performance awards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 265.90 263.95 Td (1.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 318.50 263.95 Td (\(8.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 330.65 263.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 375.90 263.95 Td (0.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.50 263.95 Td (\(1.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 440.65 263.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 263.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 543.65 263.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 598.65 263.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 638.65 263.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 675.90 263.95 Td (2.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 728.55 263.95 Td (\(9.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 740.65 263.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 251.95 Td ( Impairment charges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 268.65 251.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 323.65 251.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 375.90 251.95 Td (8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 433.65 251.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 251.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 543.65 251.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 598.65 251.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 638.65 251.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 675.90 251.95 Td (8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 733.65 251.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 239.95 Td (T) Tj ET Q q 0 0 0 rg BT 32.89 239.95 Td (otal operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 262.00 239.95 Td (70.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 317.00 239.95 Td (69.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 372.00 239.95 Td (47.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.00 239.95 Td (41.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 239.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.00 239.95 Td (29.3) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 556.00 241.08 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 593.55 239.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 605.65 239.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 633.55 239.95 Td (\(0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 645.65 239.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 668.10 239.95 Td (1) Tj ET Q q 0 0 0 rg BT 671.99 239.95 Td (17.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 239.95 Td (140.8) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 746.00 240.43 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 29.00 227.95 Td (Operating income \(loss\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 265.90 227.95 Td (5.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 318.50 227.95 Td (\(7.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 330.65 227.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 369.65 227.95 Td (\(21.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 385.65 227.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 424.65 227.95 Td (\(10.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 440.65 227.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 227.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 534.65 227.95 Td (\(18.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 550.65 227.95 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 556.00 229.08 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 598.65 227.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 638.65 227.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 669.65 227.95 Td (\(16.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 685.65 227.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 724.65 227.95 Td (\(36.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 740.65 227.95 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 746.00 228.43 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 29.00 215.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 86.69 215.95 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 88.63 219.29 Td (\(g\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 262.00 215.95 Td (57.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 317.00 215.95 Td (54.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 369.65 215.95 Td (\(1) Tj ET Q q 0 0 0 rg BT 375.87 215.95 Td (1.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 385.65 215.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.50 215.95 Td (\(7.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 440.65 215.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 215.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 534.65 215.95 Td (\(17.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 550.65 215.95 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 556.00 217.08 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 598.65 215.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 638.65 215.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 672.00 215.95 Td (46.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 727.00 215.95 Td (29.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 746.00 216.43 Td (\(c\)) 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 29 202.95576171875 m 120.83056640625 202.95576171875 l s q 0 0 0 rg BT 29.00 203.95 Td (Included in ) Tj ET Q q 0 0 0 rg BT 64.42 203.95 Td (Adjusted EBITDA:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 191.95 Td (Change in Future Redemption Costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 262.00 191.95 Td (14.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 314.65 191.95 Td (\(1) Tj ET Q q 0 0 0 rg BT 320.87 191.95 Td (1.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 330.65 191.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 373.50 191.95 Td (\(0.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 385.65 191.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 430.90 191.95 Td (1.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 191.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 543.65 191.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 598.65 191.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 638.65 191.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 672.00 191.95 Td (14.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 724.65 191.95 Td (\(10.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 740.65 191.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 179.95 Td (Cost of rewards recorded against deferred revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 268.65 179.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 323.65 179.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 373.50 179.95 Td (\(7.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 385.65 179.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.50 179.95 Td (\(8.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 440.65 179.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 179.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 543.65 179.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 598.65 179.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 638.65 179.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 673.55 179.95 Td (\(7.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 685.65 179.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 728.55 179.95 Td (\(8.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 740.65 179.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 168.35 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 265.90 168.35 Td (4.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 320.90 168.35 Td (4.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.65 168.35 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 430.90 168.35 Td (1.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 168.35 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 543.65 168.35 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 598.65 168.35 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 638.65 168.35 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 675.90 168.35 Td (4.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 730.90 168.35 Td (5.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 156.95 Td (Additions to non-current assets ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 127.44 160.29 Td (\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 265.90 156.95 Td (5.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 320.90 156.95 Td (6.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 375.90 156.95 Td (1.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 430.90 156.95 Td (4.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 156.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 543.65 156.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 593.20 156.95 Td (N/A) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 633.70 156.95 Td (N/A) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 675.90 156.95 Td (7.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 727.00 156.95 Td (1) Tj ET Q q 0 0 0 rg BT 730.89 156.95 Td (1.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 144.95 Td (Non-current assets ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 90.08 148.29 Td (\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 252.25 144.95 Td (2,541.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 307.25 144.95 Td (3,073.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 336.00 146.08 Td (\(f\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 372.00 144.95 Td (56.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.00 144.95 Td (65.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 144.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.00 144.95 Td (78.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 593.20 144.95 Td (N/A) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 633.70 144.95 Td (N/A) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 662.25 144.95 Td (2,598.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 691.00 145.43 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 717.25 144.95 Td (3,216.3) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 746.00 145.43 Td (\(e\)\(f\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 83 0 obj <> endobj 84 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (40) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 669.20 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 669.20 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 319.79 669.20 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 657.20 Td (technology) Tj ET Q q 0 0 0 rg BT 127.10 657.20 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 636.20 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 636.20 Td (Includes third party Gross Billings of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 218.83 636.20 Td ($326.1 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 268.20 636.20 Td ( in Canada for the three months ended ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 407.40 636.20 Td (June30, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.11 636.20 Td (, compared to third ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 624.20 Td (party Gross Billings of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 169.03 624.20 Td ($336.8 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 218.39 624.20 Td ( in Canada for the three months ended ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 357.59 624.20 Td (June30, 2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 408.30 624.20 Td (. ) Tj ET Q q 0 0 0 rg BT 412.61 624.20 Td (Third party Gross Billings are ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 612.20 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 89.00 600.20 Td (resides.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 579.20 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 579.20 Td (Includes the unfavourable impact of an onerous contract provision of $20.3 million recorded during the three months ended ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 567.20 Td (June30, 2017 related to an IT) Tj ET Q q 0 0 0 rg BT 195.60 567.20 Td ( outsourcing arrangement in the US. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 546.20 Td (\(d\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 546.20 Td (Non-current assets include amounts relating to goodwill, intangible assets and property and equipment. ) Tj ET Q q 0 0 0 rg BT 456.18 546.20 Td (The additions to non-) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 534.20 Td (current assets related to discontinued operations are presented in the section ) 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 364.72 534.20 Td (Discontinued Operations and Disposal of ) Tj ET Q BT /F4 8.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 89.00 522.20 Td (Businesses and Other ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 169.64 522.20 Td (Assets) 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 193.64 522.20 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 501.20 Td (\(e\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 501.20 Td (Includes non-current assets of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 198.39 501.20 Td ($2,541.6 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 254.43 501.20 Td ( in Canada as of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 314.91 501.20 Td (June30, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.62 501.20 Td (, compared to non-current assets of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.13 501.20 Td ($2,719.2 ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 489.20 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 111.67 489.20 Td ( in Canada as of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 172.16 489.20 Td (June30, 2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 222.87 489.20 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 468.20 Td (\(f\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 468.20 Td (Includes non-current assets related to the discontinued operations of $353.8 million at ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.52 468.20 Td (June30, 2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.23 468.20 Td (. ) Tj ET Q q 0 0 0 rg BT 449.23 468.20 Td (At December 31, 2017, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 456.20 Td (non-current assets related to the discontinued operations were presented as assets held for sale. ) Tj ET Q q 0 0 0 rg BT 434.39 456.20 Td (The discontinued operations ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 444.20 Td (were disposed of on January 31, 2018. For additional information, refer to the section ) 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 392.29 444.20 Td (Discontinued Operations and Disposal of ) Tj ET Q BT /F4 8.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 89.00 432.20 Td (Businesses and Other ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 169.64 432.20 Td (Assets) 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 193.64 432.20 Td (. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 411.20 Td (\(g\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 411.20 Td (A) Tj ET Q q 0 0 0 rg BT 93.89 411.20 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 134.21 411.20 Td ( measurement. Please refer to ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 244.04 411.20 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 429.61 411.20 Td ( financial measures\)) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 501.20 411.20 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 390.20 Td (\(h\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 390.20 Td (2017 financial information was restated to reflect the retroactive application of IFRS 15. Refer to the ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 442.96 390.20 Td (Changes in ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 485.36 390.20 Td (Accounting ) Tj ET Q BT /F4 8.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 89.00 378.20 Td (Policies) 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 116.57 378.20 Td ( section for additional information.) Tj ET Q endstream endobj 85 0 obj <> endobj 86 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 27.00 594.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 566.5 m 762.5 566.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 750.10 570.73 Td (41) Tj ET Q BT /F1 10.00 Tf ET BT /F2 17.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 27.00 546.60 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 280.71 546.60 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 321.63 546.60 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.28 546.60 Td (YSIS OF FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 530.37 546.60 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 634.57 546.60 Td (AND ) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 27.00 526.20 Td (RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 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360.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 360.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 360.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 360.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 360.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 360.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 360.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 360.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 360.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 348.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 348.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 348.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 348.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 348.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 348.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 348.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 348.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 348.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 348.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 336.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 336.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 336.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 336.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 336.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 336.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 336.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 336.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 336.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 336.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 324.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 324.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 324.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 324.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 324.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 324.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 324.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 324.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 324.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 324.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 312.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 312.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 312.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 312.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 312.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 312.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 312.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 312.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 312.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 312.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 300.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 300.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 300.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 300.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 300.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 300.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 300.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 300.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 300.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 300.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 288.95 36.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 288.95 19.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 288.95 36.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 288.95 19.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 288.95 36.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 288.95 19.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 288.95 36.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 288.95 4.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 288.95 36.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 288.95 19.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 271.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 271.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 271.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 271.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 271.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 271.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 271.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 271.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 271.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 271.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 259.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 259.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 259.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 259.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 259.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 259.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 259.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 259.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 259.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 259.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 247.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 247.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 247.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 247.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 247.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 247.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 247.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 247.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 247.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 247.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 235.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 235.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 235.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 235.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 235.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 235.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 235.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 235.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 235.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 235.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 223.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 223.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 223.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 223.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 223.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 223.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 223.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 223.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 223.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 223.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 211.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 211.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 211.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 211.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 211.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 211.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 211.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 211.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 211.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 211.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 199.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 199.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 199.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 199.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 199.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 199.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 199.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 199.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 199.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 199.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 187.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 187.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 187.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 187.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 187.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 187.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 187.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 187.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 187.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 187.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 175.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 175.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 175.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 175.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 175.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 175.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 175.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 175.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 175.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 175.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 163.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 163.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 163.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 163.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 163.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 163.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 163.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 163.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 163.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 163.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.50 151.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 278.50 151.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 352.50 151.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 388.50 151.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 462.50 151.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 498.50 151.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 572.50 151.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 608.50 151.95 4.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 151.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 151.95 19.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 396.95 m 242.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 396.95 m 278.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 396.95 m 297.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 396.95 m 333.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 396.95 m 352.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 352.5 396.95 m 388.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 388.5 396.95 m 407.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 407.5 396.95 m 443.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 396.95 m 462.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 396.95 m 498.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 396.95 m 517.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 517.5 396.95 m 553.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 553.5 396.95 m 572.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 572.5 396.95 m 608.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 608.5 396.95 m 612.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 612.5 396.95 m 648.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 648.5 396.95 m 652.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 396.95 m 688.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 396.95 m 707.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 396.95 m 743.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 396.95 m 764.5 396.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 384.95 m 242.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 384.95 m 278.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 384.95 m 297.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 384.95 m 333.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 384.95 m 352.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 352.5 384.95 m 388.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 388.5 384.95 m 407.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 407.5 384.95 m 443.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 384.95 m 462.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 384.95 m 498.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 384.95 m 517.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 517.5 384.95 m 553.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 553.5 384.95 m 572.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 572.5 384.95 m 608.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 608.5 384.95 m 612.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 612.5 384.95 m 648.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 648.5 384.95 m 652.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 384.95 m 688.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 384.95 m 707.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 384.95 m 743.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 384.95 m 764.5 384.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 348.95 m 278.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 348.95 m 333.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 352.5 348.95 m 388.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 407.5 348.95 m 443.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 348.95 m 498.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 517.5 348.95 m 553.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 572.5 348.95 m 608.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 612.5 348.95 m 648.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 348.95 m 242.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 348.95 m 278.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 348.95 m 297.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 348.95 m 333.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 348.95 m 352.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 352.5 348.95 m 388.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 388.5 348.95 m 407.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 407.5 348.95 m 443.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 348.95 m 462.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 348.95 m 498.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 348.95 m 517.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 517.5 348.95 m 553.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 553.5 348.95 m 572.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 572.5 348.95 m 608.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 608.5 348.95 m 612.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 612.5 348.95 m 648.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 648.5 348.95 m 652.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 348.95 m 688.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 348.95 m 707.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 348.95 m 743.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 348.95 m 764.5 348.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 324.95 m 278.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 324.95 m 333.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 352.5 324.95 m 388.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 407.5 324.95 m 443.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 324.95 m 498.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 517.5 324.95 m 553.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 572.5 324.95 m 608.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 612.5 324.95 m 648.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 324.95 m 242.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 324.95 m 278.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 324.95 m 297.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 324.95 m 333.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 324.95 m 352.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 352.5 324.95 m 388.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 388.5 324.95 m 407.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 407.5 324.95 m 443.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 324.95 m 462.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 324.95 m 498.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 324.95 m 517.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 517.5 324.95 m 553.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 553.5 324.95 m 572.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 572.5 324.95 m 608.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 608.5 324.95 m 612.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 612.5 324.95 m 648.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 648.5 324.95 m 652.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 324.95 m 688.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 324.95 m 707.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 324.95 m 743.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 324.95 m 764.5 324.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 300.95 m 242.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 300.95 m 278.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 300.95 m 297.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 300.95 m 333.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 300.95 m 352.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 352.5 300.95 m 388.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 388.5 300.95 m 407.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 407.5 300.95 m 443.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 300.95 m 462.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 300.95 m 498.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 300.95 m 517.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 517.5 300.95 m 553.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 553.5 300.95 m 572.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 572.5 300.95 m 608.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 608.5 300.95 m 612.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 612.5 300.95 m 648.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 648.5 300.95 m 652.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 300.95 m 688.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 300.95 m 707.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 300.95 m 743.5 300.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 300.95 m 764.5 300.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 247.95 m 278.5 247.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 247.95 m 333.5 247.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 352.5 247.95 m 388.5 247.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 407.5 247.95 m 443.5 247.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 247.95 m 498.5 247.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 517.5 247.95 m 553.5 247.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 572.5 247.95 m 608.5 247.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 612.5 247.95 m 648.5 247.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 247.95 m 242.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 235.95 m 242.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 247.95 m 278.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 235.95 m 278.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 247.95 m 297.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 235.95 m 297.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 247.95 m 333.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 235.95 m 333.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 247.95 m 352.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 235.95 m 352.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 352.5 247.95 m 388.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 352.5 235.95 m 388.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 388.5 247.95 m 407.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 388.5 235.95 m 407.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 407.5 247.95 m 443.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 407.5 235.95 m 443.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 247.95 m 462.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 235.95 m 462.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 247.95 m 498.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 235.95 m 498.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 247.95 m 517.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 235.95 m 517.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 517.5 247.95 m 553.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 517.5 235.95 m 553.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 553.5 247.95 m 572.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 553.5 235.95 m 572.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 572.5 247.95 m 608.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 572.5 235.95 m 608.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 608.5 247.95 m 612.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 608.5 235.95 m 612.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 612.5 247.95 m 648.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 612.5 235.95 m 648.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 648.5 247.95 m 652.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 648.5 235.95 m 652.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 247.95 m 688.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 235.95 m 688.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 247.95 m 707.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 235.95 m 707.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 247.95 m 743.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 235.95 m 743.5 235.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 247.95 m 764.5 247.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 235.95 m 764.5 235.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 223.95 m 242.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 211.95 m 242.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 223.95 m 278.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 211.95 m 278.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 223.95 m 297.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 211.95 m 297.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 223.95 m 333.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 211.95 m 333.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 223.95 m 352.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 211.95 m 352.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 352.5 223.95 m 388.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 352.5 211.95 m 388.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 388.5 223.95 m 407.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 388.5 211.95 m 407.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 407.5 223.95 m 443.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 407.5 211.95 m 443.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 223.95 m 462.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 211.95 m 462.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 223.95 m 498.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 211.95 m 498.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 223.95 m 517.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 211.95 m 517.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 517.5 223.95 m 553.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 517.5 211.95 m 553.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 553.5 223.95 m 572.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 553.5 211.95 m 572.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 572.5 223.95 m 608.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 572.5 211.95 m 608.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 608.5 223.95 m 612.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 608.5 211.95 m 612.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 612.5 223.95 m 648.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 612.5 211.95 m 648.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 648.5 223.95 m 652.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 648.5 211.95 m 652.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 223.95 m 688.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 211.95 m 688.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 223.95 m 707.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 211.95 m 707.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 223.95 m 743.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 211.95 m 743.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 223.95 m 764.5 223.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 211.95 m 764.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 211.95 m 278.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 211.95 m 333.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 352.5 211.95 m 388.5 211.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 163.95 m 242.5 163.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 163.95 m 278.5 163.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 278.5 163.95 m 297.5 163.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 163.95 m 333.5 163.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 163.95 m 352.5 163.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 352.5 163.95 m 388.5 163.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 388.5 163.95 m 407.5 163.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 407.5 163.95 m 443.5 163.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 163.95 m 462.5 163.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 163.95 m 498.5 163.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 163.95 m 517.5 163.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 517.5 163.95 m 553.5 163.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 553.5 163.95 m 572.5 163.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 572.5 163.95 m 608.5 163.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 608.5 163.95 m 612.5 163.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 612.5 163.95 m 648.5 163.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 648.5 163.95 m 652.5 163.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 163.95 m 688.5 163.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 163.95 m 707.5 163.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 163.95 m 743.5 163.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 163.95 m 764.5 163.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 139.95 m 242.5 139.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 139.95 m 278.5 139.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 139.95 m 297.5 139.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 139.95 m 333.5 139.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 139.95 m 352.5 139.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 139.95 m 388.5 139.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 139.95 m 407.5 139.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 139.95 m 443.5 139.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 139.95 m 462.5 139.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 139.95 m 498.5 139.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 139.95 m 517.5 139.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 139.95 m 553.5 139.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 553.5 139.95 m 572.5 139.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 572.5 139.95 m 608.5 139.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 608.5 139.95 m 612.5 139.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 612.5 139.95 m 648.5 139.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 648.5 139.95 m 652.5 139.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 652.5 139.95 m 688.5 139.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 139.95 m 707.5 139.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 707.5 139.95 m 743.5 139.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 743.5 139.95 m 764.5 139.95 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 457.65 455.15 Td (Six Months Ended June 30,) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 29.00 436.73 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 261.70 436.95 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 312.95 436.95 Td (2017 ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 330.47 440.29 Td (\(h\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 371.70 436.95 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 422.95 436.95 Td (2017 ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 440.47 440.29 Td (\(h\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 481.70 436.95 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 532.95 436.95 Td (2017 ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 550.47 440.29 Td (\(h\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 584.20 436.95 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 620.45 436.95 Td (2017 ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 637.97 440.29 Td (\(h\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 671.70 436.95 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 723.95 436.95 Td (2017 ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 741.47 440.29 Td (\(h\)) Tj ET Q BT /F2 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 29.00 424.95 Td (Operating Segments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 280.05 424.95 Td (Coalitions) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 401.55 424.95 Td (ILS) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 487.20 424.95 Td (Other Businesses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.15 424.95 Td (Eliminations) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 685.80 424.95 Td (Consolidated) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 412.95 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 258.10 412.95 Td (609.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 313.05 412.95 Td (621.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 372.00 412.95 Td (21.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.00 412.95 Td (24.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 412.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 543.65 412.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 598.65 412.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 638.65 412.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 668.10 412.95 Td (630.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 412.95 Td (645.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 400.95 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 262.00 400.95 Td (33.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 317.00 400.95 Td (31.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 372.00 400.95 Td (61.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.00 400.95 Td (71.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 400.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.00 400.95 Td (43.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 593.55 400.95 Td (\(0.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 605.65 400.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 633.55 400.95 Td (\(0.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 645.65 400.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 672.00 400.95 Td (94.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 400.95 Td (145.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 29.00 388.95 Td (T) Tj ET Q q 0 0 0 rg BT 33.02 388.95 Td (otal Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 258.10 388.95 Td (643.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 313.05 388.95 Td (652.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 372.00 388.95 Td (82.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.00 388.95 Td (95.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 388.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.00 388.95 Td (43.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 593.55 388.95 Td (\(0.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 605.65 388.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 633.55 388.95 Td (\(0.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 645.65 388.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 668.10 388.95 Td (724.9) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 691.00 389.43 Td (\(b\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 388.95 Td (790.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 746.00 389.43 Td (\(b\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 376.95 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 258.10 376.95 Td (679.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 313.05 376.95 Td (610.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 375.90 376.95 Td (8.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.00 376.95 Td (10.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 376.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 543.65 376.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 598.65 376.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 638.65 376.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 668.10 376.95 Td (687.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 376.95 Td (621.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 364.95 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 262.00 364.95 Td (33.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 317.00 364.95 Td (31.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 372.00 364.95 Td (61.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.00 364.95 Td (71.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 364.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.00 364.95 Td (39.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 598.65 364.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 638.65 364.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 672.00 364.95 Td (94.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 364.95 Td (141.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 352.95 Td (Intercompany revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 265.90 352.95 Td (0.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 323.65 352.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.65 352.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 433.65 352.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 352.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 540.90 352.95 Td (0.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 593.55 352.95 Td (\(0.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 605.65 352.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 633.55 352.95 Td (\(0.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 645.65 352.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 678.65 352.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 733.65 352.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 29.00 340.95 Td (T) Tj ET Q q 0 0 0 rg BT 32.76 340.95 Td (otal revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 258.10 340.95 Td (712.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 313.05 340.95 Td (642.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 372.00 340.95 Td (69.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.00 340.95 Td (82.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 340.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.00 340.95 Td (40.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 593.55 340.95 Td (\(0.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 605.65 340.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 633.55 340.95 Td (\(0.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 645.65 340.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 668.10 340.95 Td (781.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 340.95 Td (763.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 328.95 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 258.10 328.95 Td (460.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 313.05 328.95 Td (428.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 375.90 328.95 Td (8.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.00 328.95 Td (13.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 328.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 543.65 328.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 593.55 328.95 Td (\(0.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 605.65 328.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 633.55 328.95 Td (\(0.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 645.65 328.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 668.10 328.95 Td (468.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 328.95 Td (441.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 29.00 316.95 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 258.10 316.95 Td (252.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 313.05 316.95 Td (213.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 372.00 316.95 Td (60.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.00 316.95 Td (68.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 316.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.00 316.95 Td (40.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 593.55 316.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 605.65 316.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 633.55 316.95 Td (\(0.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 645.65 316.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 668.10 316.95 Td (312.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 316.95 Td (322.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 304.95 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 123.94 308.29 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 262.00 304.95 Td (98.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 317.00 304.95 Td (74.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 375.90 304.95 Td (8.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 430.90 304.95 Td (4.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 304.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 540.90 304.95 Td (0.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 598.65 304.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 638.65 304.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 668.10 304.95 Td (106.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 727.00 304.95 Td (79.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 292.95 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 258.10 292.95 Td (153.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 313.05 292.95 Td (138.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 372.00 292.95 Td (52.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.00 292.95 Td (64.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 292.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.00 292.95 Td (40.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 593.55 292.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 605.65 292.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 633.55 292.95 Td (\(0.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 645.65 292.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 668.10 292.95 Td (205.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 292.95 Td (242.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 281.35 Td (Operating expenses before share-based compensation and other) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 38.00 274.35 Td (performance awards and impairment charges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 258.10 275.95 Td (125.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 313.05 275.95 Td (142.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 372.00 275.95 Td (76.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.00 275.95 Td (84.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 275.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.00 275.95 Td (57.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 556.00 278.93 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 593.55 275.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 605.65 275.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 633.55 275.95 Td (\(0.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 645.65 275.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 668.10 275.95 Td (201.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 275.95 Td (283.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 746.00 278.93 Td (\(c\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 263.95 Td ( Share-based compensation and other performance awards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 263.55 263.95 Td (\(0.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 275.65 263.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 318.50 263.95 Td (\(4.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 330.65 263.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 375.90 263.95 Td (0.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.50 263.95 Td (\(0.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 440.65 263.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 263.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 543.65 263.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 598.65 263.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 638.65 263.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 675.90 263.95 Td (0.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 728.55 263.95 Td (\(5.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 740.65 263.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 251.95 Td ( Impairment charges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 268.65 251.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 323.65 251.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 375.90 251.95 Td (8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 433.65 251.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 251.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 543.65 251.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 598.65 251.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 638.65 251.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 675.90 251.95 Td (8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 733.65 251.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 239.95 Td (T) Tj ET Q q 0 0 0 rg BT 32.89 239.95 Td (otal operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 258.10 239.95 Td (124.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 313.05 239.95 Td (137.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 372.00 239.95 Td (85.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.00 239.95 Td (83.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 239.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.00 239.95 Td (57.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 556.00 240.43 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 593.55 239.95 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 605.65 239.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 633.55 239.95 Td (\(0.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 645.65 239.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 668.10 239.95 Td (209.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 723.10 239.95 Td (278.3) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 746.00 240.43 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 29.00 227.95 Td (Operating income \(loss\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 262.00 227.95 Td (28.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 320.90 227.95 Td (0.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 369.65 227.95 Td (\(32.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 385.65 227.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 424.65 227.95 Td (\(19.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 440.65 227.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 227.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 534.65 227.95 Td (\(17.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 550.65 227.95 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 556.00 228.43 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 598.65 227.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 638.65 227.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 673.55 227.95 Td (\(3.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 685.65 227.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 724.65 227.95 Td (\(36.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 740.65 227.95 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 746.00 228.43 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 29.00 215.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 86.69 215.95 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 88.63 219.29 Td (\(g\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 258.10 215.95 Td (126.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 313.05 215.95 Td (101.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 369.65 215.95 Td (\(18.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 385.65 215.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 424.65 215.95 Td (\(14.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 440.65 215.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 215.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 534.65 215.95 Td (\(14.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 550.65 215.95 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 556.00 216.43 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 598.65 215.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 638.65 215.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 668.10 215.95 Td (107.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 727.00 215.95 Td (73.0) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 746.00 216.43 Td (\(c\)) 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 29 202.95576171875 m 120.83056640625 202.95576171875 l s q 0 0 0 rg BT 29.00 203.95 Td (Included in ) Tj ET Q q 0 0 0 rg BT 64.42 203.95 Td (Adjusted EBITDA:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 191.95 Td (Change in Future Redemption Costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 262.00 191.95 Td (59.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 320.90 191.95 Td (6.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 375.90 191.95 Td (0.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 430.90 191.95 Td (3.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 191.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 543.65 191.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 598.65 191.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 638.65 191.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 672.00 191.95 Td (60.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 730.90 191.95 Td (9.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 180.35 Td (Cost of rewards recorded against deferred revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 268.65 179.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 323.65 179.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 369.65 179.95 Td (\(15.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 385.65 179.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 424.65 179.95 Td (\(18.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 440.65 179.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 179.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 543.65 179.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 598.65 179.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 638.65 179.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 669.65 179.95 Td (\(15.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 685.65 179.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 724.65 179.95 Td (\(18.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 740.65 179.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 167.95 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 265.90 167.95 Td (8.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 320.90 167.95 Td (9.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.65 167.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 430.90 167.95 Td (2.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 488.65 167.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg 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Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 636.20 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 636.20 Td (Includes third party Gross Billings of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 219.83 636.20 Td ($642.6 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 269.20 636.20 Td ( in Canada for the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 335.02 636.20 Td (six months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 397.72 636.20 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.94 636.20 Td (June30, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 450.65 636.20 Td (, compared to third party ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 624.20 Td (Gross Billings of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 150.02 624.20 Td ($652.6 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 199.38 624.20 Td ( in Canada for the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 265.20 624.20 Td (six months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 327.91 624.20 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 330.13 624.20 Td (June30, 2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.84 624.20 Td (. ) Tj ET Q q 0 0 0 rg BT 385.14 624.20 Td (Third party Gross Billings are attributed to a ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 612.20 Td (country on the basis of the country where the contractual and management responsibility for the customer resides.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 591.20 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 591.20 Td (Includes the unfavourable impact of an onerous contract provision of $20.3 million recorded during the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.33 591.20 Td (six months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.03 591.20 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 579.20 Td (June30, 2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 140.71 579.20 Td ( related to an IT) Tj ET Q q 0 0 0 rg BT 196.60 579.20 Td ( outsourcing arrangement in the US. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 558.20 Td (\(d\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 558.20 Td (Non-current assets include amounts relating to goodwill, intangible assets and property and equipment. ) Tj ET Q q 0 0 0 rg BT 456.88 558.20 Td (Additions to non-) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 546.20 Td (current assets presented in the segmented information table relate to continuing operations only) Tj ET Q q 0 0 0 rg BT 428.72 546.20 Td (. ) Tj ET Q q 0 0 0 rg BT 433.02 546.20 Td (The additions to non-current ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 534.20 Td (assets related to discontinued operations are presented in the section ) 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 338.60 534.20 Td (Discontinued Operations and Disposal of Businesses ) Tj ET Q BT /F4 8.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 90.00 522.20 Td (and Other ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 127.50 522.20 Td (Assets) 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 151.51 522.20 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 501.20 Td (\(e\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 501.20 Td (Includes non-current assets of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 199.39 501.20 Td ($2,541.6 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 255.43 501.20 Td ( in Canada as of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 315.91 501.20 Td (June30, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 366.62 501.20 Td (, compared to non-current assets of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.13 501.20 Td ($2,719.2 ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 489.20 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.67 489.20 Td ( in Canada as of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 173.16 489.20 Td (June30, 2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 223.87 489.20 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 468.20 Td (\(f\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 468.20 Td (Includes non-current assets related to the discontinued operations of $353.8 million at ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.52 468.20 Td (June30, 2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 446.23 468.20 Td (. ) Tj ET Q q 0 0 0 rg BT 450.23 468.20 Td (At December 31, 2017, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 456.20 Td (non-current assets related to the discontinued operations were presented as assets held for sale. ) Tj ET Q q 0 0 0 rg BT 435.39 456.20 Td (The discontinued operations ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 444.20 Td (were disposed of on January 31, 2018. 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Tj ET Q endstream endobj 89 0 obj <> endobj 90 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 36.00 594.00 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 566.5 m 755.5 566.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 743.10 570.73 Td (43) Tj ET Q BT /F1 10.00 Tf ET BT /F2 17.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 27.00 546.60 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 280.71 546.60 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 321.63 546.60 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 367.28 546.60 Td (YSIS OF FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 530.37 546.60 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 634.57 546.60 Td (AND ) Tj ET Q BT /F2 17.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 27.00 526.20 Td (RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 83.35 526.20 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 197.32 526.20 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 510.7 m 755.5 510.7 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 27 484.3986328125 m 243.462890625 484.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 27.00 486.30 Td (SUMMAR) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 80.55 486.30 Td (Y) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 88.34 486.30 Td ( OF QUARTERL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 177.23 486.30 Td (Y) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 185.02 486.30 Td ( RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 228.13 486.30 Td (TS) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 27.00 460.80 Td (This section includes sequential quarterly data for the eight quarters ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.18 460.80 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.23 460.80 Td (.) 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/GS0 gs 310.50 413.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 413.30 15.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 310.50 400.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 400.30 15.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 310.50 387.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 387.30 15.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 310.50 374.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 374.30 15.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 310.50 361.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 361.30 15.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 310.50 348.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 348.30 15.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 310.50 335.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 335.30 15.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 310.50 322.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 322.30 15.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 310.50 309.30 39.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 309.30 15.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 310.50 288.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 288.30 15.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 310.50 275.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 275.30 15.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 310.50 262.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 262.30 15.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 310.50 249.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 249.30 15.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 310.50 236.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 236.30 15.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 310.50 223.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 223.30 15.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 310.50 210.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 210.30 15.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 310.50 197.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 197.30 15.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 310.50 184.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 184.30 15.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 310.50 171.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 171.30 15.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 310.50 158.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 158.30 15.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 310.50 145.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 145.30 15.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 310.50 132.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 132.30 15.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 310.50 119.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 119.30 15.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 310.50 106.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 106.30 15.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 310.50 93.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 93.30 15.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 310.50 80.30 39.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 349.50 80.30 15.00 -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 424.5 450.29999999999995 m 424.5 426.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 450.29999999999995 m 424.5 426.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 648.5 450.29999999999995 m 648.5 426.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 648.5 450.29999999999995 m 648.5 426.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 426.29999999999995 m 424.5 413.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 648.5 426.29999999999995 m 648.5 413.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 413.29999999999995 m 424.5 400.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 648.5 413.29999999999995 m 648.5 400.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 387.29999999999995 m 310.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 387.29999999999995 m 349.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 387.29999999999995 m 364.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 387.29999999999995 m 403.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 400.29999999999995 m 424.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 387.29999999999995 m 424.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 387.29999999999995 m 463.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 387.29999999999995 m 484.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 387.29999999999995 m 523.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 387.29999999999995 m 537.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 537.5 387.29999999999995 m 576.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 576.5 387.29999999999995 m 595.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 595.5 387.29999999999995 m 634.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 648.5 400.29999999999995 m 648.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 634.5 387.29999999999995 m 648.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 648.5 387.29999999999995 m 687.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 687.5 387.29999999999995 m 702.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 702.5 387.29999999999995 m 741.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 741.5 387.29999999999995 m 756.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 374.29999999999995 m 310.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 374.29999999999995 m 349.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 374.29999999999995 m 364.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 387.29999999999995 m 403.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 374.29999999999995 m 403.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 387.29999999999995 m 424.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 387.29999999999995 m 424.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 374.29999999999995 m 424.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 387.29999999999995 m 463.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 374.29999999999995 m 463.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 387.29999999999995 m 484.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 374.29999999999995 m 484.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 387.29999999999995 m 523.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 374.29999999999995 m 523.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 387.29999999999995 m 537.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 374.29999999999995 m 537.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 537.5 387.29999999999995 m 576.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 537.5 374.29999999999995 m 576.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 576.5 387.29999999999995 m 595.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 576.5 374.29999999999995 m 595.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 595.5 387.29999999999995 m 634.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 595.5 374.29999999999995 m 634.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 648.5 387.29999999999995 m 648.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 634.5 387.29999999999995 m 648.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 634.5 374.29999999999995 m 648.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 648.5 387.29999999999995 m 687.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 648.5 374.29999999999995 m 687.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 687.5 387.29999999999995 m 702.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 687.5 374.29999999999995 m 702.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 702.5 387.29999999999995 m 741.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 702.5 374.29999999999995 m 741.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 741.5 387.29999999999995 m 756.5 387.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 741.5 374.29999999999995 m 756.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 374.29999999999995 m 403.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 374.29999999999995 m 424.5 361.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 374.29999999999995 m 424.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 374.29999999999995 m 463.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 374.29999999999995 m 484.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 374.29999999999995 m 523.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 374.29999999999995 m 537.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 537.5 374.29999999999995 m 576.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 576.5 374.29999999999995 m 595.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 595.5 374.29999999999995 m 634.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 648.5 374.29999999999995 m 648.5 361.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 634.5 374.29999999999995 m 648.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 648.5 374.29999999999995 m 687.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 702.5 374.29999999999995 m 741.5 374.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 348.29999999999995 m 310.5 348.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 348.29999999999995 m 349.5 348.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 348.29999999999995 m 364.5 348.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 348.29999999999995 m 403.5 348.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 361.29999999999995 m 424.5 348.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 348.29999999999995 m 424.5 348.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 348.29999999999995 m 463.5 348.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 348.29999999999995 m 484.5 348.29999999999995 l s 0 0 0 RG /GS0 gs 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rg BT 542.82 434.34 Td (\(o\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 693.10 430.53 Td (2016) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 30.00 417.25 Td (\(in millions of Canadian dollars, except per share amounts\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 324.15 417.53 Td (Q2) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 378.15 417.53 Td (Q1) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 438.15 417.53 Td (Q4) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 498.15 417.53 Td (Q3) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 551.15 417.53 Td (Q2) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 609.15 417.53 Td (Q1) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 662.15 417.53 Td (Q4) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 716.15 417.53 Td (Q3) Tj ET Q BT /F2 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 30.00 404.53 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.25 404.53 Td (321.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.25 404.53 Td (309.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 440.25 404.53 Td (336.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.25 404.53 Td (331.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.25 404.53 Td (334.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 611.25 404.53 Td (310.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 664.25 404.53 Td (331.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 718.25 404.53 Td (323.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 391.53 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.70 391.53 Td (45.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.70 391.53 Td (48.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 444.70 391.53 Td (48.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 504.70 391.53 Td (48.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 557.70 391.53 Td (61.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 615.70 391.53 Td (83.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 664.25 391.53 Td (153.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 718.25 391.53 Td (132.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 378.53 Td (T) Tj ET Q q 0 0 0 rg BT 34.59 378.53 Td (otal Gross Billings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.25 378.53 Td (366.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.25 378.53 Td (358.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 440.25 378.53 Td (385.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.25 378.53 Td (380.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.25 378.53 Td (396.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 611.25 378.53 Td (394.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 664.25 378.53 Td (484.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 718.25 378.53 Td (455.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 365.53 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.25 365.53 Td (375.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.25 365.53 Td (406.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 440.25 365.53 Td (357.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.25 365.53 Td (350.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.25 365.53 Td (361.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 611.25 365.53 Td (402.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 664.25 365.53 Td (440.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 718.25 365.53 Td (426.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 30.00 352.53 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.55 352.53 Td (\(222.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.30 352.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 377.55 352.53 Td (\(246.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.30 352.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.60 352.53 Td (\(207.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.30 352.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 497.60 352.53 Td (\(201.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.30 352.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 550.60 352.53 Td (\(212.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 573.30 352.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 608.60 352.53 Td (\(229.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 631.30 352.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 661.60 352.53 Td (\(266.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 684.30 352.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 715.60 352.53 Td (\(253.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 738.30 352.53 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 339.53 Td (Gross margin before depreciation and amortization ) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 226.93 343.34 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.25 339.53 Td (153.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.25 339.53 Td (159.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 440.25 339.53 Td (149.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.25 339.53 Td (148.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.25 339.53 Td (149.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 611.25 339.53 Td (172.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 664.25 339.53 Td (173.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 718.25 339.53 Td (172.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 30.00 326.53 Td (Operating expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.55 326.53 Td (\(1) Tj ET Q q 0 0 0 rg BT 330.66 326.53 Td (17.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.30 326.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 352.00 326.08 Td (\(n\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.05 326.53 Td (\(92.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.30 326.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.60 326.53 Td (\(104.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.30 326.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 497.60 326.53 Td (\(1) Tj ET Q q 0 0 0 rg BT 504.71 326.53 Td (17.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.30 326.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 550.60 326.53 Td (\(140.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 573.30 326.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 579.00 326.08 Td (\(j\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 608.60 326.53 Td (\(137.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 631.30 326.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 661.60 326.53 Td (\(222.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 684.30 326.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 690.00 326.08 Td (\(l\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 715.60 326.53 Td (\(143.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 738.30 326.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 30.00 313.53 Td (Depreciation and amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.05 313.53 Td (\(13.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.30 313.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.05 313.53 Td (\(13.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.30 313.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 446.50 313.53 Td (\(8.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.30 313.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 506.50 313.53 Td (\(9.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.30 313.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 559.50 313.53 Td (\(9.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 573.30 313.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 617.50 313.53 Td (\(9.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 631.30 313.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 666.05 313.53 Td (\(13.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 684.30 313.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 720.05 313.53 Td (\(1) Tj ET Q q 0 0 0 rg BT 727.16 313.53 Td (1.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 738.30 313.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 30.00 300.53 Td (Amortization of ) Tj ET Q q 0 0 0 rg BT 85.36 300.53 Td (Accumulation Partners) Tj ET Q q 0 0 0 rg BT 167.25 300.53 Td ( contracts, customer relationships and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 292.53 Td (technology) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.05 292.53 Td (\(38.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.30 292.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.05 292.53 Td (\(40.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.30 292.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 442.05 292.53 Td (\(40.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.30 292.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.05 292.53 Td (\(40.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.30 292.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 555.05 292.53 Td (\(35.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 573.30 292.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 613.05 292.53 Td (\(25.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 631.30 292.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 666.05 292.53 Td (\(27.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 684.30 292.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 720.05 292.53 Td (\(31.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 738.30 292.53 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 279.53 Td (Operating income \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.05 279.53 Td (\(16.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.30 279.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 352.00 279.08 Td (\(n\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.70 279.53 Td (12.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 446.50 279.53 Td (\(4.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.30 279.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.05 279.53 Td (\(18.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.30 279.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 555.05 279.53 Td (\(36.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 573.30 279.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 579.00 279.08 Td (\(j\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 620.15 279.53 Td (0.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 666.05 279.53 Td (\(89.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 684.30 279.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 690.00 279.08 Td (\(l\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 720.05 279.53 Td (\(13.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 738.30 279.53 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 266.53 Td (Net earnings \(loss\) attributable to equity holders of the Corporation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.70 266.53 Td (1) Tj ET Q q 0 0 0 rg BT 335.15 266.53 Td (1.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 352.00 266.08 Td (\(n\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.70 266.53 Td (21.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 406.00 266.08 Td (\(d\)\(e\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.60 266.53 Td (\(214.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.30 266.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 466.00 266.08 Td (\(g\)\(h\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.05 266.53 Td (\(40.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.30 266.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 526.00 266.08 Td (\(i\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 555.05 266.53 Td (\(25.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 573.30 266.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 579.00 266.08 Td (\(j\)\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 620.15 266.53 Td (9.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 666.05 266.53 Td (\(57.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 684.30 266.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 690.00 266.08 Td (\(l\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 724.50 266.53 Td (\(1.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 738.30 266.53 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 253.53 Td (Adjusted EBITDA) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 96.22 253.53 Td ( ) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 98.45 257.34 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.70 253.53 Td (46.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.70 253.53 Td (62.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 444.70 253.53 Td (66.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 504.70 253.53 Td (51.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 557.70 253.53 Td (29.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 579.00 253.08 Td (\(j\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 615.70 253.53 Td (43.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 668.70 253.53 Td (41.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 722.70 253.53 Td (50.5) Tj ET Q BT /F3 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 30 239.38515624999997 m 134.94921875 239.38515624999997 l s q 0 0 0 rg BT 30.00 240.53 Td (Included in ) Tj ET Q q 0 0 0 rg BT 70.48 240.53 Td (Adjusted EBITDA:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 30.00 227.53 Td (Change in Future Redemption Costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.70 227.53 Td (14.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.70 227.53 Td (46.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 446.50 227.53 Td (\(4.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.30 227.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 506.50 227.53 Td (\(6.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.30 227.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 555.05 227.53 Td (\(10.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 573.30 227.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 615.70 227.53 Td (20.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 666.05 227.53 Td (\(25.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 684.30 227.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 720.05 227.53 Td (\(12.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 738.30 227.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 30.00 214.53 Td (Cost of rewards recorded against deferred revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.50 214.53 Td (\(7.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.30 214.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 386.50 214.53 Td (\(8.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.30 214.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 446.50 214.53 Td (\(8.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.30 214.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 506.50 214.53 Td (\(7.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.30 214.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 559.50 214.53 Td (\(8.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 573.30 214.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 617.50 214.53 Td (\(9.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 631.30 214.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 676.25 214.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 730.25 214.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 30.00 201.53 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.15 201.53 Td (4.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 389.15 201.53 Td (4.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 449.15 201.53 Td (5.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 509.15 201.53 Td (4.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 562.15 201.53 Td (5.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 620.15 201.53 Td (5.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 673.15 201.53 Td (4.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 727.15 201.53 Td (4.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 188.53 Td (Net earnings \(loss\) attributable to equity holders of the Corporation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.70 188.53 Td (1) Tj ET Q q 0 0 0 rg BT 335.15 188.53 Td (1.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 352.00 188.08 Td (\(n\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.70 188.53 Td (21.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 406.00 188.08 Td (\(d\)\(e\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.60 188.53 Td (\(214.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.30 188.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 466.00 188.08 Td (\(g\)\(h\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.05 188.53 Td (\(40.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.30 188.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 526.00 188.08 Td (\(i\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 555.05 188.53 Td (\(25.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 573.30 188.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 579.00 188.08 Td (\(j\)\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 620.15 188.53 Td (9.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 666.05 188.53 Td (\(57.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 684.30 188.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 690.00 188.08 Td (\(l\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 724.50 188.53 Td (\(1.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 738.30 188.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 30.00 175.53 Td (Earnings \(loss\) per common share) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 152.27 179.34 Td ( \(c\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.70 175.53 Td (0.04) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 352.00 175.08 Td (\(n\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.70 175.53 Td (0.1) Tj ET Q q 0 0 0 rg BT 395.82 175.53 Td (1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 406.00 175.08 Td (\(d\)\(e\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 442.05 175.53 Td (\(1.44) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.30 175.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 466.00 175.08 Td (\(g\)\(h\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.05 175.53 Td (\(0.29) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.30 175.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 526.00 175.08 Td (\(i\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 555.05 175.53 Td (\(0.19) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 573.30 175.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 579.00 175.08 Td (\(j\)\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 615.70 175.53 Td (0.04) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 666.05 175.53 Td (\(0.40) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 684.30 175.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 690.00 175.08 Td (\(l\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 720.05 175.53 Td (\(0.04) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 738.30 175.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 36.00 162.53 Td (Earnings \(loss\) per common share - Continuing operations ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 245.43 166.34 Td (\(c\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.70 162.53 Td (0.04) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 352.00 162.08 Td (\(n\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.70 162.53 Td (0.06) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 406.00 162.08 Td (\(d\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 442.05 162.53 Td (\(0.43) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.30 162.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 466.00 162.08 Td (\(h\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.05 162.53 Td (\(0.31) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.30 162.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 526.00 162.08 Td (\(i\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 555.05 162.53 Td (\(0.22) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 573.30 162.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 579.00 162.08 Td (\(j\)\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 613.05 162.53 Td (\(0.01) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 631.30 162.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 666.05 162.53 Td (\(0.64) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 684.30 162.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 690.00 162.08 Td (\(l\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 720.05 162.53 Td (\(0.05) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 738.30 162.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 36.00 149.53 Td (Earnings \(loss\) per common share - Discontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.70 149.53 Td (0.00) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.70 149.53 Td (0.05) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 406.00 149.08 Td (\(e\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 442.05 149.53 Td (\(1.01) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.30 149.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 466.00 149.08 Td (\(g\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 504.70 149.53 Td (0.02) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 557.70 149.53 Td (0.03) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 615.70 149.53 Td (0.05) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 668.70 149.53 Td (0.24) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 722.70 149.53 Td (0.01) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 136.53 Td (Free Cash Flow before Dividends Paid ) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 177.59 140.34 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.70 136.53 Td (20.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.70 136.53 Td (40.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 406.00 136.08 Td (\(f\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 440.25 136.53 Td (1) Tj ET Q q 0 0 0 rg BT 444.70 136.53 Td (13.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 504.70 136.53 Td (51.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 557.70 136.53 Td (54.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 613.05 136.53 Td (\(23.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 631.30 136.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 664.25 136.53 Td (121.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 722.70 136.53 Td (86.7) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 744.00 136.08 Td (\(m\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 36.00 123.53 Td (Free Cash Flow before Dividends Paid - Continuing operations ) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 276.02 127.34 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.70 123.53 Td (20.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.70 123.53 Td (25.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 406.00 123.08 Td (\(f\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 444.70 123.53 Td (48.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 504.70 123.53 Td (28.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 557.70 123.53 Td (32.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 615.70 123.53 Td (36.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 668.70 123.53 Td (42.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 722.70 123.53 Td (70.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 744.00 123.08 Td (\(m\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 36.00 110.53 Td (Free Cash Flow before Dividends Paid - Discontinued operations ) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 284.48 114.34 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.25 110.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.70 110.53 Td (15.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 444.70 110.53 Td (65.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 504.70 110.53 Td (23.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 557.70 110.53 Td (21.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 613.05 110.53 Td (\(60.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 631.30 110.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 668.70 110.53 Td (78.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 722.70 110.53 Td (16.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 97.53 Td (Free Cash Flow) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 89.13 101.34 Td ( \(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.70 97.53 Td (20.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.70 97.53 Td (40.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 406.00 97.08 Td (\(f\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 440.25 97.53 Td (1) Tj ET Q q 0 0 0 rg BT 444.70 97.53 Td (13.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 504.70 97.53 Td (51.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 557.70 97.53 Td (54.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 613.05 97.53 Td (\(58.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 631.30 97.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 668.70 97.53 Td (86.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 722.70 97.53 Td (52.0) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 744.00 97.08 Td (\(m\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 30.00 84.53 Td (Future Redemption Cost liability - Unbroken Loyalty Units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 319.55 84.53 Td (1,934.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 373.55 84.53 Td (1,956.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 433.55 84.53 Td (2,004.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 493.60 84.53 Td (2,013.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 546.60 84.53 Td (2,010.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 604.60 84.53 Td (1,996.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 657.60 84.53 Td (2,031.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 711.60 84.53 Td (1,996.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 30.00 71.53 Td (Potential redemption liability - Broken Loyalty Units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.25 71.53 Td (590.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.25 71.53 Td (586.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 440.25 71.53 Td (583.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.25 71.53 Td (588.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.25 71.53 Td (584.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 611.25 71.53 Td (589.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 664.25 71.53 Td (586.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 718.25 71.53 Td (598.6) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 91 0 obj <> endobj 92 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (44) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 669.20 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 669.20 Td (Excludes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 323.46 669.20 Td (Accumulation Partners' contracts, customer relationships ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 657.20 Td (and technology) Tj ET Q q 0 0 0 rg BT 143.67 657.20 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 639.20 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 639.20 Td (A) Tj ET Q q 0 0 0 rg BT 94.89 639.20 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 135.21 639.20 Td ( measurement. Please refer to ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 245.04 639.20 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 430.61 639.20 Td ( financial measures\)) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 502.20 639.20 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 621.20 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 621.20 Td (After deducting dividends declared on preferred shares and cumulative undeclared dividends on preferred shares in the period.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 603.20 Td (\(d\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 603.20 Td (Includes the unfavourable impact of the reversal of the contingent consideration receivable related to the sale of the Canadian ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 591.20 Td (Air Miles trademarks of $5.3 million during the three months ended March31, 2018 as well as an income tax recovery of $1.3 ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 579.20 Td (million related to the reversal.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 561.20 Td (\(e\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 561.20 Td (Includes the impact of the gain of $5.4 million on the disposal of the Nectar Program and related assets during the three ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 549.20 Td (months ended March31, 2018.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 531.20 Td (\(f\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 531.20 Td (Includes a rent prepayment of $1) Tj ET Q q 0 0 0 rg BT 206.37 531.20 Td (1.8 million made during the three months ended March31, 2018 related to the Nectar ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 519.20 Td (transaction. ) Tj ET Q q 0 0 0 rg BT 133.43 519.20 Td (The prepayment covers the period from February 2018 to December 2019. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 501.20 Td (\(g\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 501.20 Td (Net loss from discontinued operations attributable to equity holders of the Corporation includes an impairment charge of $180.5 ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 489.20 Td (million recorded during the three months ended December 31, 2017 related to the Nectar coalition loyalty program and U.K. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 477.20 Td (analytics businesses. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 459.20 Td (\(h\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 459.20 Td (Includes a net impairment charge of $57.4 million related to the investment in Cardlytics which was recorded during the three ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 447.20 Td (months ended December 31, 2017.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 429.20 Td (\(i\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 429.20 Td (Includes the impact of the loss of $19.9 million on the disposal of the Canadian ) Tj ET Q q 0 0 0 rg BT 370.18 429.20 Td (Air Miles trademarks and a related net income ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 417.20 Td (tax expense of $1.2 million which were recorded during the three months ended September 30, 2017.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 399.20 Td (\(j\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 399.20 Td (Operating expenses, operating loss, ) Tj ET Q q 0 0 0 rg BT 219.86 399.20 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 281.67 399.20 Td ( and net loss attributable to equity holders of the Corporation include the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 387.20 Td (unfavourable impact of an onerous contract provision of $20.3 million recorded during the three months ended June 30, 2017 ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 375.20 Td (related to an IT) Tj ET Q q 0 0 0 rg BT 143.66 375.20 Td ( outsourcing arrangement in the US. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 357.20 Td (\(k\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 357.20 Td (Includes the impact of the gain on the disposal of the U.S. CEL) Tj ET Q q 0 0 0 rg BT 312.06 357.20 Td ( Business of $5.4 million and the fair value gain on the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 345.20 Td (convertible notes of Cardlytics of $7.7 million which were recorded during the three months ended June 30, 2017.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 327.20 Td (\(l\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 327.20 Td (Operating expenses, operating loss and net loss attributable to equity holders of the Corporation include impairment charges ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 315.20 Td (amounting to $66.0 million recorded during the three months ended December 31, 2016, of which $53.2 million is related to the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 303.20 Td (GLS group of CGUs and $12.8 million to the U.S. CEL) Tj ET Q q 0 0 0 rg BT 281.80 303.20 Td ( Business. Net loss attributable to equity holders of the Corporation also ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 291.20 Td (includes an income tax recovery of $1.4 million related to these impairment charges.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 273.20 Td (\(m\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 273.20 Td (Includes an amount of $50.3 million, inclusive of interest in the amount of $1.6 million, received during the three months ended ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 261.20 Td (September 30, 2016 from the CRA) Tj ET Q q 0 0 0 rg BT 212.73 261.20 Td ( related to the income tax refund of loss carry back applied in Canada.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 243.20 Td (\(n\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 243.20 Td (Operating expenses, operating loss and net earnings attributable to equity holders of the Corporation include an impairment ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 231.20 Td (charge of $8.0 million recorded during the three months ended June 30, 2018 related to the International ISS business. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 213.20 Td (\(o\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 213.20 Td (2017 financial information was restated to reflect the retroactive application of IFRS 15. Refer to the ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 443.96 213.20 Td (Changes in ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 486.36 213.20 Td (Accounting ) Tj ET Q BT /F4 8.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 90.00 201.20 Td (Policies) 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 117.57 201.20 Td ( section for additional information.) Tj ET Q endstream endobj 93 0 obj <> endobj 94 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (45) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 433.353515625 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (FINANCING STRA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 173.77 666.30 Td (TEGY) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 205.11 666.30 Td (, LIQUIDITY) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 270.90 666.30 Td ( ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 273.79 666.30 Td (AND CAPIT) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 338.23 666.30 Td (AL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 354.01 666.30 Td ( RESOURCES) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 640.80 Td (Aimia generates suf) Tj ET Q q 0 0 0 rg BT 151.38 640.80 Td (ficient cash flow internally to fund capital expenditures and to service its debt obligations. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (Management believes that ) Tj ET Q q 0 0 0 rg BT 179.57 627.30 Td (Aimia's internally generated cash flows, combined with its ability to access undrawn credit ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 613.80 Td (facilities and external capital, provide suf) Tj ET Q q 0 0 0 rg BT 233.42 613.80 Td (ficient resources to finance its cash requirements for the foreseeable future ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 600.30 Td (and to maintain available liquidity) Tj ET Q q 0 0 0 rg BT 203.41 600.30 Td (. Dividends, if and when declared and paid, would be funded from internally ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 586.80 Td (generated cash flows. 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 238.10 586.80 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 277.62 586.80 Td ( section for more information.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 564.30 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 564.30 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 140.05 564.30 Td (, ) Tj ET Q q 0 0 0 rg BT 144.56 564.30 Td (Aimia had ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 187.08 564.30 Td ($248.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 242.61 564.30 Td ( of cash and cash equivalents, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.19 564.30 Td ($22.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.72 564.30 Td ( of restricted cash, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.75 564.30 Td ($94.9 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 550.80 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 550.80 Td ( of short-term investments and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.55 550.80 Td ($165.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.09 550.80 Td ( of long-term investments in bonds, for a total of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.68 550.80 Td ($530.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.22 550.80 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 537.30 Td (Approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.52 537.30 Td ($1.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 177.05 537.30 Td ( of the total amount is invested in Bankers' ) Tj ET Q q 0 0 0 rg BT 347.86 537.30 Td (Acceptances and term deposits maturing on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 523.80 Td (various dates through to July 2018 and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.61 523.80 Td ($260.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 285.14 523.80 Td ( is mostly invested in corporate, federal and provincial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 510.30 Td (government bonds maturing at various dates between July 2018 and December 2021. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 487.80 Td (The following table provides a reconciliation between ) Tj ET Q q 0 0 0 rg BT 284.63 487.80 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 354.16 487.80 Td ( and Free Cash Flow for the periods indicated:) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 468.30 228.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 300.50 468.30 120.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 420.50 468.30 120.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 444.30 228.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 300.50 444.30 51.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 351.50 444.30 9.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 360.50 444.30 51.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 411.50 444.30 9.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 420.50 444.30 51.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 471.50 444.30 9.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 480.50 444.30 51.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 531.50 444.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 300.50 431.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 351.50 431.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 431.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 471.50 431.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 300.50 418.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 351.50 418.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 418.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 471.50 418.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 300.50 405.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 351.50 405.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 405.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 471.50 405.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 300.50 392.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 351.50 392.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 392.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 471.50 392.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 300.50 379.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 351.50 379.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 379.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 471.50 379.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 300.50 366.30 51.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 351.50 366.30 9.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 366.30 51.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 471.50 366.30 9.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 300.50 345.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 351.50 345.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 345.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 471.50 345.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 300.50 332.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 351.50 332.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 332.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 471.50 332.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 300.50 319.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 351.50 319.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 319.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 471.50 319.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 300.50 306.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 351.50 306.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 306.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 471.50 306.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 300.50 293.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 351.50 293.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 293.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 471.50 293.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 300.50 280.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 351.50 280.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 280.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 471.50 280.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 300.50 267.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 351.50 267.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 267.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 471.50 267.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 300.50 254.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 351.50 254.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 254.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 471.50 254.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 300.50 241.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 351.50 241.30 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 420.50 241.30 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 471.50 241.30 9.00 -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 72.5 366.29999999999995 m 300.5 366.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 366.29999999999995 m 351.5 366.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 366.29999999999995 m 360.5 366.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 366.29999999999995 m 411.5 366.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 366.29999999999995 m 420.5 366.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 366.29999999999995 m 471.5 366.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 366.29999999999995 m 480.5 366.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 366.29999999999995 m 531.5 366.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 366.29999999999995 m 540.5 366.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 332.29999999999995 m 351.5 332.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 332.29999999999995 m 411.5 332.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 332.29999999999995 m 471.5 332.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 332.29999999999995 m 531.5 332.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 332.29999999999995 m 300.5 332.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 332.29999999999995 m 351.5 332.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 332.29999999999995 m 360.5 332.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 332.29999999999995 m 411.5 332.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 332.29999999999995 m 420.5 332.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 332.29999999999995 m 471.5 332.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 332.29999999999995 m 480.5 332.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 332.29999999999995 m 531.5 332.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 332.29999999999995 m 540.5 332.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 306.29999999999995 m 300.5 306.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 306.29999999999995 m 351.5 306.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 306.29999999999995 m 360.5 306.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 306.29999999999995 m 411.5 306.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 306.29999999999995 m 420.5 306.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 306.29999999999995 m 471.5 306.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 306.29999999999995 m 480.5 306.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 306.29999999999995 m 531.5 306.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 306.29999999999995 m 540.5 306.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 280.29999999999995 m 300.5 280.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 280.29999999999995 m 351.5 280.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 280.29999999999995 m 360.5 280.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 280.29999999999995 m 411.5 280.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 280.29999999999995 m 420.5 280.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 280.29999999999995 m 471.5 280.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 280.29999999999995 m 480.5 280.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 280.29999999999995 m 531.5 280.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 280.29999999999995 m 540.5 280.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 241.29999999999995 m 300.5 241.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 241.29999999999995 m 351.5 241.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 241.29999999999995 m 360.5 241.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 241.29999999999995 m 411.5 241.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 241.29999999999995 m 420.5 241.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 241.29999999999995 m 471.5 241.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 241.29999999999995 m 480.5 241.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 241.29999999999995 m 531.5 241.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 241.29999999999995 m 540.5 241.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 228.29999999999995 m 300.5 228.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 228.29999999999995 m 351.5 228.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 228.29999999999995 m 360.5 228.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 228.29999999999995 m 411.5 228.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 228.29999999999995 m 420.5 228.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 228.29999999999995 m 471.5 228.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 228.29999999999995 m 480.5 228.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 228.29999999999995 m 531.5 228.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 228.29999999999995 m 540.5 228.29999999999995 l s BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 322.60 458.28 Td (Three Months Ended ) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 344.65 450.28 Td (June 30,) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 447.50 458.28 Td (Six Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 464.65 450.28 Td (June 30,) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 435.25 Td (\(in millions of Canadian dollars , except per share information\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 330.20 435.53 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 390.20 435.53 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 450.20 435.53 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 510.20 435.53 Td (2017) 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 75.00 422.53 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 140.93 422.53 Td ( ) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 143.15 426.34 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.70 422.58 Td (46.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.70 422.58 Td (29.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.25 422.58 Td (107.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 512.70 422.58 Td (73.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 409.53 Td (Change in Future Redemption Costs ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 207.07 413.34 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.05 409.58 Td (\(14.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.30 409.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.70 409.58 Td (10.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.05 409.58 Td (\(60.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.30 409.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.50 409.58 Td (\(9.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.30 409.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 396.53 Td (Share-based compensation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.15 396.53 Td (2.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.50 396.58 Td (\(9.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 408.30 396.53 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.15 396.53 Td (0.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.50 396.58 Td (\(5.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.30 396.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 383.53 Td (Income taxes paid, net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.50 383.58 Td (\(0.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.30 383.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.50 383.58 Td (\(2.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 408.30 383.53 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.50 383.58 Td (\(0.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.30 383.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.50 383.58 Td (\(5.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.30 383.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 370.53 Td (Net cash interest paid) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.50 370.58 Td (\(7.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.30 370.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 390.05 370.58 Td (\(12.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 408.30 370.53 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.50 370.58 Td (\(7.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.30 370.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.05 370.58 Td (\(16.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.30 370.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 357.53 Td (Cash from operating activities from continuing operations) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 349.53 Td (before change in operating assets and liabilities and other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.70 349.58 Td (26.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.70 349.58 Td (15.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.70 349.58 Td (40.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 512.70 349.58 Td (35.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 336.53 Td (Change in operating assets and liabilities and other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.15 336.53 Td (1.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.70 336.58 Td (27.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.70 336.58 Td (15.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 512.70 336.58 Td (54.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 323.53 Td (Cash from operating activities - Continuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.70 323.58 Td (27.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.70 323.58 Td (43.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.70 323.58 Td (55.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 512.70 323.58 Td (90.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 310.53 Td (Cash from operating activities - Discontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.25 310.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.70 310.58 Td (23.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.70 310.58 Td (15.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.05 310.58 Td (\(35.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.30 310.53 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 297.53 Td (Cash from operating activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.70 297.58 Td (27.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.70 297.58 Td (66.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.70 297.58 Td (71.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 512.70 297.58 Td (55.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 284.53 Td (Capital expenditures) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.50 284.58 Td (\(7.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.30 284.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 390.05 284.58 Td (\(12.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 408.30 284.53 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.05 284.58 Td (\(10.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.30 284.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.05 284.58 Td (\(24.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.30 284.53 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 271.53 Td (Free Cash Flow before Dividends Paid ) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 222.59 275.34 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.70 271.58 Td (20.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.70 271.58 Td (54.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.70 271.58 Td (60.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 512.70 271.58 Td (30.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 258.53 Td (Free Cash Flow before Dividends Paid per common share ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 283.09 262.34 Td (\(a\)\(c\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.70 258.58 Td (0.13) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.70 258.58 Td (0.36) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.70 258.58 Td (0.40) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 512.70 258.58 Td (0.17) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 245.53 Td (Dividends paid to equity holders of the Corporation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.25 245.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.25 245.53 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.25 245.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.05 245.58 Td (\(34.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.30 245.53 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 232.53 Td (Free Cash Flow ) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 136.35 236.34 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.70 232.58 Td (20.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.70 232.58 Td (54.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.70 232.58 Td (60.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.50 232.58 Td (\(4.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.30 232.53 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 201.80 Td (\(a\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 201.80 Td (A) Tj ET Q q 0 0 0 rg BT 121.59 201.80 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 159.39 201.80 Td ( measurement. Please refer to ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 262.36 201.80 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 447.93 201.80 Td ( financial measures\)) Tj ET Q BT /F3 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 519.52 201.80 Td (.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 179.30 Td (\(b\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 179.30 Td (The per unit cost derived from this calculation is retroactively applied to all prior periods with the ef) Tj ET Q q 0 0 0 rg BT 442.04 179.30 Td (fect of revaluing the Future ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 168.05 Td (Redemption Cost liability on the basis of the latest available average unit cost.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 145.55 Td (\(c\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 145.55 Td (After deducting dividends paid on preferred shares.) Tj ET Q endstream endobj 95 0 obj <> endobj 96 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (46) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (The following table provides an overview of ) Tj ET Q q 0 0 0 rg BT 246.10 668.45 Td (Aimia's cash flows for the periods indicated:) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 657.95 222.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 294.50 657.95 4.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 298.50 657.95 116.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 414.50 657.95 119.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 533.50 657.95 7.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 633.95 222.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 294.50 633.95 4.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 298.50 633.95 56.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 354.50 633.95 4.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 358.50 633.95 56.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 414.50 633.95 56.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 470.50 633.95 7.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 477.50 633.95 56.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 533.50 633.95 7.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 620.95 4.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 298.50 620.95 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 620.95 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 470.50 620.95 7.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 607.95 4.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 298.50 607.95 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 607.95 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 470.50 607.95 7.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 594.95 4.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 298.50 594.95 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 594.95 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 470.50 594.95 7.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 581.95 4.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 298.50 581.95 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 581.95 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 470.50 581.95 7.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 568.95 4.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 298.50 568.95 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 568.95 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 470.50 568.95 7.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 555.95 4.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 298.50 555.95 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 555.95 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 470.50 555.95 7.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 607.95 m 294.5 607.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 607.95 m 298.5 607.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 607.95 m 354.5 607.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 607.95 m 358.5 607.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 607.95 m 414.5 607.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 607.95 m 470.5 607.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 607.95 m 477.5 607.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 607.95 m 533.5 607.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 607.95 m 540.5 607.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 607.95 m 354.5 607.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 607.95 m 414.5 607.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 607.95 m 470.5 607.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 555.95 m 354.5 555.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 555.95 m 414.5 555.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 555.95 m 470.5 555.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 555.95 m 533.5 555.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 555.95 m 540.5 555.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 555.95 m 294.5 555.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 543.95 m 294.5 543.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 541.95 m 294.5 541.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 555.95 m 298.5 555.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 543.95 m 298.5 543.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 541.95 m 298.5 541.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 555.95 m 354.5 555.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 543.95 m 354.5 543.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 541.95 m 354.5 541.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 555.95 m 358.5 555.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 543.95 m 358.5 543.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 541.95 m 358.5 541.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 555.95 m 414.5 555.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 543.95 m 414.5 543.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 541.95 m 414.5 541.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 555.95 m 470.5 555.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 543.95 m 470.5 543.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 541.95 m 470.5 541.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 555.95 m 477.5 555.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 543.95 m 477.5 543.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 541.95 m 477.5 541.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 555.95 m 533.5 555.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 543.95 m 533.5 543.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 541.95 m 533.5 541.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 555.95 m 540.5 555.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 543.95 m 540.5 543.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 541.95 m 540.5 541.95 l s BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 318.60 647.93 Td (Three Months Ended ) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 340.65 639.93 Td (June 30,) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 441.00 647.93 Td (Six Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 458.15 639.93 Td (June 30,) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 624.90 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 333.20 625.43 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 393.20 625.43 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 449.20 625.43 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 512.20 625.43 Td (2017) Tj ET Q BT /F2 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 612.43 Td (Cash and cash equivalents, beginning of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.25 612.48 Td (271.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.25 612.48 Td (230.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.25 612.48 Td (489.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.25 612.48 Td (293.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 599.43 Td (Cash from operating activities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 335.70 599.48 Td (27.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.70 599.48 Td (66.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.70 599.48 Td (71.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.70 599.48 Td (55.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 586.43 Td (Cash used in investing activities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 333.05 586.48 Td (\(30.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 351.30 586.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 393.05 586.48 Td (\(25.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 411.30 586.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 444.55 586.43 Td (\(199.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.30 586.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 512.05 586.48 Td (\(37.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.30 586.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 573.43 Td (Cash from \(used in\) financing activities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 333.05 573.48 Td (\(20.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 351.30 573.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.15 573.43 Td (0.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 444.55 573.43 Td (\(122.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.30 573.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 512.05 573.48 Td (\(37.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.30 573.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 560.43 Td (T) Tj ET Q q 0 0 0 rg BT 79.59 560.43 Td (ranslation adjustment related to cash) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 337.50 560.48 Td (\(0.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 351.30 560.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.15 560.43 Td (1.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.15 560.43 Td (9.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 519.15 560.43 Td (0.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 547.43 Td (Cash and cash equivalents, end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.25 547.48 Td (248.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.25 547.48 Td (273.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.25 547.48 Td (248.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.25 547.48 Td (273.1) Tj ET Q BT /F1 10.00 Tf ET BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 513.45 Td (OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 113.78 513.45 Td (TING ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 145.34 513.45 Td (ACTIVITIES) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 211.34 513.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 487.95 Td (Cash from operating activities is generated primarily from the collection of Gross Billings and is reduced by the cash ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 474.45 Td (required to deliver rewards when Loyalty Units are redeemed, and by the cash required to provide loyalty solutions ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 460.95 Td (and analytics and insights services. Cash flow from operating activities is also reduced by operating expenses and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 447.45 Td (interest and income taxes paid.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 424.95 Td (Cash flows from operating activities amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 268.59 424.95 Td ($27.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.12 424.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.14 424.95 Td ($71.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.67 424.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.18 424.95 Td (three and six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.25 424.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 411.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.05 411.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 180.90 411.45 Td (, compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.43 411.45 Td ($66.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.96 411.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.98 411.45 Td ($55.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.50 411.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.02 411.45 Td (three and six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.09 411.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.59 411.45 Td (June30, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 397.95 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.02 397.95 Td (, respectively) Tj ET Q q 0 0 0 rg BT 143.87 397.95 Td (. Cash flows from operating activities attributable to the continuing operations amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 505.58 397.95 Td ($27.4 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 384.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 384.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 117.52 384.45 Td ($55.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 168.05 384.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.57 384.45 Td (three and six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.64 384.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.14 384.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.19 384.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 421.04 384.45 Td (, compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.57 384.45 Td ($43.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.10 384.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 370.95 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.52 370.95 Td ($90.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 140.04 370.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 170.56 370.95 Td (three and six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.63 370.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 284.13 370.95 Td (June30, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.18 370.95 Td (, respectively) Tj ET Q q 0 0 0 rg BT 393.03 370.95 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 348.45 Td (Please refer to the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 148.04 348.45 Td (Free Cash Flow Before Dividends Paid ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 305.61 348.45 Td (captions within 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 379.66 348.45 Td ( Quarter Ended June 30, 2018 ) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 334.95 Td (Compared to Quarter Ended June 30, 2017 ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 247.61 334.95 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 262.63 334.95 Td ( Six Months Ended June 30, 2018 Compared to Six Months Ended ) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 321.45 Td (June 30, 2017) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 129.05 321.45 Td ( sections for explanations on the variances in cash flows from operating activities.) 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 72.00 291.45 Td (INVESTING ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 139.56 291.45 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 72.00 265.95 Td (Investing activities for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 175.55 265.95 Td (three and six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.62 265.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.12 265.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.17 265.95 Td ( reflect the payment of income taxes of $12.4 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 252.45 Td (million in June 2018 related to the sale of the Canadian ) Tj ET Q q 0 0 0 rg BT 293.65 252.45 Td (Air Miles trademarks in the prior year and the working capital ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 238.95 Td (adjustment payment of $21.2 million \(1) Tj ET Q q 0 0 0 rg BT 230.92 238.95 Td (1.8 million\) in ) Tj ET Q q 0 0 0 rg BT 285.94 238.95 Td (April 2018 related the sale of the Nectar Program and related ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 225.45 Td (assets. ) Tj ET Q q 0 0 0 rg BT 102.52 225.45 Td (Additionally) Tj ET Q q 0 0 0 rg BT 147.88 225.45 Td (, investing activities for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.92 225.45 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.47 225.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 328.97 225.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.02 225.45 Td ( reflect the net payments made of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 211.95 Td ($166.4 million for the sale of the Nectar Program and related assets on January 31, 2018.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 189.45 Td (Investing activities for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 175.55 189.45 Td (three and six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.62 189.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.12 189.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.17 189.45 Td ( also reflect proceeds from short-term ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 175.95 Td (investments of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 132.53 175.95 Td ($9.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.05 175.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.07 175.95 Td ($19.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 248.59 175.95 Td (, respectively) Tj ET Q q 0 0 0 rg BT 300.45 175.95 Td (, and proceeds from long-term investments of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.03 175.95 Td ($1.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.55 175.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 162.45 Td (and long-term investments made of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 215.57 162.45 Td ($7.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 261.09 162.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 312.94 162.45 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 139.95 Td (Capital expenditures for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 184.57 139.95 Td (three and six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.64 139.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 298.14 139.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 355.19 139.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.23 139.95 Td ($7.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.75 139.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.77 139.95 Td ($10.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.29 139.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 126.45 Td (respectively) Tj ET Q q 0 0 0 rg BT 118.85 126.45 Td (. ) Tj ET Q q 0 0 0 rg BT 125.85 126.45 Td (Anticipated capital expenditures for 2018 are expected to approximate between ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.06 126.45 Td ($30.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.59 126.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.60 126.45 Td ($35.0 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 112.95 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 112.95 Td (.) Tj ET Q endstream endobj 97 0 obj <> endobj 98 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (47) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (FINANCING ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 141.55 666.30 Td (ACTIVITIES) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 640.80 Td (Financing activities for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.55 640.80 Td (three and six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.62 640.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 292.12 640.80 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.17 640.80 Td ( reflect repayments made on the revolving ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (facility of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.51 627.30 Td ($20.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.04 627.30 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 180.06 627.30 Td ($120.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.59 627.30 Td (, respectively) Tj ET Q q 0 0 0 rg BT 287.44 627.30 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 604.80 Td (Financing activities for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.55 604.80 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 249.09 604.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.59 604.80 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.64 604.80 Td ( also reflect the second annual installment of the base ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.30 Td (and contingent consideration, totaling $2.7 million, related to the acquisition of the remaining 40% ownership interest ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 577.80 Td (in ) Tj ET Q q 0 0 0 rg BT 81.01 577.80 Td (Aimia Middle East. ) 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 72.00 547.80 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 72.00 522.30 Td (Aimia anticipates that total capital requirements for the 2018 fiscal year will consist of between of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.70 522.30 Td ($30.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.23 522.30 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 508.80 Td ($35.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 508.80 Td ( in respect of capital expenditures. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 486.30 Td (While ) Tj ET Q q 0 0 0 rg BT 96.51 486.30 Td (Aimia declared dividends with respect to its common shares and preferred shares on May 10, 2017 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 472.80 Td (representing $30.4 million and $4.3 million, respectively) Tj ET Q q 0 0 0 rg BT 292.45 472.80 Td (, there can be no assurance that such dividends will be paid ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 459.30 Td (during the 2018 fiscal year or thereafter) Tj ET Q q 0 0 0 rg BT 228.59 459.30 Td (. ) Tj ET Q q 0 0 0 rg BT 233.43 459.30 Td (T) Tj ET Q q 0 0 0 rg BT 237.93 459.30 Td (o the extent such additional aggregate amount of $34.7 million in declared ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 445.80 Td (dividends was paid during the 2018 fiscal year) Tj ET Q q 0 0 0 rg BT 255.62 445.80 Td (, capital requirements would increase by such amount. In addition, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 432.30 Td (there can be no assurance that further dividends will be declared and paid with respect to the preferred shares for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 418.80 Td (2018 year \(which would represent an additional aggregate amount of approximately $17.4 million\). 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 72.00 405.30 Td (Dividends) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 111.52 405.30 Td ( section. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 379.80 Td (The capital requirements will be funded from operations, cash and securities, available cash from investments in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 366.30 Td (bonds to the extent required and where applicable \(i.e. in periods of unusually high redemption activity\) and undrawn ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 352.80 Td (credit facilities, if necessary) Tj ET Q q 0 0 0 rg BT 180.87 352.80 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 327.30 Td (The amount held in the cash and investments, as well as the types of securities in which it may be invested, are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 313.80 Td (based on policies established by management, which are reviewed periodically) Tj ET Q q 0 0 0 rg BT 385.51 313.80 Td (. Management is of the opinion that ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 300.30 Td (the cash and investments are suf) Tj ET Q q 0 0 0 rg BT 203.91 300.30 Td (ficient to cover redemption costs, including redemption costs incurred in periods of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 286.80 Td (unusually high redemption activity) Tj ET Q q 0 0 0 rg BT 206.41 286.80 Td (, as they become due, in the normal course of business. ) Tj ET Q q 0 0 0 rg BT 431.53 286.80 Td (As of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.54 286.80 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.59 286.80 Td (, the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 273.30 Td (Corporation held ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.04 273.30 Td ($530.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.58 273.30 Td ( in cash and investments.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 247.80 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 72.00 234.30 Td (their weighted average selling price and unrecognized Breakage. ) Tj ET Q q 0 0 0 rg BT 333.00 234.30 Td (The estimated consolidated Future Redemption ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 220.80 Td (Cost liability of those Loyalty Units, calculated at the current ) Tj ET Q q 0 0 0 rg BT 311.62 220.80 Td (A) Tj ET Q q 0 0 0 rg BT 317.46 220.80 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 72.00 207.30 Td (approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 130.53 207.30 Td ($1,934.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.57 207.30 Td (. ) Tj ET Q endstream endobj 99 0 obj <> endobj 100 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (48) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (CREDIT F) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 126.67 666.30 Td (ACILITIES ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 187.56 666.30 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 72.00 640.80 Td (The following is a summary of ) Tj ET Q q 0 0 0 rg BT 193.05 640.80 Td (Aimia) Tj ET Q q 0 0 0 rg BT 217.39 640.80 Td (s authorized and outstanding revolving facility and Senior Secured Notes:) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 618.30 236.00 -21.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 308.50 618.30 68.00 -21.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 376.50 618.30 4.00 -21.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 380.50 618.30 79.00 -21.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 459.50 618.30 4.00 -21.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 463.50 618.30 77.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.50 597.30 68.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 376.50 597.30 4.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 380.50 597.30 79.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.50 583.30 68.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 376.50 583.30 4.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 380.50 583.30 79.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.50 569.30 68.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 376.50 569.30 4.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 380.50 569.30 79.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.50 555.30 68.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 376.50 555.30 4.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 380.50 555.30 79.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.50 541.30 68.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 376.50 541.30 4.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 380.50 541.30 79.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 308.50 527.30 68.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 376.50 527.30 4.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 380.50 527.30 79.00 -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 308.5 555.3 m 376.5 555.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 380.5 555.3 m 459.5 555.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 463.5 555.3 m 540.5 555.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 555.3 m 308.5 555.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 308.5 555.3 m 376.5 555.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 376.5 555.3 m 380.5 555.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 380.5 555.3 m 459.5 555.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 459.5 555.3 m 463.5 555.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 463.5 555.3 m 540.5 555.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 380.5 527.3 m 459.5 527.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 463.5 527.3 m 540.5 527.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 527.3 m 308.5 527.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 514.3 m 308.5 514.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 512.3 m 308.5 512.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 308.5 527.3 m 376.5 527.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 514.3 m 376.5 514.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 512.3 m 376.5 512.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 376.5 527.3 m 380.5 527.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 514.3 m 380.5 514.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 512.3 m 380.5 512.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 380.5 527.3 m 459.5 527.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 514.3 m 459.5 514.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 512.3 m 459.5 512.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 459.5 527.3 m 463.5 527.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 514.3 m 463.5 514.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 512.3 m 463.5 512.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 463.5 527.3 m 540.5 527.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 514.3 m 540.5 514.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 512.3 m 540.5 512.3 l s BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 75.00 606.00 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 325.85 609.78 Td (Authorized at) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 322.25 601.78 Td (June 30, 2018) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 423.95 609.78 Td (Drawn at) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 405.25 601.78 Td (June 30, 2018) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 504.95 609.78 Td (Drawn at) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 466.70 601.78 Td (December 31, 2017) 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 75.00 588.28 Td (Revolving facility ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 136.80 592.09 Td (\(a\)\(d\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.25 588.33 Td (208.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 440.70 588.33 Td (79.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.25 587.58 Td (200.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 574.28 Td (Senior Secured Notes Series 4 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 187.06 578.09 Td (\(b\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 357.85 574.28 Td ( N/A) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.25 574.33 Td (250.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.25 573.58 Td (250.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 560.28 Td (Unamortized transaction costs ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 184.82 564.09 Td (\(c\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 357.85 560.28 Td ( N/A) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 442.50 560.33 Td (\(0.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.30 560.28 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.50 559.58 Td (\(0.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.30 559.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 546.28 Td (T) Tj ET Q q 0 0 0 rg BT 79.00 546.28 Td (otal long-term debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.25 546.33 Td (329.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 545.58 Td (449.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 532.28 Td (Less: current portion ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 150.15 536.09 Td (\(a\)\(b\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.25 531.58 Td (260.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.30 531.58 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 518.28 Td (Long-term debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.70 518.33 Td (69.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 517.58 Td (449.3) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 492.80 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 492.80 Td (In connection with the consent required for the release of one of ) Tj ET Q q 0 0 0 rg BT 335.70 492.80 Td (Aimia) Tj ET Q q 0 0 0 rg BT 357.34 492.80 Td (s subsidiary guarantors under its credit agreement, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 480.80 Td (Aimia reduced its overall debt level with a $100.0 million repayment made at closing of the Nectar transaction on January ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 468.80 Td (31, 2018. For more information on the Nectar transaction, please refer to the ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.4392156862745098 0.7529411764705882 rg BT 380.59 468.80 Td (Discontinued Operations and Disposal of ) Tj ET Q BT /F4 8.00 Tf ET q 0 0.4392156862745098 0.7529411764705882 rg BT 108.00 456.80 Td (Businesses and Other ) Tj ET Q q 0 0.4392156862745098 0.7529411764705882 rg BT 188.64 456.80 Td (Assets) 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 212.64 456.80 Td ( section. ) Tj ET Q q 0 0 0 rg BT 244.52 456.80 Td (The overall size of the facility was also reduced to $208.0 million. Depending on the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 444.80 Td (Corporation's credit ratings, the interest rates applicable to the revolving facility range between Canadian prime rate plus ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 432.80 Td (1.00% to 2.00% and the Bankers' ) Tj ET Q q 0 0 0 rg BT 228.28 432.80 Td (Acceptances and LIBOR rates plus 2.00% to 3.00%. In addition, ) Tj ET Q q 0 0 0 rg BT 456.86 432.80 Td (Aimia has agreed to ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 420.80 Td (other amendments to its credit agreement which are described later in this section. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 399.80 Td (In May 2018, an amount of $20.2 million was repaid on the revolving facility) Tj ET Q q 0 0 0 rg BT 373.78 399.80 Td (, representing 50% of the reported free cash ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 387.80 Td (flow in the first quarter of 2018. Based on the reported Free Cash Flow in the second quarter of 2018, ) Tj ET Q q 0 0 0 rg BT 468.21 387.80 Td (Aimia will repay an ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 375.80 Td (amount of $10.0 million, representing 50% of the reported Free Cash Flow in the quarter) Tj ET Q q 0 0 0 rg BT 419.73 375.80 Td (, on its revolving facility in ) Tj ET Q q 0 0 0 rg BT 512.21 375.80 Td (August ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 363.80 Td (2018. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 342.80 Td (At ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 117.78 342.80 Td (June30, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 168.49 342.80 Td (, amounts borrowed under the revolving facility were in the form of Bankers' ) Tj ET Q q 0 0 0 rg BT 437.26 342.80 Td (Acceptances, bearing an ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 330.80 Td (interest rate of 4.70%.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 309.80 Td (Aimia has issued irrevocable letters of credit in the aggregate amount of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 364.58 309.80 Td ($9.0 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 405.05 309.80 Td (. ) Tj ET Q q 0 0 0 rg BT 411.57 309.80 Td (This amount reduces the available ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 297.80 Td (credit under the revolving facility) Tj ET Q q 0 0 0 rg BT 221.68 297.80 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 276.80 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 276.80 Td (On May 17, 2012, ) Tj ET Q q 0 0 0 rg BT 173.38 276.80 Td (Aimia issued Senior Secured Notes Series 4 in the principal amount of $250.0 million. ) Tj ET Q q 0 0 0 rg BT 478.28 276.80 Td (These notes ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 264.80 Td (were issued with a coupon interest of 5.60% per annum, subject to adjustment depending on the Corporation's credit ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 252.80 Td (ratings, payable semi-annually in arrears on May 17 and November 17 of each year) Tj ET Q q 0 0 0 rg BT 403.27 252.80 Td (, commencing November 17, 2012, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 240.80 Td (and mature on May 17, 2019. ) Tj ET Q q 0 0 0 rg BT 214.29 240.80 Td (As a result of credit rating downgrades by DBRS and S&P) Tj ET Q q 0 0 0 rg BT 419.59 240.80 Td ( in ) Tj ET Q q 0 0 0 rg BT 429.82 240.80 Td (August 2017, the notes ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 228.80 Td (currently bear interest at 6.85% per annum. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 207.80 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 207.80 Td (Long-term debt is presented net of unamortized transaction costs.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 186.80 Td (\(d\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 186.80 Td (The issued Senior Secured Notes Series 5, in the principal amount of $200.0 million bearing interest at 4.35% per annum, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 174.80 Td (were early redeemed on June 12, 2017 with cash drawn from the revolving facility) Tj ET Q q 0 0 0 rg BT 396.45 174.80 Td (. ) Tj ET Q q 0 0 0 rg BT 400.45 174.80 Td (Additionally) Tj ET Q q 0 0 0 rg BT 440.77 174.80 Td (, ) Tj ET Q q 0 0 0 rg BT 444.77 174.80 Td (Aimia paid interest ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 162.80 Td (accrued on the Senior Secured Notes Series 5 up to repayment date, representing $3.4 million, as well as an early ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 150.80 Td (redemption premium of $3.6 million, during the second quarter of 2017. ) Tj ET Q endstream endobj 101 0 obj <> endobj 102 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (49) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (In addition to the repayment of $100.0 million on the revolving facility and the overall reduction of the size of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (revolving facility) Tj ET Q q 0 0 0 rg BT 134.85 654.95 Td (, ) Tj ET Q q 0 0 0 rg BT 139.36 654.95 Td (Aimia agreed to certain amendments to the credit agreement, which include:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 632.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 632.45 Td (quarterly debt pay-downs contingent on positive free cash flow performance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 618.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 618.95 Td (elimination of the Deferred Revenue Reserve \(DRR\) Fund requirement alongside insertion of a minimum ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 605.45 Td (liquidity covenant) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 591.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 591.95 Td (tighter leverage ratio covenants) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 578.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 578.45 Td (tighter restrictions on common and preferred share dividend payments and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 564.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 564.95 Td (revised conditions around acquisitions and disposals. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 542.45 Td (The Senior Secured Notes Series 4 are secured by certain present and future undertakings, property and assets of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 528.95 Td (the Corporation and certain of its subsidiaries and rank equally and pari passu, including with respect to security ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 515.45 Td (interest, with all other present and future unsubordinated debt of the Corporation, and are subject to compliance with ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 501.95 Td (certain af) Tj ET Q q 0 0 0 rg BT 108.86 501.95 Td (firmative and negative covenants.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 476.45 Td (The continued availability of the credit facility is subject to ) Tj ET Q q 0 0 0 rg BT 302.12 476.45 Td (Aimia) Tj ET Q q 0 0 0 rg BT 326.46 476.45 Td (s ability to maintain certain leverage, debt service ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 462.95 Td (and interest coverage covenants, as well as other af) Tj ET Q q 0 0 0 rg BT 279.46 462.95 Td (firmative and negative covenants, including certain limitations of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 449.45 Td (distributions in the form of dividends or equity repayments in any given fiscal year) Tj ET Q q 0 0 0 rg BT 395.17 449.45 Td (, as set out in the credit agreement.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 423.95 Td (The following table illustrates the financial ratios calculated as at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.14 423.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.19 423.95 Td ( on a trailing twelve-month basis:) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 401.45 344.00 -21.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 416.50 401.45 60.00 -21.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 476.50 401.45 4.00 -21.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 480.50 401.45 60.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 338.45 m 416.5 338.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 338.45 m 476.5 338.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 338.45 m 480.5 338.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 338.45 m 540.5 338.45 l s BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 75.00 388.65 Td (Ratio) Tj ET Q BT /F3 9.00 Tf ET q 1 1 1 rg BT 447.45 388.65 Td (Result) Tj ET Q BT /F3 9.00 Tf ET q 1 1 1 rg BT 520.45 388.65 Td (T) Tj ET Q q 1 1 1 rg BT 524.95 388.65 Td (est) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 371.15 Td (Leverage) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.45 371.15 Td (1.46) Tj ET Q /GS0 gs q 24.96 0 0 8.45 512.00 369.25 cm /I15 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 357.15 Td (Debt service ) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 127.52 361.44 Td (\(a\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 357.15 Td (\(0.85) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.00 357.15 Td (\)) Tj ET Q /GS0 gs q 24.96 0 0 8.45 512.00 355.25 cm /I16 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 343.15 Td (Interest coverage) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.45 343.15 Td (12.78) Tj ET Q /GS0 gs q 24.96 0 0 8.45 512.00 341.25 cm /I17 Do Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 314.95 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 314.95 Td (This ratio takes into account ) Tj ET Q q 0 0 0 rg BT 209.39 314.95 Td (Aimia) Tj ET Q q 0 0 0 rg BT 231.02 314.95 Td (s net debt, calculated as long-term debt less cash, restricted cash, short-term ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 302.95 Td (investments and long-term investments in corporate and government bonds.) 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 72 262.64863281249995 m 464.701171875 262.64863281249995 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 264.55 Td (INVESTMENTS IN EQUITY) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 220.46 264.55 Td ( INSTRUMENTS, ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 316.69 264.55 Td (ASSOCIA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 370.47 264.55 Td (TES ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 396.70 264.55 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 72 248.24863281249998 m 174.66796875 248.24863281249998 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 250.15 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 72.00 224.65 Td (The table below summarizes ) Tj ET Q q 0 0 0 rg BT 188.55 224.65 Td (Aimia's investments in equity instruments, associates and joint arrangements at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 211.15 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.05 211.15 Td (:) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 191.65 94.00 -45.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 166.50 191.65 90.00 -45.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 256.50 191.65 66.00 -45.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 322.50 191.65 55.00 -45.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 377.50 191.65 65.00 -45.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 442.50 191.65 43.00 -45.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 485.50 191.65 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 66.64999999999998 m 166.5 66.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 66.64999999999998 m 256.5 66.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 66.64999999999998 m 322.5 66.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 66.64999999999998 m 377.5 66.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 66.64999999999998 m 442.5 66.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 66.64999999999998 m 485.5 66.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 66.64999999999998 m 540.5 66.64999999999998 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 75.00 167.13 Td (Name) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 169.00 167.13 Td (Nature of business) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 259.00 171.13 Td (Nature of) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 259.00 163.13 Td (investment) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 325.00 171.13 Td (Reporting) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 325.00 163.13 Td (segment) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 380.00 179.13 Td (Country of) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 380.00 171.13 Td (incorporation) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 380.00 163.13 Td (and place of) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 380.00 155.13 Td (business) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 445.00 175.13 Td (% of) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 445.00 167.13 Td (ownership) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 445.00 159.13 Td (interest) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 488.00 171.13 Td (Measurement) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 488.00 163.13 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 75.00 134.63 Td (PLM) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 169.00 134.63 Td (Coalition Loyalty) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.00 134.63 Td (Joint venture) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.00 134.63 Td (Coalitions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.00 134.63 Td (Mexico) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.40 134.63 Td (48.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.35 134.63 Td (Equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 114.63 Td (Think Big) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 169.00 114.63 Td (Coalition Loyalty) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.00 114.63 Td (Joint venture) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.00 114.63 Td (Coalitions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.00 114.63 Td (Malaysia) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.40 114.63 Td (20.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.35 114.63 Td (Equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 94.63 Td (Cardlytics) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 169.00 98.33 Td (Loyalty Solutions &) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 169.00 90.33 Td (Analytics and Insights) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.00 98.33 Td (Equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.00 90.33 Td (instrument) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.00 98.33 Td (Other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.00 90.33 Td (businesses) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.00 94.63 Td (United States) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.50 94.63 Td (< 20.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.90 94.63 Td (Fair value) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 74.63 Td (Fractal ) Tj ET Q q 0 0 0 rg BT 101.45 74.63 Td (Analytics) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 169.00 74.63 Td (Analytics and Insights) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.00 78.33 Td (Equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.00 70.33 Td (instrument) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.00 78.33 Td (Other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.00 70.33 Td (businesses) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.00 74.63 Td (India) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.95 74.63 Td (< 5.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.90 74.63 Td (Fair value) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 103 0 obj <> endobj 104 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (50) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (EQUITY) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 116.01 666.30 Td (-ACCOUNTED INVESTMENTS) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 643.80 320.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 392.50 643.80 72.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 464.50 643.80 4.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 468.50 643.80 72.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 619.80 320.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 392.50 619.80 72.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 464.50 619.80 4.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 468.50 619.80 72.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 392.50 606.80 72.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 392.50 593.80 72.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 392.50 580.80 72.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 580.8 m 392.5 580.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 392.5 580.8 m 464.5 580.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 580.8 m 468.5 580.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 580.8 m 540.5 580.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 580.8 m 392.5 580.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 568.8 m 392.5 568.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 566.8 m 392.5 566.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 392.5 580.8 m 464.5 580.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 568.8 m 464.5 568.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 566.8 m 464.5 566.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 580.8 m 468.5 580.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 568.8 m 468.5 568.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 566.8 m 468.5 566.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 580.8 m 540.5 580.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 568.8 m 540.5 568.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 566.8 m 540.5 566.8 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 75.00 629.78 Td (As at) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 430.30 629.78 Td (June 30,) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 486.75 629.78 Td (December 31,) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 611.50 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 443.20 611.28 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 519.20 611.28 Td (2017) 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 75.00 598.28 Td (Investment in PLM ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 143.47 602.09 Td (\(a\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.70 598.33 Td (93.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.70 598.33 Td (82.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 585.28 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 263.54 589.09 Td (\(b\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.70 585.33 Td (18.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.70 585.33 Td (17.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 572.28 Td (T) Tj ET Q q 0 0 0 rg BT 79.29 572.28 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.25 572.33 Td (1) Tj ET Q q 0 0 0 rg BT 445.70 572.33 Td (1) Tj ET Q q 0 0 0 rg BT 450.15 572.33 Td (1.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.70 572.33 Td (99.7) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 544.30 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 544.30 Td (During the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 147.13 544.30 Td (three and six months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 245.86 544.30 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 248.09 544.30 Td (June30, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 298.80 544.30 Td (, ) Tj ET Q q 0 0 0 rg BT 302.80 544.30 Td (Aimia received distributions from PLM of $4.4 million \(US$3.4 ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 532.30 Td (million\) and $8.8 million \(US$6.8 million\), respectively) Tj ET Q q 0 0 0 rg BT 296.81 532.30 Td (, compared to distributions of $4.6 million \(US$3.4 million\) and $9.1 ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 520.30 Td (million \(US$6.8 million\) for the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 216.93 520.30 Td (three and six months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 315.66 520.30 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 317.88 520.30 Td (June30, 2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 368.59 520.30 Td (, respectively) Tj ET Q q 0 0 0 rg BT 414.68 520.30 Td (. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 496.30 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 496.30 Td (During the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 147.13 496.30 Td (three and six months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 245.86 496.30 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 248.09 496.30 Td (June30, 2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 298.80 496.30 Td (, ) Tj ET Q q 0 0 0 rg BT 302.80 496.30 Td (Aimia received distributions from equity-accounted investments in ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 484.30 Td (joint ventures of $2.9 million and $5.7 million, respectively) Tj ET Q q 0 0 0 rg BT 311.51 484.30 Td (. ) Tj ET Q q 0 0 0 rg BT 315.81 484.30 Td (These amounts included distributions from i2c of $1.7 million ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 472.30 Td (and $3.7 million for the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 191.16 472.30 Td (three and six months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 289.89 472.30 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 292.11 472.30 Td (June30, 2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.82 472.30 Td (, respectively) Tj ET Q q 0 0 0 rg BT 388.91 472.30 Td (. ) Tj ET Q q 0 0 0 rg BT 392.92 472.30 Td (At December 31, 2017, the carrying ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 460.30 Td (amount of the investment in i2c was presented in assets held for sale. On January 31, 2018, the investment in i2c was ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 448.30 Td (disposed of as part of the sale of the Nectar coalition loyalty program and related assets.) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 425.80 240.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 312.50 425.80 112.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 424.50 425.80 4.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 428.50 425.80 112.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 401.80 240.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 312.50 401.80 56.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 368.50 401.80 56.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 424.50 401.80 4.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 428.50 401.80 56.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 484.50 401.80 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 388.80 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 428.50 388.80 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 375.80 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 428.50 375.80 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 362.80 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 428.50 362.80 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 349.80 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 428.50 349.80 56.00 -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 312.5 349.8 m 368.5 349.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 368.5 349.8 m 424.5 349.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 424.5 349.8 m 428.5 349.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 349.8 m 484.5 349.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 484.5 349.8 m 540.5 349.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 349.8 m 312.5 349.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 337.8 m 312.5 337.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 335.8 m 312.5 335.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 312.5 349.8 m 368.5 349.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 337.8 m 368.5 337.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 335.8 m 368.5 335.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 368.5 349.8 m 424.5 349.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 337.8 m 424.5 337.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 335.8 m 424.5 335.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 424.5 349.8 m 428.5 349.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 337.8 m 428.5 337.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 335.8 m 428.5 335.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 349.8 m 484.5 349.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 337.8 m 484.5 337.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 335.8 m 484.5 335.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 484.5 349.8 m 540.5 349.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 337.8 m 540.5 337.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 335.8 m 540.5 335.8 l s BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 75.00 411.78 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 330.60 415.78 Td (Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 352.65 407.78 Td (June 30,) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 451.50 415.78 Td (Six Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 468.65 407.78 Td (June 30,) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 393.50 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 347.20 393.28 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 403.20 393.28 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 463.20 393.28 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 519.20 393.28 Td (2017) 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 75.00 380.28 Td (Investment in PLM) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.15 380.28 Td (5.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.15 380.28 Td (4.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.70 380.33 Td (15.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.70 380.33 Td (13.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 367.28 Td (Other equity-accounted investments in joint ventures) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 351.50 367.33 Td (\(0.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.30 367.28 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 407.50 367.33 Td (\(1.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.30 367.28 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 473.25 367.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.50 367.33 Td (\(0.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.30 367.28 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 354.28 Td (Equity-accounted investments in associates ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 232.41 358.09 Td (\(a\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 357.25 354.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.25 354.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 473.25 354.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.15 354.28 Td (2.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 341.28 Td (T) Tj ET Q q 0 0 0 rg BT 79.29 341.28 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.15 341.28 Td (5.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.15 341.28 Td (3.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.70 341.33 Td (15.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.70 341.33 Td (15.4) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 313.30 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 313.30 Td (During the three months ended March 31, 2017, ) Tj ET Q q 0 0 0 rg BT 280.11 313.30 Td (Aimia exited its investment in ) Tj ET Q q 0 0 0 rg BT 385.34 313.30 Td (T) Tj ET Q q 0 0 0 rg BT 389.93 313.30 Td (ravel Club for a consideration receivable ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 301.30 Td (of $3.7 million. ) Tj ET Q q 0 0 0 rg BT 161.36 301.30 Td (As a result, a gain of $2.7 million was recorded during the three months ended March 31, 2017 and is ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 289.30 Td (presented in share of net earnings \(loss\) of equity-accounted investments. ) Tj ET Q q 0 0 0 rg BT 372.45 289.30 Td (The consideration was collected in ) Tj ET Q q 0 0 0 rg BT 496.52 289.30 Td (April 2017. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 263.80 Td (PLM reported Gross Billings of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.55 263.80 Td ($84.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.08 263.80 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.10 263.80 Td ($158.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.63 263.80 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.14 263.80 Td (three and six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.22 263.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.72 263.80 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.77 263.80 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 250.30 Td (respectively) Tj ET Q q 0 0 0 rg BT 118.85 250.30 Td (, compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 176.38 250.30 Td ($73.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.91 250.30 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.92 250.30 Td ($138.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.46 250.30 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.97 250.30 Td (three and six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.05 250.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.55 250.30 Td (June30, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.60 250.30 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 236.80 Td (respectively) Tj ET Q q 0 0 0 rg BT 118.85 236.80 Td (. ) Tj ET Q endstream endobj 105 0 obj <> endobj 106 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (51) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 254.3349609375 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (MEASUREMENT UNCERT) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 218.44 666.30 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 72.00 640.80 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 72.00 627.30 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 72.00 613.80 Td (been recorded. ) Tj ET Q q 0 0 0 rg BT 134.88 613.80 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 417.52 613.80 Td ($590.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.06 613.80 Td ( at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.56 613.80 Td (June30, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 600.30 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.02 600.30 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 577.80 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 72.00 564.30 Td (cost, reflecting actual prices with Redemption Partners, including ) Tj ET Q q 0 0 0 rg BT 331.63 564.30 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 72.00 550.80 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 72.00 528.30 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 528.30 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 140.05 528.30 Td (, the Corporation does not have historical data on the ) Tj ET Q q 0 0 0 rg BT 353.69 528.30 Td (Aeroplan Program without ) Tj ET Q q 0 0 0 rg BT 459.75 528.30 Td (Air Canada as a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 514.80 Td (partner) Tj ET Q q 0 0 0 rg BT 100.02 514.80 Td (. ) Tj ET Q q 0 0 0 rg BT 104.52 514.80 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 150.38 514.80 Td (, while ) Tj ET Q q 0 0 0 rg BT 177.89 514.80 Td (Air Canada will remain a partner of the ) Tj ET Q q 0 0 0 rg BT 333.47 514.80 Td (Aeroplan Program on its current terms until June ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 501.30 Td (2020, the model used to estimate Breakage cannot accurately project expected member behaviour based on this ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 487.80 Td (expected change to the ) Tj ET Q q 0 0 0 rg BT 167.58 487.80 Td (Aeroplan Program after June 2020 or any changes to member behaviour following ) Tj ET Q q 0 0 0 rg BT 496.77 487.80 Td (Air ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 474.30 Td (Canada's announcement of non-renewal. Management has reviewed the activity within the ) Tj ET Q q 0 0 0 rg BT 434.43 474.30 Td (Aeroplan Program since ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 460.80 Td (the date of the non-renewal notice of ) Tj ET Q q 0 0 0 rg BT 220.10 460.80 Td (Air Canada) Tj ET Q q 0 0 0 rg BT 266.97 460.80 Td (s participation in the ) Tj ET Q q 0 0 0 rg BT 349.02 460.80 Td (Aeroplan program and compared it to historical ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 447.30 Td (patterns. ) Tj ET Q q 0 0 0 rg BT 109.02 447.30 Td (Although we have seen an increase in redemption since the ) Tj ET Q q 0 0 0 rg BT 349.18 447.30 Td (Air Canada non-renewal announcement, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 433.80 Td (considering all information available and analysis performed to date,management considers that the Breakage ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 420.30 Td (estimate remains adequate at this time. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 394.80 Td (Management has calculated that the cumulative ef) Tj ET Q q 0 0 0 rg BT 272.46 394.80 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 72.00 381.30 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 379.20 381.30 Td ($164.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.73 381.30 Td ( for the period in which ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 367.80 Td (the change occurred, with ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 177.56 367.80 Td ($155.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.09 367.80 Td ( relating to prior years and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.15 367.80 Td ($9.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.67 367.80 Td ( relating to the current six month ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 354.30 Td (period. ) Tj ET Q endstream endobj 107 0 obj <> endobj 108 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (52) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 420.908203125 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (PROVISIONS, CONTINGENT LIABILITIES ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 307.57 666.30 Td (AND GUARANTEES) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 636.30 Td (PROVISIONS) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 613.80 295.00 -30.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 367.50 613.80 57.00 -30.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 424.50 613.80 57.00 -30.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 481.50 613.80 59.00 -30.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 367.50 505.80 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 424.50 505.80 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 481.50 505.80 59.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 367.50 492.80 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 424.50 492.80 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 481.50 492.80 59.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 367.50 479.80 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 424.50 479.80 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 481.50 479.80 59.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 367.50 466.80 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 424.50 466.80 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 481.50 466.80 59.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 367.50 453.80 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 424.50 453.80 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 481.50 453.80 59.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 367.50 440.80 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 424.50 440.80 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 481.50 440.80 59.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 367.50 427.80 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 424.50 427.80 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 481.50 427.80 59.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 367.50 414.80 57.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 424.50 414.80 57.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 481.50 414.80 59.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 570.8 m 367.5 570.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 570.8 m 424.5 570.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 570.8 m 481.5 570.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 570.8 m 540.5 570.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 570.8 m 367.5 570.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 570.8 m 481.5 570.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 518.8 m 367.5 518.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 367.5 518.8 m 424.5 518.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 424.5 518.8 m 481.5 518.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 481.5 518.8 m 540.5 518.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 518.8 m 367.5 518.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 505.8 m 367.5 505.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 367.5 518.8 m 424.5 518.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 505.8 m 424.5 505.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 424.5 518.8 m 481.5 518.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 505.8 m 481.5 505.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 481.5 518.8 m 540.5 518.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 505.8 m 540.5 505.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 505.8 m 424.5 505.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 505.8 m 481.5 505.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 505.8 m 540.5 505.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 453.8 m 367.5 453.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 367.5 453.8 m 424.5 453.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 424.5 453.8 m 481.5 453.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 481.5 453.8 m 540.5 453.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 441.8 m 367.5 441.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 439.8 m 367.5 439.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 441.8 m 424.5 441.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 439.8 m 424.5 439.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 441.8 m 481.5 441.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 439.8 m 481.5 439.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 441.8 m 540.5 441.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 439.8 m 540.5 439.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 400.8 m 367.5 400.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 400.8 m 424.5 400.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 400.8 m 481.5 400.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 400.8 m 540.5 400.8 l s BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 75.00 597.00 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 403.65 604.78 Td (Card) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 388.05 596.78 Td (Migration) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 388.05 588.78 Td (Provision) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 447.30 604.78 Td (Onerous) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 447.75 596.78 Td (Contract) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 445.05 588.78 Td (Provision) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 520.10 596.78 Td (T) Tj ET Q q 1 1 1 rg BT 524.10 596.78 Td (otal) Tj ET Q BT /F2 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 77.00 575.28 Td (Balance at December 31, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.15 575.28 Td (5.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.25 575.28 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.15 575.28 Td (5.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 562.28 Td (Provision recorded during the year) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.25 562.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.70 562.33 Td (20.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.70 562.33 Td (20.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 549.28 Td (Provision used during the year) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 407.50 549.08 Td (\(1.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.30 549.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.50 549.08 Td (\(1.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 478.30 549.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.50 549.08 Td (\(2.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.30 549.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 536.28 Td (Provision reversed during the year) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 407.50 536.08 Td (\(2.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.30 536.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.25 536.03 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.50 536.08 Td (\(2.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.30 536.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 523.28 Td (Foreign exchange translation adjustment) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.25 523.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.50 523.33 Td (\(1.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 478.30 523.28 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.50 523.33 Td (\(1.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.30 523.28 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 510.28 Td (Balance at December 31, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.15 510.28 Td (2.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.70 510.33 Td (17.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.70 510.33 Td (19.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 497.28 Td (Provision recorded during the period) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.25 497.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.25 497.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.25 497.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 484.28 Td (Provision used during the period) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 407.50 484.33 Td (\(1.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.30 484.28 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.50 484.33 Td (\(1.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 478.30 484.28 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.50 484.33 Td (\(2.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.30 484.28 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 471.28 Td (Provision reversed during the period) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 407.50 471.33 Td (\(0.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.30 471.28 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.25 471.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.50 471.33 Td (\(0.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.30 471.28 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 458.28 Td (Foreign exchange translation adjustment) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.25 458.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.15 458.28 Td (0.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.15 458.28 Td (0.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 445.28 Td (Balance at June 30, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.15 445.28 Td (0.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.70 445.33 Td (16.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.70 445.33 Td (16.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 432.28 Td (Represented by:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 419.28 Td (Current portion) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.15 419.28 Td (0.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.15 419.28 Td (3.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.15 419.28 Td (3.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 405.78 Td (Long-term portion) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.25 405.78 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.70 405.83 Td (13.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.70 405.83 Td (13.2) Tj ET Q BT /F1 10.00 Tf ET 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 72.00 377.30 Td (Asset Purchase ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 149.45 377.30 Td (Agreement) Tj ET Q BT /F5 10.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 201.68 377.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 351.80 Td (On September 16, 2013, ) Tj ET Q q 0 0 0 rg BT 172.57 351.80 Td (Aimia entered into an asset purchase agreement and a migration agreement with ) Tj ET Q q 0 0 0 rg BT 497.59 351.80 Td (TD and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 338.30 Td (CIBC, 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 72.00 324.80 Td (2013. In relation to these agreements, based on the net migration of ) Tj ET Q q 0 0 0 rg BT 344.68 324.80 Td (Aeroplan-branded credit card accounts between ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 311.30 Td (CIBC and ) Tj ET Q q 0 0 0 rg BT 113.36 311.30 Td (TD, ) Tj ET Q q 0 0 0 rg BT 129.86 311.30 Td (Aimia will be responsible for) Tj ET Q q 0 0 0 rg BT 240.91 311.30 Td (, or entitled to receive, up to $100.0 million over the five year period ending ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 297.80 Td (in December 2018. ) Tj ET Q q 0 0 0 rg BT 150.05 297.80 Td (As a result, a provision was recorded in general and administrative expenses during the fourth ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 284.30 Td (quarter of 2013.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 258.80 Td (At December 31, 2016, the provision amounted to $5.4 million. During the first quarter of 2017, an amount of $1.0 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 245.30 Td (million was paid by ) Tj ET Q q 0 0 0 rg BT 149.54 245.30 Td (Aimia, representing the payment relating to the 2016 calendar year in accordance with the terms ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 231.80 Td (of the migration agreement. During the third quarter of 2017, based on actual card migration data and management) Tj ET Q q 0 0 0 rg BT 532.12 231.80 Td (s ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 218.30 Td (estimate of migration patterns going forward, the Card Migration Provision was reduced by an amount of $2.0 million. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 204.80 Td (The adjustment was recorded as a reduction to general and administrative expenses.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 179.30 Td (During the first quarter of 2018, an amount of $1.0 million was paid by ) Tj ET Q q 0 0 0 rg BT 351.66 179.30 Td (Aimia, representing the payment relating to the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 165.80 Td (2017 calendar year in accordance with the terms of the migration agreement. During the second quarter of 2018, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 152.30 Td (based on actual card migration data and management) Tj ET Q q 0 0 0 rg BT 289.48 152.30 Td (s estimate of migration patterns going forward, the Card ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 138.80 Td (Migration Provision was reduced by an amount of $0.7 million. ) Tj ET Q q 0 0 0 rg BT 321.97 138.80 Td (The adjustment was recorded as a reduction to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 125.30 Td (general and administrative expenses.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 99.80 Td (At this time, the provision represents management's best estimate.) Tj ET Q endstream endobj 109 0 obj <> endobj 110 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (53) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 667.75 Td (Onerous Contract Provision) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 642.25 Td (Upon the disposal the U.S. CEL) Tj ET Q q 0 0 0 rg BT 198.74 642.25 Td ( Business, the costs under an IT) Tj ET Q q 0 0 0 rg BT 327.14 642.25 Td ( outsourcing arrangement in the US were considered ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 628.75 Td (onerous as the unavoidable costs of meeting the obligations under the contract exceed the economic benefits ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 615.25 Td (expected to be received under it. ) Tj ET Q q 0 0 0 rg BT 204.59 615.25 Td (As a result, a provision of $20.3 million was recorded during the second quarter of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 601.75 Td (2017 in general and administrative expenses. ) Tj ET Q q 0 0 0 rg BT 255.45 601.75 Td (The provision represents the remaining payments to be made under ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 588.25 Td (the arrangement in the US until May 2025. ) 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 72.00 558.25 Td (CONTINGENT LIABILITIES ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 226.22 558.25 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 72.00 532.75 Td (Aimia has agreed to indemnify its directors and of) Tj ET Q q 0 0 0 rg BT 268.94 532.75 Td (ficers, and the directors and of) Tj ET Q q 0 0 0 rg BT 389.84 532.75 Td (ficers of its subsidiaries, to the extent ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 519.25 Td (permitted under corporate law) Tj ET Q q 0 0 0 rg BT 191.07 519.25 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 72.00 505.75 Td (administrative or investigative proceeding in which said directors or of) Tj ET Q q 0 0 0 rg BT 348.47 505.75 Td (ficers are sued as a result of their services. ) Tj ET Q q 0 0 0 rg BT 521.88 505.75 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 492.25 Td (directors and of) Tj ET Q q 0 0 0 rg BT 133.87 492.25 Td (ficers are covered by directors) Tj ET Q q 0 0 0 rg BT 256.08 492.25 Td ( and of) Tj ET Q q 0 0 0 rg BT 283.44 492.25 Td (ficers) Tj ET Q q 0 0 0 rg BT 306.61 492.25 Td ( liability insurance. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 469.75 Td (In limited circumstances, ) Tj ET Q q 0 0 0 rg BT 172.53 469.75 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 72.00 456.25 Td (performance obligations of its subsidiaries under commercial contracts. ) Tj ET Q q 0 0 0 rg BT 357.13 456.25 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.13 456.25 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.18 456.25 Td (, ) Tj ET Q q 0 0 0 rg BT 429.69 456.25 Td (Aimia) Tj ET Q q 0 0 0 rg BT 454.03 456.25 Td (s maximum exposure ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 442.75 Td (under such guarantees was estimated to amount to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.12 442.75 Td ($2.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.65 442.75 Td (. No amount has been recorded in the financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 429.25 Td (statements with respect to the indemnification and guarantee agreements.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 406.75 Td (As part of the sale of Nectar and related assets, the Company agreed to provide indemnification to the buyer in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 393.25 Td (event that the buyer suf) Tj ET Q q 0 0 0 rg BT 165.90 393.25 Td (fers losses as a result of certain pre-completion actions and breaches of the purchase ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 379.75 Td (agreement, including breaches of covenants and representations and warranties. ) Tj ET Q q 0 0 0 rg BT 397.04 379.75 Td (The terms of the indemnification ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 366.25 Td (obligations vary in duration, from 18 months to two years for certain types of indemnities, while terms for tax ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 352.75 Td (indemnification obligations are generally aligned to the applicable statute of limitations. ) Tj ET Q q 0 0 0 rg BT 418.55 352.75 Td (The maximum potential future ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 339.25 Td (payments that the Company could be required to make under these indemnifications are contractually limited to a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 325.75 Td (specified amount. ) Tj ET Q q 0 0 0 rg BT 144.88 325.75 Td (The Company believes that the maximum potential future payments that it could be required to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 312.25 Td (make under these indemnifications are not determinable at this time, as any future payments would be dependent on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 298.75 Td (the type and extent of the related claims, and all available defences, which cannot be estimated. However) Tj ET Q q 0 0 0 rg BT 491.75 298.75 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 285.25 Td (historically) Tj ET Q q 0 0 0 rg BT 113.34 285.25 Td (, costs incurred to settle claims related to these indemnifications have not been material to the Company) Tj ET Q q 0 0 0 rg BT 529.90 285.25 Td (s ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 271.75 Td (consolidated financial position, net income or cash flows.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 244.75 Td (On July 2, 2009, ) Tj ET Q q 0 0 0 rg BT 139.54 244.75 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 72.00 231.25 Td (representative in the Superior Court of Quebec. ) Tj ET Q q 0 0 0 rg BT 263.44 231.25 Td (The motion was heard on May 9 and 10, 201) Tj ET Q q 0 0 0 rg BT 441.39 231.25 Td (1 and ) Tj ET Q q 0 0 0 rg BT 465.91 231.25 Td (Aeroplan was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 217.75 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 72.00 204.25 Td (motion for the petitioner to bring a class action. ) Tj ET Q q 0 0 0 rg BT 260.94 204.25 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 72.00 190.75 Td (could be instituted. ) Tj ET Q q 0 0 0 rg BT 149.05 190.75 Td (A) Tj ET Q q 0 0 0 rg BT 154.56 190.75 Td ( notice of the judgment authorizing the class action was published on ) Tj ET Q q 0 0 0 rg BT 430.73 190.75 Td (April 6, 2013.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 165.25 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 72.00 151.75 Td (the mileage expiry and accumulation rules of the ) Tj ET Q q 0 0 0 rg BT 267.11 151.75 Td (Aeroplan Program announced on October 16, 2006, reimbursement ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 138.25 Td (of any amounts expended by ) Tj ET Q q 0 0 0 rg BT 189.58 138.25 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 72.00 124.75 Td (an undetermined amount in exemplary damages on behalf of each class member) Tj ET Q q 0 0 0 rg BT 394.69 124.75 Td (. ) Tj ET Q q 0 0 0 rg BT 399.52 124.75 Td (The parties have agreed upon a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 111.25 Td (timetable for procedural matters leading up to readiness for trial. ) Tj ET Q endstream endobj 111 0 obj <> endobj 112 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (54) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (Management has filed a strong defence to this class action. If the ultimate resolution of this class action lawsuit dif) Tj ET Q q 0 0 0 rg BT 524.58 668.45 Td (fers ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (from management) Tj ET Q q 0 0 0 rg BT 146.87 654.95 Td (s assessment and assumptions, a material adjustment to the financial position and results of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (operations could result.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 615.95 Td (On December 17, 2014, ) Tj ET Q q 0 0 0 rg BT 170.06 615.95 Td (Aimia was served with two motions for authorization to institute a class action and to obtain ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 602.45 Td (the status of representative in the Superior Court of Quebec. ) Tj ET Q q 0 0 0 rg BT 314.97 602.45 Td (These proceedings seek reimbursement of fuel ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 588.95 Td (surcharges paid by ) Tj ET Q q 0 0 0 rg BT 150.05 588.95 Td (Aeroplan members since December 12, 201) Tj ET Q q 0 0 0 rg BT 325.47 588.95 Td (1 when redeeming miles for flights operated by ) Tj ET Q q 0 0 0 rg BT 514.07 588.95 Td (Air ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 575.45 Td (Canada, ) Tj ET Q q 0 0 0 rg BT 108.03 575.45 Td (Air Canada Rouge and ) Tj ET Q q 0 0 0 rg BT 201.60 575.45 Td (Air Canada Express within North ) Tj ET Q q 0 0 0 rg BT 333.66 575.45 Td (America, and the reimbursement of airport ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 561.95 Td (improvement fees paid by ) Tj ET Q q 0 0 0 rg BT 177.06 561.95 Td (Aeroplan members when redeeming miles for flights departing from a number of Canadian ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 548.45 Td (airports, as well as $100 in punitive damages for each class member in each action. On June 5, 2015, ) Tj ET Q q 0 0 0 rg BT 479.23 548.45 Td (Aimia was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 534.95 Td (served with another motion for authorization to institute a class action and to obtain the status of representative in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 521.45 Td (Superior Court of Quebec. ) Tj ET Q q 0 0 0 rg BT 179.39 521.45 Td (This proposed proceeding seeks reimbursement of passenger charges paid by ) Tj ET Q q 0 0 0 rg BT 494.57 521.45 Td (Aeroplan ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 507.95 Td (members since June 9, 2012 when redeeming miles for ) Tj ET Q q 0 0 0 rg BT 295.11 507.95 Td (Air Canada flight tickets with segments to and/or from a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 494.45 Td (number of airports in Europe and Japan, as well as $100 in punitive damages for each class member) Tj ET Q q 0 0 0 rg BT 473.23 494.45 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 468.95 Td (These three motions were heard concurrently on February 24, 2017. In judgments rendered on July 1) Tj ET Q q 0 0 0 rg BT 474.56 468.95 Td (1, 2017, the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 455.45 Td (Superior Court of Quebec authorized the motions for the petitioners to bring class actions. ) Tj ET Q q 0 0 0 rg BT 431.53 455.45 Td (These motions were the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 441.95 Td (first procedural step before any class action could be instituted. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 416.45 Td (Aimia appealed from the judgments authorizing the motions and the class action proceedings have not yet been ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 402.95 Td (served. While ) Tj ET Q q 0 0 0 rg BT 128.52 402.95 Td (Aimia was successful in obtaining leave to appeal to the Qubec Court of ) Tj ET Q q 0 0 0 rg BT 421.69 402.95 Td (Appeal from the judgments, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 389.45 Td (Aimia was not successful in having the judgments overturned by the Court of ) Tj ET Q q 0 0 0 rg BT 379.16 389.45 Td (Appeal. Class action proceedings will ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 375.95 Td (now be served and the parties will attempt to agree on a timetable for procedural matters leading up to readiness for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 362.45 Td (trial before the Superior Court.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 336.95 Td (Management has filed a strong defence to these proposed class actions. If the ultimate resolution of these proposed ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 323.45 Td (class action lawsuits dif) Tj ET Q q 0 0 0 rg BT 165.38 323.45 Td (fers from management) Tj ET Q q 0 0 0 rg BT 257.75 323.45 Td (s assessment and assumptions, a material adjustment to the financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 309.95 Td (position and results of operations could result.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 284.45 Td (From time to time, ) Tj ET Q q 0 0 0 rg BT 146.51 284.45 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 72.00 270.95 Td (While the final outcome thereof cannot be predicted, based on the information currently available, management ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 257.45 Td (believes the resolution of current pending claims and litigation will not have a material impact on ) Tj ET Q q 0 0 0 rg BT 455.21 257.45 Td (Aimia) Tj ET Q q 0 0 0 rg BT 479.55 257.45 Td (s financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 243.95 Td (position and results of operations. ) Tj ET Q endstream endobj 113 0 obj <> endobj 114 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (55) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 279.984375 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (TRANSACTIONS WITH ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 204.21 666.30 Td (AIR CANADA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 640.80 Td (Aeroplan has various agreements with ) Tj ET Q q 0 0 0 rg BT 227.09 640.80 Td (Air Canada governing the commercial relationship between ) Tj ET Q q 0 0 0 rg BT 464.72 640.80 Td (Aeroplan and ) Tj ET Q q 0 0 0 rg BT 520.27 640.80 Td (Air ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (Canada, which are described in ) Tj ET Q q 0 0 0 rg BT 200.08 627.30 Td (Aimia's ) Tj ET Q q 0 0 0 rg BT 230.81 627.30 Td (Annual Information Form dated March2, 2018.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 604.80 Td (Air Canada is one of ) Tj ET Q q 0 0 0 rg BT 155.55 604.80 Td (Aimia's largest ) Tj ET Q q 0 0 0 rg BT 215.79 604.80 Td (Accumulation Partners, representing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.87 604.80 Td (18) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.88 604.80 Td (% of Gross Billings for the three months ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.30 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 99.53 591.30 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.58 591.30 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 176.59 591.30 Td (18) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 186.60 591.30 Td (% of Gross Billings for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 292.65 591.30 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.19 591.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.69 591.30 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.74 591.30 Td (, compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.27 591.30 Td (17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.28 591.30 Td (% of Gross ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 577.80 Td (Billings for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.58 577.80 Td (June30, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.63 577.80 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 290.65 577.80 Td (17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 300.66 577.80 Td (% of Gross Billings for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.70 577.80 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.24 577.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.74 577.80 Td (June30, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.79 577.80 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 564.30 Td (Under the CPSA, ) Tj ET Q q 0 0 0 rg BT 143.04 564.30 Td (AirCanada's annual commitment, which is based on 85% of the average total ) Tj ET Q q 0 0 0 rg BT 453.93 564.30 Td (Aeroplan Miles ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 550.80 Td (issued in respect of ) Tj ET Q q 0 0 0 rg BT 151.55 550.80 Td (AirCanada flights or ) Tj ET Q q 0 0 0 rg BT 235.09 550.80 Td (Air Canada airline af) Tj ET Q q 0 0 0 rg BT 316.47 550.80 Td (filiate products and services in the three preceding ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 537.30 Td (calendar years, is estimated to be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.07 537.30 Td ($214.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.60 537.30 Td ( for 2018. ) Tj ET Q q 0 0 0 rg BT 304.63 537.30 Td (AirCanada, including other Star ) Tj ET Q q 0 0 0 rg BT 434.21 537.30 Td (Alliance partners, is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 523.80 Td (Aimia's largest Redemption Partner) Tj ET Q q 0 0 0 rg BT 212.78 523.80 Td (. For the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 248.80 523.80 Td (three and six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.87 523.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.37 523.80 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.42 523.80 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.42 523.80 Td (85) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.43 523.80 Td (% and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 523.80 Td (86) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.46 523.80 Td (%, respectively) Tj ET Q q 0 0 0 rg BT 532.31 523.80 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 510.30 Td (of total reported cost of rewards and direct costs was paid to ) Tj ET Q q 0 0 0 rg BT 314.13 510.30 Td (AirCanada, in connection with rewards purchased from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 496.80 Td (AirCanada and other airlines \(Star ) Tj ET Q q 0 0 0 rg BT 212.58 496.80 Td (Alliance Partners\), compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.13 496.80 Td (84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.15 496.80 Td (% and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.16 496.80 Td (85) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.18 496.80 Td (% for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.69 496.80 Td (three and six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.77 496.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 483.30 Td (June30, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.05 483.30 Td (, respectively) Tj ET Q q 0 0 0 rg BT 180.90 483.30 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 72.00 453.30 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 72.00 427.80 Td (The amended and restated commercial participation services agreement dated June 9, 2004 between ) Tj ET Q q 0 0 0 rg BT 478.74 427.80 Td (AirCanada ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 414.30 Td (and ) Tj ET Q q 0 0 0 rg BT 89.02 414.30 Td (Aeroplan, as amended \(the CPSA\), which expires on June 29, 2020, covers the terms and conditions of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 400.80 Td (purchase of air travel rewards by ) Tj ET Q q 0 0 0 rg BT 204.56 400.80 Td (Aeroplan from ) Tj ET Q q 0 0 0 rg BT 263.09 400.80 Td (Air Canada and its af) Tj ET Q q 0 0 0 rg BT 346.98 400.80 Td (filiates, the purchase of ) Tj ET Q q 0 0 0 rg BT 441.54 400.80 Td (Aeroplan Miles by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 387.30 Td (AirCanada and its af) Tj ET Q q 0 0 0 rg BT 155.89 387.30 Td (filiates for issuance to members and the management of the tier membership program for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 373.80 Td (certain ) Tj ET Q q 0 0 0 rg BT 101.02 373.80 Td (Air Canada customers. Pursuant to the CPSA, ) Tj ET Q q 0 0 0 rg BT 287.61 373.80 Td (Aeroplan is required to purchase annually a minimum number ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 360.30 Td (of reward travel seats on ) Tj ET Q q 0 0 0 rg BT 172.55 360.30 Td (AirCanada and its af) Tj ET Q q 0 0 0 rg BT 256.44 360.30 Td (filiates, which number is based on a function of the number of seats ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 346.80 Td (utilized in the three preceding calendar years. Based on the three years ended December 31, 2017, ) Tj ET Q q 0 0 0 rg BT 470.25 346.80 Td (Aeroplan is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 333.30 Td (required to purchase reward travel seats amounting to approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.64 333.30 Td ($581.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.18 333.30 Td ( each year) Tj ET Q q 0 0 0 rg BT 445.71 333.30 Td (. While ) Tj ET Q q 0 0 0 rg BT 475.22 333.30 Td (Air Canada can ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 319.80 Td (change the number of ) Tj ET Q q 0 0 0 rg BT 161.56 319.80 Td (Aeroplan Miles under the ) Tj ET Q q 0 0 0 rg BT 263.63 319.80 Td (Aeroplan Program awarded to members per flight without ) Tj ET Q q 0 0 0 rg BT 493.74 319.80 Td (Aeroplan) Tj ET Q q 0 0 0 rg BT 531.61 319.80 Td (s ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 306.30 Td (consent, ) Tj ET Q q 0 0 0 rg BT 108.03 306.30 Td (Air Canada is required to purchase, on an annual basis, a pre-established number of ) Tj ET Q q 0 0 0 rg BT 446.73 306.30 Td (Aeroplan Miles under ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 292.80 Td (the ) Tj ET Q q 0 0 0 rg BT 86.52 292.80 Td (Aeroplan Program at a specified rate. ) Tj ET Q q 0 0 0 rg BT 237.60 292.80 Td (Aeroplan is required to perform certain marketing and promotion services ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 279.30 Td (for ) Tj ET Q q 0 0 0 rg BT 84.51 279.30 Td (Air Canada, including contact centre services for the management of the frequent flyer tier membership program, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 265.80 Td (for a fee based on actual costs, on a fully allocated basis, plus an administrative fee. ) Tj ET Q q 0 0 0 rg BT 409.20 265.80 Td (Aeroplan) Tj ET Q q 0 0 0 rg BT 447.06 265.80 Td (s ability to respond to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 252.30 Td (members) Tj ET Q q 0 0 0 rg BT 111.17 252.30 Td ( requests for future rewards will depend on ) Tj ET Q q 0 0 0 rg BT 283.27 252.30 Td (Air Canada) Tj ET Q q 0 0 0 rg BT 330.13 252.30 Td (s ability to provide the requested number of seats.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 226.80 Td (As provided for in the existing CPSA, ) Tj ET Q q 0 0 0 rg BT 221.58 226.80 Td (Aeroplan and ) Tj ET Q q 0 0 0 rg BT 277.12 226.80 Td (Air Canada entered into an agreement ef) Tj ET Q q 0 0 0 rg BT 440.07 226.80 Td (fective February 2, 2017 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 213.30 Td (relating to fixed capacity redemption rates to be paid by ) Tj ET Q q 0 0 0 rg BT 294.63 213.30 Td (Aeroplan in connection with airline seat redemptions for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 199.80 Td (period beginning January 1, 2017 through to December 31, 2019. ) Tj ET Q q 0 0 0 rg BT 335.02 199.80 Td (The outcome falls within the pre-established ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 186.30 Td (contractual parameters and is in line with ) Tj ET Q q 0 0 0 rg BT 237.08 186.30 Td (Aeroplan's business expectations. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 163.80 Td (On May 1) Tj ET Q q 0 0 0 rg BT 110.35 163.80 Td (1, 2017, ) Tj ET Q q 0 0 0 rg BT 144.88 163.80 Td (Aimia received a formal notice of non-renewal from ) Tj ET Q q 0 0 0 rg BT 349.97 163.80 Td (Air Canada pursuant to the terms of the CPSA. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 150.30 Td (Unless the parties come to an alternative agreement or ) Tj ET Q q 0 0 0 rg BT 293.12 150.30 Td (Air Canada withdraws such notice, the current agreement will ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 136.80 Td (expire onJune 29, 2020. ) Tj ET Q endstream endobj 115 0 obj <> endobj 116 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (56) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 457.08984375 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (SUMMAR) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 125.55 666.30 Td (Y) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 133.34 666.30 Td ( OF CONTRACTUAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 248.44 666.30 Td ( OBLIGA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 297.54 666.30 Td (TIONS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 337.10 666.30 Td (AND COMMITMENTS) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 640.80 Td (As at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 95.01 640.80 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.06 640.80 Td (, estimated future minimum payments under ) Tj ET Q q 0 0 0 rg BT 329.64 640.80 Td (Aimia's contractual obligations and commitments are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (as follows: ) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 71.50 607.80 147.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 218.50 607.80 46.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 264.50 607.80 45.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 309.50 607.80 46.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 355.50 607.80 46.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 401.50 607.80 46.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 447.50 607.80 46.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 493.50 607.80 46.00 -24.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 544.8 m 218.5 544.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 544.8 m 264.5 544.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 544.8 m 309.5 544.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 544.8 m 355.5 544.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 544.8 m 401.5 544.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 544.8 m 447.5 544.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 544.8 m 493.5 544.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 544.8 m 539.5 544.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 479.8 m 309.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 479.8 m 355.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 479.8 m 401.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 479.8 m 447.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 479.8 m 493.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 479.8 m 539.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 479.8 m 218.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 479.8 m 264.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 479.8 m 309.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 479.8 m 355.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 479.8 m 401.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 479.8 m 447.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 479.8 m 493.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 479.8 m 539.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 427.8 m 309.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 427.8 m 355.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 427.8 m 401.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 427.8 m 447.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 427.8 m 493.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 427.8 m 539.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 427.8 m 218.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 427.8 m 264.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 427.8 m 309.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 427.8 m 355.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 427.8 m 401.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 427.8 m 447.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 427.8 m 493.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 427.8 m 539.5 427.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 414.8 m 218.5 414.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 394.8 m 218.5 394.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 392.8 m 218.5 392.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 414.8 m 264.5 414.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 394.8 m 264.5 394.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 392.8 m 264.5 392.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 414.8 m 309.5 414.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 394.8 m 309.5 394.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 392.8 m 309.5 392.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 414.8 m 355.5 414.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 394.8 m 355.5 394.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 392.8 m 355.5 392.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 414.8 m 401.5 414.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 394.8 m 401.5 394.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 392.8 m 401.5 392.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 414.8 m 447.5 414.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 394.8 m 447.5 394.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 392.8 m 447.5 392.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 414.8 m 493.5 414.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 394.8 m 493.5 394.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 392.8 m 493.5 392.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 414.8 m 539.5 414.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 394.8 m 539.5 394.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 392.8 m 539.5 392.8 l s BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 74.00 594.00 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 244.10 593.78 Td (T) Tj ET Q q 1 1 1 rg BT 248.54 593.78 Td (otal) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 288.20 593.78 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 334.20 593.78 Td (2019) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 380.20 593.78 Td (2020) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 426.20 593.78 Td (2021) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 472.20 593.78 Td (2022) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 499.05 593.78 Td (Thereafter) Tj ET Q BT /F2 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 74.00 575.28 Td (Contractual Obligations) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 74.00 562.28 Td (Long-term debt) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 241.25 562.33 Td (329.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 290.70 562.28 Td (10.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.25 562.33 Td (250.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.70 562.33 Td (69.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.25 562.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.25 562.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.25 562.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 549.28 Td (Interest on long-term debt ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 167.83 553.09 Td (\(a\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 245.70 549.28 Td (23.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 290.70 549.28 Td (10.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 336.70 549.33 Td (12.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.15 549.28 Td (0.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.25 549.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.25 549.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.25 549.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 536.28 Td (T) Tj ET Q q 0 0 0 rg BT 78.44 536.28 Td (otal long-term debt and interest) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 241.25 536.33 Td (352.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 290.70 536.28 Td (20.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.25 536.33 Td (262.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.70 536.33 Td (70.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.25 536.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.25 536.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.25 536.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 523.28 Td (Operating leases) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 245.70 523.28 Td (67.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 295.15 523.33 Td (5.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.15 523.28 Td (9.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.15 523.28 Td (8.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 433.15 523.28 Td (7.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.15 523.28 Td (6.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.70 523.33 Td (29.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 510.28 Td (T) Tj ET Q q 0 0 0 rg BT 78.00 510.28 Td (echnology infrastructure and other ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 201.63 514.09 Td (\(b\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 241.25 510.33 Td (126.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 290.70 510.28 Td (1) Tj ET Q q 0 0 0 rg BT 295.15 510.28 Td (1.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 336.70 510.33 Td (30.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.70 510.33 Td (24.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 428.70 510.33 Td (17.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 474.70 510.33 Td (10.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.70 510.33 Td (32.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 497.28 Td (Marketing support and other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 241.25 497.33 Td (125.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 290.70 497.28 Td (25.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 336.70 497.33 Td (30.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.70 497.33 Td (25.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 428.70 497.33 Td (15.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 474.70 497.33 Td (15.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.70 497.33 Td (15.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 484.03 Td (Purchase obligation under the CPSA) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 234.60 484.28 Td (1,055.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 286.25 484.33 Td (183.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.25 484.33 Td (581.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 378.25 484.33 Td (290.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.25 484.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.25 484.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.25 484.28 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 74.00 471.28 Td (Contractual Obligations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.60 471.28 Td (1,727.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.25 471.33 Td (246.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.25 471.33 Td (913.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.25 471.33 Td (418.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.70 471.33 Td (39.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.70 471.33 Td (32.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.70 471.33 Td (76.8) Tj ET Q BT /F2 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 74.00 445.28 Td (Commitments) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 74.00 432.28 Td (Letters of Credit and Surety Bonds) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 250.10 432.28 Td (9.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 295.15 432.33 Td (1.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.15 432.28 Td (6.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.15 432.28 Td (1.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.25 432.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.25 432.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.25 432.28 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 74.00 419.28 Td (Commitments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 250.10 419.28 Td (9.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.15 419.33 Td (1.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.15 419.28 Td (6.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.15 419.28 Td (1.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.25 419.28 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.25 419.28 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.25 419.28 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 74.00 406.28 Td (T) Tj ET Q q 0 0 0 rg BT 78.29 406.28 Td (otal Contractual Obligations and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 74.00 398.28 Td (Commitments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.60 402.28 Td (1,736.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.25 402.33 Td (248.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.25 402.33 Td (919.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.25 402.33 Td (420.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.70 402.33 Td (39.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.70 402.33 Td (32.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.70 402.33 Td (76.8) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 373.30 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 373.30 Td (Includes interest on the credit facility and Senior Secured Notes Series 4 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 426.40 373.30 Td (Credit Facilities and Long-T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 523.48 373.30 Td (erm ) Tj ET Q BT /F4 8.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 108.00 361.30 Td (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 124.90 361.30 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 340.30 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 340.30 Td (Includes the minimum commitments relating to the global IT) Tj ET Q q 0 0 0 rg BT 319.05 340.30 Td ( outsourcing arrangement.) Tj ET Q BT /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 72 299.3986328125 m 168.005859375 299.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 301.30 Td (CAPIT) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 107.11 301.30 Td (AL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 122.89 301.30 Td ( ST) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 141.34 301.30 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 72.00 275.80 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 275.80 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 140.05 275.80 Td (, ) Tj ET Q q 0 0 0 rg BT 144.56 275.80 Td (Aimia had ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 187.08 275.80 Td (152,307,196) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 237.13 275.80 Td ( common shares, 3,953,365 Series 1 Preferred Shares, 2,946,635 Series 2 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 262.30 Td (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 72.00 248.80 Td ($1,665.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.04 248.80 Td (. In addition, there were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 231.60 248.80 Td (5,966,040) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.63 248.80 Td ( stock options issued and outstanding under the ) Tj ET Q q 0 0 0 rg BT 464.27 248.80 Td (Aimia Long-T) Tj ET Q q 0 0 0 rg BT 516.79 248.80 Td (erm ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 235.30 Td (Incentive Plan.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 212.80 Td (On May 10, 2017, ) Tj ET Q q 0 0 0 rg BT 145.55 212.80 Td (Aimia received approval from the ) Tj ET Q q 0 0 0 rg BT 279.44 212.80 Td (T) Tj ET Q q 0 0 0 rg BT 283.94 212.80 Td (oronto Stock Exchange for the renewal of its NCIB to purchase ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 199.30 Td (up to 12,996,232 of its issued and outstanding common shares during the period from May23, 2017 to no later than ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 185.80 Td (May 22, 2018. No shares were repurchased during that period.) Tj ET Q endstream endobj 117 0 obj <> endobj 118 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (57) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (PREFERRED SHARES, SERIES 1 ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 262.93 666.30 Td (AND PREFERRED SHARES, SERIES 2) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 640.80 Td (Holders of the Series2 Preferred Shares are entitled to receive quarterly floating rate, cumulative, preferential cash ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (dividends, calculated on the basis of the actual number of days elapsed in such quarterly period divided by 365, as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 613.80 Td (and when declared by the Board of Directors of ) Tj ET Q q 0 0 0 rg BT 262.11 613.80 Td (Aimia, subject to the provisions of the Canada Business Corporations ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 600.30 Td (Act \(the CBCA\). ) Tj ET Q q 0 0 0 rg BT 146.85 600.30 Td (The dividend rate for the Series 2 Preferred Shares, if and when declared, for the floating rate ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 586.80 Td (period from and including June 30, 2018 to, but excluding September 30, 2018, will be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 417.23 586.80 Td (5.05%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.74 586.80 Td (, being 3.75% over the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 573.30 Td (90-day Government of Canada ) Tj ET Q q 0 0 0 rg BT 197.91 573.30 Td (T) Tj ET Q q 0 0 0 rg BT 203.08 573.30 Td (reasury Bill yield, as determined in accordance with the terms of the Series 2 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 559.80 Td (Preferred Shares.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 537.30 Td (Holders of the Series1 Preferred Shares are entitled to receive quarterly fixed, cumulative, preferential cash ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 523.80 Td (dividends, as and when declared by the Board of Directors of ) Tj ET Q q 0 0 0 rg BT 317.14 523.80 Td (Aimia, subject to the provisions of the CBCA. ) Tj ET Q q 0 0 0 rg BT 498.56 523.80 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 510.30 Td (dividend rate for the Series 1 Preferred Shares, if and when declared, for the five-year period from and including ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 496.80 Td (March31, 2015 to, but excluding March31, 2020, will be 4.5%, being 3.75% over the five-year Government of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 483.30 Td (Canada bond yield, as determined in accordance with the terms of the Series1 Preferred 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 72.00 453.30 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 72.00 427.80 Td (On January 15, 2014, pursuant to a prospectus supplement dated January 8, 2014, ) Tj ET Q q 0 0 0 rg BT 408.23 427.80 Td (Aimia issued 6,000,000 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 414.30 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 72.00 400.80 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 72.00 387.30 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 384.67 387.30 Td (Additionally) Tj ET Q q 0 0 0 rg BT 430.03 387.30 Td (, a related income tax ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 373.80 Td (recovery of $1.0 million was recorded. Holders of the Series 3 Preferred Shares will be entitled to receive, if and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 360.30 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 72.00 346.80 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 72.00 333.30 Td (bond yield plus 4.20%. ) Tj ET Q q 0 0 0 rg BT 164.90 333.30 Td (The net proceeds of the issue were used by ) Tj ET Q q 0 0 0 rg BT 341.51 333.30 Td (Aimia to supplement its financial resources and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 319.80 Td (for general corporate purposes. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 297.30 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 72.00 283.80 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 72.00 270.30 Td (on March 31 every five years thereafter) Tj ET Q q 0 0 0 rg BT 228.08 270.30 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 72.00 256.80 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 477.07 256.80 Td (T) Tj ET Q q 0 0 0 rg BT 482.23 256.80 Td (reasury Bill ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 243.30 Td (yield plus 4.20%. ) Tj ET Q endstream endobj 119 0 obj <> endobj 120 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (58) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 140.677734375 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (DIVIDENDS ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 640.80 Td (Quarterly dividends declared to common shareholders of ) Tj ET Q q 0 0 0 rg BT 300.12 640.80 Td (Aimia during the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 367.66 640.80 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.20 640.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.70 640.80 Td (June30, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 497.75 640.80 Td ( were as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (follows:) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 71.50 604.80 339.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 410.50 604.80 129.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 71.50 580.80 339.00 -21.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 410.50 580.80 64.00 -21.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 474.50 580.80 65.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 71.5 533.8 m 410.5 533.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 410.5 533.8 m 474.5 533.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 533.8 m 539.5 533.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 521.8 m 410.5 521.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 519.8 m 410.5 519.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 521.8 m 474.5 521.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 519.8 m 474.5 519.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 521.8 m 539.5 521.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 519.8 m 539.5 519.8 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 74.00 590.78 Td (Three months ended) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 465.60 590.78 Td (2017) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 74.00 568.50 Td (\(in millions of Canadian dollars, except per) Tj ET Q q 1 1 1 rg BT 205.77 568.50 Td (-share amounts\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 443.40 568.28 Td (Amount) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 490.65 572.03 Td (Per common) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 515.95 564.03 Td (share) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 74.00 551.28 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.70 551.33 Td (30.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.70 551.33 Td (0.20) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 538.28 Td (June 30,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.70 538.33 Td (30.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.70 538.33 Td (0.20) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 74.00 525.28 Td (T) Tj ET Q q 0 0 0 rg BT 78.29 525.28 Td (otal) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.70 525.33 Td (60.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.40 525.28 Td (0.40) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 492.80 Td (Quarterly dividends declared to preferred shareholders) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 290.12 492.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 292.62 492.80 Td (of ) Tj ET Q q 0 0 0 rg BT 302.13 492.80 Td (Aimia during the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.66 492.80 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.20 492.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.71 492.80 Td (June30, 2017) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 499.75 492.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.26 492.80 Td (were as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 479.30 Td (follows:) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 456.80 338.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 410.50 456.80 130.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 432.80 338.00 -21.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 410.50 432.80 65.00 -21.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 475.50 432.80 65.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 372.79999999999995 m 410.5 372.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 360.79999999999995 m 410.5 360.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 358.79999999999995 m 410.5 358.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 410.5 372.79999999999995 m 475.5 372.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 360.79999999999995 m 475.5 360.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 358.79999999999995 m 475.5 358.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 475.5 372.79999999999995 m 540.5 372.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 360.79999999999995 m 540.5 360.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 358.79999999999995 m 540.5 358.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 320.79999999999995 m 410.5 320.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 308.79999999999995 m 410.5 308.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 306.79999999999995 m 410.5 306.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 410.5 320.79999999999995 m 475.5 320.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 308.79999999999995 m 475.5 308.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 306.79999999999995 m 475.5 306.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 475.5 320.79999999999995 m 540.5 320.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 308.79999999999995 m 540.5 308.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 306.79999999999995 m 540.5 306.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 268.79999999999995 m 410.5 268.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 410.5 268.79999999999995 m 475.5 268.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 475.5 268.79999999999995 m 540.5 268.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 268.79999999999995 m 410.5 268.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 256.79999999999995 m 410.5 256.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 254.79999999999995 m 410.5 254.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 410.5 268.79999999999995 m 475.5 268.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 256.79999999999995 m 475.5 256.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 254.79999999999995 m 475.5 254.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 475.5 268.79999999999995 m 540.5 268.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 256.79999999999995 m 540.5 256.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 254.79999999999995 m 540.5 254.79999999999995 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 75.00 442.78 Td (Three months ended) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 466.10 442.78 Td (2017) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 420.50 Td (\(in millions of Canadian dollars, except per) Tj ET Q q 1 1 1 rg BT 206.77 420.50 Td (-share amounts\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 444.40 420.28 Td (Amount) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 489.85 424.28 Td (Per preferred) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 516.95 416.28 Td (share) Tj ET Q BT /F2 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 75.00 403.28 Td (Series 1) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 390.28 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.15 390.28 Td (1.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.35 390.33 Td (0.28125) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 377.28 Td (June 30,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.15 377.28 Td (1.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.35 377.33 Td (0.28125) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 364.28 Td (T) Tj ET Q q 0 0 0 rg BT 79.59 364.28 Td (otal) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.15 364.28 Td (2.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.35 364.33 Td (0.56250) Tj ET Q BT /F2 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 75.00 351.28 Td (Series 2) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 338.28 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.15 338.28 Td (0.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.90 338.28 Td (0.262541) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 325.28 Td (June 30,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.15 325.28 Td (0.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.90 325.28 Td (0.263651) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 312.28 Td (T) Tj ET Q q 0 0 0 rg BT 79.59 312.28 Td (otal) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.15 312.28 Td (1.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.90 312.28 Td (0.526192) Tj ET Q BT /F2 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 75.00 299.28 Td (Series 3) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 286.28 Td (March 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.15 286.28 Td (2.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.90 286.28 Td (0.390625) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 273.28 Td (June 30,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.15 273.28 Td (2.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.90 273.28 Td (0.390625) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 260.28 Td (T) Tj ET Q q 0 0 0 rg BT 79.29 260.28 Td (otal) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.15 260.28 Td (4.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.90 260.28 Td (0.781250) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 230.80 Td (As communicated on June 14, 2017, the Corporation is prohibited from paying dividends declared on May 10, 2017 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 217.30 Td (originally scheduled to have been paid on June 30, 2017, as well as declaring any further dividends on any of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 203.80 Td (outstanding common shares or preferred shares, based on ) Tj ET Q q 0 0 0 rg BT 308.14 203.80 Td (Aimia) Tj ET Q q 0 0 0 rg BT 332.48 203.80 Td (s determination that the capital impairment test set ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 190.30 Td (forth in paragraph 42\(b\) of the ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 194.08 190.30 Td (Canada Business Corporations ) Tj ET Q q 0 0 0 rg BT 320.81 190.30 Td (Act) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 333.82 190.30 Td ( \(the CBCA\) would not be satisfied. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 164.80 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 164.80 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 140.05 164.80 Td (, the dividends declared but not paid to common and preferred shareholders of record at June 16, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 151.30 Td (2017 are presented in pension and other long-term liabilities.In addition, cumulative preferred dividends not declared ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 137.80 Td (and not recorded at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.56 137.80 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.61 137.80 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.64 137.80 Td ($17.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.17 137.80 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 112.30 Td (The Series 1 Preferred Shares outstanding at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.60 112.30 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.65 112.30 Td ( bear a 4.5% annual cumulative dividend or $0.28125 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 98.80 Td (per preferred share per quarter) Tj ET Q q 0 0 0 rg BT 195.07 98.80 Td (. ) Tj ET Q q 0 0 0 rg BT 199.91 98.80 Td (The Series 2 Preferred Shares outstanding at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.51 98.80 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.56 98.80 Td ( bear acumulative ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 85.30 Td (quarterly floating dividend yielding ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.08 85.30 Td (5.05%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.60 85.30 Td ( annually or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 284.63 85.30 Td ($0.318219) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.18 85.30 Td ( per preferred share per quarter) Tj ET Q q 0 0 0 rg BT 452.75 85.30 Td (, as determined for ) Tj ET Q endstream endobj 121 0 obj <> endobj 122 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (59) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (the floating rate period from and including June30, 2018 to, but excluding September 30, 2018. ) Tj ET Q q 0 0 0 rg BT 454.10 668.45 Td (The Series 3 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (Preferred Shares outstanding at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 202.08 654.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 259.13 654.95 Td ( bear a 6.25% annual cumulative dividend or $0.390625 per preferred ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (share per quarter) Tj ET Q q 0 0 0 rg BT 140.54 641.45 Td (. Dividends continue to accrue on the Preferred Shares in accordance with their terms even if they ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.95 Td (are not declared.) 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 72 587.0486328125 m 312.01171875 587.0486328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 588.95 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 72.00 563.45 Td (Aimia's earnings \(loss\) per common 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 499.94 563.45 Td ($0.04) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.47 563.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 549.95 Td ($\(0.19\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 100.52 549.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.03 549.95 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 211.09 549.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.59 549.95 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.64 549.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 290.65 549.95 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.68 549.95 Td (, respectively) Tj ET Q q 0 0 0 rg BT 362.53 549.95 Td (, and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.04 549.95 Td ($0.16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 407.57 549.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.58 549.95 Td ($\(0.16\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.10 549.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.62 549.95 Td (six months ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 536.45 Td (ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.03 536.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 99.53 536.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.58 536.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 176.59 536.45 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.62 536.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 248.47 536.45 Td (. ) Tj ET Q q 0 0 0 rg BT 252.97 536.45 Td (Aimia's earnings \(loss\) from continuing operations per common share ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 522.95 Td (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 329.66 522.95 Td ($0.04) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.19 522.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.20 522.95 Td ($\(0.22\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.72 522.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.24 522.95 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.29 522.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 509.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.05 509.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 149.07 509.45 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.09 509.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 220.94 509.45 Td (, and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 243.46 509.45 Td ($0.1) Tj ET Q q 0 0 0 rg BT 260.31 509.45 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.31 509.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 285.33 509.45 Td ($\(0.23\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.84 509.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.36 509.45 Td (six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 414.90 509.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 417.40 509.45 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.45 509.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.47 509.45 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.49 509.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 495.95 Td (respectively) Tj ET Q q 0 0 0 rg BT 118.85 495.95 Td (. Earnings \(loss\) per common share and earnings \(loss\) from continuing operations per common share ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 482.45 Td (are calculated after deducting dividends declared on preferred shares and cumulative undeclared dividends on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 468.95 Td (preferred shares in the period.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 428.0486328125 m 206.689453125 428.0486328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 429.95 Td (SUBSEQUENT EVENTS) Tj ET Q BT /F5 10.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 402.95 Td (Conditional ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 129.40 402.95 Td (Acquisition of ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 198.46 402.95 Td (Aeroplan 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 72.00 377.45 Td (On July 25, 2018, the Corporation received an unsolicited conditional proposal from its current partners, ) Tj ET Q q 0 0 0 rg BT 486.23 377.45 Td (Air Canada, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 363.95 Td (The ) Tj ET Q q 0 0 0 rg BT 89.85 363.95 Td (T) Tj ET Q q 0 0 0 rg BT 94.35 363.95 Td (oronto-Dominion Bank, Canadian Imperial Bank of Commerce as well as VISA) Tj ET Q q 0 0 0 rg BT 405.99 363.95 Td ( Canada Corporation \(the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 350.45 Td (Current Partners) Tj ET Q q 0 0 0 rg BT 143.19 350.45 Td ( Consortium\) to acquire the ) Tj ET Q q 0 0 0 rg BT 256.74 350.45 Td (Aeroplan loyalty program business \(the "Proposal"\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 327.95 Td (On ) Tj ET Q q 0 0 0 rg BT 86.01 327.95 Td (August 2, 2018, the Corporation provided an update on the discussions with the Current Partners) Tj ET Q q 0 0 0 rg BT 473.91 327.95 Td ( Consortium ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 314.45 Td (with respect to the Proposal. ) Tj ET Q q 0 0 0 rg BT 187.56 314.45 Td (At this time, there has been no agreement reached between the parties.) 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 72.00 287.45 Td (Aeromexico of) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 141.28 287.45 Td (fer to acquire PLM stake) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 261.95 Td (On July 26, 2018, the Corporation received a non-binding of) Tj ET Q q 0 0 0 rg BT 310.49 261.95 Td (fer \(the "Of) Tj ET Q q 0 0 0 rg BT 354.04 261.95 Td (fer"\) from Grupo ) Tj ET Q q 0 0 0 rg BT 420.75 261.95 Td (Aeromexico S.A.B. de C.V) Tj ET Q q 0 0 0 rg BT 525.47 261.95 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 248.45 Td (\("Aeromexico"\) to acquire forUS$180 million) Tj ET Q q 0 0 0 rg BT 251.96 248.45 Td (Aimia's 48.855% stake in PLM Premier) Tj ET Q q 0 0 0 rg BT 406.75 248.45 Td (, S.A.P) Tj ET Q q 0 0 0 rg BT 433.60 248.45 Td (.I. de C.V) Tj ET Q q 0 0 0 rg BT 470.29 248.45 Td (. \("PLM"\), the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 234.95 Td (owner and operator of ) Tj ET Q q 0 0 0 rg BT 162.06 234.95 Td (Aeromexico's Club Premier frequent flyer program. On the same day) Tj ET Q q 0 0 0 rg BT 434.72 234.95 Td (, the Corporation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 221.45 Td (announced that it had formally notified ) Tj ET Q q 0 0 0 rg BT 226.10 221.45 Td (Aeromexico that the Of) Tj ET Q q 0 0 0 rg BT 317.98 221.45 Td (fer has been rejected.) Tj ET Q endstream endobj 123 0 obj <> endobj 124 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (60) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 294.234375 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (CHANGES IN ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 150.23 666.30 Td (ACCOUNTING POLICIES ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 640.80 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 72.00 613.80 Td (IFRS 9 Financial Instruments) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 590.30 Td (In November 2009, the IASB issued IFRS 9 - ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 253.59 590.30 Td (Financial Instruments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.12 590.30 Td (. It addresses classification and measurement of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 576.80 Td (financial assets and replaces the multiple category and measurement models in IAS 39 for debt instruments with a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 563.30 Td (new mixed measurement model having only two categories: amortized cost and fair value through profit or loss. IFRS ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 549.80 Td (9 also replaces the models for measuring equity instruments with fair value measurement adjustments for such ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 536.30 Td (instruments recognized either through profit or loss or through other comprehensive income. Where such equity ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 522.80 Td (instruments are measured at fair value through other comprehensive income, dividends, to the extent that they do not ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 509.30 Td (clearly represent a return of investment, are recognized in profit or loss; however) Tj ET Q q 0 0 0 rg BT 392.15 509.30 Td (, other gains and losses \(including ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 495.80 Td (impairments\) associated with such instruments remain in accumulated comprehensive income indefinitely) Tj ET Q q 0 0 0 rg BT 491.02 495.80 Td (. In ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 482.30 Td (addition, the standard includes guidance on financial liabilities and derecognition of financial instruments. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 456.80 Td (In July 2014, the IASB issued the final version of IFRS 9 - ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 303.62 456.80 Td (Financial Instruments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.15 456.80 Td (. ) Tj ET Q q 0 0 0 rg BT 393.99 456.80 Td (The new standard has replaced IAS ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 443.30 Td (39 - ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 90.01 443.30 Td (Financial Instruments: Recognition and Measurement) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.12 443.30 Td (. ) Tj ET Q q 0 0 0 rg BT 307.96 443.30 Td (The final amendments made in the new version include ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 429.80 Td (guidance for the classification and measurement of financial assets and a third measurement category for financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 416.30 Td (assets, fair value through other comprehensive income. ) Tj ET Q q 0 0 0 rg BT 295.45 416.30 Td (The standard also contains a new expected loss impairment ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 402.80 Td (model for debt instruments measured at amortized cost or fair value through other comprehensive income, lease ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 389.30 Td (receivables, contract assets and certain written loan commitments and financial guarantee contracts. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 363.80 Td (The Corporation adopted the new standard retrospectively) Tj ET Q q 0 0 0 rg BT 303.47 363.80 Td (. ) Tj ET Q q 0 0 0 rg BT 308.31 363.80 Td (The key dif) Tj ET Q q 0 0 0 rg BT 352.16 363.80 Td (ference that af) Tj ET Q q 0 0 0 rg BT 409.54 363.80 Td (fected the Corporation) Tj ET Q q 0 0 0 rg BT 500.43 363.80 Td (s ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 350.30 Td (financial statements is the classification and measurement of its investment in equity instruments, mainly composed ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 336.80 Td (of its investment in Cardlytics. Under IFRS 9, the Corporation has made the irrevocable election, at initial recognition, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 323.30 Td (to designate its investments in equity instruments as fair value through profit and loss \(FVPL\). Under former ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 309.80 Td (accounting policy) Tj ET Q q 0 0 0 rg BT 140.37 309.80 Td (, changes in fair value of the investments in equity instruments were recorded in other ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 296.30 Td (comprehensive income while any permanent impairment on the investment was recorded through profit and loss. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 282.80 Td (Given that there were no accumulated gain or loss related to the Corporation's investments in equity instruments in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 269.30 Td (accumulated other comprehensive income \(with the exception of the ef) Tj ET Q q 0 0 0 rg BT 353.49 269.30 Td (fect of currency translation adjustments on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 255.80 Td (foreign subsidiaries attributable to investments in equity instruments\) at January 1, 2017 or at December 31, 2017, no ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 242.30 Td (reclassification between accumulated other comprehensive income and retained earnings was required at January 1, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 228.80 Td (2017 and December 31, 2017. ) Tj ET Q q 0 0 0 rg BT 195.59 228.80 Td (Additionally) Tj ET Q q 0 0 0 rg BT 240.95 228.80 Td (, no adjustment was deemed required to the Corporation's statement of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 215.30 Td (operations and statement of comprehensive income for the year ended December 31, 2017 since the fair value loss ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 201.80 Td (related to the investment in Cardlytics in the fourth quarter of 2017 was recorded in the statement of operations as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 188.30 Td (the investment was considered permanently impaired, consistent with the presentation of gain or loss on investment ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 174.80 Td (at FVPL) Tj ET Q q 0 0 0 rg BT 104.18 174.80 Td ( under the newly adopted IFRS 9. ) 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 72.00 147.80 Td (IFRS 15 Revenue from Contracts with Customers) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 124.30 Td (In May 2014, the IASB issued IFRS 15 - ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 234.08 124.30 Td (Revenue from Contracts with Customers) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.14 124.30 Td (. IFRS 15 replaces all previous ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 110.80 Td (revenue recognition standards, including IAS 18 - ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 271.12 110.80 Td (Revenue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.15 110.80 Td (, and related interpretations such as IFRIC 13 - ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 496.74 110.80 Td (Customer ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 97.30 Td (Loyalty Programmes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 154.53 97.30 Td (. ) Tj ET Q q 0 0 0 rg BT 159.37 97.30 Td (The standard sets out the requirements for recognizing revenue. Specifically) Tj ET Q q 0 0 0 rg BT 462.36 97.30 Td (, the new standard ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 83.80 Td (introduces a comprehensive framework with the general principle being that an entity recognizes revenue to depict ) Tj ET Q endstream endobj 125 0 obj <> endobj 126 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (61) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 668.45 Td (the transfer of promised goods and services in an amount that reflects the consideration to which the entity expects to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (be entitled in exchange for those goods or services. ) Tj ET Q q 0 0 0 rg BT 279.96 654.95 Td (The standard introduces more prescriptive guidance than was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (included in previous standards and may result in changes in classification and disclosure in addition to changes in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.95 Td (timing of recognition for certain types of revenues. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 602.45 Td (In ) Tj ET Q q 0 0 0 rg BT 81.51 602.45 Td (April 2016, the IASB issued amendments to IFRS 15 - ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 299.12 602.45 Td (Revenue from Contracts with Customers) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.18 602.45 Td ( to clarify the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 588.95 Td (guidance on identifying performance obligations, licenses of intellectual property and principal versus agent ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 575.45 Td (considerations. ) Tj ET Q q 0 0 0 rg BT 134.87 575.45 Td (The amendments also provide additional practical expedients on transition. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 549.95 Td (The Company adopted the new standard and its amendments using the full retrospective transition method. ) Tj ET Q q 0 0 0 rg BT 501.75 549.95 Td (A) Tj ET Q q 0 0 0 rg BT 507.26 549.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 536.45 Td (description of the impact, if any) Tj ET Q q 0 0 0 rg BT 195.39 536.45 Td (, of the adoption of IFRS 15 for each of the Corporation's main revenue streams is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 522.95 Td (presented thereafter) Tj ET Q q 0 0 0 rg BT 152.56 522.95 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 72.00 498.95 Td (\(a\) ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 94.00 498.95 Td (Accounting for loyalty programs) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 473.45 Td (Key dif) Tj ET Q q 0 0 0 rg BT 99.35 473.45 Td (ferences between IFRS 15 and IAS 18 and areas of focus relating to the Corporation) Tj ET Q q 0 0 0 rg BT 437.89 473.45 Td (s coalition loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 459.95 Td (programs were identified as follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 432.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 432.95 Td (Whether the sale of a loyalty unit includes one or multiple performance obligations and the implications on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 419.45 Td (the transaction price allocation. Management has concluded that the points issued by all of its coalition ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 405.95 Td (loyalty programs are a single performance obligation, which is consistent with the previous accounting ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 392.45 Td (treatment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 363.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 363.95 Td (Whether ) Tj ET Q q 0 0 0 rg BT 144.02 363.95 Td (Aimia acts as the principal or an agent for the respective coalition loyalty programs that the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 350.45 Td (Corporation is currently managing. ) Tj ET Q q 0 0 0 rg BT 247.90 350.45 Td (The key elements to determine if ) Tj ET Q q 0 0 0 rg BT 380.47 350.45 Td (Aimia acts as a principal or an agent ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 336.95 Td (are whether ) Tj ET Q q 0 0 0 rg BT 157.53 336.95 Td (Aimia is primarily responsible to fulfill the promise to deliver the goods or services associated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 323.45 Td (with the loyalty units redemption, whether ) Tj ET Q q 0 0 0 rg BT 275.09 323.45 Td (Aimia has inventory risk and whether ) Tj ET Q q 0 0 0 rg BT 424.16 323.45 Td (Aimia has discretion in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 309.95 Td (establishing the prices for the goods and services it is providing. Management has concluded the following:) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 126.00 279.29 cm /I18 Do Q q 0 0 0 rg BT 130.00 281.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 281.45 Td (Aimia acts as the principal for its ) Tj ET Q q 0 0 0 rg BT 275.05 281.45 Td (Aeroplan program as it is primarily responsible for fulfilling the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 267.95 Td (promise to provide the goods or services, it obtains control over such goods and services of) Tj ET Q q 0 0 0 rg BT 508.03 267.95 Td (fered ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 254.45 Td (under the term of the program before they are transferred to the customer and it has discretion in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 240.95 Td (establishing the price for the specified goods and services. ) Tj ET Q q 0 0 0 rg BT 379.47 240.95 Td (Therefore, there was no change to the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 227.45 Td (previous revenue recognition for the program.) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 198.51 cm /I19 Do Q q 0 0 0 rg BT 129.00 200.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 200.45 Td (Aimia acts as an agent for its Nectar and ) Tj ET Q q 0 0 0 rg BT 308.08 200.45 Td (Air Miles Middle-East programs. ) Tj ET Q q 0 0 0 rg BT 437.62 200.45 Td (As a result, revenues ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 186.95 Td (from loyalty units of those programs were restated to be recognized on a net basis. Under the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 173.45 Td (previous accounting policy) Tj ET Q q 0 0 0 rg BT 248.89 173.45 Td (, revenues of those programs were recognized on a gross basis. While ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 159.95 Td (the impact of this change reduces Revenue and Cost of Rewards, there is no impact on Gross ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 146.45 Td (Margin, Operating Income and Cash flow from Operating ) Tj ET Q q 0 0 0 rg BT 372.11 146.45 Td (Activities related to this change. ) Tj ET Q endstream endobj 127 0 obj <> endobj 128 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (62) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 668.45 Td (Additionally) Tj ET Q q 0 0 0 rg BT 153.36 668.45 Td (, this change had no impact on Gross Billings as it is unknown at the date of issuance of a loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 654.95 Td (unit whether the member will ultimately redeem for a reward that will be controlled by ) Tj ET Q q 0 0 0 rg BT 447.15 654.95 Td (Aimia or a third party ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 641.45 Td (at the date of redemption. Instead, Gross Billings are deferred until the loyalty units are redeemed and the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 627.95 Td (reward is provided to the member) Tj ET Q q 0 0 0 rg BT 241.56 627.95 Td (. When ) Tj ET Q q 0 0 0 rg BT 272.08 627.95 Td (Aimia determines that it acted as an agent, the payment to the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 614.45 Td (supplier is reclassified from the deferred revenue to of) Tj ET Q q 0 0 0 rg BT 322.44 614.45 Td (fset the cost of rewards, with only the margin being ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 600.95 Td (recognized as revenue.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 573.95 Td (As part of the Corporation's evaluation of the impact of IFRS 15, ) Tj ET Q q 0 0 0 rg BT 328.86 573.95 Td (Aimia put in place a new methodology to reflect the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 560.45 Td (impact of closed vintages within the Corporation's revenue recognition model. ) Tj ET Q q 0 0 0 rg BT 382.72 560.45 Td (The new methodology resulted in an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 546.95 Td (increase of $22.0 million to equity and a corresponding reduction to deferred revenue of the ) Tj ET Q q 0 0 0 rg BT 437.73 546.95 Td (Air Miles Middle East ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 533.45 Td (program at January 1, 2017 and December 31, 2017.) 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 72.00 509.45 Td (\(b\) ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 94.00 509.45 Td (Accounting for other loyalty services, including rewards fulfillment 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 72.00 483.95 Td (Key dif) Tj ET Q q 0 0 0 rg BT 99.35 483.95 Td (ferences between IFRS 15 and IAS 18 and areas of focus relating to the Corporation) Tj ET Q q 0 0 0 rg BT 437.89 483.95 Td (s other loyalty services, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 470.45 Td (including rewards fulfillment activities, were identified as follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 443.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 443.45 Td (Whether ) Tj ET Q q 0 0 0 rg BT 144.02 443.45 Td (Aimia acts as the principal or an agent for other loyalty services, including rewards fulfillment ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 429.95 Td (activities. Management has concluded that ) Tj ET Q q 0 0 0 rg BT 280.10 429.95 Td (Aimia is acting as an agent in its rewards fulfillment activities and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 416.45 Td (will therefore recognize the revenues associated with these activities on a net basis. ) Tj ET Q q 0 0 0 rg BT 444.02 416.45 Td (This is a change from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 402.95 Td (previous revenue recognition practice as a significant portion of these activities were previously recorded on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 389.45 Td (a gross basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 360.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 360.95 Td (Whether loyalty platforms service agreements include one or multiple performance obligations and the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 347.45 Td (implications on the transaction price allocation. Management has concluded that there is no change to its ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 333.95 Td (revenue recognition of its loyalty platform services and the related implementation and support services ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 320.45 Td (revenue associated with these agreements.) Tj ET Q endstream endobj 129 0 obj <> endobj 130 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (63) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 667.75 Td (\(c\) ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 94.00 667.75 Td (Impact on the financial statements) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 642.25 Td (The adjustments for each financial statement line item af) Tj ET Q q 0 0 0 rg BT 296.95 642.25 Td (fected are presented in the tables below) Tj ET Q q 0 0 0 rg BT 456.06 642.25 Td (.) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 619.75 268.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 340.50 619.75 200.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 595.75 268.00 -29.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 340.50 595.75 50.00 -29.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 390.50 595.75 50.00 -29.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 440.50 595.75 50.00 -29.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 490.50 595.75 50.00 -29.00 re f /GS0 gs 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 538.75 m 340.5 538.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 538.75 m 390.5 538.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 538.75 m 440.5 538.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 538.75 m 490.5 538.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 538.75 m 540.5 538.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 524.75 m 340.5 524.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 538.75 m 390.5 538.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 524.75 m 390.5 524.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 538.75 m 440.5 538.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 524.75 m 440.5 524.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 538.75 m 490.5 538.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 524.75 m 490.5 524.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 538.75 m 540.5 538.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 524.75 m 540.5 524.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 524.75 m 440.5 524.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 476.75 m 340.5 476.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 476.75 m 390.5 476.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 476.75 m 440.5 476.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 476.75 m 490.5 476.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 476.75 m 540.5 476.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 438.75 m 340.5 438.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 438.75 m 390.5 438.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 438.75 m 440.5 438.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 438.75 m 490.5 438.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 438.75 m 540.5 438.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 414.75 m 340.5 414.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 414.75 m 390.5 414.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 414.75 m 440.5 414.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 414.75 m 490.5 414.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 414.75 m 540.5 414.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 348.75 m 340.5 348.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 348.75 m 390.5 348.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 348.75 m 440.5 348.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 348.75 m 490.5 348.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 348.75 m 540.5 348.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 292.75 m 340.5 292.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 292.75 m 390.5 292.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 292.75 m 440.5 292.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 292.75 m 490.5 292.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 292.75 m 540.5 292.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 188.75 m 340.5 188.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 188.75 m 390.5 188.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 188.75 m 440.5 188.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 188.75 m 490.5 188.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 188.75 m 540.5 188.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 176.75 m 340.5 176.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 176.75 m 390.5 176.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 176.75 m 440.5 176.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 176.75 m 490.5 176.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 176.75 m 540.5 176.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 164.75 m 340.5 164.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 164.75 m 390.5 164.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 164.75 m 440.5 164.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 164.75 m 490.5 164.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 164.75 m 540.5 164.75 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 376.15 605.73 Td (Three Months Ended June 30, 2017) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 75.00 570.93 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 343.85 583.23 Td (As originally) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 351.40 575.23 Td (presented) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 406.30 587.23 Td (Air Miles) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 395.20 579.23 Td (Middle East) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 407.20 571.23 Td (program) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 455.40 587.23 Td (Rewards) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 453.20 579.23 Td (fulfillment) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 456.30 571.23 Td (activities) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 504.95 579.23 Td (Restated) 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 75.00 556.98 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.25 557.03 Td (334.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 556.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 556.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 557.03 Td (334.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 542.98 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.70 543.03 Td (86.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 542.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.05 543.03 Td (\(25.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.30 542.98 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.70 543.03 Td (61.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 528.98 Td (T) Tj ET Q q 0 0 0 rg BT 79.44 528.98 Td (otal Gross Billings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.25 529.03 Td (421.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 528.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.05 529.03 Td (\(25.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.30 528.98 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 529.03 Td (396.0) 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 75.00 503.70 Td (Statement of operations \(extract\)) 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 75.00 492.43 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.25 492.48 Td (310.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 423.50 492.48 Td (\(8.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.30 492.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 492.43 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 492.48 Td (301.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 480.43 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.70 480.48 Td (85.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 480.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.05 480.48 Td (\(25.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.30 480.43 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.70 480.48 Td (60.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 468.43 Td (T) Tj ET Q q 0 0 0 rg BT 79.44 468.43 Td (otal revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.25 468.48 Td (395.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 423.50 468.48 Td (\(8.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.30 468.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.05 468.48 Td (\(25.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.30 468.43 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 468.48 Td (361.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 456.43 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.25 456.48 Td (246.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 423.50 456.48 Td (\(8.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.30 456.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.05 456.48 Td (\(25.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.30 456.43 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 456.48 Td (212.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 442.98 Td (Depreciation and amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.70 443.03 Td (45.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 442.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 442.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.70 443.03 Td (45.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 430.43 Td (Gross margin) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.25 430.48 Td (104.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 430.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 430.43 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 430.48 Td (104.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 418.43 Td (Operating expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.25 418.48 Td (140.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 418.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 418.43 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 418.48 Td (140.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 406.43 Td (Operating income \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.05 406.48 Td (\(36.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 406.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 406.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 406.43 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.05 406.48 Td (\(36.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 406.43 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 385.43 Td (Earnings \(loss\) before income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.05 385.48 Td (\(29.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 385.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 385.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 385.43 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.05 385.48 Td (\(29.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 385.43 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 364.43 Td (Net earnings \(loss\) from continuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.05 364.48 Td (\(29.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 364.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 364.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 364.43 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.05 364.48 Td (\(29.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 364.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 352.43 Td (Net earnings \(loss\) from discontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.15 352.43 Td (4.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 352.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 352.43 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.15 352.43 Td (4.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 340.43 Td (Net earnings \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.05 340.48 Td (\(25.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 340.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 340.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 340.43 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.05 340.48 Td (\(25.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 340.43 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 320.43 Td (Earnings \(loss\) per common share) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.05 320.48 Td (\(0.19) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 320.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 320.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 320.43 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.05 320.48 Td (\(0.19) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 320.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.00 308.43 Td (Continuing operations - Basic and fully diluted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.05 308.48 Td (\(0.22) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 308.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 308.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 308.43 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.05 308.48 Td (\(0.22) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 308.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.00 296.43 Td (Discontinued operations - Basic and fully diluted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.70 296.48 Td (0.03) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 296.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 296.43 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.70 296.48 Td (0.03) 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 75.00 283.70 Td (Statement of comprehensive income \(extract\)) 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 75.00 272.43 Td (Net earnings \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.05 272.48 Td (\(25.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 272.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 272.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 272.43 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.05 272.48 Td (\(25.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 272.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 260.43 Td (Other comprehensive income \(loss\):) Tj ET Q BT /F4 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 75 247.28515625 m 307.11328125 247.28515625 l s q 0 0 0 rg BT 75.00 248.43 Td (Items that may be reclassified subsequently to net earnings \(loss\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 236.43 Td (Foreign currency translation adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.15 236.43 Td (4.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 236.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 236.43 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.15 236.43 Td (4.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 224.43 Td (Reclassification to net earnings of cumulative translation adjustments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 216.43 Td (related to businesses disposed of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.50 217.03 Td (\(7.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 216.98 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 216.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 216.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.50 217.03 Td (\(7.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 216.98 Td (\)) Tj ET Q BT /F4 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 75 203.28515625 m 316.453125 203.28515625 l s q 0 0 0 rg BT 75.00 204.43 Td (Items that will not be reclassified subsequently to net earnings \(loss\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 192.43 Td (Defined benefit plans actuarial gains \(losses\), net of tax) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.50 192.48 Td (\(5.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 192.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 192.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 192.43 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.50 192.48 Td (\(5.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 192.43 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 180.43 Td (Other comprehensive income \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.50 180.48 Td (\(7.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 180.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 180.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 180.43 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.50 180.48 Td (\(7.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 180.43 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 168.43 Td (Comprehensive income \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.05 168.48 Td (\(32.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 168.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 168.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 168.43 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.05 168.48 Td (\(32.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 168.43 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 131 0 obj <> endobj 132 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (64) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 674.50 268.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 340.50 674.50 200.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 650.50 268.00 -29.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 340.50 650.50 50.00 -29.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 390.50 650.50 50.00 -29.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 440.50 650.50 50.00 -29.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 490.50 650.50 50.00 -29.00 re f /GS0 gs 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 593.5 m 340.5 593.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 593.5 m 390.5 593.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 593.5 m 440.5 593.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 593.5 m 490.5 593.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 593.5 m 540.5 593.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 579.5 m 340.5 579.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 593.5 m 390.5 593.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 579.5 m 390.5 579.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 593.5 m 440.5 593.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 579.5 m 440.5 579.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 593.5 m 490.5 593.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 579.5 m 490.5 579.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 593.5 m 540.5 593.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 579.5 m 540.5 579.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 579.5 m 440.5 579.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 531.5 m 340.5 531.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 531.5 m 390.5 531.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 531.5 m 440.5 531.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 531.5 m 490.5 531.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 531.5 m 540.5 531.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 493.5 m 340.5 493.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 493.5 m 390.5 493.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 493.5 m 440.5 493.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 493.5 m 490.5 493.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 493.5 m 540.5 493.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 469.5 m 340.5 469.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 469.5 m 390.5 469.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 469.5 m 440.5 469.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 469.5 m 490.5 469.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 469.5 m 540.5 469.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 403.5 m 340.5 403.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 403.5 m 390.5 403.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 403.5 m 440.5 403.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 403.5 m 490.5 403.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 403.5 m 540.5 403.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 347.5 m 340.5 347.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 347.5 m 390.5 347.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 347.5 m 440.5 347.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 347.5 m 490.5 347.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 347.5 m 540.5 347.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 243.5 m 340.5 243.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 243.5 m 390.5 243.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 243.5 m 440.5 243.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 243.5 m 490.5 243.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 243.5 m 540.5 243.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 231.5 m 340.5 231.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 231.5 m 390.5 231.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 231.5 m 440.5 231.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 231.5 m 490.5 231.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 231.5 m 540.5 231.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 219.5 m 340.5 219.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 219.5 m 390.5 219.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 219.5 m 440.5 219.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 219.5 m 490.5 219.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 219.5 m 540.5 219.5 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 381.05 660.48 Td (Six Months Ended June 30, 2017) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 75.00 625.68 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 343.85 637.98 Td (As originally) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 351.40 629.98 Td (presented) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 406.30 641.98 Td (Air Miles) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 395.20 633.98 Td (Middle East) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 407.20 625.98 Td (program) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 455.40 641.98 Td (Rewards) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 453.20 633.98 Td (fulfillment) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 456.30 625.98 Td (activities) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 504.95 633.98 Td (Restated) 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 75.00 611.73 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.25 611.78 Td (645.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 611.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 611.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 611.78 Td (645.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 597.73 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.25 597.78 Td (206.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 597.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.05 597.78 Td (\(61.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.30 597.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 597.78 Td (145.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 583.73 Td (T) Tj ET Q q 0 0 0 rg BT 79.44 583.73 Td (otal Gross Billings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.25 583.78 Td (852.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 583.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.05 583.78 Td (\(61.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.30 583.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 583.78 Td (790.6) 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 75.00 558.45 Td (Statement of operations \(extract\)) 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 75.00 547.18 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.25 547.23 Td (640.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 419.05 547.23 Td (\(18.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.30 547.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 547.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 547.23 Td (621.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 535.18 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.25 535.23 Td (203.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 535.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.05 535.23 Td (\(61.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.30 535.18 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 535.23 Td (141.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 523.18 Td (T) Tj ET Q q 0 0 0 rg BT 79.44 523.18 Td (otal revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.25 523.23 Td (843.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 419.05 523.23 Td (\(18.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.30 523.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.05 523.23 Td (\(61.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.30 523.18 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 523.23 Td (763.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 511.18 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.25 511.23 Td (521.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 419.05 511.23 Td (\(18.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.30 511.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.05 511.23 Td (\(61.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.30 511.18 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 511.23 Td (441.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 497.73 Td (Depreciation and amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.70 497.78 Td (79.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 497.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 497.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.70 497.78 Td (79.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 485.18 Td (Gross margin) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.25 485.23 Td (242.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 485.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 485.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 485.23 Td (242.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 473.18 Td (Operating expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.25 473.23 Td (278.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 473.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 473.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 473.23 Td (278.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 461.18 Td (Operating income \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.05 461.23 Td (\(36.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 461.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 461.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 461.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.05 461.23 Td (\(36.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 461.18 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 440.18 Td (Earnings \(loss\) before income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.05 440.23 Td (\(21.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 440.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 440.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 440.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.05 440.23 Td (\(21.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 440.18 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 419.18 Td (Net earnings \(loss\) from continuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.05 419.23 Td (\(26.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 419.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 419.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 419.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.05 419.23 Td (\(26.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 419.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 407.18 Td (Net earnings \(loss\) from discontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.70 407.23 Td (10.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 407.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 407.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.70 407.23 Td (10.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 395.18 Td (Net earnings \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.05 395.23 Td (\(15.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 395.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 395.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 395.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.05 395.23 Td (\(15.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 395.18 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 375.18 Td (Earnings \(loss\) per common share) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.05 375.23 Td (\(0.16) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 375.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 375.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 375.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.05 375.23 Td (\(0.16) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 375.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.00 363.18 Td (Continuing operations - Basic and fully diluted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.05 363.23 Td (\(0.23) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 363.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 363.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 363.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.05 363.23 Td (\(0.23) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 363.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.00 351.18 Td (Discontinued operations - Basic and fully diluted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.70 351.23 Td (0.07) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 351.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 351.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.70 351.23 Td (0.07) 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 75.00 338.45 Td (Statement of comprehensive income \(extract\)) 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 75.00 327.18 Td (Net earnings \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.05 327.23 Td (\(15.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 327.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 327.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 327.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.05 327.23 Td (\(15.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 327.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 315.18 Td (Other comprehensive income \(loss\):) Tj ET Q BT /F4 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 75 302.03515625 m 307.11328125 302.03515625 l s q 0 0 0 rg BT 75.00 303.18 Td (Items that may be reclassified subsequently to net earnings \(loss\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 291.18 Td (Foreign currency translation adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.15 291.18 Td (6.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 291.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 291.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.15 291.18 Td (6.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 279.18 Td (Reclassification to net earnings of cumulative translation adjustments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 271.18 Td (related to businesses disposed of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.50 271.78 Td (\(7.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 271.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 271.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 271.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.50 271.78 Td (\(7.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 271.73 Td (\)) Tj ET Q BT /F4 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 75 258.03515625 m 316.453125 258.03515625 l s q 0 0 0 rg BT 75.00 259.18 Td (Items that will not be reclassified subsequently to net earnings \(loss\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 247.18 Td (Defined benefit plans actuarial gains \(losses\), net of tax) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.50 247.23 Td (\(4.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 247.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 247.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 247.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.50 247.23 Td (\(4.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 247.18 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 235.18 Td (Other comprehensive income \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.50 235.23 Td (\(6.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 235.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 235.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 235.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.50 235.23 Td (\(6.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 235.18 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 223.18 Td (Comprehensive income \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.05 223.23 Td (\(21.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 223.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 223.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 223.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.05 223.23 Td (\(21.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 223.18 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 133 0 obj <> endobj 134 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (65) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 674.50 268.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 340.50 674.50 200.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 650.50 268.00 -29.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 340.50 650.50 50.00 -29.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 390.50 650.50 50.00 -29.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 440.50 650.50 50.00 -29.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 490.50 650.50 50.00 -29.00 re f /GS0 gs 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 593.5 m 340.5 593.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 593.5 m 390.5 593.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 593.5 m 440.5 593.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 593.5 m 490.5 593.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 593.5 m 540.5 593.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 579.5 m 340.5 579.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 593.5 m 390.5 593.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 579.5 m 390.5 579.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 593.5 m 440.5 593.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 579.5 m 440.5 579.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 593.5 m 490.5 593.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 579.5 m 490.5 579.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 593.5 m 540.5 593.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 579.5 m 540.5 579.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 579.5 m 440.5 579.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 531.5 m 340.5 531.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 531.5 m 390.5 531.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 531.5 m 440.5 531.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 531.5 m 490.5 531.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 531.5 m 540.5 531.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 493.5 m 340.5 493.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 493.5 m 390.5 493.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 493.5 m 440.5 493.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 493.5 m 490.5 493.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 493.5 m 540.5 493.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 469.5 m 340.5 469.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 469.5 m 390.5 469.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 469.5 m 440.5 469.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 469.5 m 490.5 469.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 469.5 m 540.5 469.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 403.5 m 340.5 403.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 403.5 m 390.5 403.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 403.5 m 440.5 403.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 403.5 m 490.5 403.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 403.5 m 540.5 403.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 347.5 m 340.5 347.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 347.5 m 390.5 347.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 347.5 m 440.5 347.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 347.5 m 490.5 347.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 347.5 m 540.5 347.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 221.5 m 340.5 221.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 221.5 m 390.5 221.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 221.5 m 440.5 221.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 221.5 m 490.5 221.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 221.5 m 540.5 221.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 209.5 m 340.5 209.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 209.5 m 390.5 209.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 209.5 m 440.5 209.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 209.5 m 490.5 209.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 209.5 m 540.5 209.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 197.5 m 340.5 197.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 197.5 m 390.5 197.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 197.5 m 440.5 197.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 197.5 m 490.5 197.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 197.5 m 540.5 197.5 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 382.95 660.48 Td (Y) Tj ET Q q 1 1 1 rg BT 387.55 660.48 Td (ear Ended December 31, 2017) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 75.00 625.68 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 343.85 637.98 Td (As originally) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 351.40 629.98 Td (presented) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 406.30 641.98 Td (Air Miles) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 395.20 633.98 Td (Middle East) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 407.20 625.98 Td (program) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 455.40 641.98 Td (Rewards) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 453.20 633.98 Td (fulfillment) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 456.30 625.98 Td (activities) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 504.95 633.98 Td (Restated) 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 75.00 611.73 Td (Gross Billings from the sale of Loyalty Units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.55 611.73 Td (1,314.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 611.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 611.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.60 611.78 Td (1,314.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 597.73 Td (Gross Billings from Loyalty Services and Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.25 597.78 Td (360.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 597.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.55 597.73 Td (\(1) Tj ET Q q 0 0 0 rg BT 471.66 597.73 Td (18.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.30 597.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 597.78 Td (242.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 583.73 Td (T) Tj ET Q q 0 0 0 rg BT 79.44 583.73 Td (otal Gross Billings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.55 583.73 Td (1,675.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 583.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.55 583.73 Td (\(1) Tj ET Q q 0 0 0 rg BT 471.66 583.73 Td (18.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.30 583.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.60 583.78 Td (1,556.7) 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 75.00 558.45 Td (Statement of operations \(extract\)) 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 75.00 547.18 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.55 547.18 Td (1,266.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 419.05 547.23 Td (\(34.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.30 547.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 547.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.60 547.23 Td (1,231.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 535.18 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.25 535.23 Td (358.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 535.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.55 535.18 Td (\(1) Tj ET Q q 0 0 0 rg BT 471.66 535.18 Td (18.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.30 535.18 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 535.23 Td (239.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 523.18 Td (T) Tj ET Q q 0 0 0 rg BT 79.44 523.18 Td (otal revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.55 523.18 Td (1,624.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 419.05 523.23 Td (\(34.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.30 523.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.55 523.18 Td (\(1) Tj ET Q q 0 0 0 rg BT 471.66 523.18 Td (18.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.30 523.18 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.60 523.23 Td (1,471.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 511.18 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.55 511.18 Td (1,004.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 419.05 511.23 Td (\(34.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.30 511.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.55 511.18 Td (\(1) Tj ET Q q 0 0 0 rg BT 471.66 511.18 Td (18.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.30 511.18 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 511.23 Td (851.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 497.73 Td (Depreciation and amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.25 497.78 Td (179.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 497.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 497.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 497.78 Td (179.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 485.18 Td (Gross margin) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.25 485.23 Td (440.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 485.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 485.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 485.23 Td (440.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 473.18 Td (Operating expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.25 473.23 Td (499.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 473.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 473.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 473.23 Td (499.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 461.18 Td (Operating income \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.05 461.23 Td (\(59.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 461.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 461.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 461.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.05 461.23 Td (\(59.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 461.18 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 440.18 Td (Earnings \(loss\) before income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.55 440.18 Td (\(122.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 440.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 440.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 440.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.60 440.23 Td (\(122.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 440.18 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 419.18 Td (Net earnings \(loss\) from continuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.55 419.18 Td (\(129.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 419.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 419.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 419.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.60 419.23 Td (\(129.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 419.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 407.18 Td (Net earnings \(loss\) from discontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.55 407.18 Td (\(140.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 407.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 407.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 407.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.60 407.23 Td (\(140.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 407.18 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 395.18 Td (Net earnings \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.55 395.18 Td (\(270.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 395.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 395.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 395.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.60 395.23 Td (\(270.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 395.18 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 375.18 Td (Earnings \(loss\) per common share) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.05 375.23 Td (\(1.89) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 375.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 375.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 375.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.05 375.23 Td (\(1.89) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 375.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.00 363.18 Td (Continuing operations - Basic and fully diluted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.05 363.23 Td (\(0.96) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 363.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 363.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 363.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.05 363.23 Td (\(0.96) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 363.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.00 351.18 Td (Discontinued operations - Basic and fully diluted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.05 351.23 Td (\(0.93) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 351.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 351.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 351.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.05 351.23 Td (\(0.93) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 351.18 Td (\)) 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 75.00 338.45 Td (Statement of comprehensive income \(extract\)) 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 75.00 327.18 Td (Net earnings \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.55 327.18 Td (\(270.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 327.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 327.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 327.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.60 327.23 Td (\(270.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 327.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 315.18 Td (Other comprehensive income \(loss\):) Tj ET Q BT /F4 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 75 302.03515625 m 307.11328125 302.03515625 l s q 0 0 0 rg BT 75.00 303.18 Td (Items that may be reclassified subsequently to net earnings \(loss\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 291.18 Td (Foreign currency translation adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.15 291.18 Td (0.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 291.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 291.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.15 291.18 Td (0.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 278.73 Td (Reclassification to net earnings of foreign currency translation) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 270.73 Td (adjustments related to impaired available-for-sale investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.50 270.78 Td (\(7.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 270.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 270.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 270.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.50 270.78 Td (\(7.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 270.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 258.18 Td (Reclassification to net earnings of cumulative translation adjustments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 250.18 Td (related to businesses disposed of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.50 249.78 Td (\(4.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 249.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 249.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 249.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.50 249.78 Td (\(4.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 249.73 Td (\)) Tj ET Q BT /F4 8.00 Tf ET 0 0 0 RG /GS0 gs 0.59 w 0 i [] 0 d 1 J 1 j 3 M 75 236.03515625 m 316.453125 236.03515625 l s q 0 0 0 rg BT 75.00 237.18 Td (Items that will not be reclassified subsequently to net earnings \(loss\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 225.18 Td (Defined benefit plans actuarial gains \(losses\), net of tax) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.50 225.23 Td (\(9.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 225.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 225.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 225.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.50 225.23 Td (\(9.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 225.18 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 213.18 Td (Other comprehensive income \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.05 213.23 Td (\(20.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 213.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 213.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 213.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.05 213.23 Td (\(20.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 213.18 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 201.18 Td (Comprehensive income \(loss\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.55 201.18 Td (\(291.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 201.18 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 201.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 201.18 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.60 201.23 Td (\(291.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 201.18 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 135 0 obj <> endobj 136 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (66) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 674.50 268.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 340.50 674.50 200.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 650.50 268.00 -29.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 340.50 650.50 50.00 -29.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 390.50 650.50 50.00 -29.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 440.50 650.50 50.00 -29.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 490.50 650.50 50.00 -29.00 re f /GS0 gs 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 496.5 m 340.5 496.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 496.5 m 390.5 496.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 496.5 m 440.5 496.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 496.5 m 490.5 496.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 496.5 m 540.5 496.5 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 406.40 660.48 Td (At January 1, 2017) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 75.00 625.68 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 343.85 637.98 Td (As originally) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 351.40 629.98 Td (presented) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 406.30 641.98 Td (Air Miles) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 395.20 633.98 Td (Middle East) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 407.20 625.98 Td (program) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 455.40 641.98 Td (Rewards) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 453.20 633.98 Td (fulfillment) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 456.30 625.98 Td (activities) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 504.95 633.98 Td (Restated) 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 75.00 611.90 Td (Statement of financial position \(extract\)) 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 75.00 598.73 Td (T) Tj ET Q q 0 0 0 rg BT 79.59 598.73 Td (otal assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.55 598.73 Td (4,508.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 598.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 598.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.60 598.78 Td (4,508.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 580.73 Td (Current liabilities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 567.73 Td (Deferred revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.55 567.73 Td (1,492.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 423.50 567.78 Td (\(5.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.30 567.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 567.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.60 567.78 Td (1,487.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 549.73 Td (Long-term liabilities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 536.73 Td (Deferred revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.55 536.73 Td (1,753.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 419.05 536.78 Td (\(16.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.30 536.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 536.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.60 536.78 Td (1,736.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 518.73 Td (T) Tj ET Q q 0 0 0 rg BT 79.29 518.73 Td (otal liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.55 518.73 Td (4,392.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 419.05 518.78 Td (\(22.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.30 518.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 518.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.60 518.78 Td (4,370.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 500.73 Td (T) Tj ET Q q 0 0 0 rg BT 79.29 500.73 Td (otal equity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.25 500.78 Td (1) Tj ET Q q 0 0 0 rg BT 371.70 500.78 Td (15.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.70 500.78 Td (22.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 500.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 500.78 Td (137.5) Tj ET Q BT /F1 10.00 Tf ET 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 480.50 268.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 340.50 480.50 200.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 456.50 268.00 -29.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 340.50 456.50 50.00 -29.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 390.50 456.50 50.00 -29.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 440.50 456.50 50.00 -29.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 490.50 456.50 50.00 -29.00 re f /GS0 gs 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 301.5 m 340.5 301.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 301.5 m 390.5 301.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 301.5 m 440.5 301.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 301.5 m 490.5 301.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 301.5 m 540.5 301.5 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 409.75 466.48 Td (At June 30, 2017) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 75.00 431.68 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 343.85 443.98 Td (As originally) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 351.40 435.98 Td (presented) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 406.30 447.98 Td (Air Miles) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 395.20 439.98 Td (Middle East) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 407.20 431.98 Td (program) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 455.40 447.98 Td (Rewards) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 453.20 439.98 Td (fulfillment) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 456.30 431.98 Td (activities) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 504.95 439.98 Td (Restated) 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 75.00 417.90 Td (Statement of financial position \(extract\)) 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 75.00 404.73 Td (T) Tj ET Q q 0 0 0 rg BT 79.59 404.73 Td (otal assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.55 404.73 Td (4,295.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 404.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 404.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.60 404.78 Td (4,295.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 386.73 Td (Current liabilities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 373.73 Td (Deferred revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.55 373.73 Td (1,468.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 423.50 373.78 Td (\(8.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.30 373.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 373.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.60 373.78 Td (1,460.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 355.73 Td (Long-term liabilities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 342.73 Td (Deferred revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.55 342.73 Td (1,822.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 419.05 342.78 Td (\(13.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.30 342.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 342.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.60 342.78 Td (1,808.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 323.73 Td (T) Tj ET Q q 0 0 0 rg BT 79.29 323.73 Td (otal liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.55 323.73 Td (4,267.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 419.05 323.78 Td (\(22.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.30 323.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 323.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.60 323.78 Td (4,245.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 305.73 Td (T) Tj ET Q q 0 0 0 rg BT 79.29 305.73 Td (otal equity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.70 305.78 Td (27.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.70 305.78 Td (22.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 305.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.70 305.78 Td (49.2) Tj ET Q BT /F1 10.00 Tf ET 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 285.50 268.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 340.50 285.50 200.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 261.50 268.00 -29.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 340.50 261.50 50.00 -29.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 390.50 261.50 50.00 -29.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 440.50 261.50 50.00 -29.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 490.50 261.50 50.00 -29.00 re f /GS0 gs 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 107.5 m 340.5 107.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 107.5 m 390.5 107.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 107.5 m 440.5 107.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 107.5 m 490.5 107.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 107.5 m 540.5 107.5 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 399.95 271.48 Td (At December 31, 2017) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 75.00 236.68 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 343.85 248.98 Td (As originally) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 351.40 240.98 Td (presented) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 406.30 252.98 Td (Air Miles) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 395.20 244.98 Td (Middle East) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 407.20 236.98 Td (program) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 455.40 252.98 Td (Rewards) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 453.20 244.98 Td (fulfillment) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 456.30 236.98 Td (activities) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 504.95 244.98 Td (Restated) 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 75.00 222.90 Td (Statement of financial position \(extract\)) 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 75.00 209.73 Td (T) Tj ET Q q 0 0 0 rg BT 79.59 209.73 Td (otal assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.55 209.73 Td (4,069.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.25 209.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 209.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.60 209.78 Td (4,069.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 191.73 Td (Current liabilities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 178.73 Td (Deferred revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.55 178.73 Td (1,298.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 419.05 178.78 Td (\(12.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.30 178.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 178.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.60 178.78 Td (1,286.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 160.73 Td (Long-term liabilities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 147.73 Td (Deferred revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.55 147.73 Td (1,726.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 423.50 147.78 Td (\(9.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.30 147.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 147.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.60 147.78 Td (1,716.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 129.73 Td (T) Tj ET Q q 0 0 0 rg BT 79.29 129.73 Td (otal liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.55 129.73 Td (4,312.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 419.05 129.78 Td (\(22.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.30 129.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 129.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.60 129.78 Td (4,290.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 111.73 Td (T) Tj ET Q q 0 0 0 rg BT 79.29 111.73 Td (otal equity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.55 111.73 Td (\(243.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.30 111.73 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.70 111.78 Td (22.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.25 111.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.60 111.78 Td (\(221.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 537.30 111.73 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 137 0 obj <> endobj 138 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (67) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 667.75 Td (IFRS 2 ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 105.53 667.75 Td (Amendments, Share-based payments) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 644.25 Td (The IASB issued amendments to IFRS 2 - ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 242.07 644.25 Td (Share-based payments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.13 644.25 Td ( to clarify the classification and measurement of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 630.75 Td (share-based payment transactions. ) Tj ET Q q 0 0 0 rg BT 214.91 630.75 Td (The amendments clarify the accounting requirements for cash-settled share-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 617.25 Td (based payment transactions that include a performance condition introducing guidance that follows the same ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 603.75 Td (approach as used for equity-settled share-based payments. ) Tj ET Q q 0 0 0 rg BT 311.48 603.75 Td (The amendments also address the accounting for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 590.25 Td (modifications of share-based payment transactions from cash-settled to equity-settled. ) Tj ET Q q 0 0 0 rg BT 417.51 590.25 Td (These changes did not result ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 576.75 Td (in any adjustments to Corporation's financial statements.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 532.8486328125 m 271.552734375 532.8486328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 534.75 Td (FUTURE ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 123.55 534.75 Td (ACCOUNTING CHANGES ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 509.25 Td (The following section provides an update to the same section included in ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 363.68 509.25 Td (Note 2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.19 509.25 Td ( of the Corporation's audited annual ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 495.75 Td (consolidated financial statements for the year ended December 31, 2017.) 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 72.00 471.75 Td (IAS 19 ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 104.43 471.75 Td (Amendments, Employee benefits) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 448.25 Td (The IASB issued amendments to IAS 19 - ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 241.08 448.25 Td (Employee benefits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.13 448.25 Td ( which require an entity to use updated assumptions to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 434.75 Td (determine current service cost and net interest for the remainder of the period after a plan amendment, curtailment or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 421.25 Td (settlement. ) Tj ET Q q 0 0 0 rg BT 118.36 421.25 Td (The amendments also require an entity to recognise in profit or loss as part of past service cost, or a gain ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 407.75 Td (or loss on settlement, any reduction in a surplus, even if that surplus was not previously recognised because of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 394.25 Td (impact of the asset ceiling. ) Tj ET Q q 0 0 0 rg BT 180.39 394.25 Td (The amendments are ef) Tj ET Q q 0 0 0 rg BT 275.78 394.25 Td (fective for plan amendments, settlements or curtailments that ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 380.75 Td (occur after the beginning of the first annual reporting period beginning on or after January 1, 2019. ) Tj ET Q q 0 0 0 rg BT 464.76 380.75 Td (At this time, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 367.25 Td (management is reviewing the impact that these amendments will have 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 72.00 343.25 Td (Annual Improvements to IFRSs 2015-2017 Cycle) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 319.75 Td (The IASB issued ) Tj ET Q q 0 0 0 rg BT 141.04 319.75 Td (Annual Improvements to IFRSs 2015-2017 Cycle, which includes amendments to the following ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 306.25 Td (standards:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 280.75 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 280.75 Td (IFRS 3, ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 141.01 280.75 Td (Business Combinations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.05 280.75 Td ( was amended to clarify measurement of previously held interests in a joint ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 267.25 Td (operation when control is obtained.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 253.75 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 253.75 Td (IFRS 1) Tj ET Q q 0 0 0 rg BT 135.34 253.75 Td (1, ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 145.34 253.75 Td (Joint ) Tj ET Q q 0 0 0 rg BT 166.52 253.75 Td (Arrangements) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 223.05 253.75 Td ( was amended to clarify that when an entity obtains joint control of a business ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 240.25 Td (that is a joint operation, it does not remeasure previously held interests.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 226.75 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 226.75 Td (IAS 12, ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 140.02 226.75 Td (Income T) Tj ET Q q 0 0 0 rg BT 176.70 226.75 Td (axes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.71 226.75 Td ( was amended to clarify income tax consequences of payments on financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 213.25 Td (instruments classified as equity) Tj ET Q q 0 0 0 rg BT 231.89 213.25 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 199.75 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 199.75 Td (IAS 23, ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 140.02 199.75 Td (Borrowing Costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.04 199.75 Td ( was amended to clarify borrowing costs eligible for capitalization. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 174.25 Td (These amendments are ef) Tj ET Q q 0 0 0 rg BT 176.89 174.25 Td (fective for annual periods beginning on or after January 1, 2019. ) Tj ET Q q 0 0 0 rg BT 434.07 174.25 Td (At this time, management ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 160.75 Td (is reviewing the impact that these amendments will have on its consolidated financial statements.) 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Significant estimates made in the preparation of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 559.80 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 72.00 546.30 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 72.00 532.80 Td (particularly future cash flows and cost of capital, the carrying value of financial instruments recorded at fair value, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 519.30 Td (provisions and 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 72 478.3986328125 m 256.23046875 478.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 480.30 Td (CONTROLS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 142.22 480.30 Td (AND PROCEDURES) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 453.90 Td (DISCLOSURE CONTROLS ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 224.23 453.90 Td (AND PROCEDURES ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 341.13 453.90 Td (AND INTERNAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 430.90 453.90 Td ( CONTROLS OVER ) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 439.50 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 136.44 439.50 Td ( REPORTING ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 414.00 Td (The Corporation has adopted disclosure controls and procedures, with management's assistance, that are under the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 400.50 Td (responsibility of the President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 283.95 400.50 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 392.33 400.50 Td (ficer) Tj ET Q q 0 0 0 rg BT 408.84 400.50 Td (, in order to provide reasonable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 387.00 Td (assurance that they are made aware of material information. ) Tj ET Q q 0 0 0 rg BT 316.96 387.00 Td (The Corporation has also adopted internal controls over ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 373.50 Td (financial reporting to provide reasonable assurance regarding the reliability of financial reporting and the preparation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 360.00 Td (of financial statements in accordance with IFRS. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 337.50 Td (During the interim period ended on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.09 337.50 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.14 337.50 Td (, there were no changes in the Corporation's internal controls over ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 324.00 Td (financial reporting that have significantly af) Tj ET Q q 0 0 0 rg BT 241.44 324.00 Td (fected, or are reasonably likely to significantly af) Tj ET Q q 0 0 0 rg BT 432.37 324.00 Td (fect, ) Tj ET Q q 0 0 0 rg BT 451.38 324.00 Td (Aimia's internal ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 310.50 Td (controls over financial reporting.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 288.00 Td (Because of inherent limitations, internal controls over financial reporting and disclosure controls can provide only ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 274.50 Td (reasonable assurances and may not prevent or detect misstatements. Furthermore, projections of any evaluation of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 261.00 Td (ef) Tj ET Q q 0 0 0 rg BT 79.34 261.00 Td (fectiveness to future periods are subject to the risk that controls may become inadequate because of changes in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 247.50 Td (conditions, or that the degree of compliance with the policies or procedures may deteriorate.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 225.00 Td (The ) Tj ET Q q 0 0 0 rg BT 89.51 225.00 Td (Audit, Finance and Risk Committee reviewed this MD&A, and the interim condensed consolidated financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 211.50 Td (statements, and the Board of Directors of ) Tj ET Q q 0 0 0 rg BT 238.09 211.50 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 72.00 604.80 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 444.50 604.80 Td (fect the business, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.30 Td (please refer to the corresponding sections in the 2017 MD&A) Tj ET Q q 0 0 0 rg BT 314.64 591.30 Td ( and ) Tj ET Q q 0 0 0 rg BT 334.16 591.30 Td (Aimia's ) Tj ET Q q 0 0 0 rg BT 364.89 591.30 Td (Annual Information Form dated March 2, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 577.80 Td (2018.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 555.30 Td (The risks described therein may not be the only risks faced by ) Tj ET Q q 0 0 0 rg BT 320.62 555.30 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 72.00 541.80 Td (are deemed immaterial may surface and have a material adverse impact on ) Tj ET Q q 0 0 0 rg BT 375.15 541.80 Td (Aimia's results of operations and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 528.30 Td (financial condition.) Tj ET Q endstream endobj 143 0 obj <> endobj 144 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (70) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 418.23046875 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (RECONCILIA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 145.78 666.30 Td (TION OF ROIC ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 230.66 666.30 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 259.55 666.30 Td (ADJUSTED NET EARNINGS) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 636.30 Td (ROIC) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 610.80 Td (ROIC is calculated as adjusted operating income after taxes expressed as a percentage of the average invested ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 597.30 Td (capital. ) Tj ET Q q 0 0 0 rg BT 102.85 597.30 Td (The following table provides the calculation of ) Tj ET Q q 0 0 0 rg BT 286.47 597.30 Td (Aimia's ROIC for the twelve months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.26 597.30 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.31 597.30 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 583.80 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.02 583.80 Td (:) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 564.30 334.00 -22.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 406.50 564.30 134.00 -22.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 542.30 334.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 406.50 542.30 67.00 -13.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 473.50 542.30 67.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 529.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 529.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 517.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 517.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 505.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 505.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 493.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 493.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 481.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 481.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 469.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 469.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 457.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 457.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 445.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 445.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 433.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 433.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 421.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 421.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 409.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 409.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 397.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 397.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 385.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 385.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 373.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 373.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 361.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 361.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 349.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 349.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 337.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 337.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 325.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 325.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 313.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 313.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 301.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 301.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 289.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 289.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 277.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 277.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 265.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 265.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 253.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 253.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 241.30 53.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 241.30 14.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 223.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 223.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 211.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 211.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 199.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 199.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 187.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 187.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 175.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 175.30 14.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 406.50 163.30 53.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 459.50 163.30 14.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 493.29999999999995 m 459.5 493.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 493.29999999999995 m 526.5 493.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 493.29999999999995 m 406.5 493.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 481.29999999999995 m 406.5 481.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 493.29999999999995 m 459.5 493.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 481.29999999999995 m 459.5 481.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 493.29999999999995 m 473.5 493.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 481.29999999999995 m 473.5 481.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 493.29999999999995 m 526.5 493.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 481.29999999999995 m 526.5 481.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 493.29999999999995 m 540.5 493.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 481.29999999999995 m 540.5 481.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 481.29999999999995 m 406.5 481.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 397.29999999999995 m 459.5 397.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 397.29999999999995 m 526.5 397.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 397.29999999999995 m 406.5 397.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 385.29999999999995 m 406.5 385.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 397.29999999999995 m 459.5 397.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 385.29999999999995 m 459.5 385.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 397.29999999999995 m 473.5 397.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 385.29999999999995 m 473.5 385.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 397.29999999999995 m 526.5 397.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 385.29999999999995 m 526.5 385.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 397.29999999999995 m 540.5 397.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 385.29999999999995 m 540.5 385.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 385.29999999999995 m 406.5 385.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 385.29999999999995 m 459.5 385.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 385.29999999999995 m 473.5 385.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 385.29999999999995 m 526.5 385.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 385.29999999999995 m 540.5 385.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 349.29999999999995 m 406.5 349.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 349.29999999999995 m 459.5 349.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 349.29999999999995 m 473.5 349.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 349.29999999999995 m 526.5 349.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 349.29999999999995 m 540.5 349.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 349.29999999999995 m 406.5 349.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 337.29999999999995 m 406.5 337.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 337.29999999999995 m 459.5 337.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 337.29999999999995 m 473.5 337.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 337.29999999999995 m 526.5 337.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 337.29999999999995 m 540.5 337.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 187.29999999999995 m 406.5 187.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 187.29999999999995 m 459.5 187.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 187.29999999999995 m 473.5 187.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 187.29999999999995 m 526.5 187.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 187.29999999999995 m 540.5 187.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 175.29999999999995 m 406.5 175.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 175.29999999999995 m 459.5 175.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 175.29999999999995 m 473.5 175.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 175.29999999999995 m 526.5 175.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 175.29999999999995 m 540.5 175.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 163.29999999999995 m 406.5 163.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 175.29999999999995 m 459.5 175.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 163.29999999999995 m 459.5 163.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 163.29999999999995 m 473.5 163.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 175.29999999999995 m 526.5 175.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 163.29999999999995 m 526.5 163.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 163.29999999999995 m 540.5 163.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 151.29999999999995 m 406.5 151.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 151.29999999999995 m 459.5 151.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 151.29999999999995 m 473.5 151.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 151.29999999999995 m 526.5 151.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526.5 151.29999999999995 m 540.5 151.29999999999995 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 438.55 555.00 Td (T) Tj ET Q q 1 1 1 rg BT 442.44 555.00 Td (welve Months Ended ) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 459.55 548.00 Td (June 30,) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 75.00 534.28 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 431.70 534.00 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 498.70 534.00 Td (2017) Tj ET Q BT /F2 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 75.00 521.50 Td (Calculation of adjusted operating income after taxes) 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 75.00 509.30 Td (Operating loss) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 436.75 509.30 Td (\(26.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.75 509.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.90 509.30 Td (\(139.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.75 509.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 497.30 Td (Depreciation, amortization & impairment charges ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 228.29 500.64 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 435.20 497.30 Td (214.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 502.20 497.30 Td (230.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 485.30 Td (Operating income excluding depreciation, amortization and impairment charges ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 322.85 488.64 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 435.20 485.30 Td (187.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 506.10 485.30 Td (90.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 473.30 Td (Adjustments:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.00 461.30 Td (Change in deferred revenue) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 99.00 449.30 Td (Gross Billings) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 429.30 449.30 Td (1,491.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 496.35 449.30 Td (1,731.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 99.00 437.30 Td (T) Tj ET Q q 0 0 0 rg BT 102.89 437.30 Td (otal revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 427.00 437.30 Td (\(1,489.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.75 437.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.05 437.30 Td (\(1,630.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.75 437.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 99.00 425.70 Td (Cost of rewards recorded against deferred revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 436.75 425.30 Td (\(32.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.75 425.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.75 425.30 Td (\(18.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.75 425.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.00 413.30 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 196.56 416.64 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.05 413.30 Td (48.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.75 413.30 Td (\(28.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.75 413.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 401.30 Td ( Distributions from equity-accounted investments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.05 401.30 Td (18.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 506.10 401.30 Td (20.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 389.30 Td (Subtotal of ) Tj ET Q q 0 0 0 rg BT 110.03 389.30 Td (Adjustments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 439.05 389.30 Td (36.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 506.10 389.30 Td (74.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 377.30 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 132.69 377.30 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 134.63 380.64 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 435.20 377.30 Td (224.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 502.20 377.30 Td (164.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 365.30 Td (Depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 436.75 365.30 Td (\(45.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.75 365.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.75 365.30 Td (\(44.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.75 365.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 353.30 Td (T) Tj ET Q q 0 0 0 rg BT 78.50 353.30 Td (ax ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 87.84 356.64 Td (\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 436.75 353.30 Td (\(47.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.75 353.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.75 353.30 Td (\(32.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.75 353.30 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 341.30 Td (Adjusted operating income after taxes ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 204.14 344.64 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 435.20 341.30 Td (131.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 506.10 341.30 Td (88.7) Tj ET Q BT /F2 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 75.00 329.50 Td (Calculation of invested capital) 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 75.00 317.30 Td (Net equity:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.00 305.30 Td (T) Tj ET Q q 0 0 0 rg BT 84.89 305.30 Td (otal equity) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 432.90 305.30 Td (\(190.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.75 305.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 506.10 305.30 Td (49.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.00 293.30 Td (Net liabilities \(assets\) of discontinued operations) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 445.75 293.30 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.75 293.30 Td (\(72.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.75 293.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 281.30 Td (Deferred revenue margin from continuing operations:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.00 269.30 Td (Deferred revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 429.30 269.30 Td (2,935.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 496.35 269.30 Td (2,966.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.00 257.30 Td (Future Redemption Cost liability - Unbroken Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 427.00 257.30 Td (\(1,934.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.75 257.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.05 257.30 Td (\(2,010.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.75 257.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.00 245.30 Td (T) Tj ET Q q 0 0 0 rg BT 84.50 245.30 Td (ax ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 93.84 248.64 Td (\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 432.90 245.30 Td (\(267.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.75 245.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.90 245.30 Td (\(254.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.75 245.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 233.70 Td (Accumulated amortization of accumulation partners' contracts and customer relationships related to) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 226.70 Td (continuing operations) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 429.30 227.30 Td (1,035.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 502.20 227.30 Td (876.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 215.30 Td (Net debt:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.00 203.30 Td (Long-term debt \(including current portion\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 435.20 203.30 Td (329.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 502.20 203.30 Td (449.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.00 191.30 Td (Cash and cash equivalents) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 432.90 191.30 Td (\(248.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.75 191.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 499.90 191.30 Td (\(273.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.75 191.30 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 179.30 Td (T) Tj ET Q q 0 0 0 rg BT 78.76 179.30 Td (otal Invested capital ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 147.61 182.64 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 429.30 179.30 Td (1,658.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 496.35 179.30 Td (1,730.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 167.30 Td (A) Tj ET Q q 0 0 0 rg BT 79.80 167.30 Td (verage Invested capital ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 158.78 170.64 Td (\(a\)\(e\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 429.30 167.30 Td (1,694.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 496.35 167.30 Td (1,849.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 155.30 Td (ROIC ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 94.44 158.64 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 443.00 155.30 Td (7.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.75 155.30 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.00 155.30 Td (4.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 519.75 155.30 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 145 0 obj <> endobj 146 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (71) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 7.50 Tf ET q 0 0 0 rg BT 81.00 669.55 Td (\(a\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 99.00 669.55 Td (A) Tj ET Q q 0 0 0 rg BT 103.59 669.55 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 141.39 669.55 Td ( measurement. Please refer to ) Tj ET Q BT /F4 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 244.36 669.55 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 418.34 669.55 Td ( financial measures\)) Tj ET Q BT /F3 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 485.46 669.55 Td (.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 81.00 649.30 Td (\(b\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 99.00 649.30 Td (Includes depreciation and amortization, amortization of ) Tj ET Q q 0 0 0 rg BT 282.45 649.30 Td (Accumulation Partners' contracts, customer relationships and technology as ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 99.00 638.05 Td (well as impairment charges.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 81.00 617.80 Td (\(c\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 99.00 617.80 Td (The per unit cost derived from this calculation is retroactively applied to all prior periods with the ef) Tj ET Q q 0 0 0 rg BT 424.04 617.80 Td (fect of revaluing the Future ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 99.00 606.55 Td (Redemption Cost liability on the basis of the latest available average unit cost.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 81.00 586.30 Td (\(d\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 99.00 586.30 Td (T) Tj ET Q q 0 0 0 rg BT 102.75 586.30 Td (ax was calculated at the Canadian statutory tax rate of ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 285.37 586.30 Td (26.75%) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 310.80 586.30 Td ( and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 327.49 586.30 Td (26.58%) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 352.92 586.30 Td ( for each of the above items for the twelve month ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 99.00 575.05 Td (periods presented, respectively) Tj ET Q q 0 0 0 rg BT 202.25 575.05 Td (. ) Tj ET Q q 0 0 0 rg BT 206.29 575.05 Td (The Corporation's applicable tax rate is the Canadian combined rates applicable in the jurisdictions ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 99.00 563.80 Td (in which the Corporation operates.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 81.00 543.55 Td (\(e\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 99.00 543.55 Td (Represents the average of the beginning and ending balance of the twelve-month period.) 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0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (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 72.00 640.80 Td (The table below presents a reconciliation from net earnings \(loss\) attributable to equity holders of the Corporation and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (Adjusted Net Earnings for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 192.07 627.30 Td (three and six months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.14 627.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.64 627.30 Td (June30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.69 627.30 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.71 627.30 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.73 627.30 Td (: ) Tj ET Q 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 72.50 607.80 180.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 252.50 607.80 142.00 -24.00 re f /GS0 gs 0 0.6627450980392157 0.8784313725490196 rg /GS0 gs 394.50 607.80 146.00 -24.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 72.50 583.80 180.00 -19.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 252.50 583.80 70.00 -19.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 322.50 583.80 72.00 -19.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 394.50 583.80 74.00 -19.00 re f /GS0 gs 0 0.28627450980392155 0.4627450980392157 rg /GS0 gs 468.50 583.80 72.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 252.50 564.80 53.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 305.50 564.80 17.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 394.50 564.80 53.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 447.50 564.80 21.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 252.50 544.80 53.00 -28.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 305.50 544.80 17.00 -28.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 394.50 544.80 53.00 -28.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 447.50 544.80 21.00 -28.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 252.50 516.80 53.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 305.50 516.80 17.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 394.50 516.80 53.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 447.50 516.80 21.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 252.50 496.80 53.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 305.50 496.80 17.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 394.50 496.80 53.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 447.50 496.80 21.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 252.50 483.80 53.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 305.50 483.80 17.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 394.50 483.80 53.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 447.50 483.80 21.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 252.50 470.80 53.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 305.50 470.80 17.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 394.50 470.80 53.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 447.50 470.80 21.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 252.50 450.80 53.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 305.50 450.80 17.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 394.50 450.80 53.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 447.50 450.80 21.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 252.50 430.80 53.00 -28.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 305.50 430.80 17.00 -28.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 394.50 430.80 53.00 -28.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 447.50 430.80 21.00 -28.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 252.50 402.80 53.00 -28.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 305.50 402.80 17.00 -28.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 394.50 402.80 53.00 -28.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 447.50 402.80 21.00 -28.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 252.50 374.80 53.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 305.50 374.80 17.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 394.50 374.80 53.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 447.50 374.80 21.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 252.50 354.80 53.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 305.50 354.80 17.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 394.50 354.80 53.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 447.50 354.80 21.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 252.50 341.80 53.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 305.50 341.80 17.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 394.50 341.80 53.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 447.50 341.80 21.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 252.50 328.80 53.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 305.50 328.80 17.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 394.50 328.80 53.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 447.50 328.80 21.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 252.50 315.80 53.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 305.50 315.80 17.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 394.50 315.80 53.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 447.50 315.80 21.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 252.50 296.80 53.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 305.50 296.80 17.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 394.50 296.80 53.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 447.50 296.80 21.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 252.50 277.80 53.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 305.50 277.80 17.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 394.50 277.80 53.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 447.50 277.80 21.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 252.50 257.80 53.00 -28.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 305.50 257.80 17.00 -28.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 394.50 257.80 53.00 -28.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 447.50 257.80 21.00 -28.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 252.50 229.80 53.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 305.50 229.80 17.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 394.50 229.80 53.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 447.50 229.80 21.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 252.50 209.80 53.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 305.50 209.80 17.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 394.50 209.80 53.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 447.50 209.80 21.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 252.50 196.80 53.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 305.50 196.80 17.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 394.50 196.80 53.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 447.50 196.80 21.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 252.50 183.80 53.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 305.50 183.80 17.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 394.50 183.80 53.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 447.50 183.80 21.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 252.50 164.80 53.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 305.50 164.80 17.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 394.50 164.80 53.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 447.50 164.80 21.00 -19.00 re f /GS0 gs 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 430.79999999999995 m 252.5 430.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 252.5 430.79999999999995 m 305.5 430.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 305.5 430.79999999999995 m 322.5 430.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 322.5 430.79999999999995 m 375.5 430.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 375.5 430.79999999999995 m 394.5 430.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 430.79999999999995 m 447.5 430.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 447.5 430.79999999999995 m 468.5 430.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 430.79999999999995 m 521.5 430.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 521.5 430.79999999999995 m 540.5 430.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 315.79999999999995 m 252.5 315.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 252.5 315.79999999999995 m 305.5 315.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 305.5 315.79999999999995 m 322.5 315.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 322.5 315.79999999999995 m 375.5 315.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 375.5 315.79999999999995 m 394.5 315.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 315.79999999999995 m 447.5 315.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 447.5 315.79999999999995 m 468.5 315.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 315.79999999999995 m 521.5 315.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 521.5 315.79999999999995 m 540.5 315.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 277.79999999999995 m 305.5 277.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 277.79999999999995 m 322.5 277.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 277.79999999999995 m 375.5 277.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 277.79999999999995 m 394.5 277.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 277.79999999999995 m 447.5 277.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 277.79999999999995 m 468.5 277.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 277.79999999999995 m 521.5 277.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 277.79999999999995 m 540.5 277.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 277.79999999999995 m 252.5 277.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 252.5 277.79999999999995 m 305.5 277.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 305.5 277.79999999999995 m 322.5 277.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 322.5 277.79999999999995 m 375.5 277.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 375.5 277.79999999999995 m 394.5 277.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 277.79999999999995 m 447.5 277.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 447.5 277.79999999999995 m 468.5 277.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 277.79999999999995 m 521.5 277.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 521.5 277.79999999999995 m 540.5 277.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 183.79999999999995 m 252.5 183.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 252.5 183.79999999999995 m 305.5 183.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 305.5 183.79999999999995 m 322.5 183.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 322.5 183.79999999999995 m 375.5 183.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 375.5 183.79999999999995 m 394.5 183.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 183.79999999999995 m 447.5 183.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 447.5 183.79999999999995 m 468.5 183.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 183.79999999999995 m 521.5 183.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 521.5 183.79999999999995 m 540.5 183.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 145.79999999999995 m 252.5 145.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 145.79999999999995 m 305.5 145.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 145.79999999999995 m 322.5 145.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 145.79999999999995 m 375.5 145.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 145.79999999999995 m 394.5 145.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.5 145.79999999999995 m 447.5 145.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 145.79999999999995 m 468.5 145.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 145.79999999999995 m 521.5 145.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 145.79999999999995 m 540.5 145.79999999999995 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 285.60 597.78 Td (Three Months Ended ) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 307.65 589.78 Td (June 30,) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 434.50 597.78 Td (Six Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 451.65 589.78 Td (June 30,) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 576.00 Td (\(in millions of Canadian dollars, except share and per) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 569.00 Td (share information\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 278.10 572.28 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 349.10 572.28 Td (2017) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 422.10 572.28 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 495.10 572.28 Td (2017) 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 75.00 556.48 Td (Net earnings \(loss\) attributable to equity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 84.00 548.48 Td (holders of the Corporation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.70 549.03 Td (1) Tj ET Q q 0 0 0 rg BT 291.15 549.03 Td (1.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.05 549.08 Td (\(25.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.30 549.03 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 378.00 548.58 Td (\(f\)\(g\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.70 549.08 Td (32.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 450.15 548.58 Td (\(d\)\(e\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.05 549.08 Td (\(15.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 518.30 549.03 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 524.00 548.58 Td (\(f\)\(g\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.00 536.48 Td (Net earnings \(loss\) attributable to equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.00 528.48 Td (holders of the Corporation - Continuing) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.00 520.48 Td (operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.70 521.03 Td (1) Tj ET Q q 0 0 0 rg BT 291.15 521.03 Td (1.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.05 521.08 Td (\(29.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.30 521.03 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 378.00 520.58 Td (\(f\)\(g\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.70 521.08 Td (24.9) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 453.80 520.58 Td (\(d\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.05 521.08 Td (\(26.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 518.30 521.03 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 524.00 520.58 Td (\(f\)\(g\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.00 508.48 Td (Net earnings attributable to equity holders of) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.00 500.48 Td (the Corporation - Discontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.25 501.03 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.15 501.03 Td (4.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 501.03 Td (7.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 453.80 500.58 Td (\(e\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.70 501.08 Td (10.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 488.03 Td (W) Tj ET Q q 0 0 0 rg BT 82.41 488.03 Td (eighted average number of shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 257.75 488.03 Td (152,307,196) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 327.80 488.08 Td (152,306,642) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.80 488.08 Td (152,307,196) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 473.80 488.08 Td (152,300,660) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 475.03 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 199.49 478.84 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.70 475.03 Td (0.04) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.05 475.08 Td (\(0.19) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.30 475.03 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 378.00 474.58 Td (\(f\)\(g\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.70 475.08 Td (0.16) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 450.15 474.58 Td (\(d\)\(e\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.05 475.08 Td (\(0.16) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 518.30 475.03 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 524.00 474.58 Td (\(f\)\(g\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.00 462.48 Td 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0 0 0 rg BT 453.80 406.58 Td (\(d\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.05 407.08 Td (\(26.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 518.30 407.03 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 524.00 406.58 Td (\(f\)\(g\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 394.48 Td (Amortization of ) Tj ET Q q 0 0 0 rg BT 130.36 394.48 Td (Accumulation Partners') Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 84.00 386.48 Td (contracts, customer relationships and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 84.00 378.48 Td (technology) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.70 379.03 Td (38.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.70 379.08 Td (35.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.70 379.08 Td (79.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.70 379.08 Td (60.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 366.48 Td (Share of net \(earnings\) loss of equity-accounted) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 84.00 358.48 Td (investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.50 359.08 Td (\(5.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.30 359.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.50 359.08 Td (\(3.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.30 359.03 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.05 359.08 Td (\(15.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.30 359.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.05 359.08 Td (\(15.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 518.30 359.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 346.03 Td (Impairment charges) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.15 346.08 Td (8.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 364.25 346.03 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 346.03 Td (8.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.25 346.03 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 333.03 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 137.03 333.03 Td ( ) Tj ET Q q 0 0 0 rg BT 138.81 333.03 Td (Adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.15 333.08 Td (2.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.70 333.08 Td (21.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.50 333.08 Td (\(3.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.30 333.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.70 333.08 Td (29.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 320.03 Td (T) Tj ET Q q 0 0 0 rg BT 79.00 320.03 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 146.15 323.84 Td (\(c\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.15 320.08 Td (0.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.50 320.08 Td (\(3.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.30 320.03 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 320.03 Td (2.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 504.50 320.08 Td (\(4.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 518.30 320.03 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 307.48 Td (Adjusted Net Earnings - Continuing ) Tj ET Q BT /F2 8.00 Tf ET q 0 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Tf ET q 0 0 0 rg BT 378.00 281.58 Td (\(f\)\(g\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.70 282.08 Td (0.58) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 453.80 281.58 Td (\(d\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.70 282.08 Td (0.23) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 524.00 281.58 Td (\(f\)\(g\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 269.48 Td (Net earnings attributable to equity holders of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 84.00 261.48 Td (the Corporation - Discontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.25 262.03 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.15 262.03 Td (4.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 262.03 Td (7.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 453.80 261.58 Td (\(e\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.70 262.08 Td (10.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 249.48 Td (Amortization of ) Tj ET Q q 0 0 0 rg BT 130.36 249.48 Td (Accumulation Partners') Tj ET Q BT /F3 8.00 Tf ET q 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0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 657.55 Td (\(a\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 657.55 Td (A) Tj ET Q q 0 0 0 rg BT 121.59 657.55 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 159.39 657.55 Td ( measurement. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 211.50 657.55 Td (Pleas) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 231.51 657.55 Td (e refer to ) Tj ET Q BT /F4 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 263.61 657.55 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 437.59 657.55 Td ( financial measures\)) Tj ET Q BT /F3 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 504.71 657.55 Td (.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 637.30 Td (\(b\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 637.30 Td (After deducting dividends declared on preferred shares and cumulative undeclared dividends on preferred shares in the period.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 617.05 Td (\(c\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 617.05 Td (The ef) Tj ET Q q 0 0 0 rg BT 138.13 617.05 Td (fective tax rates on an entity level basis are applied to the related entity level adjustments noted above. ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 596.80 Td (\(d\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 596.80 Td (Includes the unfavourable impact of the reversal of the contingent consideration receivable related to the sale of the Canadian ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 585.55 Td (Air Miles trademarks of $5.3 million during the ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 271.24 585.55 Td (six months ended) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 330.03 585.55 Td ( ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 332.11 585.55 Td (June30, 2018) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 379.65 585.55 Td ( as well as an income tax recovery of $1.3 ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 574.30 Td (million related to the reversal.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 554.05 Td (\(e\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 554.05 Td (Includes the impact of the gain of ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 229.16 554.05 Td ($5.4 million) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 267.10 554.05 Td ( on the disposal of the Nectar Program and related assets during the ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 496.41 554.05 Td (six months ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 542.80 Td (ended) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 137.86 542.80 Td ( ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 139.94 542.80 Td (June30, 2018) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 187.49 542.80 Td (.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 522.55 Td (\(f\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 522.55 Td (Includes the unfavourable impact of an onerous contract provision of $20.3 million recorded during the three and six months ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 511.30 Td (ended ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 139.94 511.30 Td (June30, 2017) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 187.49 511.30 Td ( related to an IT) Tj ET Q q 0 0 0 rg BT 239.88 511.30 Td ( outsourcing arrangement in the US.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 491.05 Td (\(g\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 491.05 Td (Includes the impact of the gain on the disposal of the U.S. CEL) Tj ET Q q 0 0 0 rg BT 325.19 491.05 Td ( Business of $5.4 million and the fair value gain on the ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 479.80 Td (convertible notes of Cardlytics of $7.7 million which were recorded during the three and six months ended June 30, 2017.) Tj ET Q endstream endobj 151 0 obj <> endobj 152 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (74) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 278.8828125 664.3986328125 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 666.30 Td (NOT) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 96.44 666.30 Td (A) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 104.21 666.30 Td (TIONS T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 151.33 666.30 Td (O FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 228.44 666.30 Td ( T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 238.21 666.30 Td (ABLES) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 640.80 Td (This section includes the notations to the tables included under the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 340.17 640.80 Td (Quarter Ended June 30, 2018 Compared to ) Tj ET Q BT /F4 9.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 627.30 Td (Quarter Ended June 30, 2017 ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 193.09 627.30 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 208.10 627.30 Td ( Six Months Ended June 30, 2018 Compared to Six Months Ended June 30, 2017) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 532.81 627.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 613.80 Td (sections.) 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 72.00 587.40 Td (QUARTER ENDED JUNE 30, 2018 COMP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 300.50 587.40 Td (ARED T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 344.95 587.40 Td (O QUARTER ENDED JUNE 30, ) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 573.00 Td (2017) Tj ET Q BT /F2 10.00 Tf ET 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 547.41552734375 m 261.4482421875 547.41552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 549.00 Td (CONSOLIDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 131.26 549.00 Td (TED OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 188.86 549.00 Td (TING RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 248.67 549.00 Td (TS) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 525.00 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 525.00 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 319.79 525.00 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 513.00 Td (technology) Tj ET Q q 0 0 0 rg BT 127.10 513.00 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 492.00 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 492.00 Td (Includes third party Gross Billings of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 218.83 492.00 Td ($326.1 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 268.20 492.00 Td ( in Canada for the three months ended ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 407.40 492.00 Td (June30, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.11 492.00 Td (, compared to third ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 480.00 Td (party Gross Billings of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 169.03 480.00 Td ($336.8 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 218.39 480.00 Td ( in Canada for the three months ended ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 357.59 480.00 Td (June30, 2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 408.30 480.00 Td (. ) Tj ET Q q 0 0 0 rg BT 412.61 480.00 Td (Third party Gross Billings are ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 468.00 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 89.00 456.00 Td (resides.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 435.00 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 435.00 Td (A) Tj ET Q q 0 0 0 rg BT 93.89 435.00 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 134.21 435.00 Td ( measurement. Please refer to ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 244.04 435.00 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 429.61 435.00 Td ( financial measures\)) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 501.20 435.00 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 414.00 Td (\(d\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 414.00 Td (Represents the variance on a constant currency basis.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 393.00 Td (\(e\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 393.00 Td (Includes the unfavourable impact of an onerous contract provision of $20.3 million recorded during the three months ended ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 381.00 Td (June30, 2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 139.71 381.00 Td ( related to an IT) Tj ET Q q 0 0 0 rg BT 195.60 381.00 Td ( outsourcing arrangement in the US.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 360.00 Td (\(f\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 360.00 Td (Includes the impact of the gain on the disposal of the U.S. CEL) Tj ET Q q 0 0 0 rg BT 311.06 360.00 Td ( Business of $5.4 million and the fair value gain on the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 348.00 Td (convertible notes of Cardlytics of $7.7 million which were recorded during the three months ended June 30, 2017.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 327.00 Td (\(g\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 327.00 Td (ROIC for the twelve-month period ended ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 234.85 327.00 Td (June30, 2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 285.56 327.00 Td ( includes the unfavourable impact of the onerous contract provision of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 315.00 Td ($14.9 million, net of an income tax recovery of $5.4 million, calculated on the basis of the Canadian statutory tax rate in ef) Tj ET Q q 0 0 0 rg BT 518.43 315.00 Td (fect ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 303.00 Td (during the period.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 282.00 Td (\(h\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 282.00 Td (Includes cash flows from continuing and discontinued operations.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 261.00 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 72 235.41552734375 m 133.6650390625 235.41552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 237.00 Td (COALITIONS) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 213.00 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 213.00 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 319.79 213.00 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 201.00 Td (technology) Tj ET Q q 0 0 0 rg BT 127.10 201.00 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 180.00 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 180.00 Td (A) Tj ET Q q 0 0 0 rg BT 93.89 180.00 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 134.21 180.00 Td ( measurement. Please refer to ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 244.04 180.00 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 429.61 180.00 Td ( financial measures\)) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 501.20 180.00 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 159.00 Td (** Information not meaningful or not applicable.) Tj ET Q endstream endobj 153 0 obj <> endobj 154 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (75) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 666.16552734375 m 87.556640625 666.16552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 667.75 Td (ILS) 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 72.00 643.75 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 643.75 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 319.79 643.75 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 631.75 Td (technology) Tj ET Q q 0 0 0 rg BT 127.10 631.75 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 610.75 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 610.75 Td (A) Tj ET Q q 0 0 0 rg BT 93.89 610.75 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 134.21 610.75 Td ( measurement. Please refer to ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 244.04 610.75 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 429.61 610.75 Td ( financial measures\)) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 501.20 610.75 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 589.75 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 589.75 Td (Represents the variance on a constant currency basis.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 568.75 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 72 543.16552734375 m 174.2412109375 543.16552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 544.75 Td (OTHER BUSINESSES) 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 72.00 520.75 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 520.75 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 319.79 520.75 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 508.75 Td (technology) Tj ET Q q 0 0 0 rg BT 127.10 508.75 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 487.75 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 487.75 Td (A) Tj ET Q q 0 0 0 rg BT 93.89 487.75 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 134.21 487.75 Td ( measurement. Please refer to ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 244.04 487.75 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 429.61 487.75 Td ( financial measures\)) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 501.20 487.75 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 466.75 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 466.75 Td (Includes the unfavourable impact of an onerous contract provision of $20.3 million recorded during the three months ended ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 454.75 Td (June30, 2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 139.71 454.75 Td ( related to an IT) Tj ET Q q 0 0 0 rg BT 195.60 454.75 Td ( outsourcing arrangement in the US.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 433.75 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 q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 384.85 Td (SIX MONTHS ENDED JUNE 30, 2018 COMP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 315.84 384.85 Td (ARED T) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 360.29 384.85 Td (O SIX MONTHS ENDED ) Tj ET Q BT /F2 12.00 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 370.45 Td (JUNE30, 2017) Tj ET Q BT /F2 10.00 Tf ET 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 344.86552734375 m 261.4482421875 344.86552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 346.45 Td (CONSOLIDA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 131.26 346.45 Td (TED OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 188.86 346.45 Td (TING RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 248.67 346.45 Td (TS) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 322.45 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 322.45 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 320.79 322.45 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 310.45 Td (technology) Tj ET Q q 0 0 0 rg BT 128.10 310.45 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 289.45 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 289.45 Td (Includes third party Gross Billings of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 219.83 289.45 Td ($642.6 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 269.20 289.45 Td ( in Canada for the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 335.02 289.45 Td (six months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 397.72 289.45 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.94 289.45 Td (June30, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 450.65 289.45 Td (, compared to third party ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 277.45 Td (Gross Billings of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 150.02 277.45 Td ($652.6 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 199.38 277.45 Td ( in Canada for the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 265.20 277.45 Td (six months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 327.91 277.45 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 330.13 277.45 Td (June30, 2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.84 277.45 Td (. ) Tj ET Q q 0 0 0 rg BT 385.14 277.45 Td (Third party Gross Billings are attributed to a ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 265.45 Td (country on the basis of the country where the contractual and management responsibility for the customer resides.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 244.45 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 244.45 Td (A) Tj ET Q q 0 0 0 rg BT 94.89 244.45 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 135.21 244.45 Td ( measurement. Please refer to ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 245.04 244.45 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 430.61 244.45 Td ( financial measures\)) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 502.20 244.45 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 223.45 Td (\(d\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 223.45 Td (Represents the variance on a constant currency basis.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 202.45 Td (\(e\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 202.45 Td (Includes the unfavourable impact of the reversal of the contingent consideration receivable related to the sale of the Canadian ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 190.45 Td (Air Miles trademarks of $5.3 million during the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 254.51 190.45 Td (six months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 317.21 190.45 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 319.44 190.45 Td (June30, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 370.15 190.45 Td ( as well as an income tax recovery of $1.3 ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 178.45 Td (million related to the reversal.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 157.45 Td (\(f\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 157.45 Td (Includes the impact of the gain of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 208.63 157.45 Td ($5.4 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 249.09 157.45 Td ( on the disposal of the Nectar Program and related assets during the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 493.68 157.45 Td (six months ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 145.45 Td (ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 111.25 145.45 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 113.47 145.45 Td (June30, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 164.18 145.45 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 124.45 Td (\(g\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 124.45 Td (Includes a rent prepayment of $1) Tj ET Q q 0 0 0 rg BT 205.37 124.45 Td (1.8 million made during the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 303.64 124.45 Td (six months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 366.35 124.45 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 368.57 124.45 Td (June30, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 419.28 124.45 Td ( related to the Nectar transaction. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 112.45 Td (The prepayment covers the period from February 2018 to December 2019. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 91.45 Td (\(h\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 91.45 Td (Includes the unfavourable impact of an onerous contract provision of $20.3 million recorded during the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.33 91.45 Td (six months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 515.03 91.45 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 79.45 Td (June30, 2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 139.71 79.45 Td ( related to an IT) Tj ET Q q 0 0 0 rg BT 195.60 79.45 Td ( outsourcing arrangement in the US.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 58.45 Td (\(i\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 58.45 Td (Includes the impact of the gain on the disposal of the U.S. CEL) Tj ET Q q 0 0 0 rg BT 311.06 58.45 Td ( Business of $5.4 million and the fair value gain on the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 46.45 Td (convertible notes of Cardlytics of $7.7 million which were recorded during the six months ended June 30, 2017.) Tj ET Q endstream endobj 155 0 obj <> endobj 156 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (76) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 467.40 707.40 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 691.9 m 542.5 691.9 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 669.20 Td (\(j\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 669.20 Td (ROIC for the twelve-month period ended ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 234.85 669.20 Td (June30, 2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 285.56 669.20 Td ( includes the unfavourable impact of the onerous contract provision of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 657.20 Td ($14.9 million, net of an income tax recovery of $5.4 million, calculated on the basis of the Canadian statutory tax rate in ef) Tj ET Q q 0 0 0 rg BT 518.43 657.20 Td (fect ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 645.20 Td (during the period.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 624.20 Td (\(k\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 624.20 Td (Includes cash flows from continuing and discontinued operations.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 603.20 Td (** Information not meaningful or not applicable.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 577.61552734375 m 133.6650390625 577.61552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 579.20 Td (COALITIONS) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 555.20 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 555.20 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 320.79 555.20 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 543.20 Td (technology) Tj ET Q q 0 0 0 rg BT 128.10 543.20 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 522.20 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 522.20 Td (A) Tj ET Q q 0 0 0 rg BT 94.89 522.20 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 135.21 522.20 Td ( measurement. Please refer to ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 245.04 522.20 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 430.61 522.20 Td ( financial measures\)) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 502.20 522.20 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 501.20 Td (** Information not meaningful or not applicable.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 475.61552734375 m 87.556640625 475.61552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 477.20 Td (ILS) 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 72.00 453.20 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 453.20 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 320.79 453.20 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 441.20 Td (technology) Tj ET Q q 0 0 0 rg BT 128.10 441.20 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 420.20 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 420.20 Td (A) Tj ET Q q 0 0 0 rg BT 94.89 420.20 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 135.21 420.20 Td ( measurement. Please refer to ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 245.04 420.20 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 430.61 420.20 Td ( financial measures\)) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 502.20 420.20 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 399.20 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 399.20 Td (Represents the variance on a constant currency basis.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 378.20 Td (** Information not meaningful or not applicable.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0.6627450980392157 0.8784313725490196 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 352.61552734375 m 174.2412109375 352.61552734375 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 354.20 Td (OTHER BUSINESSES) 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 72.00 330.20 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 330.20 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 320.79 330.20 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 318.20 Td (technology) Tj ET Q q 0 0 0 rg BT 128.10 318.20 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 297.20 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 297.20 Td (A) Tj ET Q q 0 0 0 rg BT 94.89 297.20 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 135.21 297.20 Td ( measurement. Please refer to ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 245.04 297.20 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 430.61 297.20 Td ( financial measures\)) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 502.20 297.20 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 276.20 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 276.20 Td (Includes the unfavourable impact of an onerous contract provision of $20.3 million recorded during the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.33 276.20 Td (six months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.03 276.20 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 264.20 Td (June30, 2017) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 140.71 264.20 Td ( related to an IT) Tj ET Q q 0 0 0 rg BT 196.60 264.20 Td ( outsourcing arrangement in the US.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 243.20 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 72 202.29863281250005 m 232.875 202.29863281250005 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 204.20 Td (ADDITIONAL) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 145.78 204.20 Td ( INFORMA) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 204.21 204.20 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 72.00 178.70 Td (Additional information relating to ) Tj ET Q q 0 0 0 rg BT 202.58 178.70 Td (Aimia and its operating businesses, including ) Tj ET Q q 0 0 0 rg BT 384.19 178.70 Td (Aimia's Management Information ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 165.20 Td (Circular and ) Tj ET Q q 0 0 0 rg BT 122.52 165.20 Td (Annual Information Form, respectively dated March21 and March 2, 2018, 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 72 150.27397460937505 m 139.693359375 150.27397460937505 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 72.00 151.70 Td (www) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 92.67 151.70 Td (.sedar) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 118.69 151.70 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 139.69 151.70 Td ( or on ) Tj ET Q q 0 0 0 rg BT 164.71 151.70 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 150.27397460937505 m 306.14501953125 150.27397460937505 l s q 0 0.6627450980392157 0.8784313725490196 rg BT 238.96 151.70 Td (www) Tj ET Q q 0 0.6627450980392157 0.8784313725490196 rg BT 259.62 151.70 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 306.15 151.70 Td ( under Investors.) Tj ET Q endstream endobj 157 0 obj <> /View <>>>>> endobj 158 0 obj <> /View <>>>>> endobj 159 0 obj <> endobj 160 0 obj <> stream xy\E7~n{{w'd'52 HaGPPA!"" b-&h,+TLy?:uk?uΩoH""?W~.Xv3&rm 2\jMgwm'CڴzlycǏ\ rBjx\DsV@{twocmC{Iwl11z:1m!t-\q3D.:yz'Wɨp[_F=>E"ǢӦ/|K&_~=!wn-az3¦h$7,ؑ2Oo_eSFLlk}Fg[F>|;