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Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 590.40 Td (The following management's discussion and analysis of financial condition and results of operations \(the MD&A\) ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 576.90 Td (presents a discussion of the financial condition and results of operations for ) Tj ET Q q 0 0 0 rg BT 373.84 576.90 Td (Aimia.) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 554.40 Td (The MD&A) Tj ET Q q 0 0 0 rg BT 115.68 554.40 Td ( is prepared as at ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 187.72 554.40 Td (October28, 2019) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 257.26 554.40 Td ( and should be read in conjunction with the accompanying condensed ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 540.90 Td (interim consolidated financial statements of ) Tj ET Q q 0 0 0 rg BT 246.26 540.90 Td (Aimia for the ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 299.28 540.90 Td (three and nine months ended) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 416.36 540.90 Td ( ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 418.86 540.90 Td (September30, 2019) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 500.42 540.90 Td ( and the ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 527.40 Td (notes thereto, the audited consolidated financial statements of ) Tj ET Q q 0 0 0 rg BT 321.33 527.40 Td (Aimia for the year ended December31, 2018 and the ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 513.90 Td (notes thereto, and ) Tj ET Q q 0 0 0 rg BT 146.72 513.90 Td (Annual Information Form dated March 28, 2019.) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 491.40 Td (The earnings and cash flows of ) Tj ET Q q 0 0 0 rg BT 198.74 491.40 Td (Aimia are affected by certain risks. For a description of those risks, please refer to the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 477.90 Td (Risks and Uncertainties) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 166.54 477.90 Td ( section.) 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These forward-looking statements are identified by the use of ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 408.90 Td (terms and phrases such as anticipate, believe, could, estimate, expect, intend, may, plan, predict, ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 395.40 Td (project, will, would and should, and similar terms and phrases, including references to assumptions. Such ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 381.90 Td (statements may involve but are not limited to comments with respect to strategies, expectations, planned operations ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 368.40 Td (or future actions.) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 345.90 Td (Forward-looking statements, by their nature, are based on assumptions and are subject to important risks and ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 332.40 Td (uncertainties. ) Tj ET Q q 0 0 0 rg BT 127.70 332.40 Td (Any forecasts, predictions or forward-looking statements cannot be relied upon due to, among other ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 318.90 Td (things, changing external events and general uncertainties of the business and its corporate structure. Results ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 305.40 Td (indicated in forward-looking statements may differ materially from actual results for a number of reasons, including ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 291.90 Td (without limitation, ) Tj ET Q q 0 0 0 rg BT 143.20 291.90 Td (Aimia) Tj ET Q q 0 0 0 rg BT 167.54 291.90 Td (s business, the results of operations therefrom and the risks associated therewith are ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 278.40 Td (significantly different following the sale of ) Tj ET Q q 0 0 0 rg BT 237.26 278.40 Td (Aimia Canada Inc., the execution of the new strategic plan, investment ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 264.90 Td (risks, including in connection with how and when to deploy and invest ) Tj ET Q q 0 0 0 rg BT 350.33 264.90 Td (Aimia) Tj ET Q q 0 0 0 rg BT 374.67 264.90 Td (s considerable cash and other liquid ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 251.40 Td (assets, investment partnerships risks, reliance on key personnel, market price and trading volume of the common ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 237.90 Td (shares and preferred shares, passive foreign investment company risk, industry competition, failure to protect ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 224.40 Td (intellectual property rights, technological disruptions and inability to use third-party software and outsourcing, ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 210.90 Td (regulatory matters - privacy) Tj ET Q q 0 0 0 rg BT 180.36 210.90 Td (, failure to safeguard databases, cyber security and consumer privacy) Tj ET Q q 0 0 0 rg BT 456.84 210.90 Td (, uncertainty of ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 197.40 Td (dividend declarations and/or payments on either common shares or preferred shares, tax losses, air) Tj ET Q q 0 0 0 rg BT 468.70 197.40 Td (, travel and ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 183.90 Td (hospitality industry disruptions, airline industry changes and increased airline costs, foreign operations, interest rate ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 170.40 Td (and currency fluctuations, retail market/economic conditions, legal proceedings, audit by tax authorities, as well as ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 156.90 Td (the other factors identified throughout this MD&A) Tj ET Q q 0 0 0 rg BT 265.77 156.90 Td ( and throughout ) Tj ET Q q 0 0 0 rg BT 330.99 156.90 Td (Aimia's public disclosure records on file with the ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 143.40 Td (Canadian securities regulatory authorities. The forward-looking statements contained herein represent ) Tj ET Q q 0 0 0 rg BT 480.39 143.40 Td (Aimia's ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 129.90 Td (expectations as of ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 147.05 129.90 Td (October28, 2019) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 216.59 129.90 Td (, and are subject to change after such date. However) Tj ET Q q 0 0 0 rg BT 427.22 129.90 Td (, ) Tj ET Q q 0 0 0 rg BT 431.89 129.90 Td (Aimia disclaims any ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 116.40 Td (intention or obligation to update or revise any forward-looking statements whether as a result of new information, ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 72.00 102.90 Td (future events or otherwise, except as required under applicable securities regulations.) 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0 rg BT 182.67 605.35 Td (ORS) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 202.18 605.35 Td ( \(INCLUDING CER) Tj ET Q q 0 0 0 rg BT 278.52 605.35 Td (T) Tj ET Q q 0 0 0 rg BT 283.35 605.35 Td (AIN NON-GAAP) Tj ET Q q 0 0 0 rg BT 348.70 605.35 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 397.87 605.35 Td ( MEASURES\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 586.35 Td (DISCONTINUED OPERA) Tj ET Q q 0 0 0 rg BT 177.18 586.35 Td (TIONS ) Tj ET Q q 0 0 0 rg BT 206.60 586.35 Td (AND DISPOSAL) Tj ET Q q 0 0 0 rg BT 272.70 586.35 Td ( OF BUSINESSES ) Tj ET Q q 0 0 0 rg BT 349.81 586.35 Td (AND OTHER ) Tj ET Q q 0 0 0 rg BT 404.81 586.35 Td (ASSETS) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 567.35 Td (OPERA) Tj ET Q q 0 0 0 rg BT 106.17 567.35 Td (TING ) Tj ET Q q 0 0 0 rg BT 129.59 567.35 Td (AND FINANCIAL) Tj ET Q q 0 0 0 rg BT 197.69 567.35 Td ( RESUL) Tj ET Q q 0 0 0 rg BT 229.70 567.35 Td (TS) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 553.15 Td (SUMMAR) Tj ET Q q 0 0 0 rg BT 114.84 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0 0 rg BT 282.71 444.35 Td ( RESOURCES) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 425.35 Td (INVESTMENTS IN EQUITY) Tj ET Q q 0 0 0 rg BT 186.43 425.35 Td ( INSTRUMENTS, ) Tj ET Q q 0 0 0 rg BT 258.60 425.35 Td (ASSOCIA) Tj ET Q q 0 0 0 rg BT 298.03 425.35 Td (TES ) Tj ET Q q 0 0 0 rg BT 317.45 425.35 Td (AND JOINT) Tj ET Q q 0 0 0 rg BT 364.62 425.35 Td ( ) Tj ET Q q 0 0 0 rg BT 366.79 425.35 Td (ARRANGEMENTS) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 406.35 Td (MEASUREMENT) Tj ET Q q 0 0 0 rg BT 144.92 406.35 Td ( UNCER) Tj ET Q q 0 0 0 rg BT 179.26 406.35 Td (T) Tj ET Q q 0 0 0 rg BT 184.34 406.35 Td (AINTY) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 387.35 Td (PROVISIONS, CONTINGENT) Tj ET Q q 0 0 0 rg BT 195.43 387.35 Td ( LIABILITIES ) Tj ET Q q 0 0 0 rg BT 249.62 387.35 Td (AND GUARANTEES) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 368.35 Td (SUMMAR) Tj ET Q q 0 0 0 rg BT 114.92 368.35 Td (Y) Tj ET Q q 0 0 0 rg BT 120.76 368.35 Td ( OF CONTRACTUAL) Tj ET Q q 0 0 0 rg BT 205.51 368.35 Td ( OBLIGA) Tj ET Q q 0 0 0 rg BT 241.03 368.35 Td (TIONS ) Tj ET Q q 0 0 0 rg BT 270.44 368.35 Td (AND COMMITMENTS) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 349.35 Td (CAPIT) Tj ET Q q 0 0 0 rg BT 101.17 349.35 Td (AL) Tj ET Q q 0 0 0 rg BT 111.68 349.35 Td ( ST) Tj ET Q q 0 0 0 rg BT 125.43 349.35 Td (OCK) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 330.35 Td (DIVIDENDS) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 311.35 Td (EARNINGS \(LOSS\) PER COMMON SHARE) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 292.35 Td (SUBSEQUENT) Tj ET Q q 0 0 0 rg BT 136.93 292.35 Td ( EVENTS) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 273.35 Td (CHANGES IN ) Tj ET Q q 0 0 0 rg BT 133.26 273.35 Td (ACCOUNTING POLICIES) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 254.35 Td (CRITICAL) Tj ET Q q 0 0 0 rg BT 115.84 254.35 Td ( ) Tj ET Q q 0 0 0 rg BT 117.92 254.35 Td (ACCOUNTING ESTIMA) Tj ET Q q 0 0 0 rg BT 213.85 254.35 Td (TES) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 235.35 Td (CONTROLS ) Tj ET Q q 0 0 0 rg BT 127.26 235.35 Td (AND PROCEDURES) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 216.35 Td (RISKS ) Tj ET Q q 0 0 0 rg BT 104.26 216.35 Td (AND UNCER) Tj ET Q q 0 0 0 rg BT 157.43 216.35 Td (T) Tj ET Q q 0 0 0 rg BT 162.52 216.35 Td (AINTIES ) Tj ET Q q 0 0 0 rg BT 199.44 216.35 Td (AFFECTING ) Tj ET Q q 0 0 0 rg BT 252.61 216.35 Td (THE BUSINESS) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 197.35 Td (NOT) Tj ET Q q 0 0 0 rg BT 93.66 197.35 Td (A) Tj ET Q q 0 0 0 rg BT 99.00 197.35 Td (TIONS ) Tj ET Q q 0 0 0 rg BT 128.58 197.35 Td (T) Tj ET Q q 0 0 0 rg BT 133.92 197.35 Td (O FINANCIAL) Tj ET Q q 0 0 0 rg BT 190.18 197.35 Td ( ) Tj ET Q q 0 0 0 rg BT 192.43 197.35 Td (T) Tj ET Q q 0 0 0 rg BT 197.52 197.35 Td (ABLES) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 178.35 Td (ADDITIONAL) Tj ET Q q 0 0 0 rg BT 128.67 178.35 Td ( INFORMA) Tj ET Q q 0 0 0 rg BT 172.00 178.35 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 (9) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 567.35 Td (16) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 542.35 Td (17) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 523.35 Td (19) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 504.35 Td (25) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 482.35 Td (31) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 463.35 Td (37) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 444.35 Td (39) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 425.35 Td (43) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 406.35 Td (46) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 387.35 Td (46) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 368.35 Td (49) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 349.35 Td (49) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 330.35 Td (51) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 311.35 Td (52) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 292.35 Td (53) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 273.35 Td (53) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 254.35 Td (57) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 235.35 Td (57) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 216.35 Td (58) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 197.35 Td (60) Tj ET Q BT /F3 9.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.95 178.35 Td (62) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 666.30 Td (GLOSSAR) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 130.89 666.30 Td (Y) Tj ET Q BT /F2 9.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 640.80 Td ("Accumulation Partners") Tj ET Q BT /F3 9.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 607.80 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 119.54 607.80 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 122.04 607.80 Td (- means ) Tj ET Q q 0 0 0 rg BT 156.56 607.80 Td (Aeroplan Inc. \(formerly ) Tj ET Q q 0 0 0 rg BT 249.59 607.80 Td (Aimia Canada Inc.\); ) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 586.30 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 159.05 586.30 Td ( - means the coalition loyalty program owned and operated by ) Tj ET Q q 0 0 0 rg BT 407.20 586.30 Td (Aeroplan, which was sold on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 572.80 Td (January 10, 2019;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 551.30 Td ("Aimia" or the "Corporation") Tj ET Q BT /F3 9.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 195.07 551.30 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 197.57 551.30 Td (- means ) Tj ET Q q 0 0 0 rg BT 232.09 551.30 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 72.00 537.80 Td (af) Tj ET Q q 0 0 0 rg BT 79.34 537.80 Td (filiates;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 516.30 Td ("ALP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 94.10 516.30 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 153.39 516.30 Td (- means the ) Tj ET Q q 0 0 0 rg BT 202.91 516.30 Td (Aimia Loyalty Platform - Enterprise;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 494.80 Td ("ALP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 94.10 494.80 Td ( - SAAS") 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 131.37 494.80 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 133.88 494.80 Td (- means the ) Tj ET Q q 0 0 0 rg BT 183.40 494.80 Td (Aimia Loyalty Platform - SAAS;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 473.30 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 157.55 473.30 Td ( - means ) Tj ET Q q 0 0 0 rg BT 194.57 473.30 Td (Aimia Middle East Free Zone LLC, the company that owns and operates the ) Tj ET Q q 0 0 0 rg BT 499.24 473.30 Td (Air Miles ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 459.80 Td (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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 438.30 Td ("A) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 82.43 438.30 Td (verage Cost of Rewards per Loyalty Unit") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 259.74 438.30 Td ( - means for any reporting period, the cost of rewards for such period ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 424.80 Td (divided by the number of Loyalty Units redeemed for rewards during the period;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 403.30 Td ("BIGLIFE") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 116.03 403.30 Td ( - means BIGLIFE Sdn Bhd \(formerly ) Tj ET Q q 0 0 0 rg BT 265.42 403.30 Td (Think Big Digital Sdn Bhd\), the owner and operator of BIG Loyalty) Tj ET Q q 0 0 0 rg BT 526.90 403.30 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 389.80 Td (AirAsia's loyalty program;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 368.30 Td ("Breakage") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 121.06 368.30 Td ( - means the estimated Loyalty Units sold which are not expected to be redeemed. By its nature, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 354.80 Td (Breakage is subject to estimates and judgment. ) Tj ET Q q 0 0 0 rg BT 263.44 354.80 Td (The breakage estimate of the ) Tj ET Q q 0 0 0 rg BT 382.52 354.80 Td (Air Miles Midde East program at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 341.30 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.56 341.30 Td ( is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.06 341.30 Td (30%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 183.07 341.30 Td ( \() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.57 341.30 Td (September30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.13 341.30 Td (: 30%\);) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 319.80 Td ("Broken 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 170.55 319.80 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 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 298.30 Td ("Canadian Loyalty Solutions") 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 198.55 298.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.05 298.30 Td (- means the Canadian loyalty solutions business within the Loyalty Solutions division;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 185.30 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 171.07 185.30 Td ( - means ) Tj ET Q q 0 0 0 rg BT 208.09 185.30 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 163.80 Td ("CRA") 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 100.03 163.80 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 102.53 163.80 Td (- means the Canada Revenue ) Tj ET Q q 0 0 0 rg BT 224.61 163.80 Td (Agency;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 142.30 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 190.54 142.30 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 72.00 128.80 Td (which have been sold and remain outstanding, net of Breakage and valued at the ) Tj ET Q q 0 0 0 rg BT 397.23 128.80 Td (A) Tj ET Q q 0 0 0 rg BT 403.07 128.80 Td (verage Cost of Rewards per ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 115.30 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 93.80 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 93.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.04 93.80 Td (- means generally accepted accounting principles in Canada which are in accordance with IFRS;) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 668.45 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 141.55 668.45 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 72.00 654.95 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 633.45 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 270.07 633.45 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 611.95 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 101.03 611.95 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 590.45 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 93.05 590.45 Td ( - means Insight 2 Communication LLP) Tj ET Q q 0 0 0 rg BT 246.96 590.45 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 568.95 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 137.04 568.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 139.54 568.95 Td (- means the miles, points or other loyalty program units issued by ) Tj ET Q q 0 0 0 rg BT 401.16 568.95 Td (Aimia's subsidiaries under the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 555.45 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 533.95 Td ("Nectar", "Nectar U.K." ) Tj ET Q BT /F3 9.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 173.10 533.95 Td (or the ) Tj ET Q BT /F2 9.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 198.62 533.95 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 274.68 533.95 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 72.00 520.45 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 498.95 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 99.53 498.95 Td ( - means PLM Premier) Tj ET Q q 0 0 0 rg BT 189.06 498.95 Td (, S.A.P) Tj ET Q q 0 0 0 rg BT 215.91 498.95 Td (.I. de C.V) Tj ET Q q 0 0 0 rg BT 252.60 498.95 Td (., together with its predecessor Premier Loyalty & Marketing, S.A.P) Tj ET Q q 0 0 0 rg BT 517.55 498.95 Td (.I. de ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 485.45 Td (C.V) Tj ET Q q 0 0 0 rg BT 86.18 485.45 Td (., owner and operator of Club Premier) Tj ET Q q 0 0 0 rg BT 236.25 485.45 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 463.95 Td ("Redemption Partners") Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 171.55 463.95 Td ( - means Commercial Partners that of) Tj ET Q q 0 0 0 rg BT 320.94 463.95 Td (fer air travel, shopping discounts or other rewards to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 450.45 Td (members upon redemption of Loyalty Units;) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 428.95 Td ("Unbroken 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 181.55 428.95 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 184.05 428.95 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 407.45 Td ("U.S. CEL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 114.11 407.45 Td ( Business") Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 160.89 407.45 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 163.39 407.45 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 666.30 Td (OVER) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 loyalty and travel consolidator focused on growing earnings though its existing investments and the targeted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 574.80 Td (deployment of capital in loyalty solutions and other sub-sectors of the rapidly-expanding loyalty and travel markets,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 561.30 Td (through its subsidiaries, operates one reportable and operating segment, namely) Tj ET Q q 0 0 0 rg BT 392.53 561.30 Td (, Loyalty Solutions, and Corporate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 547.80 Td (and Other) Tj ET Q q 0 0 0 rg BT 111.53 547.80 Td (. ) Tj ET Q BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 520.80 Td (Loyalty Solutions) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 501.30 Td (Within the Loyalty Solutions segment, ) Tj ET Q q 0 0 0 rg BT 224.08 501.30 Td (Aimia provides full service loyalty solutions for the world) Tj ET Q q 0 0 0 rg BT 448.01 501.30 Td (s leading brands in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 487.80 Td (Retail, CPG, ) Tj ET Q q 0 0 0 rg BT 124.35 487.80 Td (T) Tj ET Q q 0 0 0 rg BT 129.52 487.80 Td (ravel & Hospitality) Tj ET Q q 0 0 0 rg BT 200.87 487.80 Td (, Financial Services and ) Tj ET Q q 0 0 0 rg BT 298.76 487.80 Td (T) Tj ET Q q 0 0 0 rg BT 303.26 487.80 Td (elco. Operating over 100 programs in over 32 markets ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 474.30 Td (globally) Tj ET Q q 0 0 0 rg BT 101.85 474.30 Td (, the Loyalty Solutions business provides a holistic, customer-centric approach to help clients attract, activate, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 460.80 Td (engage and grow customers to become brand advocates. ) Tj ET Q q 0 0 0 rg BT 303.98 460.80 Td (The Loyalty Solutions business of) Tj ET Q q 0 0 0 rg BT 437.89 460.80 Td (fers professional services ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 447.30 Td (to support loyalty strategy development and program design, program management and measurement, campaign ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 433.80 Td (and creative services, loyalty advanced analytics, and travel and non-travel rewards fulfilment, supported by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 420.30 Td (proprietary loyalty technology \(which includes our Canadian online travel platform and our fully licensed IA) Tj ET Q q 0 0 0 rg BT 493.06 420.30 Td (T) Tj ET Q q 0 0 0 rg BT 497.89 420.30 Td (A) Tj ET Q q 0 0 0 rg BT 503.39 420.30 Td ( travel ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 406.80 Td (agency call centre\) and data analytics platforms. ) Tj ET Q q 0 0 0 rg BT 266.94 406.80 Td (The Loyalty Solutions suite of platforms and services is powered by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 393.30 Td (its flagship product of) Tj ET Q q 0 0 0 rg BT 156.88 393.30 Td (fering, the ) Tj ET Q q 0 0 0 rg BT 198.91 393.30 Td (Aimia Loyalty Platform \(ALP\). Depending on client requirements, ) Tj ET Q q 0 0 0 rg BT 464.03 393.30 Td (ALP) Tj ET Q q 0 0 0 rg BT 480.88 393.30 Td ( is delivered ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 379.80 Td (through one of two global technology solutions, ) Tj ET Q q 0 0 0 rg BT 261.63 379.80 Td (ALP-SaaS or ) Tj ET Q q 0 0 0 rg BT 316.16 379.80 Td (ALP-Enterprise, and is supplemented by a suite of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 366.30 Td (additional technology and data platforms and program optimization services. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 340.80 Td (The segment also includes the Middle East loyalty solutions business, which includes the ) Tj ET Q q 0 0 0 rg BT 428.19 340.80 Td (Air Miles Middle East ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 327.30 Td (program, as well as Intelligent Shopper Solutions \("ISS"\), ) Tj ET Q q 0 0 0 rg BT 301.00 327.30 Td (Aimia's international analytics and services business. ) Tj ET Q q 0 0 0 rg BT 514.66 327.30 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 313.80 Td (Air Miles Middle East program counts more than 1.6 million enrolled members from across the UAE, Qatar and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 300.30 Td (Bahrain. Members can collect ) Tj ET Q q 0 0 0 rg BT 192.56 300.30 Td (Air Miles from over 100 market-leading companies, including HSBC. ) Tj ET Q q 0 0 0 rg BT 466.00 300.30 Td (The program ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 286.80 Td (of) Tj ET Q q 0 0 0 rg BT 79.34 286.80 Td (fers a wealth of unique member redemption experiences such as flight, hotel and car rental rewards through the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 273.30 Td (program) Tj ET Q q 0 0 0 rg BT 107.35 273.30 Td (s travel shop as well as of) Tj ET Q q 0 0 0 rg BT 210.23 273.30 Td (fering a variety of strong retail partners where members can redeem in-store for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 259.80 Td (products and services. ISS delivers a full suite of tailored retail analytics to a global client base that combine our vast ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 246.30 Td (knowledge of data, leading edge global products, experienced analysts, consultancy and retail experience to provide ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 232.80 Td (clients with actionable insight.) Tj ET Q BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 205.80 Td (Corporate ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 122.56 205.80 Td (and ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 143.12 205.80 Td (Other) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 180.30 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 114.57 180.30 Td (and ) Tj ET Q q 0 0 0 rg BT 132.14 180.30 Td (Other ) Tj ET Q q 0 0 0 rg BT 157.20 180.30 Td (includes ) Tj ET Q q 0 0 0 rg BT 192.77 180.30 Td (central ) Tj ET Q q 0 0 0 rg BT 222.33 180.30 Td (operating ) Tj ET Q q 0 0 0 rg BT 262.41 180.30 Td (costs, ) Tj ET Q q 0 0 0 rg BT 288.47 180.30 Td (including ) Tj ET Q q 0 0 0 rg BT 326.55 180.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 350.10 180.30 Td (related ) Tj ET Q q 0 0 0 rg BT 380.17 180.30 Td (to ) Tj ET Q q 0 0 0 rg BT 390.23 180.30 Td (public ) Tj ET Q q 0 0 0 rg BT 416.30 180.30 Td (company ) Tj ET Q q 0 0 0 rg BT 455.36 180.30 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 498.43 180.30 Td (and ) Tj ET Q q 0 0 0 rg BT 516.00 180.30 Td (Board ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 166.80 Td (costs, ) Tj ET Q q 0 0 0 rg BT 96.80 166.80 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 148.63 166.80 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 187.95 166.80 Td (treasury ) Tj ET Q q 0 0 0 rg BT 221.76 166.80 Td (and ) Tj ET Q q 0 0 0 rg BT 238.07 166.80 Td (M&A, ) Tj ET Q q 0 0 0 rg BT 261.37 166.80 Td (that ) Tj ET Q q 0 0 0 rg BT 277.67 166.80 Td (have ) Tj ET Q q 0 0 0 rg BT 298.49 166.80 Td (not ) Tj ET Q q 0 0 0 rg BT 312.29 166.80 Td (been ) Tj ET Q q 0 0 0 rg BT 333.61 166.80 Td (allocated ) Tj ET Q q 0 0 0 rg BT 370.93 166.80 Td (to ) Tj ET Q q 0 0 0 rg BT 379.73 166.80 Td (the ) Tj ET Q q 0 0 0 rg BT 393.54 166.80 Td (Loyalty ) Tj ET Q q 0 0 0 rg BT 423.35 166.80 Td (Solutions ) Tj ET Q q 0 0 0 rg BT 461.67 166.80 Td (segment. ) Tj ET Q q 0 0 0 rg BT 499.99 166.80 Td (Corporate ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 153.30 Td (and ) Tj ET Q q 0 0 0 rg BT 90.00 153.30 Td (Other ) Tj ET Q q 0 0 0 rg BT 115.50 153.30 Td (also ) Tj ET Q q 0 0 0 rg BT 134.99 153.30 Td (includes ) Tj ET Q q 0 0 0 rg BT 171.00 153.30 Td (investments ) Tj ET Q q 0 0 0 rg BT 222.01 153.30 Td (in ) Tj ET Q q 0 0 0 rg BT 232.00 153.30 Td (the ) Tj ET Q q 0 0 0 rg BT 247.50 153.30 Td (following ) Tj ET Q q 0 0 0 rg BT 285.50 153.30 Td (joint ) Tj ET Q q 0 0 0 rg BT 305.00 153.30 Td (ventures: ) Tj ET Q q 0 0 0 rg BT 345.00 153.30 Td (PLM, ) Tj ET Q q 0 0 0 rg BT 369.00 153.30 Td (the ) Tj ET Q q 0 0 0 rg BT 384.49 153.30 Td (owner ) Tj ET Q q 0 0 0 rg BT 411.99 153.30 Td (and ) Tj ET Q q 0 0 0 rg BT 430.00 153.30 Td (operator ) Tj ET Q q 0 0 0 rg BT 466.50 153.30 Td (of ) Tj ET Q q 0 0 0 rg BT 477.00 153.30 Td (Club ) Tj ET Q q 0 0 0 rg BT 498.49 153.30 Td (Premier) Tj ET Q q 0 0 0 rg BT 529.50 153.30 Td (, ) Tj ET Q q 0 0 0 rg BT 534.99 153.30 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 139.80 Td (Mexican ) Tj ET Q q 0 0 0 rg BT 108.08 139.80 Td (coalition ) Tj ET Q q 0 0 0 rg BT 143.67 139.80 Td (loyalty ) Tj ET Q q 0 0 0 rg BT 171.74 139.80 Td (program, ) Tj ET Q q 0 0 0 rg BT 210.32 139.80 Td (and ) Tj ET Q q 0 0 0 rg BT 227.90 139.80 Td (BIGLIFE, ) Tj ET Q q 0 0 0 rg BT 267.48 139.80 Td (the ) Tj ET Q q 0 0 0 rg BT 282.56 139.80 Td (owner ) Tj ET Q q 0 0 0 rg BT 309.64 139.80 Td (and ) Tj ET Q q 0 0 0 rg BT 327.22 139.80 Td (operator ) Tj ET Q q 0 0 0 rg BT 363.31 139.80 Td (of ) Tj ET Q q 0 0 0 rg BT 373.38 139.80 Td (BIG ) Tj ET Q q 0 0 0 rg BT 391.45 139.80 Td (Loyalty) Tj ET Q q 0 0 0 rg BT 419.30 139.80 Td (, ) Tj ET Q q 0 0 0 rg BT 424.37 139.80 Td ( ) Tj ET Q q 0 0 0 rg BT 426.42 139.80 Td (AirAsia) Tj ET Q q 0 0 0 rg BT 456.77 139.80 Td (s ) Tj ET Q q 0 0 0 rg BT 463.83 139.80 Td (loyalty ) Tj ET Q q 0 0 0 rg BT 491.91 139.80 Td (program; ) Tj ET Q q 0 0 0 rg BT 530.49 139.80 Td (as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 126.30 Td (well ) Tj ET Q q 0 0 0 rg BT 90.68 126.30 Td (as ) Tj ET Q q 0 0 0 rg BT 103.36 126.30 Td (a ) Tj ET Q q 0 0 0 rg BT 111.54 126.30 Td (minority ) Tj ET Q q 0 0 0 rg BT 146.22 126.30 Td (interest ) Tj ET Q q 0 0 0 rg BT 178.91 126.30 Td (in ) Tj ET Q q 0 0 0 rg BT 189.09 126.30 Td (Cardlytics, ) Tj ET Q q 0 0 0 rg BT 234.28 126.30 Td (a ) Tj ET Q q 0 0 0 rg BT 242.46 126.30 Td (US-based ) Tj ET Q q 0 0 0 rg BT 285.65 126.30 Td (company ) Tj ET Q q 0 0 0 rg BT 325.35 126.30 Td (that ) Tj ET Q q 0 0 0 rg BT 343.54 126.30 Td (makes ) Tj ET Q q 0 0 0 rg BT 373.22 126.30 Td (marketing ) Tj ET Q q 0 0 0 rg BT 415.91 126.30 Td (more ) Tj ET Q q 0 0 0 rg BT 439.59 126.30 Td (relevant ) Tj ET Q q 0 0 0 rg BT 474.79 126.30 Td (and ) Tj ET Q q 0 0 0 rg BT 492.98 126.30 Td (measurable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 112.80 Td (through ) Tj ET Q q 0 0 0 rg BT 105.02 112.80 Td (their ) Tj ET Q q 0 0 0 rg BT 125.03 112.80 Td (purchase ) Tj ET Q q 0 0 0 rg BT 164.56 112.80 Td (intelligence ) Tj ET Q q 0 0 0 rg BT 212.09 112.80 Td (platform, ) Tj ET Q q 0 0 0 rg BT 249.60 112.80 Td (and ) Tj ET Q q 0 0 0 rg BT 267.12 112.80 Td (Fractal ) Tj ET Q q 0 0 0 rg BT 296.63 112.80 Td (Analytics ) Tj ET Q q 0 0 0 rg BT 335.14 112.80 Td (until ) Tj ET Q q 0 0 0 rg BT 354.15 112.80 Td (its ) Tj ET Q q 0 0 0 rg BT 365.65 112.80 Td (disposal ) Tj ET Q q 0 0 0 rg BT 401.17 112.80 Td (on ) Tj ET Q q 0 0 0 rg BT 413.68 112.80 Td (February ) Tj ET Q q 0 0 0 rg BT 452.20 112.80 Td (14, ) Tj ET Q q 0 0 0 rg BT 467.21 112.80 Td (2019.) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 667.75 Td (Discontinued ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 138.11 667.75 Td (Operations) 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 190.90 667.75 Td ( ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 642.25 Td (Discontinued ) Tj ET Q q 0 0 0 rg BT 125.47 642.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 168.94 642.25 Td (include ) Tj ET Q q 0 0 0 rg BT 198.90 642.25 Td (the ) Tj ET Q q 0 0 0 rg BT 212.85 642.25 Td (results ) Tj ET Q q 0 0 0 rg BT 240.80 642.25 Td (of ) Tj ET Q q 0 0 0 rg BT 249.74 642.25 Td (the ) Tj ET Q q 0 0 0 rg BT 263.41 642.25 Td (Aeroplan ) Tj ET Q q 0 0 0 rg BT 300.87 642.25 Td (coalition ) Tj ET Q q 0 0 0 rg BT 335.33 642.25 Td (loyalty ) Tj ET Q q 0 0 0 rg BT 362.28 642.25 Td (program ) Tj ET Q q 0 0 0 rg BT 397.24 642.25 Td (and ) Tj ET Q q 0 0 0 rg BT 413.69 642.25 Td (related ) Tj ET Q q 0 0 0 rg BT 442.65 642.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 470.10 642.25 Td (until ) Tj ET Q q 0 0 0 rg BT 488.05 642.25 Td (their ) Tj ET Q q 0 0 0 rg BT 507.00 642.25 Td (disposal ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 628.75 Td (on ) Tj ET Q q 0 0 0 rg BT 83.82 628.75 Td (January ) Tj ET Q q 0 0 0 rg BT 117.65 628.75 Td (10, ) Tj ET Q q 0 0 0 rg BT 131.96 628.75 Td (2019. ) Tj ET Q q 0 0 0 rg BT 156.29 628.75 Td (In ) Tj ET Q q 0 0 0 rg BT 165.61 628.75 Td (addition, ) Tj ET Q q 0 0 0 rg BT 201.44 628.75 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 253.79 628.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 297.63 628.75 Td (include ) Tj ET Q q 0 0 0 rg BT 327.96 628.75 Td (the ) Tj ET Q q 0 0 0 rg BT 342.27 628.75 Td (results ) Tj ET Q q 0 0 0 rg BT 370.59 628.75 Td (of ) Tj ET Q q 0 0 0 rg BT 379.90 628.75 Td (the ) Tj ET Q q 0 0 0 rg BT 394.22 628.75 Td (Nectar ) Tj ET Q q 0 0 0 rg BT 422.54 628.75 Td (U.K. ) Tj ET Q q 0 0 0 rg BT 441.85 628.75 Td (coalition ) Tj ET Q q 0 0 0 rg BT 476.68 628.75 Td (loyalty ) Tj ET Q q 0 0 0 rg BT 504.00 628.75 Td (program, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 615.25 Td (Aimia) Tj ET Q q 0 0 0 rg BT 96.34 615.25 Td (s ) Tj ET Q q 0 0 0 rg BT 103.49 615.25 Td (Intelligent ) Tj ET Q q 0 0 0 rg BT 144.67 615.25 Td (Shopper ) Tj ET Q q 0 0 0 rg BT 181.35 615.25 Td (Solutions ) Tj ET Q q 0 0 0 rg BT 221.02 615.25 Td (UK ) Tj ET Q q 0 0 0 rg BT 236.18 615.25 Td (and ) Tj ET Q q 0 0 0 rg BT 253.84 615.25 Td (Intelligent ) Tj ET Q q 0 0 0 rg BT 295.02 615.25 Td (Research ) Tj ET Q q 0 0 0 rg BT 336.19 615.25 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 386.37 615.25 Td (and ) Tj ET Q q 0 0 0 rg BT 404.03 615.25 Td (its ) Tj ET Q q 0 0 0 rg BT 415.69 615.25 Td (50% ) Tj ET Q q 0 0 0 rg BT 436.35 615.25 Td (participation ) Tj ET Q q 0 0 0 rg BT 487.53 615.25 Td (in ) Tj ET Q q 0 0 0 rg BT 497.18 615.25 Td (i2C, ) Tj ET Q q 0 0 0 rg BT 515.84 615.25 Td (a ) Tj ET Q q 0 0 0 rg BT 523.50 615.25 Td (joint ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 601.75 Td (venture ) Tj ET Q q 0 0 0 rg BT 104.42 601.75 Td (with ) Tj ET Q q 0 0 0 rg BT 122.82 601.75 Td (Sainsbury) Tj ET Q q 0 0 0 rg BT 164.68 601.75 Td (s, ) Tj ET Q q 0 0 0 rg BT 174.08 601.75 Td (until ) Tj ET Q q 0 0 0 rg BT 192.99 601.75 Td (their ) Tj ET Q q 0 0 0 rg BT 212.90 601.75 Td (disposal ) Tj ET Q q 0 0 0 rg BT 248.32 601.75 Td (on ) Tj ET Q q 0 0 0 rg BT 260.73 601.75 Td (January ) Tj ET Q q 0 0 0 rg BT 295.15 601.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 310.06 601.75 Td (2018. ) Tj ET Q q 0 0 0 rg BT 334.99 601.75 Td (Please ) Tj ET Q q 0 0 0 rg BT 364.91 601.75 Td (refer ) Tj ET Q q 0 0 0 rg BT 385.81 601.75 Td (to ) Tj ET Q q 0 0 0 rg BT 395.72 601.75 Td (the ) Tj ET Q q 0 0 0 rg BT 410.63 601.75 Td (section ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 441.55 601.75 Td (Discontinued ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 495.98 601.75 Td (Operations ) Tj ET Q BT /F4 9.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 588.25 Td (and ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 89.52 588.25 Td (Disposal ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 126.53 588.25 Td (of ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 136.54 588.25 Td (Businesses ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 185.06 588.25 Td (and ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 202.58 588.25 Td (Other ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 227.25 588.25 Td (Assets) 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 254.26 588.25 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 256.76 588.25 Td (for ) Tj ET Q q 0 0 0 rg BT 269.77 588.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 310.80 588.25 Td (information. ) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 547.9486328125 m 512.220703125 547.9486328125 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 549.85 Td (PERFORMANCE INDICA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 209.78 549.85 Td (T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 216.89 549.85 Td (ORS \(INCLUDING CERT) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 352.00 549.85 Td (AIN NON-GAAP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 441.11 549.85 Td ( FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 508.89 549.85 Td ( ) Tj ET Q BT /F2 12.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 533.5486328125 m 144.005859375 533.5486328125 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 535.45 Td (MEASURES\)) Tj ET Q BT /F2 12.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 505.45 Td (OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 113.78 505.45 Td (TING INCOME) Tj ET Q BT /F5 10.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 481.45 Td (Revenue) Tj ET Q BT /F5 10.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 94.50 457.45 Td (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 94.50 431.95 Td (A) Tj ET Q q 0 0 0 rg BT 100.01 431.95 Td ( key characteristic of multi-partner or shared currency loyalty businesses is that the gross proceeds received ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 418.45 Td (from the sale of Loyalty Units to partners, known as "Gross Billings from the sale of Loyalty Units, are deferred ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 404.95 Td (and recognized as revenue upon the redemption of Loyalty Units by the members. Based upon past ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 391.45 Td (experience, management anticipates that a number of Loyalty Units sold will never be redeemed by members. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 377.95 Td (This is known as Breakage. For those Loyalty Units that ) Tj ET Q q 0 0 0 rg BT 324.60 377.95 Td (Aimia does not expect will be redeemed by members, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 364.45 Td (Aimia recognizes revenue based on the number of Loyalty Units redeemed in a period in relation to the total ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 350.95 Td (number expected to be redeemed. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 328.45 Td (When ) Tj ET Q q 0 0 0 rg BT 120.01 328.45 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 94.50 314.95 Td (recognized on a gross basis. When ) Tj ET Q q 0 0 0 rg BT 237.08 314.95 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 94.50 301.45 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 94.50 277.45 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 94.50 251.95 Td (Aimia derives loyalty services fees by providing clients with loyalty strategy) Tj ET Q q 0 0 0 rg BT 390.95 251.95 Td (, program design, implementation, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 238.45 Td (campaign, analytics and rewards fulfillment, as well as by deploying ) Tj ET Q q 0 0 0 rg BT 365.64 238.45 Td (Aimia) Tj ET Q q 0 0 0 rg BT 389.98 238.45 Td (s loyalty platforms, including the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 224.95 Td (ALP) Tj ET Q q 0 0 0 rg BT 111.35 224.95 Td (- Enterprise and ) Tj ET Q q 0 0 0 rg BT 179.89 224.95 Td (ALP) Tj ET Q q 0 0 0 rg BT 196.73 224.95 Td ( - SAAS, as part of its loyalty solutions. ) Tj ET Q q 0 0 0 rg BT 353.64 224.95 Td (These loyalty services often involve deliveries ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 211.45 Td (of multiple services and products \(our performance obligations\) that occur at dif) Tj ET Q q 0 0 0 rg BT 409.49 211.45 Td (ferent points in time and/or over ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 197.95 Td (dif) Tj ET Q q 0 0 0 rg BT 103.84 197.95 Td (ferent periods of time. ) Tj ET Q q 0 0 0 rg BT 192.89 197.95 Td (As those performance obligations are often customized to our clients' needs, specific ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 184.45 Td (transaction prices are determined for each of the performance obligations. ) Tj ET Q q 0 0 0 rg BT 391.50 184.45 Td (These loyalty services fees are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 170.95 Td (included in Gross Billings and relevant revenue recognition policies are then applied, so that revenue is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 157.45 Td (recognized when, or as, we satisfy the performance obligations.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 134.95 Td (When ) Tj ET Q q 0 0 0 rg BT 120.01 134.95 Td (Aimia determines that it acts as an agent when providing loyalty services, revenue from Loyalty Services ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.50 121.45 Td (and Other are recognized on a net basis.) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 (Revenue from Loyalty Services and Other also includes:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 644.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.00 644.45 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 126.00 630.95 Td (derive actionable insight from their customer data; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.00 615.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.00 615.95 Td (loyalty industry related business know-how) Tj ET Q q 0 0 0 rg BT 296.09 615.95 Td (, trademarks and expertise.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 593.45 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 90.00 579.95 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 555.95 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 72.00 530.45 Td (Cost of rewards consists of the cost to purchase products or services from Redemption Partners in order to deliver ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 516.95 Td (rewards chosen by members upon redemption of their Loyalty Units. ) Tj ET Q q 0 0 0 rg BT 348.64 516.95 Td (At that time, the costs of the chosen rewards ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 503.45 Td (are incurred and recognized. For the ) Tj ET Q q 0 0 0 rg BT 219.59 503.45 Td (Air Miles Middle East program, ) Tj ET Q q 0 0 0 rg BT 344.13 503.45 Td (Aimia determines that it acts as an agent in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 489.95 Td (delivery of the reward to the member) Tj ET Q q 0 0 0 rg BT 218.07 489.95 Td (. ) Tj ET Q q 0 0 0 rg BT 222.57 489.95 Td (As such, the expense charged by the supplier is reclassified from the deferred ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 476.45 Td (revenue to of) Tj ET Q q 0 0 0 rg BT 124.37 476.45 Td (fset the cost of rewards, with only the margin being recognized as revenue.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 453.95 Td (Direct costs consist of those costs directly attributable to the delivery of loyalty and analytics and insights services, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 440.45 Td (technology) Tj ET Q q 0 0 0 rg BT 114.86 440.45 Td (, commissions and in certain cases labour) Tj ET Q q 0 0 0 rg BT 281.44 440.45 Td (. ) Tj ET Q q 0 0 0 rg BT 285.95 440.45 Td (Aimia determines that it acts as an agent when rendering ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 426.95 Td (certain reward fulfillment services. ) Tj ET Q q 0 0 0 rg BT 209.88 426.95 Td (Therefore, the direct costs associated to these services are recorded as a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 413.45 Td (reduction to revenue, with only the margin being recognized as revenue. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 390.95 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 72.00 377.45 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 347.45 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 72.00 321.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 141.53 321.95 Td ( is not a measurement based on GAAP) Tj ET Q q 0 0 0 rg BT 296.46 321.95 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 72.00 308.45 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 72.00 294.95 Td (does not believe that ) Tj ET Q q 0 0 0 rg BT 157.06 294.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 226.60 294.95 Td ( has an appropriate directly comparable GAAP) Tj ET Q q 0 0 0 rg BT 412.04 294.95 Td ( measure. However) Tj ET Q q 0 0 0 rg BT 489.57 294.95 Td (, a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 281.45 Td (reconciliation to operating income is provided. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 258.95 Td (Unless otherwise noted, ) Tj ET Q q 0 0 0 rg BT 170.06 258.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 239.59 258.95 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 72.00 245.45 Td (operations.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 222.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 141.53 222.95 Td ( is used by management to evaluate performance. Management believes ) Tj ET Q q 0 0 0 rg BT 434.21 222.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 503.74 222.95 Td ( assists ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 209.45 Td (investors in comparing ) Tj ET Q q 0 0 0 rg BT 164.04 209.45 Td (Aimia's performance on a consistent basis without regard to depreciation and amortization and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 195.95 Td (impairment charges related to non-financial assets, which are non-cash in nature and can vary significantly ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 182.45 Td (depending on accounting methods, and non-operating factors such as historical cost. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 159.95 Td (Following the disposal of ) Tj ET Q q 0 0 0 rg BT 172.56 159.95 Td (Aeroplan, the importance of coalition loyalty businesses has significantly reduced in ) Tj ET Q q 0 0 0 rg BT 506.75 159.95 Td (Aimia's ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 146.45 Td (consolidated businesses portfolio. ) Tj ET Q q 0 0 0 rg BT 209.09 146.45 Td (As a result, management has modified the Corporation's calculation of ) Tj ET Q q 0 0 0 rg BT 490.46 146.45 Td (Adjusted ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 132.95 Td (EBITDA) Tj ET Q q 0 0 0 rg BT 104.01 132.95 Td ( to exclude the elements that were specific to coalition loyalty) Tj ET Q q 0 0 0 rg BT 346.47 132.95 Td (. Previous reporting periods ) Tj ET Q q 0 0 0 rg BT 458.53 132.95 Td (Adjusted EBITDA, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 119.45 Td (presented within this document, are presented in a manner consistent with the current calculation.) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 141.53 668.45 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 72.00 654.95 Td (to non-financial assets. ) Tj ET Q q 0 0 0 rg BT 166.06 654.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 235.59 654.95 Td ( includes distributions and dividends received or receivable from equity-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (accounted investments.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 618.95 Td (For a reconciliation of ) Tj ET Q q 0 0 0 rg BT 160.04 618.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 229.58 618.95 Td ( to GAAP) Tj ET Q q 0 0 0 rg BT 265.94 618.95 Td (, please refer to the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 345.98 618.95 Td (SUMMAR) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 385.65 618.95 Td (Y) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 391.49 618.95 Td ( OF) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 406.32 618.95 Td ( CONSOLIDA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 461.17 618.95 Td (TED OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 512.51 618.95 Td (TING ) Tj ET Q BT /F4 9.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 605.45 Td (RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 101.34 605.45 Td (TS ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 115.01 605.45 Td (AND RECONCILIA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 190.85 605.45 Td (TION OF) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 227.19 605.45 Td ( ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 229.35 605.45 Td (ADJUSTED EBITDA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 311.53 605.45 Td ( ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 313.70 605.45 Td (AND FREE CASH FLOW) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0.6627450980392157 0.8784313725490196 rg BT 415.21 605.45 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 417.71 605.45 Td (included in the) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 475.75 605.45 Td ( ) Tj ET Q BT /F4 9.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 478.25 605.45 Td (Operating and ) Tj ET Q BT /F4 9.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 591.95 Td (Financial Results) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 140.53 591.95 Td ( section. ) Tj ET Q q 0 0 0 rg BT 176.05 591.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 245.58 591.95 Td ( should not be used as an exclusive measure of cash flow because it ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 578.45 Td (does not account for the impact of working capital growth, capital expenditures, debt repayments and other sources ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 564.95 Td (and uses of cash, which are disclosed in the statements of cash flows.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 534.95 Td (FREE CASH FLOW ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 182.88 534.95 Td (AND FREE CASH FLOW BEFORE DIVIDENDS P) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 452.67 534.95 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 72.00 509.45 Td (Free Cash Flow and Free Cash Flow before Dividends Paid are non-GAAP) Tj ET Q q 0 0 0 rg BT 370.48 509.45 Td ( measures and are not comparable to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 495.95 Td (similar measures used by other issuers. ) Tj ET Q q 0 0 0 rg BT 232.90 495.95 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 72.00 482.45 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 72.00 459.95 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 72.00 446.45 Td (as reported in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 220.92 446.45 Td (, less adjustments for: ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 423.95 Td (a\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 423.95 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 108.00 410.45 Td (GAAP; ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 396.95 Td (b\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 396.95 Td (principal elements of lease payments; and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 383.45 Td (c\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 383.45 Td (dividends paid.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 360.95 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 72.00 347.45 Td (with GAAP) Tj ET Q q 0 0 0 rg BT 114.35 347.45 Td (, less capital expenditures and principal elements of lease payments as reported in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 537.42 347.45 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 333.95 Td (Free Cash Flow before Dividends Paid is presented for both continuing and discontinued operations.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 311.45 Td (Free Cash Flow before Dividends Paid per common share is calculated as follows: Free Cash Flow before Dividends ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 297.95 Td (Paid less dividends paid on preferred shares and to non-controlling interests over the weighted average number of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 284.45 Td (basic and diluted common shares outstanding for the period.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 261.95 Td (For a reconciliation of Free Cash Flow and Free Cash Flow before Dividends Paid to cash flows from operations ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 248.45 Td (\(GAAP\), please refer to the) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.17254901960784313 0.16862745098039217 0.4823529411764706 rg BT 180.55 248.45 Td ( ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 183.05 248.45 Td (SUMMAR) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 222.71 248.45 Td (Y) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 228.56 248.45 Td ( OF) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 243.39 248.45 Td ( CONSOLIDA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 298.23 248.45 Td (TED OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 349.58 248.45 Td (TING RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.92 248.45 Td (TS ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 416.58 248.45 Td (AND RECONCILIA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 492.43 248.45 Td (TION OF) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 528.76 248.45 Td ( ) Tj ET Q BT /F4 9.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 234.95 Td (ADJUSTED EBITDA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 154.18 234.95 Td ( ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 156.34 234.95 Td (AND FREE CASH FLOW) 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 257.85 234.95 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 260.35 234.95 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 320.90 234.95 Td (Operating and Financial Results) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 448.97 234.95 Td ( section. ) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 204.95 Td (CONST) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 113.11 204.95 Td (ANT CURRENCY) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 179.45 Td (Because exchange rates are an important factor in understanding period to period comparisons, the presentation of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 165.95 Td (various financial metrics on a constant currency basis or after giving ef) Tj ET Q q 0 0 0 rg BT 351.97 165.95 Td (fect to foreign exchange translation, in addition ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 152.45 Td (to the reported metrics, help improve the ability to understand operating results and evaluate performance in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 138.95 Td (comparison to prior periods. Constant Currency information compares results between periods as if exchange rates ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 125.45 Td (had remained constant over the periods. Constant Currency is derived by calculating current period results using ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 111.95 Td (foreign currency exchange rates from the same period in the prior year) Tj ET Q q 0 0 0 rg BT 352.64 111.95 Td (. Results calculated on a Constant Currency ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 98.45 Td (basis should be considered in addition to, not as a substitute for) Tj ET Q q 0 0 0 rg BT 325.16 98.45 Td (, results reported in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 497.08 98.45 Td ( and may ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 84.95 Td (not be comparable to similarly titled measures used by other companies. Constant Currency is a basis of ) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 (consideration mostly for ) Tj ET Q q 0 0 0 rg BT 169.04 668.45 Td (Aimia) Tj ET Q q 0 0 0 rg BT 193.39 668.45 Td (s foreign operations \(those with a functional currency which is not the Canadian dollar\). ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (The Loyalty Solutions segment operates under varying foreign currencies, primarily the US and ) Tj ET Q q 0 0 0 rg BT 452.20 654.95 Td (Australian dollars, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (British Pound and the United ) Tj ET Q q 0 0 0 rg BT 188.58 641.45 Td (Arab Emirates Dirham.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 602.3486328125 m 516.708984375 602.3486328125 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 604.25 Td (DISCONTINUED OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 208.45 604.25 Td (TIONS ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 248.01 604.25 Td (AND DISPOSAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 338.47 604.25 Td ( OF BUSINESSES ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 442.04 604.25 Td (AND OTHER ) Tj ET Q BT /F2 12.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 586.1486328125 m 120.01171875 586.1486328125 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 588.05 Td (ASSETS) Tj ET Q BT /F2 12.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 564.05 Td (DISCONTINUED OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 208.45 564.05 Td (TIONS) Tj ET Q BT /F5 10.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 537.05 Td (Aeroplan 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 72.00 511.55 Td (On January 10, 2019, ) Tj ET Q q 0 0 0 rg BT 160.56 511.55 Td (Aimia completed the sale of ) Tj ET Q q 0 0 0 rg BT 273.12 511.55 Td (Aeroplan Inc. \(formerly known as ) Tj ET Q q 0 0 0 rg BT 406.68 511.55 Td (Aimia Canada Inc.\), the owner ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 498.05 Td (and operator of the ) Tj ET Q q 0 0 0 rg BT 150.06 498.05 Td (Aeroplan loyalty program, to ) Tj ET Q q 0 0 0 rg BT 264.62 498.05 Td (Air Canada, pursuant to the share purchase agreement entered into ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 484.55 Td (and announced onNovember 26, 2018 \(the "SP) Tj ET Q q 0 0 0 rg BT 263.16 484.55 Td (A"\). Gross transaction proceeds amounted to$516.4 million, after ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 471.05 Td (final closing adjustments of$66.4 millionwhich were primarily related to favourable working capital adjustments ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 457.55 Td (relative to the working capital target set out in the share purchase agreement. Of) Tj ET Q q 0 0 0 rg BT 392.01 457.55 Td (fsetting this cash consideration is an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 444.05 Td (aggregate of $16.0 million, consisting of transaction fees of $7.4 million as well as $8.6 million in termination fees ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 430.55 Td (associated with agreements entered into with Porter ) Tj ET Q q 0 0 0 rg BT 281.11 430.55 Td (Airlines, ) Tj ET Q q 0 0 0 rg BT 315.13 430.55 Td (Air ) Tj ET Q q 0 0 0 rg BT 328.46 430.55 Td (T) Tj ET Q q 0 0 0 rg BT 333.63 430.55 Td (ransat and Flair ) Tj ET Q q 0 0 0 rg BT 398.16 430.55 Td (Airlines. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 405.05 Td (Aimia and ) Tj ET Q q 0 0 0 rg BT 114.02 405.05 Td (Air Canada have agreed to provide each other transition services for a period of up to 15 months. ) Tj ET Q q 0 0 0 rg BT 503.09 405.05 Td (These ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 391.55 Td (services include finance, technology) Tj ET Q q 0 0 0 rg BT 215.42 391.55 Td (, human resources and facility management. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 366.05 Td (The SP) Tj ET Q q 0 0 0 rg BT 101.35 366.05 Td (A) Tj ET Q q 0 0 0 rg BT 106.85 366.05 Td ( provides that, as of and after the closing date, each of ) Tj ET Q q 0 0 0 rg BT 325.49 366.05 Td (Aimia and ) Tj ET Q q 0 0 0 rg BT 367.52 366.05 Td (Air Canada shall indemnify one another) Tj ET Q q 0 0 0 rg BT 524.62 366.05 Td (, as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 352.55 Td (well as certain af) Tj ET Q q 0 0 0 rg BT 138.87 352.55 Td (filiates and their respective representatives, for losses suf) Tj ET Q q 0 0 0 rg BT 367.31 352.55 Td (fered as a result of or arising in connection ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 339.05 Td (with any inaccuracy) Tj ET Q q 0 0 0 rg BT 149.87 339.05 Td (, misrepresentation or breach of any representation or warranty made or given in the agreement ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 325.55 Td (or any certificate delivered pursuant thereto and any failure to observe, fulfill or perform any covenant or obligation in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 312.05 Td (the agreement. With respect to those general indemnification clauses, ) Tj ET Q q 0 0 0 rg BT 352.16 312.05 Td (Aimia has no obligation to indemnify ) Tj ET Q q 0 0 0 rg BT 498.24 312.05 Td (Air ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 298.55 Td (Canada unless and until the aggregate amount of the losses incurred exceeds $2.25 million, in which case all losses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 285.05 Td (above $2.25 million are indemnifiable. ) Tj ET Q q 0 0 0 rg BT 225.10 285.05 Td (Aimia) Tj ET Q q 0 0 0 rg BT 249.44 285.05 Td (s liability for such indemnity claims shall not exceed $55 million in all ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 271.55 Td (cases except with respect to \(i\) ) Tj ET Q q 0 0 0 rg BT 197.55 271.55 Td (Aimia) Tj ET Q q 0 0 0 rg BT 221.89 271.55 Td (s fundamental representations, where its liability shall not exceed the purchase ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 258.05 Td (price \(ii\) tax claims for pre-closing tax periods, where ) Tj ET Q q 0 0 0 rg BT 284.08 258.05 Td (Aimia's liability is uncapped, and \(iii\) non-compliance with anti-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 244.55 Td (spam laws, consumer protection laws, privacy laws or other laws pertaining to the security and protection of personal ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 231.05 Td (information, where ) Tj ET Q q 0 0 0 rg BT 148.04 231.05 Td (Aimia's liability is uncapped. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 205.55 Td (In addition to the foregoing, ) Tj ET Q q 0 0 0 rg BT 183.08 205.55 Td (Aimia has agreed to indemnify ) Tj ET Q q 0 0 0 rg BT 306.15 205.55 Td (Air Canada for income tax payments that may arise after ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 192.05 Td (the closing date relating to pre-closing tax periods for ) Tj ET Q q 0 0 0 rg BT 285.12 192.05 Td (Aeroplan Inc. ) Tj ET Q q 0 0 0 rg BT 340.49 192.05 Td (This includes the income tax audit conducted by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 178.55 Td (the CRA) Tj ET Q q 0 0 0 rg BT 105.52 178.55 Td ( regarding certain ) Tj ET Q q 0 0 0 rg BT 177.56 178.55 Td (Aeroplan income tax matters dating back to 2013 \(the "2013 CRA) Tj ET Q q 0 0 0 rg BT 437.91 178.55 Td ( audit"\). ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 153.05 Td (In regards to the indemnification clauses described above, $2.25 million of the purchase price proceeds have been ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 139.55 Td (deposited with a third-party escrow agent to cover any potential valid general indemnity claims that may be made by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 126.05 Td (Air Canada against ) Tj ET Q q 0 0 0 rg BT 150.55 126.05 Td (Aimia under the SP) Tj ET Q q 0 0 0 rg BT 227.43 126.05 Td (A) Tj ET Q q 0 0 0 rg BT 232.93 126.05 Td ( and $100 million of the purchase proceeds have been deposited in a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 112.55 Td (separate interest-bearing account jointly controlled by ) Tj ET Q q 0 0 0 rg BT 287.13 112.55 Td (Aimia and ) Tj ET Q q 0 0 0 rg BT 329.15 112.55 Td (Air Canada pending the conclusion of the 2013 CRA) Tj ET Q q 0 0 0 rg BT 537.29 112.55 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 99.05 Td (audit. ) Tj ET Q q 0 0 0 rg BT 96.02 99.05 Td (Any interest or other income earned on the funds in the account shall be transferred or disbursed to ) Tj ET Q q 0 0 0 rg BT 493.26 99.05 Td (Aimia on a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 85.55 Td (monthly basis.) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 (On February 25, 2019, ) Tj ET Q q 0 0 0 rg BT 164.56 668.45 Td (Aimia announced it received a final letter for the 2012 and 2013 taxation years from the CRA) Tj ET Q q 0 0 0 rg BT 532.27 668.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (concluding on their audit. During the three months ended June 30, 2019, ) Tj ET Q q 0 0 0 rg BT 362.70 654.95 Td (Aimia received the notices of re-assessment ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (for the 2012 through 2017 taxation years from the CRA) Tj ET Q q 0 0 0 rg BT 290.63 641.45 Td ( for an amount of $24.3 million,including $4.0 million in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.95 Td (interest payable.) Tj ET Q q 0 0 0 rg BT 140.04 627.95 Td (Aimia has funded the amounts due upon receipt of the re-assessments from the $100million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 614.45 Td (restricted cash account set up as part of the sale of ) Tj ET Q q 0 0 0 rg BT 277.62 614.45 Td (Aeroplan Inc.During the three months ended September 30, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 600.95 Td (2019, ) Tj ET Q q 0 0 0 rg BT 96.53 600.95 Td (Aimia received the notices of assessment for the 2018 and 2019 taxation years from the CRA) Tj ET Q q 0 0 0 rg BT 467.73 600.95 Td ( for an amount of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 587.45 Td ($2.6 million, including interest of $0.1 million. During the three months ended September 30, 2019 ) Tj ET Q q 0 0 0 rg BT 463.24 587.45 Td (Aimia received a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 573.95 Td (refund of $0.3 million of interest from the CRA. ) Tj ET Q q 0 0 0 rg BT 259.09 573.95 Td (Aimia has funded the amounts due upon receipt of the assessments ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 560.45 Td (from the restricted cash account. Notices of re-assessment are also expected from Revenu Qubec. For the notices ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 546.95 Td (of re-assessment from Revenu Qubec, ) Tj ET Q q 0 0 0 rg BT 233.57 546.95 Td (Aimia will use its existing non-capital losses to of) Tj ET Q q 0 0 0 rg BT 426.99 546.95 Td (fset the increase in taxable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 533.45 Td (income related to the 2013 CRA) Tj ET Q q 0 0 0 rg BT 199.58 533.45 Td ( audit, which will result in estimated income taxes payable in the 2018 and 2019 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 519.95 Td (taxation years of up to $8.0 million.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 494.45 Td (Aimia, in conjunction with ) Tj ET Q q 0 0 0 rg BT 175.05 494.45 Td (Aeroplan Inc., has initiated the process to vigorously contest the matter) Tj ET Q q 0 0 0 rg BT 457.21 494.45 Td (. Based on external ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 480.95 Td (advice it has received, the Corporation believes that it is more likely than not that ) Tj ET Q q 0 0 0 rg BT 394.67 480.95 Td (Aeroplan Inc. will prevail in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 467.45 Td (recourse procedures available to taxpayers in these situations, which could eventually lead to a court contestation. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 453.95 Td (Based on this assessment, ) Tj ET Q q 0 0 0 rg BT 181.56 453.95 Td (Aimia did not record any income tax expenses related to discontinued operations in its ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 440.45 Td (financial statements. Should ) Tj ET Q q 0 0 0 rg BT 186.57 440.45 Td (Aeroplan Inc. be successful in its recourse procedures, any amounts that were remitted ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 426.95 Td (to the CRA) Tj ET Q q 0 0 0 rg BT 115.52 426.95 Td ( from the$100 millionrestricted cash account would be returned to ) Tj ET Q q 0 0 0 rg BT 383.17 426.95 Td (Aimia.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 399.95 Td (The balance of the funds in the restricted cash account is expected to be released to ) Tj ET Q q 0 0 0 rg BT 410.21 399.95 Td (Aimia in accordance with the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 386.45 Td (terms of the SP) Tj ET Q q 0 0 0 rg BT 133.36 386.45 Td (A) Tj ET Q q 0 0 0 rg BT 138.86 386.45 Td ( between ) Tj ET Q q 0 0 0 rg BT 177.39 386.45 Td (Aimia and ) Tj ET Q q 0 0 0 rg BT 219.42 386.45 Td (Air Canada.) 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0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 674.50 432.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 575.50 432.00 -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 72.5 625.5 m 423.5 625.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 625.5 m 504.5 625.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 590.5 m 423.5 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 590.5 m 504.5 590.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 575.5 m 423.5 575.5 l s 0 0 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0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 643.90 Td (Cash) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.45 643.90 Td (450.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 629.90 Td (T) Tj ET Q q 0 0 0 rg BT 80.33 629.90 Td (ransaction and termination fees) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.45 629.90 Td (\(16.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.00 629.90 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 616.45 Td (Consideration relating to disposed assets and liabilities, net of transaction and) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 607.50 Td (termination fees) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.45 609.90 Td (434.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 594.90 Td (Closing adjustments related to working capital and future redemption liability) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.45 594.90 Td (66.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 579.90 Td (Net consideration ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 153.51 584.19 Td (a\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.45 579.90 Td (500.4) 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 75.00 558.90 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 75.00 544.90 Td (Cash and cash equivalents) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.45 544.90 Td (0.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 530.90 Td (Accounts receivable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.45 530.90 Td (163.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 516.90 Td (Prepaid expenses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.45 516.90 Td (12.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 502.90 Td (Property and equipment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.45 502.90 Td (14.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 488.90 Td (Software and technology) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.45 488.90 Td (77.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 474.90 Td (Accumulation partners' contracts and customer relationships) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.45 474.90 Td (423.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 460.90 Td (T) Tj ET Q q 0 0 0 rg BT 80.33 460.90 Td (rade names) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.45 460.90 Td (275.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 446.90 Td (Goodwill) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.95 446.90 Td (1,675.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 432.90 Td (Accounts payable and accrued liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 432.90 Td (\(153.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.00 432.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 418.90 Td (Provisions) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.45 418.90 Td (\(10.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.00 418.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 404.90 Td (Deferred revenue) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 404.90 Td (\(2,905.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.00 404.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 390.90 Td (Pension and other long-term liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.45 390.90 Td (\(47.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.00 390.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 376.90 Td (Deferred income taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.45 376.90 Td (\(88.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.00 376.90 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 360.90 Td (Net assets \(liabilities\) disposed of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.45 360.90 Td (\(562.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.00 360.90 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 346.90 Td (Gain on disposal of the ) Tj ET Q q 0 0 0 rg BT 176.67 346.90 Td (Aeroplan Program and related assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.95 346.90 Td (1,063.1) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 319.00 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 319.00 Td (The net consideration, subject to final closing adjustments, related to the disposal of the ) Tj ET Q q 0 0 0 rg BT 419.74 319.00 Td (Aeroplan program and related ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 307.00 Td (assets includes the following:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 126.00 283.00 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 283.00 Td ($496.7 million of gross transaction proceeds received at initial transaction closing, of which $100.0 million was ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 271.00 Td (set aside in a restricted account until conclusion of an ongoing CRA) Tj ET Q q 0 0 0 rg BT 382.81 271.00 Td ( audit and $2.25 million set aside in an ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 259.00 Td (escrow account. ) Tj ET Q q 0 0 0 rg BT 203.59 259.00 Td (An additional $19.7 million, related to final closing adjustments. was received during the three ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 247.00 Td (months ended June 30, 2019;) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 126.00 223.00 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 223.00 Td ($16.0 million of transaction and termination fees paid during the nine months period ended September 30, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 211.00 Td (2019.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 185.50 Td (The operating results and ) Tj ET Q q 0 0 0 rg BT 176.07 185.50 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 245.60 185.50 Td ( from the ) Tj ET Q q 0 0 0 rg BT 283.12 185.50 Td (Aeroplan Program and related assets were presented as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 172.00 Td (discontinued operations until their disposal and prior periods have been restated. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 146.50 Td (A) Tj ET Q q 0 0 0 rg BT 77.51 146.50 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 369.18 146.50 Td (three and nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.27 146.50 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 133.00 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.56 133.00 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 173.58 133.00 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.60 133.00 Td ( follows. ) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 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0.807843137254902 rg /GS0 gs 443.50 507.50 42.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 496.50 45.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 443.50 496.50 42.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 485.50 45.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 443.50 485.50 42.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 474.50 45.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 443.50 474.50 42.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 463.50 45.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 443.50 463.50 42.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 452.50 45.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 443.50 452.50 42.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 340.50 441.50 45.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 443.50 441.50 42.00 -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 72.5 606.5 m 340.5 606.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 606.5 m 385.5 606.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 606.5 m 430.5 606.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 606.5 m 443.5 606.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 606.5 m 485.5 606.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 485.5 606.5 m 527.5 606.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 527.5 606.5 m 539.5 606.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 606.5 m 340.5 606.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 606.5 m 385.5 606.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 606.5 m 430.5 606.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 606.5 m 443.5 606.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 606.5 m 485.5 606.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 485.5 606.5 m 527.5 606.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 527.5 606.5 m 539.5 606.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 584.5 m 385.5 584.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 584.5 m 430.5 584.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 584.5 m 443.5 584.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 584.5 m 485.5 584.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 485.5 584.5 m 527.5 584.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 584.5 m 340.5 584.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 584.5 m 385.5 584.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 584.5 m 430.5 584.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 584.5 m 443.5 584.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 584.5 m 485.5 584.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 485.5 584.5 m 527.5 584.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 527.5 584.5 m 539.5 584.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 562.5 m 340.5 562.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 562.5 m 385.5 562.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 562.5 m 430.5 562.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 562.5 m 443.5 562.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 562.5 m 485.5 562.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 485.5 562.5 m 527.5 562.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 527.5 562.5 m 539.5 562.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 518.5 m 340.5 518.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 518.5 m 385.5 518.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 518.5 m 430.5 518.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 518.5 m 443.5 518.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 518.5 m 485.5 518.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 485.5 518.5 m 527.5 518.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 527.5 518.5 m 539.5 518.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 518.5 m 340.5 518.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 507.5 m 340.5 507.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 518.5 m 385.5 518.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 507.5 m 385.5 507.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 518.5 m 430.5 518.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 507.5 m 430.5 507.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 518.5 m 443.5 518.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 507.5 m 443.5 507.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 518.5 m 485.5 518.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 507.5 m 485.5 507.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 485.5 518.5 m 527.5 518.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 485.5 507.5 m 527.5 507.5 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 527.5 518.5 m 539.5 518.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 527.5 507.5 m 539.5 507.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 463.5 m 385.5 463.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 463.5 m 430.5 463.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 463.5 m 443.5 463.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 463.5 m 485.5 463.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 485.5 463.5 m 527.5 463.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 463.5 m 340.5 463.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 452.5 m 340.5 452.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 463.5 m 385.5 463.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 452.5 m 385.5 452.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 463.5 m 430.5 463.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 452.5 m 430.5 452.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 463.5 m 443.5 463.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 452.5 m 443.5 452.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 463.5 m 485.5 463.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 452.5 m 485.5 452.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 485.5 463.5 m 527.5 463.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 485.5 452.5 m 527.5 452.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 527.5 463.5 m 539.5 463.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 527.5 452.5 m 539.5 452.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 452.5 m 340.5 452.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 452.5 m 385.5 452.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 452.5 m 430.5 452.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 452.5 m 443.5 452.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 452.5 m 485.5 452.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 485.5 452.5 m 527.5 452.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 527.5 452.5 m 539.5 452.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 430.5 m 340.5 430.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 340.5 430.5 m 385.5 430.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 430.5 m 430.5 430.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 430.5 m 443.5 430.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 430.5 m 485.5 430.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 485.5 430.5 m 527.5 430.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 527.5 430.5 m 539.5 430.5 l s BT /F3 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 349.95 671.30 72.13 -7.04 re f /GS0 gs q 1 1 1 rg BT 349.95 665.84 Td (Three Months Ended ) Tj ET Q BT /F3 7.50 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 360.40 663.80 49.20 -7.04 re f /GS0 gs q 1 1 1 rg BT 360.40 658.34 Td (September 30,) Tj ET Q BT /F3 7.50 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 452.05 671.30 67.96 -7.04 re f /GS0 gs q 1 1 1 rg BT 452.05 665.84 Td (Nine Months Ended ) Tj ET Q BT /F3 7.50 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 460.40 663.80 49.20 -7.04 re f /GS0 gs q 1 1 1 rg BT 460.40 658.34 Td (September 30,) Tj ET Q BT /F4 6.50 Tf ET q 1 1 1 rg BT 75.00 643.37 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.50 Tf ET q 1 1 1 rg BT 361.00 643.59 Td (2019) Tj ET Q BT /F3 7.50 Tf ET q 1 1 1 rg BT 406.00 643.59 Td (2018) Tj ET Q BT /F3 7.50 Tf ET q 1 1 1 rg BT 464.00 643.59 Td (2019) Tj ET Q BT /F3 7.50 Tf ET q 1 1 1 rg BT 506.00 643.59 Td (2018) 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 75.00 620.54 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 370.75 620.54 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 404.50 620.59 Td (322.2) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 461.20 620.54 Td (35.3) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 495.25 620.54 Td (1,001.2) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 609.54 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 370.75 609.54 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 412.80 609.54 Td (8.0) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 433.00 610.06 Td (\(c\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 465.30 609.54 Td (1.0) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 505.70 609.54 Td (22.6) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 530.00 610.06 Td (\(c\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 598.54 Td (T) Tj ET Q q 0 0 0 rg BT 79.17 598.54 Td (otal revenue) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 370.75 598.54 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 404.50 598.59 Td (330.2) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 433.00 599.06 Td (\(c\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 461.20 598.54 Td (36.3) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 495.25 598.54 Td (1,023.8) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 530.00 599.06 Td (\(c\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 587.54 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 370.75 587.54 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 404.50 587.59 Td (213.3) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 433.00 588.06 Td (\(c\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 461.20 587.54 Td (24.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 587.54 Td (672.6) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 530.00 588.06 Td (\(c\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 576.54 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 370.75 576.54 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 404.50 576.59 Td (1) Tj ET Q q 0 0 0 rg BT 408.67 576.59 Td (16.9) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 461.20 576.54 Td (1) Tj ET Q q 0 0 0 rg BT 465.37 576.54 Td (1.8) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 576.54 Td (351.2) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 565.54 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 176.73 569.12 Td (\(a\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 370.75 565.54 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 408.70 565.59 Td (47.0) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 468.25 565.54 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 565.54 Td (145.0) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 554.54 Td (Gross margin) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 370.75 554.54 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 408.70 554.59 Td (69.9) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 461.20 554.54 Td (1) Tj ET Q q 0 0 0 rg BT 465.37 554.54 Td (1.8) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 554.54 Td (206.2) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 543.54 Td (Operating expenses before share-based compensation and other performance) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 84.00 536.04 Td (awards) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 367.80 537.59 Td (0.3) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 408.70 537.64 Td (50.8) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 465.30 537.59 Td (4.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 537.59 Td (135.7) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 522.59 Td ( Share-based compensation and other performance awards) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 370.75 522.59 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 412.80 522.59 Td (0.7) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 462.80 522.59 Td (\(0.2) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 475.80 522.59 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 509.85 522.59 Td (1.0) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 510.54 Td (T) Tj ET Q q 0 0 0 rg BT 79.17 510.54 Td (otal operating expenses) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 367.80 510.54 Td (0.3) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 408.70 510.59 Td (51.5) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 465.30 510.54 Td (4.3) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 510.54 Td (136.7) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 75.00 499.54 Td (Operating income) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 365.30 499.54 Td (\(0.3) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 378.30 499.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 408.70 499.59 Td (18.4) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 465.30 499.54 Td (7.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 505.70 499.54 Td (69.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 488.54 Td (Gain on disposal of businesses and other assets) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 370.75 488.54 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 415.75 488.54 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 450.75 488.54 Td (1,063.1) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 512.75 488.54 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 477.54 Td (Net financial income \(expenses\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 370.75 477.54 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 410.30 477.54 Td (\(0.1) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 423.30 477.54 Td (\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 468.25 477.54 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 507.35 477.54 Td (\(0.1) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 520.30 477.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 466.54 Td (Income tax expense) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 370.75 466.54 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 412.80 466.54 Td (0.2) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 462.80 466.54 Td (\(1.1) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 475.80 466.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 507.35 466.54 Td (\(5.6) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 520.30 466.54 Td (\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 75.00 455.54 Td (Net earnings from the ) Tj ET Q q 0 0 0 rg BT 154.32 455.54 Td (Aeroplan Program and related assets) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 365.30 455.54 Td (\(0.3) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 378.30 455.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 408.70 455.59 Td (18.5) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 450.75 455.54 Td (1,069.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 505.70 455.54 Td (63.8) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 75.00 444.54 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 136.81 444.54 Td ( ) Tj ET Q BT /F5 7.50 Tf ET BT /F5 4.87 Tf ET q 0 0 0 rg BT 138.89 448.12 Td (\(b\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 365.30 444.54 Td (\(0.3) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 378.30 444.54 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 408.70 444.59 Td (65.4) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 465.30 444.54 Td (7.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 501.50 444.54 Td (214.5) Tj ET Q BT /F4 7.50 Tf ET q 0 0 0 rg BT 81.00 433.54 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 139.08 433.54 Td ( as a % of T) Tj ET Q q 0 0 0 rg BT 178.41 433.54 Td (otal Revenue) Tj ET Q BT /F5 7.50 Tf ET q 0 0 0 rg BT 370.75 433.54 Td () Tj ET Q BT /F4 6.50 Tf ET q 0 0 0 rg BT 410.55 434.27 Td (19.8) Tj ET Q BT /F4 6.50 Tf ET q 0 0 0 rg BT 424.20 434.27 Td (%) Tj ET Q BT /F5 7.50 Tf ET q 0 0 0 rg BT 461.20 433.54 Td (20.7) Tj ET Q BT /F5 7.50 Tf ET q 0 0 0 rg BT 478.30 433.54 Td (%) Tj ET Q BT /F4 7.50 Tf ET q 0 0 0 rg BT 505.70 433.54 Td (21.0) Tj ET Q BT /F4 7.50 Tf ET q 0 0 0 rg BT 520.30 433.54 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 407.75 Td (\(a\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 407.75 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 333.38 407.75 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 396.50 Td (technology) Tj ET Q q 0 0 0 rg BT 152.72 396.50 Td (.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 376.25 Td (\(b\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 376.25 Td (A) Tj ET Q q 0 0 0 rg BT 121.59 376.25 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 159.39 376.25 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 262.36 376.25 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 436.34 376.25 Td ( financial measures\)) 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 503.46 376.25 Td (.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 356.00 Td (\(c\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 356.00 Td (These figures are net of intercompany transactions between the Canadian loyalty solutions business and the ) Tj ET Q q 0 0 0 rg BT 478.49 356.00 Td (Aeroplan Program ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 344.75 Td (of ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 125.34 344.75 Td ($2.2 million) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 163.28 344.75 Td ( and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 179.96 344.75 Td ($7.0 million) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 217.90 344.75 Td ( for the ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 243.33 344.75 Td (three and nine months ended) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 340.91 344.75 Td ( ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 342.99 344.75 Td (September30, 2018) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 410.96 344.75 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 319.25 Td (V) Tj ET Q q 0 0 0 rg BT 77.33 319.25 Td (ariances in operating results generated for the three and nine months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.04 319.25 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.59 319.25 Td ( compared to the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 305.75 Td (same periods in the prior year are mostly explained by the sale of the ) Tj ET Q q 0 0 0 rg BT 349.15 305.75 Td (Aeroplan Program and related assets on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 292.25 Td (January10, 2019. Ongoing operating expenses incurred in the three months period ended September 30, 2019, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 278.75 Td (relate to professional fees associated with the CRA) Tj ET Q q 0 0 0 rg BT 275.11 278.75 Td ( re-assessment contestation.) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 \(used in\) the ) Tj ET Q q 0 0 0 rg BT 191.05 668.45 Td (Aeroplan Program and related assets included within the consolidated statements of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (cash flows are as follows:) Tj ET Q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 644.45 272.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 344.50 644.45 100.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 444.50 644.45 96.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 72.50 623.45 272.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 344.50 623.45 49.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 393.50 623.45 51.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 444.50 623.45 45.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 489.50 623.45 51.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 344.50 595.45 49.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 444.50 595.45 45.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 344.50 581.45 49.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 444.50 581.45 45.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 344.50 567.45 49.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 444.50 567.45 45.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 344.50 547.45 49.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 444.50 547.45 45.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 344.50 533.45 49.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 444.50 533.45 45.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 344.50 513.45 49.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 444.50 513.45 45.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 344.50 499.45 49.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 444.50 499.45 45.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 344.50 485.45 49.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 444.50 485.45 45.00 -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 72.5 547.45 m 344.5 547.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 344.5 547.45 m 393.5 547.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393.5 547.45 m 438.5 547.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 547.45 m 444.5 547.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 547.45 m 489.5 547.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 547.45 m 534.5 547.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 534.5 547.45 m 540.5 547.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 547.45 m 344.5 547.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 344.5 547.45 m 393.5 547.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393.5 547.45 m 438.5 547.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 547.45 m 444.5 547.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 547.45 m 489.5 547.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 547.45 m 534.5 547.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 534.5 547.45 m 540.5 547.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 485.45 m 344.5 485.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 472.45 m 344.5 472.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 470.45 m 344.5 470.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 485.45 m 393.5 485.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 472.45 m 393.5 472.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 470.45 m 393.5 470.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 485.45 m 438.5 485.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 472.45 m 438.5 472.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 470.45 m 438.5 470.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 485.45 m 444.5 485.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 472.45 m 444.5 472.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 470.45 m 444.5 470.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 485.45 m 489.5 485.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 472.45 m 489.5 472.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 470.45 m 489.5 470.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 485.45 m 534.5 485.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 472.45 m 534.5 472.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 470.45 m 534.5 470.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 485.45 m 540.5 485.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 472.45 m 540.5 472.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 470.45 m 540.5 470.45 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 356.60 635.93 Td (Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 367.75 627.93 Td (September 30,) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 456.85 635.93 Td (Nine Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 465.75 627.93 Td (September 30,) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 614.65 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 359.60 613.68 Td (2019) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 409.60 613.68 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 457.60 613.68 Td (2019) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 505.60 613.68 Td (2018) 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 75.00 599.68 Td (Net cash flows of the ) Tj ET Q q 0 0 0 rg BT 156.94 599.68 Td (Aeroplan Program and related assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 585.68 Td (Cash flows from \(used in\):) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 87.00 571.68 Td (Operating activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.50 571.73 Td (\(0.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.30 571.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 419.70 571.73 Td (53.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.05 571.73 Td (\(27.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 571.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 511.25 571.73 Td (169.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 87.00 559.13 Td (Investing activities - ) Tj ET Q q 0 0 0 rg BT 158.81 559.13 Td (Additions to property) Tj ET Q q 0 0 0 rg BT 231.66 559.13 Td (, equipment, software and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 87.00 551.13 Td (technology) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.25 551.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.50 551.73 Td (\(5.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 435.30 551.68 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.25 551.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 513.05 551.73 Td (\(1) Tj ET Q q 0 0 0 rg BT 520.16 551.73 Td (1.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 531.30 551.68 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 537.68 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 132.80 541.49 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.50 537.73 Td (\(0.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.30 537.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 419.70 537.73 Td (48.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.05 537.73 Td (\(27.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 537.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 511.25 537.73 Td (158.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 87.00 525.13 Td (Investing activities - Net proceeds from the disposal of businesses and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 87.00 517.13 Td (other assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.50 517.73 Td (\(0.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.30 517.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 427.25 517.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.25 517.73 Td (500.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.25 517.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 87.00 503.68 Td (Investing activities - Restricted Cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.25 503.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 427.25 503.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.55 503.68 Td (\(100.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 503.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.25 503.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 87.00 489.68 Td (Investing activities - Cash held in escrow) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.25 489.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 427.25 489.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.50 489.73 Td (\(2.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 489.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.25 489.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 475.68 Td (T) Tj ET Q q 0 0 0 rg BT 79.29 475.68 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.50 475.73 Td (\(0.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.30 475.68 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 419.70 475.73 Td (48.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.25 475.73 Td (370.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 511.25 475.73 Td (158.7) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 448.70 Td (\(a\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 448.70 Td (A) Tj ET Q q 0 0 0 rg BT 121.59 448.70 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 159.39 448.70 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 262.36 448.70 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 436.34 448.70 Td ( financial measures\)) Tj ET Q BT /F3 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 503.46 448.70 Td (.) Tj ET Q BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 415.70 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 72.00 394.20 Td (On January 31, 2018, ) Tj ET Q q 0 0 0 rg BT 160.56 394.20 Td (Aimia sold the Nectar coalition loyalty program and related assets to J Sainsbury plc ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 380.70 Td (\(Sainsbury's\). ) Tj ET Q q 0 0 0 rg BT 135.07 380.70 Td (The related assets include the Nectar trademarks, the Intelligent Shopper Solutions U.K and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 367.20 Td (Intelligent Research businesses, and ) Tj ET Q q 0 0 0 rg BT 221.09 367.20 Td (Aimia's 50% equity stake in its i2c joint venture.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 344.70 Td (The Corporation received gross consideration of $104.3 million \(60.0 million\). Of) Tj ET Q q 0 0 0 rg BT 395.50 344.70 Td (fsetting this cash consideration was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 331.20 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 72.00 317.70 Td ($84.0 million \(48.3 million\). ) Tj ET Q q 0 0 0 rg BT 186.39 317.70 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 72.00 304.20 Td (accounts. ) Tj ET Q q 0 0 0 rg BT 112.86 304.20 Td (The amount owed to Sainsbury) Tj ET Q q 0 0 0 rg BT 239.27 304.20 Td (s related to working capital adjustments of $20.5 million \(1) Tj ET Q q 0 0 0 rg BT 474.72 304.20 Td (1.8 million\) was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 290.70 Td (accrued in the three months ended March 31, 2018, of) Tj ET Q q 0 0 0 rg BT 288.47 290.70 Td (fsetting cash generated by the disposed business in January) Tj ET Q q 0 0 0 rg BT 528.96 290.70 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 277.20 Td (and was paid in ) Tj ET Q q 0 0 0 rg BT 136.55 277.20 Td (April 2018. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 254.70 Td (Aimia and Sainsbury) Tj ET Q q 0 0 0 rg BT 156.38 254.70 Td (s provided to each other transition services for a period of up to nine months. ) Tj ET Q q 0 0 0 rg BT 464.39 254.70 Td (These services ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 241.20 Td (included finance, technology) Tj ET Q q 0 0 0 rg BT 184.91 241.20 Td (, human resources and facility management. ) Tj ET Q q 0 0 0 rg BT 364.01 241.20 Td (Aimia has subleased the London of) Tj ET Q q 0 0 0 rg BT 504.44 241.20 Td (fice ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 227.70 Td (space from one of the entities which was sold to Sainsbury) Tj ET Q q 0 0 0 rg BT 307.46 227.70 Td (s in the transaction. ) Tj ET Q q 0 0 0 rg BT 387.51 227.70 Td (As part of the arrangement, ) Tj ET Q q 0 0 0 rg BT 499.07 227.70 Td (Aimia ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 214.20 Td (agreed to pay for the remaining lease term for the sublease space at the transaction date. ) Tj ET Q q 0 0 0 rg BT 433.22 214.20 Td (Aimia recorded this ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 200.70 Td (prepayment of $1) Tj ET Q q 0 0 0 rg BT 141.38 200.70 Td (1.8 million \(6.7 million\) as an outflow in cash from operating activities in the first quarter of 2018.) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 674.50 452.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 580.50 452.00 -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 72.5 625.5 m 447.5 625.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 625.5 m 524.5 625.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 595.5 m 447.5 595.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 595.5 m 524.5 595.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 580.5 m 447.5 580.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 580.5 m 524.5 580.5 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 75.00 657.90 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 75.00 643.90 Td (Cash) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.45 643.90 Td (104.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 629.90 Td (T) Tj ET Q q 0 0 0 rg BT 80.33 629.90 Td (ransaction costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 505.45 629.90 Td (\(4.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.00 629.90 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 614.90 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 498.45 614.90 Td (100.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 599.90 Td (W) Tj ET Q q 0 0 0 rg BT 83.41 599.90 Td (orking capital adjustment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.45 599.90 Td (\(20.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.00 599.90 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 584.90 Td (Net consideration) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.45 584.90 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 /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 352.64 356.19 Td (\(a\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.45 351.90 Td (10.2) 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 /F5 9.00 Tf ET BT /F5 5.85 Tf ET q 0 0 0 rg BT 327.57 342.19 Td (\(a\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 508.45 337.90 Td (1.6) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 310.75 Td (\(a\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 310.75 Td (During the first quarter of 2018, the reclassification to net earnings of cumulative translation adjustments was determined to be ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 299.50 Td ($14.0 million, resulting in a gain on disposal of $5.4 million. During the fourth quarter of 2018, the reclassification to net ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 288.25 Td (earnings of cumulative translation adjustments amount was reduced to $10.2 million, resulting in a reduction of $3.8 million of ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 277.00 Td (the gain on disposal from $5.4 million to $1.6 million.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 251.50 Td (The operating results and ) Tj ET Q q 0 0 0 rg BT 176.07 251.50 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 245.60 251.50 Td ( from the Nectar Program and related assets were presented as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 238.00 Td (discontinued operations until their disposal and prior periods have been restated. ) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 (A) Tj ET Q q 0 0 0 rg BT 77.51 668.45 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 369.18 668.45 Td (three and nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.27 668.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.56 654.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 173.58 654.95 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.60 654.95 Td ( follows. ) Tj ET Q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 638.45 241.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 313.50 638.45 100.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 413.50 638.45 10.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 423.50 638.45 100.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 523.50 638.45 17.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 72.50 617.45 241.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 313.50 617.45 50.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 363.50 617.45 50.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 413.50 617.45 10.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 423.50 617.45 50.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 473.50 617.45 50.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 523.50 617.45 17.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 592.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 423.50 592.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 581.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 423.50 581.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 570.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 423.50 570.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 559.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 423.50 559.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 548.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 423.50 548.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 537.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 423.50 537.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 526.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 423.50 526.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 515.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 423.50 515.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 504.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 423.50 504.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 493.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 423.50 493.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 482.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 423.50 482.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 471.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 423.50 471.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 460.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 423.50 460.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 449.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 423.50 449.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 438.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 423.50 438.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 427.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 423.50 427.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 416.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 423.50 416.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 405.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 423.50 405.45 50.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 313.50 394.45 50.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 423.50 394.45 50.00 -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 72.5 570.45 m 313.5 570.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 313.5 570.45 m 363.5 570.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 570.45 m 413.5 570.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 570.45 m 423.5 570.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 570.45 m 473.5 570.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 473.5 570.45 m 523.5 570.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 523.5 570.45 m 540.5 570.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 570.45 m 313.5 570.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 313.5 570.45 m 363.5 570.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 570.45 m 413.5 570.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 570.45 m 423.5 570.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 570.45 m 473.5 570.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 473.5 570.45 m 523.5 570.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 523.5 570.45 m 540.5 570.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 313.5 548.45 m 363.5 548.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 548.45 m 413.5 548.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 548.45 m 473.5 548.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 473.5 548.45 m 523.5 548.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 548.45 m 313.5 548.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 313.5 548.45 m 363.5 548.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 548.45 m 413.5 548.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 548.45 m 423.5 548.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 548.45 m 473.5 548.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 473.5 548.45 m 523.5 548.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 523.5 548.45 m 540.5 548.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 526.45 m 313.5 526.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 313.5 526.45 m 363.5 526.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 526.45 m 413.5 526.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 526.45 m 423.5 526.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 526.45 m 473.5 526.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 473.5 526.45 m 523.5 526.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 523.5 526.45 m 540.5 526.45 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 313.5 493.45 m 363.5 493.45 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 493.45 m 413.5 493.45 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 493.45 m 473.5 493.45 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 473.5 493.45 m 523.5 493.45 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 493.45 m 313.5 493.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 482.45 m 313.5 482.45 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 313.5 493.45 m 363.5 493.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 313.5 482.45 m 363.5 482.45 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 493.45 m 413.5 493.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 482.45 m 413.5 482.45 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 493.45 m 423.5 493.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 482.45 m 423.5 482.45 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 493.45 m 473.5 493.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 482.45 m 473.5 482.45 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 473.5 493.45 m 523.5 493.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 473.5 482.45 m 523.5 482.45 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 523.5 493.45 m 540.5 493.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 523.5 482.45 m 540.5 482.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 313.5 427.45 m 363.5 427.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 427.45 m 413.5 427.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 427.45 m 473.5 427.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 473.5 427.45 m 523.5 427.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 427.45 m 313.5 427.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 416.45 m 313.5 416.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 313.5 427.45 m 363.5 427.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 313.5 416.45 m 363.5 416.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 427.45 m 413.5 427.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 416.45 m 413.5 416.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 427.45 m 423.5 427.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 416.45 m 423.5 416.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 427.45 m 473.5 427.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 416.45 m 473.5 416.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 473.5 427.45 m 523.5 427.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 473.5 416.45 m 523.5 416.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 523.5 427.45 m 540.5 427.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 523.5 416.45 m 540.5 416.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 416.45 m 313.5 416.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 405.45 m 313.5 405.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 313.5 416.45 m 363.5 416.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 313.5 405.45 m 363.5 405.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 416.45 m 413.5 416.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 405.45 m 413.5 405.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 416.45 m 423.5 416.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 405.45 m 423.5 405.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 416.45 m 473.5 416.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 405.45 m 473.5 405.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 473.5 416.45 m 523.5 416.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 473.5 405.45 m 523.5 405.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 523.5 416.45 m 540.5 416.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 523.5 405.45 m 540.5 405.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 382.45 m 313.5 382.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 313.5 382.45 m 363.5 382.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 382.45 m 413.5 382.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 382.45 m 423.5 382.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 382.45 m 473.5 382.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 473.5 382.45 m 523.5 382.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 523.5 382.45 m 540.5 382.45 l s BT /F3 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 327.95 635.25 72.13 -7.04 re f /GS0 gs q 1 1 1 rg BT 327.95 629.79 Td (Three Months Ended ) Tj ET Q BT /F3 7.50 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 338.40 627.75 49.20 -7.04 re f /GS0 gs q 1 1 1 rg BT 338.40 622.29 Td (September 30,) Tj ET Q BT /F3 7.50 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 440.05 635.25 65.88 -7.04 re f /GS0 gs q 1 1 1 rg BT 440.05 629.79 Td (Nine Months Ended) Tj ET Q BT /F3 7.50 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 448.40 627.75 49.20 -7.04 re f /GS0 gs q 1 1 1 rg BT 448.40 622.29 Td (September 30,) Tj ET Q BT /F4 6.50 Tf ET q 1 1 1 rg BT 75.00 607.32 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.50 Tf ET q 1 1 1 rg BT 334.00 607.54 Td (2019) Tj ET Q BT /F3 7.50 Tf ET q 1 1 1 rg BT 384.00 607.54 Td (2018) Tj ET Q BT /F3 7.50 Tf ET q 1 1 1 rg BT 444.00 607.54 Td (2019) Tj ET Q BT /F3 7.50 Tf ET q 1 1 1 rg BT 494.00 607.54 Td (2018) 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 75.00 584.49 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 348.75 584.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 398.75 584.49 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 456.25 584.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 503.35 584.54 Td (6.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 573.49 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 348.75 573.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 398.75 573.49 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 456.25 573.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 503.35 573.54 Td (1.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 562.49 Td (T) Tj ET Q q 0 0 0 rg BT 79.17 562.49 Td (otal revenue) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 348.75 562.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 398.75 562.49 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 456.25 562.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 503.35 562.54 Td (8.0) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 551.49 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 348.75 551.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 398.75 551.49 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 456.25 551.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 506.25 551.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 540.49 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 348.75 540.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 398.75 540.49 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 456.25 540.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 503.35 540.54 Td (8.0) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 529.49 Td (Depreciation and amortization) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 348.75 529.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 398.75 529.49 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 456.25 529.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 506.25 529.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 518.49 Td (Gross margin) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 348.75 518.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 398.75 518.49 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 456.25 518.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 503.35 518.54 Td (8.0) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 507.49 Td (Operating expenses before impairment charges) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 348.75 507.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 398.75 507.49 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 456.25 507.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 503.35 507.54 Td (4.6) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 496.49 Td ( Impairment charges) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 348.75 496.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 398.75 496.49 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 456.25 496.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 506.25 496.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 485.49 Td (T) Tj ET Q q 0 0 0 rg BT 79.17 485.49 Td (otal operating expenses) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 348.75 485.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 398.75 485.49 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 456.25 485.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 503.35 485.54 Td (4.6) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 75.00 474.49 Td (Operating income) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 348.75 474.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 398.75 474.49 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 456.25 474.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 503.35 474.54 Td (3.4) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 463.49 Td (Gain on disposal of businesses and other assets) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 348.75 463.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 398.75 463.49 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 456.25 463.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 503.35 463.54 Td (5.4) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 452.49 Td (Net financial expenses) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 348.75 452.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 398.75 452.49 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 456.25 452.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 500.85 452.54 Td (\(1.7) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 513.80 452.49 Td (\)) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 441.49 Td (Share of net earnings of equity-accounted investments) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 348.75 441.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 398.75 441.49 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 456.25 441.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 503.35 441.54 Td (0.5) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 430.49 Td (Income tax expense) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 348.75 430.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 398.75 430.49 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 456.25 430.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 506.25 430.49 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 75.00 419.49 Td (Net earnings from the Nectar Program and related assets) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 348.75 419.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 398.75 419.49 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 456.25 419.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 503.35 419.54 Td (7.6) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 75.00 408.49 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 136.81 408.49 Td ( ) Tj ET Q BT /F5 7.50 Tf ET BT /F5 4.87 Tf ET q 0 0 0 rg BT 138.89 412.07 Td (\(a\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 348.75 408.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 398.75 408.49 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 456.25 408.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 503.35 408.54 Td (3.4) 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 75 396.42021484375 m 173.39501953125 396.42021484375 l s q 0 0 0 rg BT 75.00 397.49 Td (Included in ) Tj ET Q q 0 0 0 rg BT 112.95 397.49 Td (Adjusted EBITDA:) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 348.75 397.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 398.75 397.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 75.00 386.49 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 348.75 386.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 398.75 386.49 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 456.25 386.49 Td () Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 506.25 386.49 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 359.70 Td (\(a\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 359.70 Td (A) Tj ET Q q 0 0 0 rg BT 121.59 359.70 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 159.39 359.70 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 262.36 359.70 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 436.34 359.70 Td ( financial measures\)) Tj ET Q BT /F3 7.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 503.46 359.70 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 334.20 Td (V) Tj ET Q q 0 0 0 rg BT 77.33 334.20 Td (ariances in operating results generated for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 263.45 334.20 Td (three and nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.54 334.20 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.04 334.20 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.59 334.20 Td ( compared to the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 320.70 Td (same periods in the prior year are explained by the sale of the Nectar Program and related assets on January31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 307.20 Td (2018.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 284.70 Td (Cash flows from \(used in\) the Nectar Program and related assets included within the consolidated statements of cash ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 271.20 Td (flows are as follows:) Tj ET Q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 260.70 224.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 296.50 260.70 116.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 412.50 260.70 6.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 418.50 260.70 122.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 72.50 239.70 224.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 296.50 239.70 58.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 354.50 239.70 64.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 418.50 239.70 58.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 476.50 239.70 64.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 296.50 211.70 58.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 418.50 211.70 58.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 296.50 197.70 58.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 418.50 197.70 58.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 296.50 183.70 58.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 418.50 183.70 58.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 296.50 163.70 58.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 418.50 163.70 58.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 296.50 149.70 58.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 418.50 149.70 58.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 296.50 129.70 58.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 418.50 129.70 58.00 -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 72.5 163.70000000000005 m 296.5 163.70000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 296.5 163.70000000000005 m 354.5 163.70000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 163.70000000000005 m 412.5 163.70000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 163.70000000000005 m 418.5 163.70000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 418.5 163.70000000000005 m 476.5 163.70000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 163.70000000000005 m 534.5 163.70000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 534.5 163.70000000000005 m 540.5 163.70000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 129.70000000000005 m 296.5 129.70000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 296.5 129.70000000000005 m 354.5 129.70000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 129.70000000000005 m 412.5 129.70000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 129.70000000000005 m 418.5 129.70000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 418.5 129.70000000000005 m 476.5 129.70000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 129.70000000000005 m 534.5 129.70000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 534.5 129.70000000000005 m 540.5 129.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 116.70000000000005 m 296.5 116.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 114.70000000000005 m 296.5 114.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 116.70000000000005 m 354.5 116.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 114.70000000000005 m 354.5 114.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 116.70000000000005 m 412.5 116.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 114.70000000000005 m 412.5 114.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 116.70000000000005 m 418.5 116.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 114.70000000000005 m 418.5 114.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 116.70000000000005 m 476.5 116.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 114.70000000000005 m 476.5 114.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 116.70000000000005 m 534.5 116.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 114.70000000000005 m 534.5 114.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 116.70000000000005 m 540.5 116.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534.5 114.70000000000005 m 540.5 114.70000000000005 l s BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 316.60 258.00 76.93 -7.51 re f /GS0 gs q 1 1 1 rg BT 316.60 252.18 Td (Three Months Ended ) Tj ET Q BT /F3 8.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 327.75 250.00 52.48 -7.51 re f /GS0 gs q 1 1 1 rg BT 327.75 244.18 Td (September 30,) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 443.85 252.18 Td (Nine Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 452.75 244.18 Td (September 30,) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 230.90 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 316.10 229.93 Td (2019) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 377.10 229.93 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 438.10 229.93 Td (2019) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 499.10 229.93 Td (2018) 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 75.00 215.93 Td (Net cash flows of the Nectar Program and related assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 201.93 Td (Cash flows from \(used in\):) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 87.00 187.93 Td (Operating activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.25 187.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 401.25 187.93 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.25 187.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 515.70 187.98 Td (15.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 87.00 175.38 Td (Investing activities - ) Tj ET Q q 0 0 0 rg BT 158.81 175.38 Td (Additions to property) Tj ET Q q 0 0 0 rg BT 231.66 175.38 Td (, equipment,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 87.00 167.38 Td (software and technology) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.25 167.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 401.25 167.93 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.25 167.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.25 167.93 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 153.93 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 132.80 157.74 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.25 153.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 401.25 153.93 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.25 153.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 515.70 153.98 Td (15.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 87.00 141.38 Td (Investing activities - Payment made for the disposal of) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 87.00 133.38 Td (businesses and other assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.25 133.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 401.25 133.93 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.25 133.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.60 133.98 Td (\(187.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 531.30 133.93 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 119.93 Td (T) Tj ET Q q 0 0 0 rg BT 79.29 119.93 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.25 119.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 401.25 119.93 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.25 119.93 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.60 119.98 Td (\(172.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 531.30 119.93 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 92.95 Td (\(a\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 92.95 Td (A) Tj ET Q q 0 0 0 rg BT 121.59 92.95 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 159.39 92.95 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 262.36 92.95 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 436.34 92.95 Td ( financial measures\)) 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 503.46 92.95 Td (.) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 666.30 Td (OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 113.78 666.30 Td (TING ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 145.34 666.30 Td (AND FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 239.11 666.30 Td ( RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.24 627.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.74 627.30 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.30 627.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 613.80 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.52 613.80 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.54 613.80 Td (, and the related notes. Results of the Corporation are not significantly impacted by seasonality) Tj ET Q q 0 0 0 rg BT 486.08 613.80 Td (. ) 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 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 ( 17) Tj ET Q BT /F2 17.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 40.50 726.60 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 294.52 726.60 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 335.44 726.60 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 381.56 726.60 Td (YSIS OF) Tj ET Q BT /F2 17.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 40.50 706.20 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 131.79 706.20 Td ( CONDITIONS ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 247.33 706.20 Td (AND ) Tj ET Q BT /F2 17.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 288.88 706.20 Td (RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 345.24 706.20 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 40.50 666.30 Td (SUMMAR) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 94.05 666.30 Td (Y) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 101.84 666.30 Td ( OF CONSOLIDA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 196.28 666.30 Td (TED OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 265.39 666.30 Td (TING RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 337.17 666.30 Td (TS ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 355.39 666.30 Td (AND RECONCILIA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 458.50 666.30 Td (TION OF ) Tj ET Q BT /F2 12.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 40.50 651.90 Td (ADJUSTED EBITDA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 152.73 651.90 Td ( ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 155.62 651.90 Td (AND FREE CASH FLOW) Tj ET Q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 41.00 629.40 201.00 -24.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 242.00 629.40 128.00 -24.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 370.00 629.40 134.00 -24.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 504.00 629.40 60.00 -24.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 41.00 605.40 201.00 -15.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 242.00 605.40 64.00 -15.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 306.00 605.40 64.00 -15.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 370.00 605.40 64.00 -15.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 434.00 605.40 70.00 -15.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 504.00 605.40 30.00 -15.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 534.00 605.40 30.00 -15.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 590.40 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 590.40 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 590.40 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 590.40 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 577.40 51.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 577.40 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 577.40 51.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 577.40 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 565.40 51.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 565.40 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 565.40 51.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 565.40 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 553.40 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 553.40 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 553.40 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 553.40 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 540.40 51.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 540.40 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 540.40 51.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 540.40 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 528.40 51.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 528.40 13.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 528.40 51.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 528.40 13.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 510.40 51.00 -13.00 re f /GS0 gs 0.8156862745098039 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rg /GS0 gs 370.00 485.40 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 485.40 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 472.40 51.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 472.40 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 472.40 51.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 472.40 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 460.40 51.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 460.40 13.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 460.40 51.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 460.40 13.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 442.40 51.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 442.40 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 442.40 51.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 442.40 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 430.40 51.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 430.40 13.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 430.40 51.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 430.40 13.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 411.40 51.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 411.40 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 411.40 51.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 411.40 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 399.40 51.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 399.40 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 399.40 51.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 399.40 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 387.40 51.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 387.40 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 387.40 51.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 387.40 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 375.40 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 375.40 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 375.40 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 375.40 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 362.40 51.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 362.40 13.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 362.40 51.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 362.40 13.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 333.40 51.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 333.40 13.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 333.40 51.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 333.40 13.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 315.40 51.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 315.40 13.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 315.40 51.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 315.40 13.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 297.40 51.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 297.40 13.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 297.40 51.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 297.40 13.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 279.40 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 279.40 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 279.40 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 279.40 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 266.40 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 266.40 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 266.40 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 266.40 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 253.40 51.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 253.40 13.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 253.40 51.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 253.40 13.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 235.40 51.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 235.40 13.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 235.40 51.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 235.40 13.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 217.40 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 217.40 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 217.40 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 217.40 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 204.40 51.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 204.40 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 204.40 51.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 204.40 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 192.40 51.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 192.40 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 192.40 51.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 192.40 13.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 180.40 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 180.40 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 370.00 180.40 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 421.00 180.40 13.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 242.00 167.40 51.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 293.00 167.40 13.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 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357 553.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 553.4 m 370 553.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 553.4 m 421 553.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 553.4 m 434 553.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 553.4 m 485 553.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 553.4 m 504 553.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 553.4 m 534 553.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 553.4 m 564 553.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 553.4 m 306 553.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 553.4 m 357 553.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 553.4 m 370 553.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 553.4 m 421 553.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 553.4 m 434 553.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 553.4 m 485 553.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 553.4 m 504 553.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 510.4 m 242 510.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 510.4 m 293 510.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 510.4 m 306 510.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 510.4 m 357 510.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 510.4 m 370 510.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 510.4 m 421 510.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 510.4 m 434 510.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 510.4 m 485 510.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 510.4 m 504 510.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 510.4 m 534 510.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 510.4 m 564 510.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 485.4 m 242 485.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 485.4 m 293 485.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 485.4 m 306 485.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 485.4 m 357 485.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 485.4 m 370 485.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 485.4 m 421 485.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 485.4 m 434 485.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 485.4 m 485 485.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 485.4 m 504 485.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 485.4 m 534 485.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 485.4 m 564 485.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 472.4 m 242 472.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 472.4 m 293 472.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 472.4 m 306 472.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 472.4 m 357 472.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 472.4 m 370 472.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 472.4 m 421 472.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 472.4 m 434 472.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 472.4 m 485 472.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 472.4 m 504 472.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 472.4 m 534 472.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 485.4 m 564 485.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 472.4 m 564 472.4 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 242 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 430.4 m 293 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 430.4 m 306 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 430.4 m 357 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 430.4 m 370 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 430.4 m 421 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 430.4 m 434 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 430.4 m 485 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 430.4 m 504 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 430.4 m 534 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 430.4 m 564 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 411.4 m 242 411.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 430.4 m 293 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 430.4 m 306 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 430.4 m 357 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 430.4 m 370 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 430.4 m 421 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 411.4 m 421 411.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 430.4 m 434 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 430.4 m 485 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 411.4 m 485 411.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 430.4 m 504 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 411.4 m 504 411.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 430.4 m 534 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 430.4 m 564 430.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 411.4 m 242 411.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 411.4 m 293 411.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 411.4 m 306 411.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 411.4 m 357 411.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 411.4 m 370 411.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 411.4 m 421 411.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 411.4 m 434 411.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 411.4 m 485 411.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 411.4 m 504 411.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 411.4 m 534 411.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 411.4 m 564 411.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 387.4 m 242 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 387.4 m 293 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 387.4 m 306 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 387.4 m 357 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 387.4 m 370 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 387.4 m 421 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 387.4 m 434 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 387.4 m 485 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 387.4 m 504 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 387.4 m 534 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 387.4 m 564 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 375.4 m 242 375.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 375.4 m 293 375.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 375.4 m 306 375.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 375.4 m 357 375.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 375.4 m 370 375.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 387.4 m 421 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 375.4 m 421 375.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 375.4 m 434 375.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 387.4 m 485 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 375.4 m 485 375.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 387.4 m 504 387.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 375.4 m 504 375.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 375.4 m 534 375.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 375.4 m 564 375.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 375.4 m 306 375.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 375.4 m 357 375.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 375.4 m 370 375.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 375.4 m 434 375.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 375.4 m 485 375.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 375.4 m 504 375.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 375.4 m 564 375.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 351.4 m 242 351.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 351.4 m 293 351.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 351.4 m 306 351.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 351.4 m 357 351.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 351.4 m 370 351.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 351.4 m 421 351.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 351.4 m 434 351.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 351.4 m 485 351.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 351.4 m 504 351.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 351.4 m 534 351.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 351.4 m 564 351.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 351.4 m 242 351.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 351.4 m 293 351.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 351.4 m 306 351.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 351.4 m 357 351.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 351.4 m 370 351.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 351.4 m 421 351.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 351.4 m 434 351.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 351.4 m 485 351.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 351.4 m 504 351.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 351.4 m 534 351.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 217.39999999999998 m 242 217.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 217.39999999999998 m 293 217.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 217.39999999999998 m 306 217.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 217.39999999999998 m 357 217.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 217.39999999999998 m 370 217.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 217.39999999999998 m 421 217.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 217.39999999999998 m 434 217.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 217.39999999999998 m 485 217.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 217.39999999999998 m 504 217.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 217.39999999999998 m 534 217.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 217.39999999999998 m 293 217.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 217.39999999999998 m 357 217.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 217.39999999999998 m 421 217.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 217.39999999999998 m 485 217.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 217.39999999999998 m 564 217.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 180.39999999999998 m 293 180.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 180.39999999999998 m 357 180.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 180.39999999999998 m 421 180.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 180.39999999999998 m 485 180.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 180.39999999999998 m 242 180.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 180.39999999999998 m 293 180.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 180.39999999999998 m 306 180.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 180.39999999999998 m 357 180.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 180.39999999999998 m 370 180.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 180.39999999999998 m 421 180.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 180.39999999999998 m 434 180.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 180.39999999999998 m 485 180.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 180.39999999999998 m 504 180.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 180.39999999999998 m 534 180.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 180.39999999999998 m 564 180.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 105.39999999999998 m 242 105.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 105.39999999999998 m 293 105.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 105.39999999999998 m 306 105.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 105.39999999999998 m 357 105.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 105.39999999999998 m 370 105.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 105.39999999999998 m 421 105.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 105.39999999999998 m 434 105.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 105.39999999999998 m 485 105.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 105.39999999999998 m 504 105.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 105.39999999999998 m 534 105.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 92.39999999999998 m 242 92.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 92.39999999999998 m 293 92.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 92.39999999999998 m 306 92.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 92.39999999999998 m 357 92.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 92.39999999999998 m 370 92.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 92.39999999999998 m 421 92.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 92.39999999999998 m 434 92.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 92.39999999999998 m 485 92.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 92.39999999999998 m 504 92.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 105.39999999999998 m 534 105.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 92.39999999999998 m 534 92.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 105.39999999999998 m 564 105.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 92.39999999999998 m 564 92.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 92.39999999999998 m 293 92.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 92.39999999999998 m 357 92.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 92.39999999999998 m 421 92.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 92.39999999999998 m 485 92.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 41 68.39999999999998 m 242 68.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242 68.39999999999998 m 293 68.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 68.39999999999998 m 306 68.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 68.39999999999998 m 357 68.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357 68.39999999999998 m 370 68.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 68.39999999999998 m 421 68.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 68.39999999999998 m 434 68.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 68.39999999999998 m 485 68.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 68.39999999999998 m 504 68.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 68.39999999999998 m 534 68.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 534 68.39999999999998 m 564 68.39999999999998 l s BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 272.80 624.20 67.32 -6.57 re f /GS0 gs q 1 1 1 rg BT 272.80 619.10 Td (Three Months Ended ) Tj ET Q BT /F3 7.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 282.50 617.20 45.92 -6.57 re f /GS0 gs q 1 1 1 rg BT 282.50 612.10 Td (September 30,) Tj ET Q BT /F3 7.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 405.75 624.20 61.48 -6.57 re f /GS0 gs q 1 1 1 rg BT 405.75 619.10 Td (Nine Months Ended) Tj ET Q BT /F3 7.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 413.50 617.20 45.92 -6.57 re f /GS0 gs q 1 1 1 rg BT 413.50 612.10 Td (September 30,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 515.85 615.60 Td (V) Tj ET Q q 1 1 1 rg BT 520.00 615.60 Td (ariance %) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 43.50 594.18 Td (\(in millions of Canadian dollars, except share and per share information\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 265.70 594.40 Td (2019) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 324.05 594.40 Td (2018 ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 341.57 597.74 Td (\(k\)\(l\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 393.70 594.40 Td (2019) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 455.05 594.40 Td (2018 ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 472.57 597.74 Td (\(k\)\(l\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 513.80 594.40 Td (Q3) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 541.50 594.40 Td (YTD) Tj ET Q BT /F2 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 43.50 581.40 Td (Continuing operations) 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 43.50 569.40 Td (T) Tj ET Q q 0 0 0 rg BT 47.52 569.40 Td (otal revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 271.50 569.40 Td (33.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 335.50 569.40 Td (42.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 399.50 569.40 Td (99.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.60 569.45 Td (130.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 507.75 569.40 Td (\(21.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 523.75 569.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.75 569.40 Td (\(24.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 553.75 569.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 557.40 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 273.05 557.40 Td (\(2.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.15 557.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 337.00 557.40 Td (\(4.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 349.15 557.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 401.00 557.40 Td (\(6.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 413.15 557.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.15 557.40 Td (\(14.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 477.15 557.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 507.75 557.40 Td (\(54.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 523.75 557.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.75 557.40 Td (\(54.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 553.75 557.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 544.40 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 215.81 547.74 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 271.50 544.40 Td (31.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 335.50 544.40 Td (37.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 399.50 544.40 Td (92.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.60 544.45 Td (1) Tj ET Q q 0 0 0 rg BT 463.49 544.45 Td (16.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 507.75 544.40 Td (\(17.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 523.75 544.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.75 544.40 Td (\(20.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 553.75 544.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 532.40 Td (Depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 273.05 532.40 Td (\(0.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.15 532.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 337.00 532.40 Td (\(2.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 349.15 532.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 401.00 532.40 Td (\(0.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 413.15 532.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.15 532.40 Td (\(10.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 477.15 532.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 507.75 532.40 Td (\(92.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 523.75 532.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.75 532.40 Td (\(93.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 553.75 532.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 520.80 Td (Amortization of ) Tj ET Q q 0 0 0 rg BT 91.94 520.80 Td (Accumulation Partners' contracts, customer) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 52.50 513.80 Td (relationships and technology) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 273.05 514.40 Td (\(0.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.15 514.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 337.00 514.40 Td (\(0.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 349.15 514.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 401.00 514.40 Td (\(2.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 413.15 514.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.05 514.45 Td (\(2.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 477.15 514.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.10 514.40 Td (14.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 540.10 514.40 Td (14.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 501.40 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 271.50 501.40 Td (30.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 335.50 501.40 Td (34.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 399.50 501.40 Td (89.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.60 501.45 Td (103.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 507.75 501.40 Td (\(12.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 523.75 501.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.75 501.40 Td (\(13.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 553.75 501.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 489.40 Td (Operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 269.15 489.40 Td (\(42.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.15 489.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 333.15 489.40 Td (\(50.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 349.15 489.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 393.25 489.40 Td (\(142.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 413.15 489.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.30 489.45 Td (\(174.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 477.15 489.40 Td (\)) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 491.75 490.11 Td (\(j\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 507.75 489.40 Td (\(16.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 523.75 489.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.75 489.40 Td (\(18.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 553.75 489.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 476.40 Td (Operating loss) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 269.15 476.40 Td (\(12.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.15 476.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 333.15 476.40 Td (\(16.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 349.15 476.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 397.15 476.40 Td (\(52.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 413.15 476.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.15 476.40 Td (\(71.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 477.15 476.40 Td (\)) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 491.75 477.61 Td (\(j\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.10 476.40 Td (24.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 541.65 476.40 Td (25.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 464.40 Td (Depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 275.40 464.40 Td (0.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 339.40 464.40 Td (2.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 403.40 464.40 Td (0.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.50 464.40 Td (10.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 507.75 464.40 Td (\(92.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 523.75 464.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.75 464.40 Td (\(93.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 553.75 464.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 452.80 Td (Amortization of ) Tj ET Q q 0 0 0 rg BT 91.94 452.80 Td (Accumulation Partners' contracts, customer) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 52.50 445.80 Td (relationships and technology) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 275.40 446.40 Td (0.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 339.40 446.40 Td (0.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 403.40 446.40 Td (2.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.40 446.40 Td (2.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.10 446.40 Td (14.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 540.10 446.40 Td (14.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 434.40 Td (Impairment charges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 278.15 434.40 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 342.15 434.40 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 406.15 434.40 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.40 434.40 Td (8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.75 434.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 545.75 434.40 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 422.40 Td (Operating loss excluding depreciation, amortization and ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 415.40 Td (impairment charges ) Tj ET Q BT /F5 5.00 Tf ET q 0 0 0 rg BT 120.97 415.40 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 269.15 415.40 Td (\(1) Tj ET Q q 0 0 0 rg BT 275.37 415.40 Td (1.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.15 415.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 333.15 415.40 Td (\(12.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 349.15 415.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 397.15 415.40 Td (\(49.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 413.15 415.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.15 415.40 Td (\(50.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 477.15 415.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.10 415.40 Td (1) Tj ET Q q 0 0 0 rg BT 513.99 415.40 Td (1.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 543.60 415.40 Td (1.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 403.40 Td (Adjustments:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 391.40 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 275.40 391.40 Td (6.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 339.40 391.40 Td (5.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 399.50 391.40 Td (31.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.50 391.40 Td (14.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 379.40 Td (Subtotal of ) Tj ET Q q 0 0 0 rg BT 78.53 379.40 Td (Adjustments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 275.40 379.40 Td (6.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 339.40 379.40 Td (5.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 399.50 379.40 Td (31.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.50 379.40 Td (14.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 366.40 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 101.19 366.40 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 103.13 369.74 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 273.05 366.40 Td (\(4.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.15 366.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 337.00 366.40 Td (\(7.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 349.15 366.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 397.15 366.40 Td (\(18.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 413.15 366.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.15 366.40 Td (\(36.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 477.15 366.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 511.65 366.40 Td (38.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 540.10 366.40 Td (49.7) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 49.50 355.18 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 98.94 355.18 Td ( as a % of T) Tj ET Q q 0 0 0 rg BT 131.73 355.18 Td (otal Revenue) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 271.45 355.18 Td (\(13.2) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 285.15 355.18 Td (\)%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 335.45 355.18 Td (\(16.9) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 349.15 355.18 Td (\)%) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 399.45 355.18 Td (\(18.5) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 413.15 355.18 Td (\)%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 463.45 355.18 Td (\(27.9) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 477.15 355.18 Td (\)%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 515.40 355.18 Td (3.7) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 523.75 355.18 Td ( pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 545.40 355.18 Td (9.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 553.75 355.18 Td ( pp) Tj ET Q BT /F2 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 43.50 343.80 Td (Including continuing and discontinued operations, unless) Tj ET Q BT /F2 7.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 43.50 336.80 Td (otherwise noted) 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 43.50 325.80 Td (Net earnings \(loss\) attributable to equity holders of the) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 318.80 Td (Corporation) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 271.50 319.40 Td (16.9) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 295.90 323.11 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 335.50 319.40 Td (21.7) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 359.90 323.11 Td (\(e\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.75 319.40 Td (1,107.5) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 423.90 325.61 Td (\(e\)) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 424.60 320.61 Td (\(f\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.50 319.40 Td (54.2) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 487.85 325.61 Td (\(e\)\(g\)) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 488.70 320.61 Td (\(h\)\(j\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 49.50 307.80 Td (Net earnings \(loss\) attributable to equity holders of the) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 49.50 300.80 Td (Corporation - Continuing operations) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 271.50 301.40 Td (17.2) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 295.90 305.11 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 339.40 301.40 Td (3.2) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 359.90 305.11 Td (\(e\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 399.50 301.40 Td (38.0) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 423.90 305.11 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.15 301.40 Td (\(17.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 477.15 301.40 Td (\)) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 487.85 307.61 Td (\(e\)\(g\)) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 491.75 302.61 Td (\(j\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 49.50 289.80 Td (Net earnings \(loss\) attributable to equity holders of the) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 49.50 282.80 Td (Corporation - Discontinued operations) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 273.05 283.40 Td (\(0.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.15 283.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 335.50 283.40 Td (18.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.75 283.40 Td (1,069.5) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 424.60 287.11 Td (\(f\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.50 283.40 Td (71.4) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 490.90 287.11 Td (\(h\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 270.40 Td (W) Tj ET Q q 0 0 0 rg BT 50.04 270.40 Td (eighted average number of common shares) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 246.20 270.40 Td (109,908,061) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 310.20 270.40 Td (152,307,196) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.20 270.40 Td (133,000,591) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 438.20 270.40 Td (152,307,196) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 257.40 Td (Earnings \(loss\) per common share ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 160.59 260.74 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 271.50 257.40 Td (0.1) Tj ET Q q 0 0 0 rg BT 281.23 257.40 Td (1) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 295.90 258.61 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 335.50 257.40 Td (0.1) Tj ET Q q 0 0 0 rg BT 345.23 257.40 Td (1) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 359.90 258.61 Td (\(e\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 399.50 257.40 Td (8.23) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 423.90 260.26 Td (\(e\)) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 424.60 255.26 Td (\(f\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.50 257.40 Td (0.27) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 487.85 260.26 Td (\(e\)\(g\)) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 488.70 255.26 Td (\(h\)\(j\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 49.50 245.80 Td (Earnings \(loss\) per common share - Continuing operations ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 49.50 238.80 Td (- Basic and fully diluted ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 123.43 242.14 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 271.50 239.40 Td (0.1) Tj ET Q q 0 0 0 rg BT 281.23 239.40 Td (1) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 295.90 243.11 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 333.15 239.40 Td (\(0.01) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 349.15 239.40 Td (\)) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 359.90 243.11 Td (\(e\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 399.50 239.40 Td (0.19) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 423.90 243.11 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.15 239.40 Td (\(0.20) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 477.15 239.40 Td (\)) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 487.85 245.61 Td (\(e\)\(g\)) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 491.75 240.61 Td (\(j\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 49.50 227.80 Td (Earnings \(loss\) per common share - Discontinued operations) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 49.50 220.80 Td (- Basic and fully diluted) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 278.15 221.40 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 335.50 221.40 Td (0.12) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 399.50 221.40 Td (8.04) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 424.60 225.11 Td (\(f\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.50 221.40 Td (0.47) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 490.90 225.11 Td (\(h\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 208.40 Td (Cash from \(used in\) operating activities) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 273.05 208.40 Td (\(2.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.15 208.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 335.50 208.40 Td (45.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 393.25 208.40 Td (\(105.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 413.15 208.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.60 208.45 Td (1) Tj ET Q q 0 0 0 rg BT 463.49 208.45 Td (16.8) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 491.75 209.61 Td (\(i\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 196.40 Td (Capital expenditures) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 278.15 196.40 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 337.00 196.40 Td (\(8.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 349.15 196.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 406.15 196.40 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.15 196.40 Td (\(18.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 477.15 196.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 184.40 Td (Principal elements of lease payments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 273.05 184.40 Td (\(0.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.15 184.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 342.15 184.40 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 401.00 184.40 Td (\(1.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 413.15 184.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 470.15 184.40 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 171.40 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 172.64 174.74 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 273.05 171.40 Td (\(3.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.15 171.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 335.50 171.40 Td (37.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 393.25 171.40 Td (\(106.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 413.15 171.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.50 171.40 Td (97.9) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 491.75 172.61 Td (\(i\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.75 171.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 545.75 171.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 49.50 159.80 Td (Free Cash Flow before Dividends Paid - Continuing ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 58.50 152.80 Td (operations ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 93.13 156.14 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 273.05 154.40 Td (\(3.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.15 154.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 333.15 154.40 Td (\(1) Tj ET Q q 0 0 0 rg BT 339.37 154.40 Td (1.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 349.15 154.40 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 397.15 154.40 Td (\(79.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 413.15 154.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.15 154.40 Td (\(76.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 477.15 154.40 Td (\)) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 491.75 157.61 Td (\(i\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 49.50 142.80 Td (Free Cash Flow before Dividends Paid - Discontinued ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 58.50 135.80 Td (operations ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 93.13 139.14 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 273.05 137.40 Td (\(0.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.15 137.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 335.50 137.40 Td (48.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 397.15 137.40 Td (\(27.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 413.15 137.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.60 137.45 Td (174.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 121.40 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 225.58 124.74 Td (\(b\)\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 269.15 121.40 Td (\(0.07) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.15 121.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 335.50 121.40 Td (0.25) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 397.15 121.40 Td (\(1.13) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 413.15 121.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.50 121.40 Td (0.64) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 109.40 Td (Dividends paid to equity holders of the Corporation) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 273.05 109.40 Td (\(4.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.15 109.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 342.15 109.40 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 397.15 109.40 Td (\(73.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 413.15 109.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 470.15 109.40 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 43.50 96.40 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 99.74 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 273.05 96.40 Td (\(7.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.15 96.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 335.50 96.40 Td (37.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 393.25 96.40 Td (\(180.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 413.15 96.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 463.50 96.40 Td (97.9) Tj ET Q BT /F4 5.00 Tf ET q 0 0 0 rg BT 491.75 97.61 Td (\(i\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.75 96.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 545.75 96.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 84.40 Td (T) Tj ET Q q 0 0 0 rg BT 47.39 84.40 Td (otal assets) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 267.60 84.40 Td (709.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 325.75 84.40 Td (3,507.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 395.55 84.40 Td (709.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.75 84.40 Td (3,507.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 43.50 72.40 Td (T) Tj ET Q q 0 0 0 rg BT 47.00 72.40 Td (otal long-term liabilities) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 271.50 72.40 Td (19.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 325.75 72.40 Td (1,847.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 399.50 72.40 Td (19.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.75 72.40 Td (1,847.5) Tj ET Q BT /F1 10.00 Tf ET 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 72.5 746.5 m 542.5 746.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.10 750.73 Td (18) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 (A) Tj ET Q q 0 0 0 rg BT 94.59 635.80 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 132.39 635.80 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 235.36 635.80 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 409.34 635.80 Td ( financial measures\)) 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 476.46 635.80 Td (.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 613.30 Td (\(c\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 613.30 Td (After deducting cumulative preferred shares dividends \(whether declared or not\) for the period.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 590.80 Td (\(d\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 590.80 Td (Free Cash Flow before Dividends Paid per common share is calculated after deducting dividends paid on preferred shares.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 568.30 Td (\(e\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 568.30 Td (Includes net fair value gains \(losses\) related to investments in equity instruments of ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 368.07 568.30 Td ($23.8 million) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 410.18 568.30 Td ( and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 426.86 568.30 Td ($84.0 million) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 468.97 568.30 Td ( for the ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 494.40 568.30 Td (three and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 557.05 Td (nine months ended) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 153.80 557.05 Td ( ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 155.89 557.05 Td (September30, 2019) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 223.85 557.05 Td (, respectively) Tj ET Q q 0 0 0 rg BT 267.07 557.05 Td (, and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 285.83 557.05 Td ($12.7 million) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 327.94 557.05 Td ( and ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 344.62 557.05 Td ($46.5 million) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 386.73 557.05 Td ( for the ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 412.17 557.05 Td (three and nine months ended) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 509.74 557.05 Td ( ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 545.80 Td (September30, 2018) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 157.97 545.80 Td (.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 523.30 Td (\(f\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 523.30 Td (Includes the impact of the gain of ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 204.24 523.30 Td ($1,063.1 million) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 256.78 523.30 Td ( on the disposal of the ) Tj ET Q q 0 0 0 rg BT 331.84 523.30 Td (Aeroplan Program and related assets during the ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 493.61 523.30 Td (nine months ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 512.05 Td (ended) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 110.86 512.05 Td ( ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 112.94 512.05 Td (September30, 2019) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 180.91 512.05 Td (.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 489.55 Td (\(g\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 489.55 Td (Includes the unfavourable impact of the reversal of the contingent consideration receivable related to the sale of the Canadian ) Tj ET Q q 0 0 0 rg BT 508.63 489.55 Td (Air Miles ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 478.30 Td (trademarks of $5.3 million during the ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 213.40 478.30 Td (nine months ended) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 277.20 478.30 Td ( ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 279.29 478.30 Td (September30, 2018) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 347.26 478.30 Td ( as well as an income tax recovery of $1.3 million related ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 467.05 Td (to the reversal.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 444.55 Td (\(h\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 444.55 Td (Includes the impact of the gain of $5.4 million 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 469.41 444.55 Td (nine months ended) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 533.21 444.55 Td ( ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 433.30 Td (September30, 2018) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 157.97 433.30 Td (.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 410.80 Td (\(i\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 410.80 Td (Includes a rent prepayment of $1) Tj ET Q q 0 0 0 rg BT 199.10 410.80 Td (1.8 million made during the ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 291.24 410.80 Td (nine months ended) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 355.04 410.80 Td ( ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 357.13 410.80 Td (September30, 2018) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 425.10 410.80 Td ( related to a London of) Tj ET Q q 0 0 0 rg BT 500.02 410.80 Td (fice space. ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 399.55 Td (The 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 72.00 377.05 Td (\(j\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 377.05 Td (Operating expenses and operating loss include an impairment charge of $8.0 million related to the International ISS business during the ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 365.80 Td (nine months ended) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 153.80 365.80 Td ( ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 155.89 365.80 Td (September30, 2019) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 223.85 365.80 Td (.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 343.30 Td (\(k\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 343.30 Td (2018 financial information was restated to reflect the classification of the ) Tj ET Q q 0 0 0 rg BT 330.56 343.30 Td (Aeroplan Program and related assets as discontinued ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 332.05 Td (operations.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 309.55 Td (\(l\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 309.55 Td (The Corporation used the modified retrospective approach for its adoption of IFRS 16, therefore, 2018 financial information was not ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 90.00 298.30 Td (restated. 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 162.54 298.30 Td (Changes in ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 202.29 298.30 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 267.33 298.30 Td ( section for additional information.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 72.00 275.80 Td (** ) Tj ET Q q 0 0 0 rg BT 99.00 275.80 Td ( Information not meaningful.) Tj ET Q 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 666.30 Td (SEGMENTED INFORMA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 January 1, 2019, the Corporation was reorganized in a divisional structure, which consisted of a single ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (reportable and operating segment, namely) Tj ET Q q 0 0 0 rg BT 240.44 627.30 Td (, Loyalty Solutions. ) Tj ET Q q 0 0 0 rg BT 318.32 627.30 Td (The Corporation also reports results for Corporate and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 613.80 Td (Other as a reconciliation to its consolidated statements of operations and statements of financial position. Previously) Tj ET Q q 0 0 0 rg BT 533.58 613.80 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 600.30 Td (the divisional structure and its two reportable and operating segments were Coalitions and Insights & Loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 586.80 Td (Solutions, as well as Other Businesses. ) Tj ET Q q 0 0 0 rg BT 231.58 586.80 Td (As a result of those changes, the comparative information has been restated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 573.30 Td (to conform with the new segmentation. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 546.30 Td (The Corporation) Tj ET Q q 0 0 0 rg BT 138.87 546.30 Td (s Chief Executive Of) Tj ET Q q 0 0 0 rg BT 220.24 546.30 Td (ficer reviews the segment internal management reports on a monthly basis. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 532.80 Td (The reportable and operating segment was identified on a divisional basis and is aligned with the organizational ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 519.30 Td (structure and strategic direction of the organization.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 493.80 Td (The Loyalty Solutions segment derives its revenues primarily from loyalty services, including revenue from the ) Tj ET Q q 0 0 0 rg BT 511.19 493.80 Td (ALP) Tj ET Q q 0 0 0 rg BT 528.04 493.80 Td ( - ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 480.30 Td (Enterprise, the ) Tj ET Q q 0 0 0 rg BT 132.53 480.30 Td (ALP) Tj ET Q q 0 0 0 rg BT 149.38 480.30 Td ( - SAAS, the ) Tj ET Q q 0 0 0 rg BT 200.91 480.30 Td (Aimia Insights Platform and the ) Tj ET Q q 0 0 0 rg BT 327.47 480.30 Td (Air Miles Middle East loyalty program. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 454.80 Td (Corporate and Other includes central operating costs, including costs related to public company disclosure and Board ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 441.30 Td (costs, consolidated reporting, treasury and M&A, that have not been allocated to the Loyalty Solutions segment. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 427.80 Td (Corporate and Other also includes investments in the following joint ventures: PLM, the owner and operator of Club ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 414.30 Td (Premier) Tj ET Q q 0 0 0 rg BT 103.01 414.30 Td (, a Mexican coalition loyalty program, and BIGLIFE, the owner and operator of BIG Loyalty) Tj ET Q q 0 0 0 rg BT 462.02 414.30 Td (, ) Tj ET Q q 0 0 0 rg BT 469.03 414.30 Td (AirAsia) Tj ET Q q 0 0 0 rg BT 499.37 414.30 Td (s loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 400.80 Td (program; as well as a minority interest in Cardlytics, a US-based company that makes marketing more relevant and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 387.30 Td (measurable through their purchase intelligence platform, and Fractal ) Tj ET Q q 0 0 0 rg BT 346.15 387.30 Td (Analytics until its disposal on February 14, 2019.) 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 43 0 obj <> endobj 44 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 (20) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 27.00 546.60 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 280.71 546.60 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 321.63 546.60 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 367.28 546.60 Td (YSIS OF FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 530.37 546.60 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 634.57 546.60 Td (AND ) Tj ET Q BT /F2 17.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 27.00 526.20 Td (RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 83.35 526.20 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 197.32 526.20 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 510.7 m 762.5 510.7 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 27.00 488.45 Td (The table below summarizes the relevant financial information by operating segment for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.19 488.45 Td (three months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.25 488.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.75 488.45 Td (September 30, 2019 and 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 597.34 488.45 Td (:) Tj ET Q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 26.50 468.95 406.00 -24.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 432.50 468.95 332.00 -24.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 26.50 444.95 406.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 432.50 444.95 55.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 487.50 444.95 55.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 542.50 444.95 55.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 597.50 444.95 55.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 652.50 444.95 55.00 -14.00 re f /GS0 gs 0.39215686274509803 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0.807843137254902 rg /GS0 gs 542.50 400.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 578.50 400.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 400.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 400.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 432.50 388.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 468.50 388.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 542.50 388.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 578.50 388.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 388.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 388.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 432.50 376.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 468.50 376.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 542.50 376.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 578.50 376.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 376.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 376.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 432.50 364.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 468.50 364.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 542.50 364.95 36.00 -12.00 re f /GS0 gs 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0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 468.50 299.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 542.50 299.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 578.50 299.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 299.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 299.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 432.50 287.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 468.50 287.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 542.50 287.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 578.50 287.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 287.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 287.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 432.50 275.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 468.50 275.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 542.50 275.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 578.50 275.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 275.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 275.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 432.50 263.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 468.50 263.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 542.50 263.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 578.50 263.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 263.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 263.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 432.50 251.95 36.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 468.50 251.95 19.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 542.50 251.95 36.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 578.50 251.95 19.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 251.95 36.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 251.95 19.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 432.50 240.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 468.50 240.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 542.50 240.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 578.50 240.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 240.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 240.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 432.50 228.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 468.50 228.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 542.50 228.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 578.50 228.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 652.50 228.95 36.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 688.50 228.95 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 26.5 388.95 m 432.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 388.95 m 468.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 388.95 m 487.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 487.5 388.95 m 523.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 523.5 388.95 m 542.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 542.5 388.95 m 578.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 578.5 388.95 m 597.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 597.5 388.95 m 633.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 633.5 388.95 m 652.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 388.95 m 688.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 388.95 m 707.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 388.95 m 743.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 388.95 m 764.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 388.95 m 432.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 388.95 m 468.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 388.95 m 487.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 487.5 388.95 m 523.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 523.5 388.95 m 542.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 542.5 388.95 m 578.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 578.5 388.95 m 597.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 597.5 388.95 m 633.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 633.5 388.95 m 652.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 388.95 m 688.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 388.95 m 707.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 388.95 m 743.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 388.95 m 764.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 364.95 m 468.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 364.95 m 487.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 487.5 364.95 m 523.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 523.5 364.95 m 542.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 542.5 364.95 m 578.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 578.5 364.95 m 597.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 597.5 364.95 m 633.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 364.95 m 432.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 364.95 m 468.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 364.95 m 487.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 487.5 364.95 m 523.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 523.5 364.95 m 542.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 542.5 364.95 m 578.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 578.5 364.95 m 597.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 597.5 364.95 m 633.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 633.5 364.95 m 652.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 364.95 m 688.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 364.95 m 707.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 364.95 m 743.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 364.95 m 764.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 340.95 m 432.5 340.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 340.95 m 468.5 340.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 340.95 m 487.5 340.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 487.5 340.95 m 523.5 340.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 523.5 340.95 m 542.5 340.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 542.5 340.95 m 578.5 340.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 578.5 340.95 m 597.5 340.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 597.5 340.95 m 633.5 340.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 633.5 340.95 m 652.5 340.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 340.95 m 688.5 340.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 340.95 m 707.5 340.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 340.95 m 743.5 340.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 340.95 m 764.5 340.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 299.95 m 432.5 299.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 287.95 m 432.5 287.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 299.95 m 468.5 299.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 287.95 m 468.5 287.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 299.95 m 487.5 299.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 287.95 m 487.5 287.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 487.5 299.95 m 523.5 299.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 487.5 287.95 m 523.5 287.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 523.5 299.95 m 542.5 299.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 523.5 287.95 m 542.5 287.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 542.5 299.95 m 578.5 299.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 542.5 287.95 m 578.5 287.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 578.5 299.95 m 597.5 299.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 578.5 287.95 m 597.5 287.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 597.5 299.95 m 633.5 299.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 597.5 287.95 m 633.5 287.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 633.5 299.95 m 652.5 299.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 633.5 287.95 m 652.5 287.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 299.95 m 688.5 299.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 287.95 m 688.5 287.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 299.95 m 707.5 299.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 287.95 m 707.5 287.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 299.95 m 743.5 299.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 287.95 m 743.5 287.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 299.95 m 764.5 299.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 287.95 m 764.5 287.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 275.95 m 432.5 275.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 263.95 m 432.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 275.95 m 468.5 275.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 263.95 m 468.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 275.95 m 487.5 275.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 263.95 m 487.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 487.5 275.95 m 523.5 275.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 487.5 263.95 m 523.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 523.5 275.95 m 542.5 275.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 523.5 263.95 m 542.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 542.5 275.95 m 578.5 275.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 542.5 263.95 m 578.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 578.5 275.95 m 597.5 275.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 578.5 263.95 m 597.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 597.5 275.95 m 633.5 275.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 597.5 263.95 m 633.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 633.5 275.95 m 652.5 275.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 633.5 263.95 m 652.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 275.95 m 688.5 275.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 263.95 m 688.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 275.95 m 707.5 275.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 263.95 m 707.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 275.95 m 743.5 275.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 263.95 m 743.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 275.95 m 764.5 275.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 263.95 m 764.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 26.5 240.95 m 432.5 240.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 240.95 m 468.5 240.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 240.95 m 487.5 240.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 487.5 240.95 m 523.5 240.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 523.5 240.95 m 542.5 240.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 542.5 240.95 m 578.5 240.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 578.5 240.95 m 597.5 240.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 597.5 240.95 m 633.5 240.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 633.5 240.95 m 652.5 240.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 652.5 240.95 m 688.5 240.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 688.5 240.95 m 707.5 240.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 707.5 240.95 m 743.5 240.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 743.5 240.95 m 764.5 240.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 487.5 240.95 m 523.5 240.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 597.5 240.95 m 633.5 240.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 26.5 216.95 m 432.5 216.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 216.95 m 468.5 216.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 216.95 m 487.5 216.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 216.95 m 523.5 216.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 216.95 m 542.5 216.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 542.5 216.95 m 578.5 216.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 578.5 216.95 m 597.5 216.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 597.5 216.95 m 633.5 216.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 633.5 216.95 m 652.5 216.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 652.5 216.95 m 688.5 216.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 688.5 216.95 m 707.5 216.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 707.5 216.95 m 743.5 216.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 743.5 216.95 m 764.5 216.95 l s BT /F2 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 538.45 460.25 119.02 -6.57 re f /GS0 gs q 1 1 1 rg BT 538.45 455.15 Td (Three Months Ended September 30,) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 29.00 434.73 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 451.70 434.95 Td (2019) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 502.95 434.95 Td (2018 ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 520.47 438.29 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 561.70 434.95 Td (2019) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 612.95 434.95 Td (2018 ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 630.47 438.29 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 671.70 434.95 Td (2019) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 723.95 434.95 Td (2018 ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 741.47 438.29 Td (\(e\)) 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 29.00 416.95 Td (Operating Segment) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 457.80 416.95 Td (Loyalty Solutions) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 562.75 416.95 Td (Corporate and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 670.65 423.35 Td (Continuing operations) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 666.75 416.35 Td (\(unless otherwise noted\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 404.95 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 455.90 404.95 Td (3.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.90 404.95 Td (3.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 568.65 404.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 623.65 404.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 675.90 404.95 Td (3.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 730.90 404.95 Td (3.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 392.95 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.00 392.95 Td (30.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 507.00 392.95 Td (38.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 568.65 392.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 623.65 392.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 672.00 392.95 Td (30.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 727.00 392.95 Td (38.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 29.00 380.95 Td (T) Tj ET Q q 0 0 0 rg BT 32.76 380.95 Td (otal revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.00 380.95 Td (33.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 507.00 380.95 Td (42.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 568.65 380.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 623.65 380.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 672.00 380.95 Td (33.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 727.00 380.95 Td (42.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 368.95 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 455.90 368.95 Td (2.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.90 368.95 Td (4.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 568.65 368.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 623.65 368.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 675.90 368.95 Td (2.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 730.90 368.95 Td (4.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 29.00 356.95 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.00 356.95 Td (31.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 507.00 356.95 Td (37.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 568.65 356.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 623.65 356.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 672.00 356.95 Td (31.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 727.00 356.95 Td (37.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 344.95 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 123.94 348.29 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 455.90 344.95 Td (1.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.90 344.95 Td (3.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 568.65 344.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 620.90 344.95 Td (0.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 675.90 344.95 Td (1.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 730.90 344.95 Td (3.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 332.95 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.00 332.95 Td (30.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 507.00 332.95 Td (34.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 568.65 332.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 618.55 332.95 Td (\(0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 630.65 332.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 672.00 332.95 Td (30.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 727.00 332.95 Td (34.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 315.95 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 452.00 315.95 Td (30.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 507.00 315.95 Td (40.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 562.00 315.95 Td (1) Tj ET Q q 0 0 0 rg BT 565.89 315.95 Td (1.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 620.90 315.95 Td (7.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 672.00 315.95 Td (41.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 727.00 315.95 Td (47.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 303.95 Td ( Share-based compensation and other performance awards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 458.65 303.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.90 303.95 Td (1.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 565.90 303.95 Td (0.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 620.90 303.95 Td (1.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 675.90 303.95 Td (0.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 730.90 303.95 Td (2.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 291.95 Td (T) Tj ET Q q 0 0 0 rg BT 32.89 291.95 Td (otal operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.00 291.95 Td (30.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 507.00 291.95 Td (41.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 562.00 291.95 Td (1) Tj ET Q q 0 0 0 rg BT 565.89 291.95 Td (1.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 620.90 291.95 Td (9.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 672.00 291.95 Td (42.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 727.00 291.95 Td (50.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 29.00 279.95 Td (Operating income \(loss\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 453.55 280.00 Td (\(0.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 465.65 279.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 508.55 280.00 Td (\(6.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.65 279.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 559.65 279.95 Td (\(1) Tj ET Q q 0 0 0 rg BT 565.87 279.95 Td (1.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 575.65 279.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 618.55 279.95 Td (\(9.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 630.65 279.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 669.65 279.95 Td (\(12.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 685.65 279.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 724.65 279.95 Td (\(16.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 740.65 279.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 29.00 267.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 86.69 267.95 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 88.63 271.29 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 455.90 267.95 Td (1.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 508.55 268.00 Td (\(2.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.65 267.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 563.55 267.95 Td (\(5.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 575.65 267.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 618.55 267.95 Td (\(4.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 630.65 267.95 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 673.55 267.95 Td (\(4.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 685.65 267.95 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 728.55 267.95 Td (\(7.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 740.65 267.95 Td (\)) 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 29 254.95576171874995 m 120.83056640625 254.95576171874995 l s q 0 0 0 rg BT 29.00 255.95 Td (Included in ) Tj ET Q q 0 0 0 rg BT 64.42 255.95 Td (Adjusted EBITDA:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 244.35 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 455.90 244.35 Td (0.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.90 244.35 Td (0.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 565.90 244.35 Td (5.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 620.90 244.35 Td (4.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 675.90 244.35 Td (6.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 730.90 244.35 Td (5.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 232.95 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 127.44 236.29 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 458.65 232.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 510.90 232.95 Td (3.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 568.65 232.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 623.65 232.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 678.65 232.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 730.90 232.95 Td (3.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 29.00 220.95 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 90.08 224.29 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.00 220.95 Td (20.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 507.00 220.95 Td (54.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 565.90 220.95 Td (0.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 607.25 220.95 Td (2,501.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 636.00 222.08 Td (\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 672.00 220.95 Td (20.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 717.25 220.95 Td (2,556.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 746.00 221.43 Td (\(d\)) Tj ET Q BT /F1 10.00 Tf ET 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 (A) Tj ET Q q 0 0 0 rg BT 93.89 636.20 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 134.21 636.20 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 244.04 636.20 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 429.61 636.20 Td ( financial measures\)) 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 501.20 636.20 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 615.20 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 615.20 Td (Non-current assets include amounts relating to goodwill, intangible assets and property and equipment. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 594.20 Td (\(d\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 594.20 Td (Includes non-current assets related to the ) Tj ET Q q 0 0 0 rg BT 237.98 594.20 Td (Aeroplan Program and related assets of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 381.61 594.20 Td ($2,500.9 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.65 594.20 Td ( as at ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.44 594.20 Td (September30, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 531.93 594.20 Td (. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 582.20 Td (As at December31, 2018, non-current assets related to the ) Tj ET Q q 0 0 0 rg BT 301.12 582.20 Td (Aeroplan Program and related assets were presented as assets ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 570.20 Td (held for sale. 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 300.22 570.20 Td (Discontinued Operations and Disposal of Businesses and Other ) Tj ET Q BT /F4 8.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 89.00 558.20 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 113.01 558.20 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 537.20 Td (\(e\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 537.20 Td (The Corporation used the modified retrospective approach for its adoption of IFRS 16; therefore, 2018 financial information was ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.00 525.20 Td (not restated. 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 179.72 525.20 Td (Changes in ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 222.12 525.20 Td (Accounting 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 291.49 525.20 Td ( section for additional information.) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 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 (22) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 27.00 546.60 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 280.71 546.60 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 321.63 546.60 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 367.28 546.60 Td (YSIS OF FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 530.37 546.60 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 634.57 546.60 Td (AND ) Tj ET Q BT /F2 17.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 27.00 526.20 Td (RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 83.35 526.20 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 197.32 526.20 Td (TIONS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 510.7 m 762.5 510.7 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 9.00 Tf ET q 0 0 0 rg BT 27.00 488.45 Td (The table below summarizes the relevant financial information by operating segment for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.19 488.45 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.75 488.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.25 488.45 Td (September 30, 2019 and 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 593.85 488.45 Td (:) Tj ET Q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 31.50 468.95 360.00 -24.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 391.50 468.95 368.00 -24.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 31.50 444.95 360.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 391.50 444.95 61.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 452.50 444.95 61.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 513.50 444.95 61.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 574.50 444.95 61.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 635.50 444.95 61.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 696.50 444.95 63.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.50 412.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 433.50 412.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 513.50 412.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 555.50 412.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 635.50 412.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 677.50 412.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.50 400.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 433.50 400.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 513.50 400.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 555.50 400.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 635.50 400.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 677.50 400.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.50 388.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 433.50 388.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 513.50 388.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 555.50 388.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 635.50 388.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 677.50 388.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.50 376.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 433.50 376.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 513.50 376.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 555.50 376.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 635.50 376.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 677.50 376.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.50 364.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 433.50 364.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 513.50 364.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 555.50 364.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 635.50 364.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 677.50 364.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.50 352.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 433.50 352.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 513.50 352.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 555.50 352.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 635.50 352.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 677.50 352.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.50 340.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 433.50 340.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 513.50 340.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 555.50 340.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 635.50 340.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 677.50 340.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.50 328.95 42.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 433.50 328.95 19.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 513.50 328.95 42.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 555.50 328.95 19.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 635.50 328.95 42.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 677.50 328.95 19.00 -17.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.50 311.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 433.50 311.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 513.50 311.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 555.50 311.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 635.50 311.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 677.50 311.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.50 299.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 433.50 299.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 513.50 299.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 555.50 299.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 635.50 299.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 677.50 299.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.50 287.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 433.50 287.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 513.50 287.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 555.50 287.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 635.50 287.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 677.50 287.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.50 275.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 433.50 275.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 513.50 275.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 555.50 275.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 635.50 275.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 677.50 275.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.50 263.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 433.50 263.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 513.50 263.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 555.50 263.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 635.50 263.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 677.50 263.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.50 251.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 433.50 251.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 513.50 251.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 555.50 251.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 635.50 251.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 677.50 251.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.50 239.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 433.50 239.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 513.50 239.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 555.50 239.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 635.50 239.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 677.50 239.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.50 227.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 433.50 227.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 513.50 227.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 555.50 227.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 635.50 227.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 677.50 227.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 391.50 215.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 433.50 215.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 513.50 215.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 555.50 215.95 19.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 635.50 215.95 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 677.50 215.95 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 31.5 388.95 m 391.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 391.5 388.95 m 433.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 433.5 388.95 m 452.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 452.5 388.95 m 494.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 388.95 m 513.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 388.95 m 555.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 555.5 388.95 m 574.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 388.95 m 616.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 616.5 388.95 m 635.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 635.5 388.95 m 677.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 677.5 388.95 m 696.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 696.5 388.95 m 738.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 738.5 388.95 m 759.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 31.5 388.95 m 391.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 391.5 388.95 m 433.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 433.5 388.95 m 452.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 452.5 388.95 m 494.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 388.95 m 513.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 388.95 m 555.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 555.5 388.95 m 574.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 388.95 m 616.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 616.5 388.95 m 635.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 635.5 388.95 m 677.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 677.5 388.95 m 696.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 696.5 388.95 m 738.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 738.5 388.95 m 759.5 388.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 391.5 364.95 m 433.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 433.5 364.95 m 452.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 452.5 364.95 m 494.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 364.95 m 555.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 555.5 364.95 m 574.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 364.95 m 616.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 31.5 364.95 m 391.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 391.5 364.95 m 433.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 433.5 364.95 m 452.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 452.5 364.95 m 494.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 364.95 m 513.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 364.95 m 555.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 555.5 364.95 m 574.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 364.95 m 616.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 616.5 364.95 m 635.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 635.5 364.95 m 677.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 677.5 364.95 m 696.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 696.5 364.95 m 738.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 738.5 364.95 m 759.5 364.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 31.5 340.95 m 391.5 340.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 391.5 340.95 m 433.5 340.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 433.5 340.95 m 452.5 340.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 452.5 340.95 m 494.5 340.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 340.95 m 513.5 340.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 340.95 m 555.5 340.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 555.5 340.95 m 574.5 340.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 340.95 m 616.5 340.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 616.5 340.95 m 635.5 340.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 635.5 340.95 m 677.5 340.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 677.5 340.95 m 696.5 340.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 696.5 340.95 m 738.5 340.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 738.5 340.95 m 759.5 340.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 391.5 287.95 m 433.5 287.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 433.5 287.95 m 452.5 287.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 452.5 287.95 m 494.5 287.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 287.95 m 555.5 287.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 287.95 m 616.5 287.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 31.5 287.95 m 391.5 287.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 31.5 275.95 m 391.5 275.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 391.5 287.95 m 433.5 287.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 391.5 275.95 m 433.5 275.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 433.5 287.95 m 452.5 287.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 433.5 275.95 m 452.5 275.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 452.5 287.95 m 494.5 287.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 452.5 275.95 m 494.5 275.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 287.95 m 513.5 287.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 275.95 m 513.5 275.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 287.95 m 555.5 287.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 275.95 m 555.5 275.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 555.5 287.95 m 574.5 287.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 555.5 275.95 m 574.5 275.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 287.95 m 616.5 287.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 275.95 m 616.5 275.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 616.5 287.95 m 635.5 287.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 616.5 275.95 m 635.5 275.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 635.5 287.95 m 677.5 287.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 635.5 275.95 m 677.5 275.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 677.5 287.95 m 696.5 287.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 677.5 275.95 m 696.5 275.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 696.5 287.95 m 738.5 287.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 696.5 275.95 m 738.5 275.95 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 738.5 287.95 m 759.5 287.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 738.5 275.95 m 759.5 275.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 31.5 263.95 m 391.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 31.5 251.95 m 391.5 251.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 391.5 263.95 m 433.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 391.5 251.95 m 433.5 251.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 433.5 263.95 m 452.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 433.5 251.95 m 452.5 251.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 452.5 263.95 m 494.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 452.5 251.95 m 494.5 251.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 263.95 m 513.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 251.95 m 513.5 251.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 263.95 m 555.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 251.95 m 555.5 251.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 555.5 263.95 m 574.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 555.5 251.95 m 574.5 251.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 263.95 m 616.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 251.95 m 616.5 251.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 616.5 263.95 m 635.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 616.5 251.95 m 635.5 251.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 635.5 263.95 m 677.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 635.5 251.95 m 677.5 251.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 677.5 263.95 m 696.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 677.5 251.95 m 696.5 251.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 696.5 263.95 m 738.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 696.5 251.95 m 738.5 251.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 738.5 263.95 m 759.5 263.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 738.5 251.95 m 759.5 251.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 391.5 251.95 m 433.5 251.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 31.5 227.95 m 391.5 227.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 391.5 227.95 m 433.5 227.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 433.5 227.95 m 452.5 227.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 452.5 227.95 m 494.5 227.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 227.95 m 513.5 227.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 227.95 m 555.5 227.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 555.5 227.95 m 574.5 227.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 227.95 m 616.5 227.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 616.5 227.95 m 635.5 227.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 635.5 227.95 m 677.5 227.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 677.5 227.95 m 696.5 227.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 696.5 227.95 m 738.5 227.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 738.5 227.95 m 759.5 227.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 391.5 227.95 m 433.5 227.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 433.5 227.95 m 452.5 227.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 452.5 227.95 m 494.5 227.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 227.95 m 555.5 227.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 555.5 227.95 m 574.5 227.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 574.5 227.95 m 616.5 227.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 31.5 203.95 m 391.5 203.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 203.95 m 433.5 203.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 203.95 m 452.5 203.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 203.95 m 494.5 203.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 203.95 m 513.5 203.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 203.95 m 555.5 203.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 203.95 m 574.5 203.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 574.5 203.95 m 616.5 203.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 616.5 203.95 m 635.5 203.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 635.5 203.95 m 677.5 203.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 677.5 203.95 m 696.5 203.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 696.5 203.95 m 738.5 203.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 738.5 203.95 m 759.5 203.95 l s BT /F2 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 517.40 460.25 115.13 -6.57 re f /GS0 gs q 1 1 1 rg BT 517.40 455.15 Td (Nine Months Ended September 30,) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 34.00 434.73 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 413.70 434.95 Td (2019) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 470.95 434.95 Td (2018 ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 488.47 438.29 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 535.70 434.95 Td (2019) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 592.95 434.95 Td (2018 ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 610.47 438.29 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 657.70 434.95 Td (2019) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 715.95 434.95 Td (2018 ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 1 1 1 rg BT 733.47 438.29 Td (\(e\)) 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 34.00 416.95 Td (Operating Segment) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 422.80 416.95 Td (Loyalty Solutions) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 539.75 416.95 Td (Corporate and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 659.65 423.35 Td (Continuing operations ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 655.75 416.35 Td (\(unless otherwise noted\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 34.00 404.95 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 420.90 404.95 Td (9.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 478.00 404.95 Td (1) Tj ET Q q 0 0 0 rg BT 481.89 404.95 Td (1.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 545.65 404.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 606.65 404.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 664.90 404.95 Td (9.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 722.00 404.95 Td (1) Tj ET Q q 0 0 0 rg BT 725.89 404.95 Td (1.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 34.00 392.95 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 417.00 392.95 Td (89.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 474.10 393.00 Td (1) Tj ET Q q 0 0 0 rg BT 477.99 393.00 Td (18.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 545.65 392.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 606.65 392.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 661.00 392.95 Td (89.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 718.10 392.95 Td (1) Tj ET Q q 0 0 0 rg BT 721.99 392.95 Td (18.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 34.00 380.95 Td (T) Tj ET Q q 0 0 0 rg BT 37.76 380.95 Td (otal revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 417.00 380.95 Td (99.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 474.10 381.00 Td (130.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 545.65 380.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 606.65 380.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 661.00 380.95 Td (99.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 718.10 380.95 Td (130.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 34.00 368.95 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 420.90 368.95 Td (6.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 478.00 368.95 Td (14.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 545.65 368.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 606.65 368.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 664.90 368.95 Td (6.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 722.00 368.95 Td (14.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 34.00 356.95 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 417.00 356.95 Td (92.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 474.10 357.00 Td (1) Tj ET Q q 0 0 0 rg BT 477.99 357.00 Td (16.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 545.65 356.95 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 606.65 356.95 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 661.00 356.95 Td (92.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 718.10 356.95 Td (1) Tj ET Q q 0 0 0 rg BT 721.99 356.95 Td (16.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 34.00 344.95 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 128.94 348.29 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 420.90 344.95 Td (3.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 478.00 344.95 Td (12.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 542.90 344.95 Td (0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 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ET Q q 0 0 0 rg BT 420.84 315.95 Td (1.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 474.10 316.00 Td (128.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 539.00 315.95 Td (29.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 600.00 315.95 Td (35.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 657.10 315.95 Td (140.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 718.10 315.95 Td (164.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 34.00 303.95 Td ( Share-based compensation and other performance awards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 420.90 303.95 Td (0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 481.90 303.95 Td (1.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 542.90 303.95 Td (1.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 603.90 303.95 Td (0.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 664.90 303.95 Td (1.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 725.90 303.95 Td (2.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 34.00 291.95 Td ( Impairment charges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 423.65 291.95 Td () Tj ET 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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 (A) Tj ET Q q 0 0 0 rg BT 94.89 636.20 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 135.21 636.20 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 245.04 636.20 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 430.61 636.20 Td ( financial measures\)) 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 502.20 636.20 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 615.20 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 615.20 Td (Non-current assets include amounts relating to goodwill, intangible assets and property and equipment. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 594.20 Td (\(d\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 594.20 Td (Includes non-current assets related to the ) Tj ET Q q 0 0 0 rg BT 238.98 594.20 Td (Aeroplan Program and related assets of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.61 594.20 Td ($2,500.9 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 438.65 594.20 Td ( as at ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.44 594.20 Td (September30, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.93 594.20 Td (. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 582.20 Td (As at December31, 2018, non-current assets related to the ) Tj ET Q q 0 0 0 rg BT 302.12 582.20 Td (Aeroplan Program and related assets were presented as assets ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 570.20 Td (held for sale. 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 301.22 570.20 Td (Discontinued Operations and Disposal of Businesses and Other ) Tj ET Q BT /F4 8.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 90.00 558.20 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 114.01 558.20 Td (. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 537.20 Td (\(e\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 537.20 Td (The Corporation used the modified retrospective approach for its adoption of IFRS 16; therefore, 2018 financial information ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 525.20 Td (was not restated. 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 197.17 525.20 Td (Changes in ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 239.57 525.20 Td (Accounting 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 308.94 525.20 Td ( section for additional information.) 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0.27058823529411763 0.6039215686274509 rg /GS0 gs 292.50 616.80 122.00 -24.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 414.50 616.80 4.00 -24.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 418.50 616.80 122.00 -24.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 72.50 592.80 216.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 288.50 592.80 4.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 292.50 592.80 61.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 353.50 592.80 61.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 414.50 592.80 4.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 418.50 592.80 61.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 479.50 592.80 61.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 292.50 571.80 61.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 418.50 571.80 61.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 292.50 557.80 61.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 418.50 557.80 61.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 292.50 543.80 61.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 418.50 543.80 61.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 292.50 529.80 61.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 418.50 529.80 61.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 292.50 515.80 61.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 418.50 515.80 61.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 292.50 501.80 61.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 418.50 501.80 61.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 292.50 487.80 61.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 418.50 487.80 61.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 292.50 473.80 61.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 418.50 473.80 61.00 -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 72.5 473.8 m 288.5 473.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 288.5 473.8 m 292.5 473.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 292.5 473.8 m 353.5 473.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 473.8 m 414.5 473.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 473.8 m 418.5 473.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 418.5 473.8 m 479.5 473.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 479.5 473.8 m 540.5 473.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 459.8 m 288.5 459.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 459.8 m 292.5 459.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 459.8 m 353.5 459.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 473.8 m 414.5 473.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 459.8 m 414.5 459.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 459.8 m 418.5 459.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 459.8 m 479.5 459.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 459.8 m 540.5 459.8 l s BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 310.95 613.55 86.55 -8.45 re f /GS0 gs q 1 1 1 rg BT 310.95 607.00 Td (Three Months Ended ) Tj ET Q BT /F3 9.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 323.45 604.55 59.04 -8.45 re f /GS0 gs q 1 1 1 rg BT 323.45 598.00 Td (September 30,) Tj ET Q BT /F3 9.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 439.45 613.55 79.05 -8.45 re f /GS0 gs q 1 1 1 rg BT 439.45 607.00 Td (Nine Months Ended) Tj ET Q BT /F3 9.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 449.45 604.55 59.04 -8.45 re f /GS0 gs q 1 1 1 rg BT 449.45 598.00 Td (September 30,) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 75.00 580.23 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 9.00 Tf ET q 1 1 1 rg BT 329.95 580.00 Td (2019) Tj ET Q BT /F3 9.00 Tf ET q 1 1 1 rg BT 390.95 580.00 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 1 1 1 rg BT 455.95 580.00 Td (2019) Tj ET Q BT /F3 9.00 Tf ET q 1 1 1 rg BT 516.95 580.00 Td (2018) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 548.50 Td (Canada ) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 109.03 552.79 Td (\(a\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.45 548.20 Td (8.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.45 548.20 Td (8.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.45 548.20 Td (23.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.45 548.20 Td (26.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 534.50 Td (United Kingdom) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.45 534.20 Td (7.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.45 534.20 Td (9.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.45 534.20 Td (23.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.45 534.20 Td (27.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 520.75 Td (United ) Tj ET Q q 0 0 0 rg BT 103.02 520.75 Td (Arab Emirates) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.45 520.20 Td (4.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.45 520.20 Td (7.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.45 520.20 Td (13.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.45 520.20 Td (20.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 506.50 Td (United States) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.45 506.20 Td (5.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.45 506.20 Td (6.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.45 506.20 Td (16.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.45 506.20 Td (20.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 492.50 Td (Australia) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.45 492.20 Td (4.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.45 492.20 Td (5.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.45 492.20 Td (12.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.45 492.20 Td (18.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 478.50 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.45 478.20 Td (3.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.45 478.20 Td (5.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 463.45 478.20 Td (9.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.45 478.20 Td (16.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 464.50 Td (T) Tj ET Q q 0 0 0 rg BT 79.83 464.50 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 332.45 464.20 Td (33.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.45 464.20 Td (42.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.45 464.20 Td (99.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.45 464.20 Td (130.3) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 436.30 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 436.30 Td (Includes revenue recognized by the Canadian loyalty solutions business for services rendered to the ) Tj ET Q q 0 0 0 rg BT 464.66 436.30 Td (Aeroplan Program of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 424.30 Td ($2.2 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 148.46 424.30 Td ( and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 166.26 424.30 Td ($7.0 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 206.72 424.30 Td ( for the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 236.07 424.30 Td (three and nine months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 340.15 424.30 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.37 424.30 Td (September30, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 414.87 424.30 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 398.80 Td (Revenue from customers are attributed to a country on the basis of the country where the contractual and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 385.30 Td (management responsibility for the customer resides.) Tj ET Q BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 358.30 Td (Non-current assets) Tj ET Q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 335.80 338.00 -24.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 410.50 335.80 130.00 -24.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 72.50 311.80 338.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 410.50 311.80 65.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 475.50 311.80 65.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 410.50 290.80 65.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 410.50 276.80 65.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 410.50 262.80 65.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 410.50 248.80 65.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 410.50 234.80 65.00 -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 72.5 234.79999999999995 m 410.5 234.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 410.5 234.79999999999995 m 475.5 234.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 475.5 234.79999999999995 m 540.5 234.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 220.79999999999995 m 410.5 220.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 220.79999999999995 m 475.5 220.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 475.5 234.79999999999995 m 540.5 234.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 220.79999999999995 m 540.5 220.79999999999995 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 75.00 321.50 Td (As at) Tj ET Q BT /F3 9.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 445.45 328.05 59.04 -8.45 re f /GS0 gs q 1 1 1 rg BT 445.45 321.50 Td (September 30,) Tj ET Q BT /F4 8.00 Tf ET q 1 1 1 rg BT 75.00 299.23 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 9.00 Tf ET q 1 1 1 rg BT 451.95 299.00 Td (2019) Tj ET Q BT /F3 9.00 Tf ET q 1 1 1 rg BT 516.95 299.00 Td (2018) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 267.50 Td (Canada ) Tj ET Q BT /F4 9.00 Tf ET BT /F4 5.85 Tf ET q 0 0 0 rg BT 109.03 271.79 Td (\(a\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 459.45 267.20 Td (0.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.95 267.20 Td (2,501.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 253.75 Td (United ) Tj ET Q q 0 0 0 rg BT 103.27 253.75 Td (Arab Emirates) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.45 253.20 Td (17.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.45 253.20 Td (29.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 239.50 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 459.45 239.20 Td (2.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.45 239.20 Td (25.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 225.50 Td (T) Tj ET Q q 0 0 0 rg BT 79.83 225.50 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.45 225.20 Td (20.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.95 225.20 Td (2,556.2) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 197.30 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 197.30 Td (Includes non-current assets related to the ) Tj ET Q q 0 0 0 rg BT 256.98 197.30 Td (Aeroplan Program and related assets of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.61 197.30 Td ($2,500.9 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.65 197.30 Td ( as at ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 478.44 197.30 Td (September30, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 185.30 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 125.80 185.30 Td (. ) Tj ET Q q 0 0 0 rg BT 129.80 185.30 Td (As at December31, 2018, non-current assets related to the ) Tj ET Q q 0 0 0 rg BT 341.92 185.30 Td (Aeroplan Program and related assets were presented ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 173.30 Td (as assets held for sale. 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 355.24 173.30 Td (Discontinued Operations and Disposal of ) Tj ET Q BT /F4 8.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 108.00 161.30 Td (Businesses and Other ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 188.64 161.30 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 212.64 161.30 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 135.80 Td (Non-current assets for this purpose include amounts relating to goodwill, intangible assets and property and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 122.30 Td (equipment.) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 666.30 Td (QUARTER ENDED ) Tj ET Q BT /F2 12.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 180.005859375 664.3986328125 m 304.728515625 664.3986328125 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 180.01 666.30 Td (SEPTEMBER30, 2019) Tj ET Q BT /F2 12.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 304.728515625 664.3986328125 m 508.294921875 664.3986328125 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 304.73 666.30 Td ( COMP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 343.17 666.30 Td (ARED T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 387.62 666.30 Td (O QUARTER ENDED ) Tj ET Q BT /F2 12.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 649.9986328125 m 196.72265625 649.9986328125 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 651.90 Td (SEPTEMBER30, 2018) Tj ET Q BT /F2 12.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 196.72 651.90 Td ( ) Tj ET Q BT /F2 12.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 621.90 Td (CONSOLIDA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 143.11 621.90 Td (TED OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 212.23 621.90 Td (TING RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 284.00 621.90 Td (TS ) Tj ET Q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 599.40 222.00 -24.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 294.50 599.40 120.00 -24.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 414.50 599.40 64.00 -24.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 478.50 599.40 62.00 -24.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 72.50 575.40 222.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 294.50 575.40 39.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 333.50 575.40 21.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 354.50 575.40 38.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 392.50 575.40 22.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 414.50 575.40 32.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 446.50 575.40 32.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 478.50 575.40 31.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 509.50 575.40 31.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 549.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 549.40 21.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 537.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 537.40 21.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 525.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 525.40 21.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 513.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 513.40 21.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 501.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 501.40 21.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 489.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 489.40 21.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 477.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 477.40 21.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 465.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 465.40 21.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 453.40 39.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 453.40 21.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 435.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 435.40 21.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 423.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 423.40 21.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 411.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 411.40 21.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 399.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 399.40 21.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 387.40 39.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 387.40 21.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 376.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 376.40 21.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 364.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 364.40 21.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 334.40 39.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 334.40 21.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 316.40 39.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 316.40 21.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 298.40 39.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 298.40 21.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 280.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 280.40 21.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 268.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 268.40 21.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 256.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 256.40 21.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 244.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 244.40 21.00 -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 72.5 513.4 m 294.5 513.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 513.4 m 333.5 513.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 513.4 m 354.5 513.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 513.4 m 392.5 513.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 392.5 513.4 m 414.5 513.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 513.4 m 446.5 513.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 513.4 m 478.5 513.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 513.4 m 509.5 513.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 509.5 513.4 m 540.5 513.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 489.4 m 333.5 489.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 489.4 m 354.5 489.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 489.4 m 392.5 489.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 489.4 m 509.5 489.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 489.4 m 294.5 489.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 489.4 m 333.5 489.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 489.4 m 354.5 489.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 489.4 m 392.5 489.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 392.5 489.4 m 414.5 489.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 489.4 m 446.5 489.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 489.4 m 478.5 489.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 489.4 m 509.5 489.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 509.5 489.4 m 540.5 489.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 465.4 m 294.5 465.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 465.4 m 333.5 465.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 465.4 m 354.5 465.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 465.4 m 392.5 465.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 392.5 465.4 m 414.5 465.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 465.4 m 446.5 465.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 465.4 m 478.5 465.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 465.4 m 509.5 465.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 509.5 465.4 m 540.5 465.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 423.4 m 294.5 423.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 411.4 m 294.5 411.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 423.4 m 333.5 423.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 411.4 m 333.5 411.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 423.4 m 354.5 423.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 411.4 m 354.5 411.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 423.4 m 392.5 423.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 411.4 m 392.5 411.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 392.5 423.4 m 414.5 423.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 392.5 411.4 m 414.5 411.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 423.4 m 446.5 423.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 411.4 m 446.5 411.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 423.4 m 478.5 423.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 411.4 m 478.5 411.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 423.4 m 509.5 423.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 411.4 m 509.5 411.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 509.5 423.4 m 540.5 423.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 509.5 411.4 m 540.5 411.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 399.4 m 294.5 399.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 399.4 m 333.5 399.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 399.4 m 354.5 399.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 399.4 m 392.5 399.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 392.5 399.4 m 414.5 399.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 399.4 m 446.5 399.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 399.4 m 478.5 399.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 399.4 m 509.5 399.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 509.5 399.4 m 540.5 399.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 376.4 m 294.5 376.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 376.4 m 333.5 376.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 376.4 m 354.5 376.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 376.4 m 392.5 376.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 392.5 376.4 m 414.5 376.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 376.4 m 446.5 376.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 376.4 m 478.5 376.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 376.4 m 509.5 376.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 509.5 376.4 m 540.5 376.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 352.4 m 333.5 352.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 352.4 m 354.5 352.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 352.4 m 392.5 352.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 352.4 m 294.5 352.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 352.4 m 333.5 352.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 352.4 m 354.5 352.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 352.4 m 392.5 352.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 392.5 352.4 m 414.5 352.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 352.4 m 446.5 352.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 352.4 m 478.5 352.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 352.4 m 509.5 352.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 509.5 352.4 m 540.5 352.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 280.4 m 294.5 280.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 280.4 m 333.5 280.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 280.4 m 354.5 280.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 280.4 m 392.5 280.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 392.5 280.4 m 414.5 280.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 280.4 m 446.5 280.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 280.4 m 478.5 280.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 280.4 m 509.5 280.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 509.5 280.4 m 540.5 280.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 280.4 m 294.5 280.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 280.4 m 392.5 280.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 392.5 280.4 m 414.5 280.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 280.4 m 446.5 280.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 280.4 m 478.5 280.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 280.4 m 509.5 280.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 509.5 280.4 m 540.5 280.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 244.39999999999998 m 294.5 244.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 244.39999999999998 m 333.5 244.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 244.39999999999998 m 354.5 244.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 244.39999999999998 m 392.5 244.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 392.5 244.39999999999998 m 414.5 244.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 244.39999999999998 m 446.5 244.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 244.39999999999998 m 478.5 244.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 244.39999999999998 m 509.5 244.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 509.5 244.39999999999998 m 540.5 244.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 232.39999999999998 m 294.5 232.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 244.39999999999998 m 333.5 244.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 232.39999999999998 m 333.5 232.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 244.39999999999998 m 354.5 244.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 232.39999999999998 m 354.5 232.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 244.39999999999998 m 392.5 244.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 232.39999999999998 m 392.5 232.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 392.5 232.39999999999998 m 414.5 232.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 232.39999999999998 m 446.5 232.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 232.39999999999998 m 478.5 232.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 232.39999999999998 m 509.5 232.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 509.5 232.39999999999998 m 540.5 232.39999999999998 l s BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 297.35 590.70 113.23 -6.57 re f /GS0 gs q 1 1 1 rg BT 297.35 585.60 Td (Three Months Ended September 30,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 432.40 585.60 Td (V) Tj ET Q q 1 1 1 rg BT 436.55 585.60 Td (ariance) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 481.05 585.60 Td (V) Tj ET Q q 1 1 1 rg BT 485.20 585.60 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 526.05 588.94 Td (\(b\)\(c\)) 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 305.70 565.40 Td (2019) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 365.20 565.40 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 428.05 565.40 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 458.85 565.40 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 491.55 565.40 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 521.35 565.40 Td (%) Tj ET Q BT /F2 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 75.00 541.40 Td (Continuing operations) 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 75.00 529.40 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.65 529.40 Td (3.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.65 529.40 Td (3.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.50 529.60 Td (\(0.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 529.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.90 529.60 Td (\(10.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.90 529.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.55 529.65 Td (\(0.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 506.65 529.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.65 529.60 Td (\(13.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 529.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 517.40 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.75 517.40 Td (30.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.75 517.40 Td (38.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.50 517.60 Td (\(8.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 517.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.90 517.60 Td (\(22.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.90 517.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.55 517.65 Td (\(8.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 506.65 517.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.65 517.60 Td (\(21.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 517.60 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 505.40 Td (T) Tj ET Q q 0 0 0 rg BT 78.76 505.40 Td (otal revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.75 505.40 Td (33.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.75 505.40 Td (42.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.50 505.60 Td (\(9.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 505.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.90 505.60 Td (\(21.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.90 505.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.55 505.65 Td (\(8.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 506.65 505.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.65 505.60 Td (\(20.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 505.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 493.40 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.65 493.40 Td (2.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.65 493.40 Td (4.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.50 493.60 Td (\(2.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 493.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.90 493.60 Td (\(54.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.90 493.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.55 493.65 Td (\(2.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 506.65 493.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.65 493.60 Td (\(54.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 493.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 481.40 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.75 481.40 Td (31.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.75 481.40 Td (37.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.50 481.60 Td (\(6.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 481.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.90 481.60 Td (\(17.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.90 481.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.55 481.65 Td (\(6.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 506.65 481.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.65 481.60 Td (\(16.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 481.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 469.40 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 169.94 472.74 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.65 469.40 Td (1.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.65 469.40 Td (3.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.50 469.60 Td (\(2.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 469.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.90 469.60 Td (\(71.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.90 469.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.55 469.65 Td (\(2.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 506.65 469.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.65 469.60 Td (\(71.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 469.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 457.40 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.75 457.40 Td (30.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.75 457.40 Td (34.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.50 457.60 Td (\(4.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 457.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.90 457.60 Td (\(12.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.90 457.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.55 457.65 Td (\(3.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 506.65 457.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.65 457.60 Td (\(1) Tj ET Q q 0 0 0 rg BT 521.87 457.60 Td (1.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 457.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 445.80 Td (Operating expenses before share-based compensation and other) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 84.00 438.80 Td (performance awards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.75 439.40 Td (41.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.75 439.40 Td (47.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.50 439.40 Td (\(6.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 439.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.90 439.40 Td (\(12.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.90 439.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.55 439.45 Td (\(5.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 506.65 439.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.65 439.40 Td (\(1) Tj ET Q q 0 0 0 rg BT 521.87 439.40 Td (1.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 439.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 427.40 Td ( Share-based compensation and other performance awards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.65 427.40 Td (0.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.65 427.40 Td (2.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.50 427.60 Td (\(2.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 427.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.90 427.40 Td (\(80.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.90 427.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.55 427.65 Td (\(2.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 506.65 427.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.35 427.60 Td (\(76.9\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 415.40 Td (T) Tj ET Q q 0 0 0 rg BT 78.50 415.40 Td (otal operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.75 415.40 Td (42.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.75 415.40 Td (50.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.50 415.60 Td (\(8.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 415.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.90 415.60 Td (\(16.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.90 415.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 494.55 415.65 Td (\(7.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 506.65 415.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.65 415.60 Td (\(14.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 415.60 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 403.40 Td (Operating loss from continuing operations) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 308.40 403.40 Td (\(12.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.40 403.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 367.40 403.40 Td (\(16.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 383.40 403.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 433.90 403.60 Td (4.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 452.25 403.60 Td (24.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 496.90 403.60 Td (3.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.65 403.60 Td (21.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 391.40 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 132.69 391.40 Td ( from continuing operations ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 227.57 394.74 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 312.30 391.40 Td (\(4.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.40 391.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.25 391.40 Td (\(7.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 383.40 391.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 433.90 391.60 Td (2.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.15 391.60 Td (38.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 496.90 391.60 Td (2.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 517.65 391.60 Td (31.9) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 380.18 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 127.46 380.18 Td ( as a % of T) Tj ET Q q 0 0 0 rg BT 158.93 380.18 Td (otal Revenue) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 310.70 380.18 Td (\(13.2) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 325.65 380.18 Td (\)%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 369.70 380.18 Td (\(16.9) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 384.65 380.18 Td (\)%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 438.30 380.53 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 457.55 380.53 Td (3.7) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 465.90 380.53 Td ( pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 501.30 380.53 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 523.30 380.53 Td (2.3) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 531.65 380.53 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 75 367.40576171875 m 166.83056640625 367.40576171875 l s q 0 0 0 rg BT 75.00 368.40 Td (Included in ) Tj ET Q q 0 0 0 rg BT 110.42 368.40 Td (Adjusted EBITDA:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.00 356.40 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.65 356.40 Td (6.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.65 356.40 Td (5.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 433.90 356.60 Td (1.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.15 356.60 Td (24.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.55 356.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.75 356.80 Td (**) Tj ET Q BT /F2 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 75.00 344.80 Td (Including continuing and discontinued operations, unless) Tj ET Q BT /F2 7.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 84.00 337.80 Td (otherwise noted) 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 75.00 326.80 Td (Net earnings \(loss\) attributable to equity holders of the) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 84.00 319.80 Td (Corporation) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.75 320.40 Td (16.9) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 336.00 323.88 Td (\(d\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.75 320.40 Td (21.7) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 395.00 323.88 Td (\(d\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.50 320.40 Td (\(4.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 320.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 452.85 320.40 Td (\(22.1\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.55 320.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.75 320.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.00 308.80 Td (Net earnings \(loss\) attributable to equity holders of the Corporation) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 90.00 301.80 Td (- Continuing operations) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.75 302.40 Td (17.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 336.00 305.88 Td (\(d\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.65 302.40 Td (3.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 395.00 305.88 Td (\(d\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 430.00 302.40 Td (14.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.25 302.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.55 302.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.75 302.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.00 290.80 Td (Net earnings \(loss\) attributable to equity holders of the Corporation) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 90.00 283.80 Td (- Discontinued operations) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 312.30 284.40 Td (\(0.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.40 284.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.75 284.40 Td (18.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.65 284.40 Td (\(18.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 284.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.25 284.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.55 284.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.75 284.40 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 272.40 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 204.14 275.74 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 312.30 272.40 Td (\(3.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.40 272.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.75 272.40 Td (37.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.65 272.40 Td (\(40.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 272.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.25 272.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.55 272.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.75 272.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.00 260.40 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 277.10 263.74 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 312.30 260.40 Td (\(3.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.40 260.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 367.40 260.40 Td (\(1) Tj ET Q q 0 0 0 rg BT 373.62 260.40 Td (1.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 383.40 260.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 433.90 260.40 Td (8.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 452.25 260.40 Td (72.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.55 260.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.75 260.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.00 248.40 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 284.10 251.74 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 312.30 248.40 Td (\(0.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.40 248.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.75 248.40 Td (48.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.65 248.40 Td (\(48.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 248.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.25 248.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.55 248.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.75 248.40 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 236.40 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 128.68 239.74 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 312.30 236.40 Td (\(7.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.40 236.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 369.75 236.40 Td (37.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.65 236.80 Td (\(45.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.65 236.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 459.25 236.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 500.55 236.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.75 236.80 Td (**) Tj ET Q BT /F1 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 99.00 214.90 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 185.27 214.90 Td (Notations to Financial T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 268.57 214.90 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 289.92 214.90 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 506.09 214.90 Td (60) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.98 214.90 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 189.40 Td (A) Tj ET Q q 0 0 0 rg BT 77.51 189.40 Td ( discussion of ) Tj ET Q q 0 0 0 rg BT 134.04 189.40 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 72.00 175.90 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 212.07 175.90 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 332.64 175.90 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 153.40 Td (Aimia's ability to generate Revenue is a function of the underlying behaviour of loyalty services clients and coalition ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 139.90 Td (partners, which are af) Tj ET Q q 0 0 0 rg BT 158.38 139.90 Td (fected by the general economic conditions present in the countries in which the loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 126.40 Td (programs are operated and the services are rendered. ) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 103.90 Td (T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 77.16 103.90 Td (otal Revenue) 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 133.18 103.90 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 135.68 103.90 Td (generated for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.29 103.90 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.85 103.90 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.88 103.90 Td ($33.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.41 103.90 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.41 103.90 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.94 103.90 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 90.40 Td ($9.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 117.52 90.40 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 130.53 90.40 Td (21.6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.05 90.40 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 90.40 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.17 90.40 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.68 90.40 Td ($8.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.20 90.40 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.20 90.40 Td (20.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.72 90.40 Td (, primarily ) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 (attributable to lost clients, reduced existing client spend and lower one-time projects fees, of) Tj ET Q q 0 0 0 rg BT 437.04 668.45 Td (fset in part by an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (increase in revenue from new clients.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 632.45 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 217.03 632.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.07 632.45 Td ($2.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.59 632.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.66 632.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.22 632.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.22 632.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 618.95 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.02 618.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 121.53 618.95 Td ($2.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 167.05 618.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 180.06 618.95 Td (54.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 205.58 618.95 Td (. On a constant currency basis, cost of rewards and direct costs ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.19 618.95 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.22 618.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.72 618.95 Td ($2.6 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 605.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 605.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 605.45 Td (54.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.03 605.45 Td ( and is mostly attributable to lower 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 581.45 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 159.03 581.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.07 581.45 Td ($42.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.59 581.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.67 581.45 Td (September30, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.22 581.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.22 581.45 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.75 581.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.26 581.45 Td ($8.1 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 567.95 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 567.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 567.95 Td (16.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.03 567.95 Td (. On a constant currency basis, operating expenses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.64 567.95 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.67 567.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.18 567.95 Td ($7.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.70 567.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.71 567.95 Td (14.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.22 567.95 Td (, despite ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 554.45 Td (platform development expenses of $1.3 million in the Loyalty Solutions division which are now being expensed in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 540.95 Td (2019 versus capitalized in 2018. Excluding this item, operating expenses decreased by $8.6 million, mostly explained ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 527.45 Td (by reduced headcount along with lower employee-related expenses and share-based compensation and other ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 513.95 Td (performance awards and lower rent expense as a result of the adoption of IFRS 16, partially of) Tj ET Q q 0 0 0 rg BT 447.54 513.95 Td (fset by information ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 500.45 Td (technology decoupling and other transition costs as well as higher professional and advisory fees. ) Tj ET Q q 0 0 0 rg BT 463.07 500.45 Td (The operating ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 486.95 Td (expenses for the three months ended September 30, 2019 also include a $2.7 million gain on a sublease of of) Tj ET Q q 0 0 0 rg BT 508.63 486.95 Td (fice ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 473.45 Td (space.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 450.95 Td (Depreciation and ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 147.18 450.95 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 202.18 450.95 Td (, including amortization of ) Tj ET Q q 0 0 0 rg BT 306.24 450.95 Td (Accumulation Partners' contracts, customer relationships ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 437.45 Td (and technology) Tj ET Q q 0 0 0 rg BT 132.38 437.45 Td (, amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.92 437.45 Td ($1.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.44 437.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.51 437.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.07 437.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.07 437.45 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.60 437.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.11 437.45 Td ($2.5 ) 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 (. On a constant currency basis, depreciation and amortization, including amortization of ) Tj ET Q q 0 0 0 rg BT 446.19 423.95 Td (Accumulation Partners' ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 410.45 Td (contracts, customer relationships and technology) Tj ET Q q 0 0 0 rg BT 266.44 410.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.44 410.45 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.47 410.45 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.97 410.45 Td ($2.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.50 410.45 Td (, due mostly to a lower asset base as a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 396.95 Td (result of the impairment of technology assets within the Loyalty Solutions division in 2018. ) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 374.45 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 178.01 374.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.05 374.45 Td ($\(12.1\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.57 374.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.64 374.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.20 374.45 Td (, an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 360.95 Td (improvement of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.52 360.95 Td ($4.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.05 360.95 Td (. On a constant currency basis, operating loss decreased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.68 360.95 Td ($3.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.20 360.95 Td (, a direct result of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 347.45 Td (the factors described above. ) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 324.95 Td (Adjusted EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 146.50 324.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.54 324.95 Td ($\(4.4\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.05 324.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.13 324.95 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.68 324.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.69 324.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.21 324.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.72 324.95 Td ($2.8 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 311.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 311.45 Td (. On a constant currency basis, ) Tj ET Q q 0 0 0 rg BT 223.57 311.45 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 293.10 311.45 Td ( improved by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.12 311.45 Td ($2.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.65 311.45 Td (, a direct result of the factors ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 297.95 Td (described above and higher distributions from equity-accounted investments of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.18 297.95 Td ($1.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.70 297.95 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 275.45 Td (Net Financial Income) 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 162.02 275.45 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 164.52 275.45 Td (for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 275.09 275.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.65 275.45 Td ( consist of the net fair value gain of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.23 275.45 Td ($23.8 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 261.95 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 261.95 Td ( on investments in equity instruments, interest revenue of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.62 261.95 Td ($1.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.14 261.95 Td ( earned on cash and cash equivalents, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 248.45 Td (short-term investments on deposit and long-term investments in bonds, and positive impact of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.18 248.45 Td ($1.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.71 248.45 Td ( related to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 234.95 Td (net financial expenses.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 210.95 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 157.01 210.95 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 159.79 210.95 Td (for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.36 210.95 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.92 210.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.94 210.95 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.96 210.95 Td ( include the ef) Tj ET Q q 0 0 0 rg BT 447.83 210.95 Td (fect of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.85 210.95 Td ($\(1.8\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.36 210.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 197.45 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.52 197.45 Td ($\(0.5\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.03 197.45 Td ( of current income tax recoveries \(expenses\), respectively) Tj ET Q q 0 0 0 rg BT 370.46 197.45 Td (, as well as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 417.48 197.45 Td ($\(0.6\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.99 197.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.01 197.45 Td ($\(0.1\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 183.95 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 183.95 Td ( of deferred income tax recoveries \(expenses\), respectively) Tj ET Q q 0 0 0 rg BT 332.44 183.95 Td (. Net earnings \(loss\) for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 170.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.56 170.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 173.58 170.45 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.60 170.45 Td ( also include the share of net earnings \(loss\) of equity-accounted investments of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.27 170.45 Td ($5.2 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 156.95 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 156.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 117.52 156.95 Td ($8.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 163.05 156.95 Td (, respectively) Tj ET Q q 0 0 0 rg BT 214.90 156.95 Td (, and net earnings \(loss\) from discontinued operations of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.02 156.95 Td ($\(0.3\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 493.54 156.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.56 156.95 Td ($18.5 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 143.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 143.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 149.36 143.45 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 120.95 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 481.70 120.95 Td (, deferred ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 107.45 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 93.95 Td (Consequently) Tj ET Q q 0 0 0 rg BT 126.37 93.95 Td (, the deferred income tax expense recorded in the current period, which is primary related to our ) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 (Canadian operations, was not decreased by deferred income tax recoveries in our foreign operations. ) Tj ET Q q 0 0 0 rg BT 478.07 668.45 Td (The above ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (results in a distorted ef) Tj ET Q q 0 0 0 rg BT 162.38 654.95 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 632.45 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 236.54 632.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.61 632.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.17 632.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.21 632.45 Td ($\(3.2\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.72 632.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 618.95 Td (compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.53 618.95 Td ($37.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 175.06 618.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.13 618.95 Td (September30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.69 618.95 Td (, an unfavourable variance of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.26 618.95 Td ($40.7 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 605.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 605.45 Td (, which included an unfavourable variance of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.62 605.45 Td ($48.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 328.15 605.45 Td ( from discontinued operations. Free Cash Flow ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.95 Td (before Dividends Paid from continuing operations for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.69 591.95 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.25 591.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 578.45 Td ($\(3.1\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 123.52 578.45 Td (, a favourable variance of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.08 578.45 Td ($8.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.60 578.45 Td ( which is mainly the result of:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 551.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 551.45 Td (an increase in cash from operating activities of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.59 551.45 Td ($5.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.12 551.45 Td (, explained primarily by: ) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 536.01 cm /I3 Do Q q 0 0 0 rg BT 129.00 537.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 537.95 Td (a $8.3 million favourable variance in the change in net operating assets;) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 522.51 cm /I4 Do Q q 0 0 0 rg BT 129.00 524.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 524.45 Td (lower operating expenses of $3.3 million, before certain non-cash impacting items;) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 509.01 cm /I5 Do Q q 0 0 0 rg BT 129.00 510.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 510.95 Td (lower cost of rewards and direct costs of $2.6 million; and) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 495.51 cm /I6 Do Q q 0 0 0 rg BT 129.00 497.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 497.45 Td (higher distributions from equity-accounted investments of $1.3 million; partially of) Tj ET Q q 0 0 0 rg BT 465.50 497.45 Td (fset by) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 482.01 cm /I7 Do Q q 0 0 0 rg BT 129.00 483.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 483.95 Td (a decrease in revenue of $9.2 million;) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 468.51 cm /I8 Do Q q 0 0 0 rg BT 129.00 470.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 470.45 Td (lower net income taxes received of $0.7 million; and) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 455.01 cm /I9 Do Q q 0 0 0 rg BT 129.00 456.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 456.95 Td (a $0.1 million decrease in net interest received.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 429.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 429.95 Td (lower capital expenditures of $3.0 million, mostly due to previously capitalized costs which are now ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 416.45 Td (expensed in 2019 as a result of impairment charges recorded in 2018 in the Loyalty Solutions division; ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 402.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 402.95 Td (payments in principal of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 205.05 402.95 Td ($0.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 250.57 402.95 Td ( related to leases in 2019. For 2018, payments in principal related to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 389.45 Td (leases were included in cash from operating activities. ) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 362.45 Td (Free Cash Flow) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 138.52 362.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.59 362.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 333.15 362.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.18 362.45 Td ($\(7.6\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.70 362.45 Td ( compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.73 362.45 Td ($37.5 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 348.95 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 348.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.58 348.95 Td (September30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 292.14 348.95 Td (. ) Tj ET Q q 0 0 0 rg BT 296.97 348.95 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.98 348.95 Td (unfavourable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 367.02 348.95 Td ( variance of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.05 348.95 Td ($45.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.58 348.95 Td ( is a result of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 335.45 Td (factors described above in Free Cash Flow before Dividends Paid, and to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.16 335.45 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.69 335.45 Td ( in dividends paid of $4.4 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 321.95 Td (million.) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 299.45 Td (Adjusted EBITDA, Free Cash Flow Before Dividends Paid and Free Cash Flow) Tj ET Q BT /F3 9.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 385.64 299.45 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 388.14 299.45 Td (are non-GAAP) Tj ET Q q 0 0 0 rg BT 446.51 299.45 Td ( measures. Please ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 285.95 Td (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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 118.02 285.95 Td (PERFORMANCE INDICA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 220.36 285.95 Td (T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 225.70 285.95 Td (ORS \(INCLUDING CER) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 321.54 285.95 Td (T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 326.37 285.95 Td (AIN NON-GAAP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 391.55 285.95 Td ( FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 440.89 285.95 Td ( MEASURES\)) 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 496.90 285.95 Td ( section ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 272.45 Td (for additional information on these measures.) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 666.30 Td (SEGMENTED OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 193.13 666.30 Td (TING RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 603.21552734375 m 177.9375 603.21552734375 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 604.80 Td (LOY) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 91.64 604.80 Td (AL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 104.23 604.80 Td (TY) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 116.82 604.80 Td ( SOLUTIONS) Tj ET Q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 585.30 218.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 290.50 585.30 122.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 412.50 585.30 64.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 476.50 585.30 64.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 72.50 564.30 218.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 290.50 564.30 43.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 333.50 564.30 18.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 351.50 564.30 43.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 394.50 564.30 18.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 412.50 564.30 32.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 444.50 564.30 32.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 476.50 564.30 32.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 508.50 564.30 32.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 538.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 538.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 526.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 526.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 514.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 514.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 502.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 502.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 490.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 490.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 478.30 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 478.30 18.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 464.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 464.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 452.30 43.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 452.30 18.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 434.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 434.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 422.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 422.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 410.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 410.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 398.30 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 398.30 18.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 384.30 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 384.30 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 372.30 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 372.30 18.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 358.30 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 333.50 358.30 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 72.5 514.3 m 290.5 514.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 290.5 514.3 m 333.5 514.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 514.3 m 351.5 514.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 514.3 m 394.5 514.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 514.3 m 412.5 514.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 514.3 m 444.5 514.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 514.3 m 476.5 514.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 514.3 m 508.5 514.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 514.3 m 540.5 514.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 290.5 490.3 m 333.5 490.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 490.3 m 351.5 490.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 490.3 m 394.5 490.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 490.3 m 508.5 490.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 490.3 m 290.5 490.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 290.5 490.3 m 333.5 490.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 490.3 m 351.5 490.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 490.3 m 394.5 490.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 490.3 m 412.5 490.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 490.3 m 444.5 490.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 490.3 m 476.5 490.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 490.3 m 508.5 490.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 490.3 m 540.5 490.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 464.3 m 290.5 464.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 290.5 464.3 m 333.5 464.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 464.3 m 351.5 464.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 464.3 m 394.5 464.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 464.3 m 412.5 464.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 464.3 m 444.5 464.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 464.3 m 476.5 464.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 464.3 m 508.5 464.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 464.3 m 540.5 464.3 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 422.3 m 290.5 422.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 410.3 m 290.5 410.3 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 290.5 422.3 m 333.5 422.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 290.5 410.3 m 333.5 410.3 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 422.3 m 351.5 422.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 410.3 m 351.5 410.3 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 422.3 m 394.5 422.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 410.3 m 394.5 410.3 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 422.3 m 412.5 422.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 410.3 m 412.5 410.3 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 422.3 m 444.5 422.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 410.3 m 444.5 410.3 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 422.3 m 476.5 422.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 410.3 m 476.5 410.3 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 422.3 m 508.5 422.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 410.3 m 508.5 410.3 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 422.3 m 540.5 422.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 410.3 m 540.5 410.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 410.3 m 476.5 410.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 398.3 m 476.5 398.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 398.3 m 290.5 398.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 290.5 398.3 m 333.5 398.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 398.3 m 351.5 398.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 398.3 m 394.5 398.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 398.3 m 412.5 398.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 398.3 m 444.5 398.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 398.3 m 508.5 398.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 398.3 m 540.5 398.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 372.3 m 290.5 372.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 290.5 372.3 m 333.5 372.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 372.3 m 351.5 372.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 372.3 m 394.5 372.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 372.3 m 412.5 372.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 372.3 m 444.5 372.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 372.3 m 476.5 372.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 372.3 m 508.5 372.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 372.3 m 540.5 372.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 344.3 m 290.5 344.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 290.5 344.3 m 333.5 344.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 344.3 m 351.5 344.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 344.3 m 394.5 344.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 394.5 344.3 m 412.5 344.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 344.3 m 444.5 344.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 344.3 m 476.5 344.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 344.3 m 508.5 344.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 344.3 m 540.5 344.3 l s BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 294.35 578.10 113.23 -6.57 re f /GS0 gs q 1 1 1 rg BT 294.35 573.00 Td (Three Months Ended September 30,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 430.40 573.00 Td (V) Tj ET Q q 1 1 1 rg BT 434.55 573.00 Td (ariance) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 480.05 573.00 Td (V) Tj ET Q q 1 1 1 rg BT 484.20 573.00 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 525.05 576.34 Td (\(b\)\(c\)) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 75.00 554.08 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 303.70 554.30 Td (2019) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 364.70 554.30 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 426.05 554.30 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 456.85 554.30 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 490.05 554.30 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 520.85 554.30 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 (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.65 530.30 Td (3.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 375.65 530.30 Td (3.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 530.30 Td (\(0.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 530.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.65 530.30 Td (\(10.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.65 530.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 530.35 Td (\(0.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 530.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.65 530.30 Td (\(13.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 530.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 518.30 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.75 518.30 Td (30.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.75 518.30 Td (38.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 518.30 Td (\(8.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 518.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.65 518.30 Td (\(22.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.65 518.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 518.35 Td (\(8.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 518.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.65 518.30 Td (\(21.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 518.30 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 506.30 Td (T) Tj ET Q q 0 0 0 rg BT 78.76 506.30 Td (otal revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.75 506.30 Td (33.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.75 506.30 Td (42.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 506.30 Td (\(9.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 506.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.65 506.30 Td (\(21.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.65 506.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 506.35 Td (\(8.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 506.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.65 506.30 Td (\(20.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 506.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 494.30 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.65 494.30 Td (2.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 375.65 494.30 Td (4.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 494.30 Td (\(2.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 494.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.65 494.30 Td (\(54.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.65 494.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 494.35 Td (\(2.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 494.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.65 494.30 Td (\(54.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 494.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 482.30 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.75 482.30 Td (31.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.75 482.30 Td (37.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 482.30 Td (\(6.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 482.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.65 482.30 Td (\(17.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.65 482.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 482.35 Td (\(6.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 482.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.65 482.30 Td (\(16.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 482.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 468.30 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 169.94 471.64 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.65 468.30 Td (1.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 375.65 468.30 Td (3.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 468.30 Td (\(2.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 468.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.65 468.30 Td (\(70.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.65 468.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 468.35 Td (\(2.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 468.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.65 468.30 Td (\(70.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 468.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 456.30 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.75 456.30 Td (30.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.75 456.30 Td (34.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 456.30 Td (\(4.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 456.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.65 456.30 Td (\(12.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.65 456.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 456.35 Td (\(3.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 456.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.65 456.30 Td (\(1) Tj ET Q q 0 0 0 rg BT 521.87 456.30 Td (1.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 456.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 444.70 Td (Operating expenses before share-based compensation and other) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 84.00 437.70 Td (performance awards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.75 438.30 Td (30.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.75 438.30 Td (40.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 438.30 Td (\(9.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 438.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.65 438.30 Td (\(23.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.65 438.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 438.35 Td (\(8.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 438.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.65 438.30 Td (\(21.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 438.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 426.30 Td ( Share-based compensation and other performance awards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 317.40 426.30 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 375.65 426.30 Td (1.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 426.50 Td (\(1.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 426.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 426.30 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 426.55 Td (\(1.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 426.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 426.50 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 414.30 Td (T) Tj ET Q q 0 0 0 rg BT 78.89 414.30 Td (otal operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 310.75 414.30 Td (30.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 371.75 414.30 Td (41.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 414.30 Td (\(10.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 414.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 451.65 414.30 Td (\(25.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 467.65 414.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 414.35 Td (\(9.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 414.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 515.65 414.30 Td (\(23.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.65 414.30 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 402.30 Td (Operating loss) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 312.30 402.30 Td (\(0.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.40 402.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.25 402.30 Td (\(6.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 385.40 402.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.90 402.30 Td (6.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.00 402.30 Td (91.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 402.30 Td (5.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.00 402.30 Td (85.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 388.30 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 132.69 388.30 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 134.63 391.64 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.65 388.30 Td (1.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 373.25 388.30 Td (\(2.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 385.40 388.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 431.90 388.30 Td (3.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 388.30 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 388.30 Td (3.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 388.30 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 376.08 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 127.46 376.08 Td ( as a % of T) Tj ET Q q 0 0 0 rg BT 158.93 376.08 Td (otal Revenue) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 316.05 376.13 Td (3.9) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 327.65 376.08 Td (%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 375.05 376.08 Td (\(5.9) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 386.65 376.08 Td (\)%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 436.30 376.08 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 459.30 376.08 Td (9.8) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 467.65 376.08 Td ( pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 500.30 376.08 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 523.30 376.08 Td (8.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 531.65 376.08 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 75 361.30576171875 m 166.83056640625 361.30576171875 l s q 0 0 0 rg BT 75.00 362.30 Td (Included in ) Tj ET Q q 0 0 0 rg BT 110.42 362.30 Td (Adjusted EBITDA:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 348.30 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 314.65 348.30 Td (0.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 375.65 348.30 Td (0.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.65 348.30 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.25 348.30 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 498.65 348.30 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.25 348.30 Td (**) Tj ET Q BT /F1 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 99.00 326.80 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 185.27 326.80 Td (Notations to Financial T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 268.57 326.80 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 287.70 326.80 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 506.09 326.80 Td (60) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.98 326.80 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 301.30 Td (T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 77.16 301.30 Td (otal Revenue) 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 133.18 301.30 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 135.68 301.30 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.22 301.30 Td ($33.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.75 301.30 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.82 301.30 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.38 301.30 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.38 301.30 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.91 301.30 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.41 301.30 Td ($9.2 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 287.80 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 287.80 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 287.80 Td (21.6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.03 287.80 Td (. On a constant currency basis, total revenue ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.12 287.80 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.15 287.80 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.66 287.80 Td ($8.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.18 287.80 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.18 287.80 Td (20.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.70 287.80 Td ( and is explained ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 274.30 Td (mostly by the following: ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 251.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 251.80 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.53 251.80 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.04 251.80 Td ($8.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.56 251.80 Td ( in revenue from Loyalty Services and Other) Tj ET Q q 0 0 0 rg BT 385.65 251.80 Td (, primarily attributable to lost clients, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 238.30 Td (reduced existing client spend and lower one-time projects fees, of) Tj ET Q q 0 0 0 rg BT 368.98 238.30 Td (fset in part by an increase in revenue from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 224.80 Td (new clients; and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 211.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 211.30 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.53 211.30 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.04 211.30 Td ($0.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.56 211.30 Td ( in revenue from Loyalty Units due mostly to lower yield.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 188.80 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 217.03 188.80 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.07 188.80 Td ($2.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.59 188.80 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.66 188.80 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.22 188.80 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.22 188.80 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 175.30 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.02 175.30 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 121.53 175.30 Td ($2.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 167.05 175.30 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 180.06 175.30 Td (54.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 205.58 175.30 Td (. On a constant currency basis, cost of rewards and direct costs ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.19 175.30 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.22 175.30 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.72 175.30 Td ($2.6 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 161.80 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 161.80 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 161.80 Td (54.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.03 161.80 Td ( and is mostly attributable to lower 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 139.30 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 159.03 139.30 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.07 139.30 Td ($30.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.59 139.30 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.67 139.30 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.22 139.30 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.23 139.30 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.75 139.30 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 125.80 Td ($10.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 125.80 Td (. On a constant currency basis, operating expenses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.14 125.80 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.17 125.80 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.68 125.80 Td ($9.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.20 125.80 Td (, despite higher platform ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 112.30 Td (development expenses of $1.3 million in the ISS business which are now being expensed in 2019 versus capitalized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 98.80 Td (in 2018. Excluding this item, operating expenses decreased by $1) Tj ET Q q 0 0 0 rg BT 333.50 98.80 Td (1.0 million, due mostly to reduced headcount along ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 85.30 Td (with lower employee-related expenses and share-based compensation and other performance awards and lower rent ) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 (expense as a result of the adoption of IFRS16. ) Tj ET Q q 0 0 0 rg BT 262.45 668.45 Td (The three months ended September 30, 2019 also include a $2.7 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (million gain on a sublease of of) Tj ET Q q 0 0 0 rg BT 195.42 654.95 Td (fice space.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 632.45 Td (Depreciation and ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 ($1.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.44 617.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.51 617.45 Td (September30, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.07 617.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.07 617.45 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.60 617.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.11 617.45 Td ($2.4 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 603.95 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 603.95 Td (. On a constant currency basis, depreciation and amortization, including amortization of ) Tj ET Q q 0 0 0 rg BT 446.19 603.95 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 (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.47 590.45 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.97 590.45 Td ($2.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.50 590.45 Td (, due mostly to a lower asset base as a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 576.95 Td (result of the impairment of technology assets of the International ISS business in 2018.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 554.45 Td (Operating Income \(Loss\)) 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 178.01 554.45 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 180.51 554.45 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.05 554.45 Td ($\(0.6\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 284.57 554.45 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.64 554.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.20 554.45 Td (, an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 540.95 Td (improvement of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.52 540.95 Td ($6.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.05 540.95 Td (. On a constant currency basis, operating loss decreased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.68 540.95 Td ($5.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.20 540.95 Td (, a direct result of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 527.45 Td (the factors described above.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 504.95 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 146.50 504.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.54 504.95 Td ($1.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.06 504.95 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.13 504.95 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 441.69 504.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.69 504.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 493.22 504.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 505.73 504.95 Td ($3.8 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 491.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 491.45 Td (. On a constant currency basis, ) Tj ET Q q 0 0 0 rg BT 226.07 491.45 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 295.60 491.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 298.10 491.45 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.13 491.45 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.63 491.45 Td ($3.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.16 491.45 Td (, mostly explained by a gain on a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 477.95 Td (sublease of of) Tj ET Q q 0 0 0 rg BT 127.88 477.95 Td (fice space, lower direct costs and lower operating expenses, of) Tj ET Q q 0 0 0 rg BT 377.85 477.95 Td (fset in part by lost clients and lower ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 464.45 Td (ongoing revenues for the existing client base.) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 441.95 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 142.03 441.95 Td ( is a non-GAAP) Tj ET Q q 0 0 0 rg BT 203.90 441.95 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 324.96 441.95 Td (PERFORMANCE INDICA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 427.30 441.95 Td (T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 432.63 441.95 Td (ORS \(INCLUDING ) Tj ET Q BT /F4 9.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 428.45 Td (CER) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 90.84 428.45 Td (T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 95.67 428.45 Td (AIN NON-GAAP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.84 428.45 Td ( FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 210.19 428.45 Td ( MEASURES\)) 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 266.20 428.45 Td ( section for additional information on this measure.) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 666.16552734375 m 197 666.16552734375 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 667.75 Td (CORPORA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 122.37 667.75 Td (TE ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 137.56 667.75 Td (AND OTHER) Tj ET Q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 648.25 282.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 354.50 648.25 122.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 476.50 648.25 64.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 72.50 627.25 282.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 354.50 627.25 43.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 397.50 627.25 18.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 415.50 627.25 43.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 458.50 627.25 18.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 476.50 627.25 32.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 508.50 627.25 32.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 601.25 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 601.25 18.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 587.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 587.25 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 575.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 575.25 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 563.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 563.25 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 551.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 551.25 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 539.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 539.25 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 527.25 43.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 527.25 18.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 513.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 513.25 18.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 354.50 501.25 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 397.50 501.25 18.00 -12.00 re f /GS0 gs 0.5098039215686274 0.5098039215686274 0.5098039215686274 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 354.5 601.25 m 397.5 601.25 l s 0.5098039215686274 0.5098039215686274 0.5098039215686274 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 397.5 601.25 m 415.5 601.25 l s 0.5098039215686274 0.5098039215686274 0.5098039215686274 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 415.5 601.25 m 458.5 601.25 l s 0.5098039215686274 0.5098039215686274 0.5098039215686274 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 458.5 601.25 m 476.5 601.25 l s 0.5098039215686274 0.5098039215686274 0.5098039215686274 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 476.5 601.25 m 508.5 601.25 l s 0.5098039215686274 0.5098039215686274 0.5098039215686274 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 508.5 601.25 m 540.5 601.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 587.25 m 354.5 587.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 587.25 m 397.5 587.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 587.25 m 415.5 587.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 587.25 m 458.5 587.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 587.25 m 476.5 587.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 587.25 m 508.5 587.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 587.25 m 540.5 587.25 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 551.25 m 354.5 551.25 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 551.25 m 397.5 551.25 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 551.25 m 415.5 551.25 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 551.25 m 458.5 551.25 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 551.25 m 476.5 551.25 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 551.25 m 508.5 551.25 l s 0.5098039215686274 0.5098039215686274 0.5098039215686274 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 508.5 551.25 m 540.5 551.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 539.25 m 354.5 539.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 539.25 m 397.5 539.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 539.25 m 415.5 539.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 539.25 m 458.5 539.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 539.25 m 476.5 539.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 539.25 m 508.5 539.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 539.25 m 540.5 539.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 527.25 m 354.5 527.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 513.25 m 354.5 513.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 527.25 m 397.5 527.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 513.25 m 397.5 513.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 527.25 m 415.5 527.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 513.25 m 415.5 513.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 527.25 m 458.5 527.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 513.25 m 458.5 513.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 527.25 m 476.5 527.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 513.25 m 476.5 513.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 527.25 m 508.5 527.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 513.25 m 508.5 513.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 527.25 m 540.5 527.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 513.25 m 540.5 513.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 513.25 m 397.5 513.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 513.25 m 458.5 513.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 489.25 m 354.5 489.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 489.25 m 397.5 489.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 489.25 m 415.5 489.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 489.25 m 458.5 489.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 489.25 m 476.5 489.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 489.25 m 508.5 489.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 489.25 m 540.5 489.25 l s BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 358.35 641.05 113.23 -6.57 re f /GS0 gs q 1 1 1 rg BT 358.35 635.95 Td (Three Months Ended September 30,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 494.40 635.95 Td (V) Tj ET Q q 1 1 1 rg BT 498.55 635.95 Td (ariance) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 75.00 617.03 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 367.70 617.25 Td (2019) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 428.70 617.25 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 490.05 617.25 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 520.85 617.25 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 75.00 591.25 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 169.94 594.59 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 381.40 591.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 439.65 591.25 Td (0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 591.30 Td (\(0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 591.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.55 591.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 579.25 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 381.40 579.25 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 437.25 579.25 Td (\(0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.40 579.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 579.25 Td (0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.55 579.25 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 567.25 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 374.75 567.25 Td (1) Tj ET Q q 0 0 0 rg BT 378.64 567.25 Td (1.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 439.65 567.25 Td (7.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 567.25 Td (3.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 524.00 567.25 Td (44.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 555.25 Td ( Share-based compensation and other performance awards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.65 555.25 Td (0.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 439.65 555.25 Td (1.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 555.50 Td (\(1.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 555.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.65 555.25 Td (\(68.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.65 555.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 543.25 Td (T) Tj ET Q q 0 0 0 rg BT 78.89 543.25 Td (otal operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.75 543.25 Td (1) Tj ET Q q 0 0 0 rg BT 378.64 543.25 Td (1.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 439.65 543.25 Td (9.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 543.25 Td (2.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 524.00 543.25 Td (25.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 531.25 Td (Operating loss) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 372.40 531.25 Td (\(1) Tj ET Q q 0 0 0 rg BT 378.62 531.25 Td (1.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 388.40 531.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 437.25 531.25 Td (\(9.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.40 531.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 531.30 Td (\(2.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 531.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.65 531.25 Td (\(23.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.65 531.25 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 517.25 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 132.69 517.25 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 134.63 520.59 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 376.25 517.25 Td (\(5.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 388.40 517.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 437.25 517.25 Td (\(4.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.40 517.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 517.30 Td (\(1.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 517.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.65 517.25 Td (\(21.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.65 517.25 Td (\)) Tj ET Q BT /F3 7.00 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 75 504.25576171875 m 166.83056640625 504.25576171875 l s q 0 0 0 rg BT 75.00 505.25 Td (Included in ) Tj ET Q q 0 0 0 rg BT 110.42 505.25 Td (Adjusted EBITDA:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 493.25 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.65 493.25 Td (5.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 439.65 493.25 Td (4.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 493.25 Td (1.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 524.00 493.25 Td (28.9) Tj ET Q BT /F1 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 99.00 471.75 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 185.27 471.75 Td (Notations to Financial T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 268.57 471.75 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 287.70 471.75 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 506.09 471.75 Td (60) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.98 471.75 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 446.25 Td (Operating Expenses) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 159.03 446.25 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.07 446.25 Td ($1) Tj ET Q q 0 0 0 rg BT 223.41 446.25 Td (1.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 263.93 446.25 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.00 446.25 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.56 446.25 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.56 446.25 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.09 446.25 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 432.75 Td ($2.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 117.52 432.75 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 130.53 432.75 Td (25.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.05 432.75 Td (, mostly explained by information technology decoupling and other transition costs as well as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 419.25 Td (higher professional and advisory fees, partially of) Tj ET Q q 0 0 0 rg BT 266.95 419.25 Td (fset by lower headcount-related expenses, lower share-based ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 405.75 Td (compensation and other performance awards expense, and lower rent expense as a result of the adoption of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 392.25 Td (IFRS16. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 369.75 Td (There was no significant ) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 171.55 369.75 Td (Depreciation and ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 246.73 369.75 Td (Amortization) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 301.73 369.75 Td (, including amortization of ) Tj ET Q q 0 0 0 rg BT 405.79 369.75 Td (Accumulation Partners' contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 356.25 Td (customer relationships and technology) Tj ET Q q 0 0 0 rg BT 224.92 356.25 Td (, for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.49 356.25 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.05 356.25 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 333.75 Td (Operating Income \(Loss\)) 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 178.01 333.75 Td ( ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 180.51 333.75 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.05 333.75 Td ($\(1) Tj ET Q q 0 0 0 rg BT 245.39 333.75 Td (1.5\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.91 333.75 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.98 333.75 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.53 333.75 Td (, a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 320.25 Td (deterioration of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 134.54 320.25 Td ($2.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 180.06 320.25 Td (, a direct result of the factors described above.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 297.75 Td (Adjusted EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 146.50 297.75 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.54 297.75 Td ($\(5.7\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.05 297.75 Td ( for the three months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.13 297.75 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.68 297.75 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.69 297.75 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 497.21 297.75 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.72 297.75 Td ($1.0 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 284.25 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 284.25 Td (, attributable to higher operating expenses partially of) Tj ET Q q 0 0 0 rg BT 308.98 284.25 Td (fset by an increase in dividends from equity-accounted ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 270.75 Td (investments.) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 248.25 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 142.03 248.25 Td ( is a non-GAAP) Tj ET Q q 0 0 0 rg BT 203.90 248.25 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 324.96 248.25 Td (PERFORMANCE INDICA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 427.30 248.25 Td (T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 432.63 248.25 Td (ORS \(INCLUDING ) Tj ET Q BT /F4 9.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 234.75 Td (CER) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 90.84 234.75 Td (T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 95.67 234.75 Td (AIN NON-GAAP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.84 234.75 Td ( FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 210.19 234.75 Td ( MEASURES\)) 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 266.20 234.75 Td ( section for additional information on this measure.) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 204.673828125 664.3986328125 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 666.30 Td (NINE MONTHS ENDED ) Tj ET Q BT /F2 12.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 204.673828125 664.3986328125 m 329.396484375 664.3986328125 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 204.67 666.30 Td (SEPTEMBER30, 2019) Tj ET Q BT /F2 12.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 329.396484375 664.3986328125 m 512.291015625 664.3986328125 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 329.40 666.30 Td ( COMP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 367.84 666.30 Td (ARED T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 412.29 666.30 Td (O NINE MONTHS ) Tj ET Q BT /F2 12.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 649.9986328125 m 117.33984375 649.9986328125 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 651.90 Td (ENDED ) Tj ET Q BT /F2 12.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 117.33984375 649.9986328125 m 242.0625 649.9986328125 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 117.34 651.90 Td (SEPTEMBER30, 2018) Tj ET Q BT /F2 12.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 242.06 651.90 Td ( ) Tj ET Q BT /F2 12.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 621.90 Td (CONSOLIDA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 143.11 621.90 Td (TED OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 212.23 621.90 Td (TING RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 284.00 621.90 Td (TS) 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 299.34 621.90 Td ( ) Tj ET Q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 599.40 203.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 275.50 599.40 122.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 397.50 599.40 66.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 463.50 599.40 66.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 72.50 578.40 203.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 275.50 578.40 39.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 314.50 578.40 23.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 337.50 578.40 39.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 376.50 578.40 21.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 397.50 578.40 33.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 430.50 578.40 33.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 463.50 578.40 33.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 496.50 578.40 33.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 275.50 552.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 552.40 23.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 275.50 540.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 540.40 23.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 275.50 528.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 528.40 23.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 275.50 516.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 516.40 23.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 275.50 504.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 504.40 23.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 275.50 492.40 39.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 492.40 23.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 275.50 478.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 478.40 23.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 275.50 466.40 39.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 466.40 23.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 275.50 448.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 448.40 23.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 275.50 436.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 436.40 23.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 275.50 424.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 424.40 23.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 275.50 412.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 412.40 23.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 275.50 400.40 39.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 400.40 23.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 275.50 386.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 386.40 23.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 275.50 374.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 374.40 23.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 275.50 362.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 362.40 23.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 275.50 350.40 39.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 350.40 23.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 275.50 332.40 39.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 332.40 23.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 275.50 314.40 39.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 314.40 23.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 275.50 296.40 39.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 296.40 23.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 275.50 278.40 39.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 278.40 23.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 275.50 260.40 39.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 260.40 23.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 275.50 242.40 39.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 242.40 23.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 275.50 224.40 39.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 314.50 224.40 23.00 -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 72.5 528.4 m 275.5 528.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 275.5 528.4 m 314.5 528.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 528.4 m 337.5 528.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 528.4 m 376.5 528.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 376.5 528.4 m 397.5 528.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 528.4 m 430.5 528.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 528.4 m 463.5 528.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 463.5 528.4 m 496.5 528.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 528.4 m 529.5 528.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 275.5 504.4 m 314.5 504.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 504.4 m 337.5 504.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 504.4 m 376.5 504.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 463.5 504.4 m 496.5 504.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 504.4 m 275.5 504.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 275.5 504.4 m 314.5 504.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 504.4 m 337.5 504.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 504.4 m 376.5 504.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 376.5 504.4 m 397.5 504.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 504.4 m 430.5 504.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 504.4 m 463.5 504.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 463.5 504.4 m 496.5 504.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 504.4 m 529.5 504.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 478.4 m 275.5 478.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 275.5 478.4 m 314.5 478.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 478.4 m 337.5 478.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 478.4 m 376.5 478.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 376.5 478.4 m 397.5 478.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 478.4 m 430.5 478.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 478.4 m 463.5 478.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 463.5 478.4 m 496.5 478.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 478.4 m 529.5 478.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 275.5 424.4 m 314.5 424.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 424.4 m 337.5 424.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 424.4 m 376.5 424.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 463.5 424.4 m 496.5 424.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 424.4 m 275.5 424.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 412.4 m 275.5 412.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 275.5 424.4 m 314.5 424.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 275.5 412.4 m 314.5 412.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 424.4 m 337.5 424.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 412.4 m 337.5 412.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 424.4 m 376.5 424.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 412.4 m 376.5 412.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 376.5 424.4 m 397.5 424.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 376.5 412.4 m 397.5 412.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 424.4 m 430.5 424.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 412.4 m 430.5 412.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 424.4 m 463.5 424.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 412.4 m 463.5 412.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 463.5 424.4 m 496.5 424.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 463.5 412.4 m 496.5 412.4 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 424.4 m 529.5 424.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 412.4 m 529.5 412.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 412.4 m 463.5 412.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 400.4 m 463.5 400.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 400.4 m 275.5 400.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 275.5 400.4 m 314.5 400.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 400.4 m 337.5 400.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 400.4 m 376.5 400.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 376.5 400.4 m 397.5 400.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 400.4 m 430.5 400.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 400.4 m 463.5 400.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 463.5 400.4 m 496.5 400.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 400.4 m 529.5 400.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 374.4 m 529.5 374.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 374.4 m 275.5 374.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 275.5 374.4 m 314.5 374.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 374.4 m 337.5 374.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 374.4 m 376.5 374.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 376.5 374.4 m 397.5 374.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 374.4 m 430.5 374.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 374.4 m 463.5 374.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 463.5 374.4 m 496.5 374.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 374.4 m 529.5 374.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 350.4 m 275.5 350.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 275.5 350.4 m 314.5 350.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 350.4 m 337.5 350.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 350.4 m 376.5 350.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 376.5 350.4 m 397.5 350.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 350.4 m 430.5 350.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 350.4 m 463.5 350.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 463.5 350.4 m 496.5 350.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 350.4 m 529.5 350.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 275.5 350.4 m 314.5 350.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 350.4 m 376.5 350.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 350.4 m 463.5 350.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 278.4 m 275.5 278.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 275.5 278.4 m 314.5 278.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 278.4 m 337.5 278.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 278.4 m 376.5 278.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 376.5 278.4 m 397.5 278.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 278.4 m 430.5 278.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 278.4 m 463.5 278.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 463.5 278.4 m 496.5 278.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 278.4 m 529.5 278.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 224.39999999999998 m 275.5 224.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 275.5 224.39999999999998 m 314.5 224.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 224.39999999999998 m 337.5 224.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 224.39999999999998 m 376.5 224.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 376.5 224.39999999999998 m 397.5 224.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 224.39999999999998 m 430.5 224.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 224.39999999999998 m 463.5 224.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 463.5 224.39999999999998 m 496.5 224.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 224.39999999999998 m 529.5 224.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 212.39999999999998 m 275.5 212.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 275.5 212.39999999999998 m 314.5 212.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 212.39999999999998 m 337.5 212.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 224.39999999999998 m 376.5 224.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 337.5 212.39999999999998 m 376.5 212.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 376.5 212.39999999999998 m 397.5 212.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 397.5 212.39999999999998 m 430.5 212.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 212.39999999999998 m 463.5 212.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 463.5 212.39999999999998 m 496.5 212.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 212.39999999999998 m 529.5 212.39999999999998 l s BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 281.30 592.20 109.34 -6.57 re f /GS0 gs q 1 1 1 rg BT 281.30 587.10 Td (Nine Months Ended September 30,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 416.40 587.10 Td (V) Tj ET Q q 1 1 1 rg BT 420.55 587.10 Td (ariance) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 468.05 587.10 Td (V) Tj ET Q q 1 1 1 rg BT 472.20 587.10 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 513.05 590.44 Td (\(b\)\(c\)) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 75.00 568.18 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 286.70 568.40 Td (2019) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 348.70 568.40 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 411.55 568.40 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 443.35 568.40 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 477.55 568.40 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 509.35 568.40 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 75.00 544.40 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.65 544.40 Td (9.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 353.75 544.40 Td (1) Tj ET Q q 0 0 0 rg BT 357.64 544.40 Td (1.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 415.50 544.60 Td (\(2.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.65 544.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.90 544.60 Td (\(21.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.90 544.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 481.50 544.60 Td (\(2.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.65 544.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 544.60 Td (\(24.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.65 544.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 532.40 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.75 532.40 Td (89.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 349.80 532.40 Td (1) Tj ET Q q 0 0 0 rg BT 353.69 532.40 Td (18.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 411.65 532.60 Td (\(28.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.65 532.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.90 532.60 Td (\(24.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.90 532.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 477.65 532.60 Td (\(28.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.65 532.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 532.60 Td (\(24.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.65 532.60 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 520.40 Td (T) Tj ET Q q 0 0 0 rg BT 78.76 520.40 Td (otal revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.75 520.40 Td (99.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 349.80 520.40 Td (130.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 411.65 520.60 Td (\(31.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.65 520.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.90 520.60 Td (\(24.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.90 520.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 477.65 520.60 Td (\(31.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.65 520.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 520.60 Td (\(24.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.65 520.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 508.40 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.65 508.40 Td (6.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 353.75 508.40 Td (14.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 415.50 508.60 Td (\(7.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.65 508.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.90 508.60 Td (\(54.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.90 508.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 481.50 508.60 Td (\(7.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.65 508.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 508.60 Td (\(55.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.65 508.60 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 496.40 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.75 496.40 Td (92.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 349.80 496.40 Td (1) Tj ET Q q 0 0 0 rg BT 353.69 496.40 Td (16.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 411.65 496.60 Td (\(23.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.65 496.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.90 496.60 Td (\(20.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.90 496.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 477.65 496.60 Td (\(23.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.65 496.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 496.60 Td (\(20.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.65 496.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 482.40 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 169.94 485.74 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.65 482.40 Td (3.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 353.75 482.40 Td (12.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 415.50 483.60 Td (\(9.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.65 483.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.90 483.60 Td (\(75.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.90 483.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 481.50 483.60 Td (\(9.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.65 483.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 483.60 Td (\(75.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.65 483.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 470.40 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.75 470.40 Td (89.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 349.80 470.40 Td (103.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 411.65 470.60 Td (\(14.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.65 470.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.90 470.60 Td (\(13.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.90 470.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 477.65 470.60 Td (\(14.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.65 470.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 470.60 Td (\(13.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.65 470.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 458.80 Td (Operating expenses before share-based compensation and) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 84.00 451.80 Td (other performance awards and impairment charges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 287.85 452.40 Td (140.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 349.80 452.40 Td (164.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 411.65 452.40 Td (\(23.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.65 452.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.90 452.40 Td (\(14.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.90 452.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 477.65 452.40 Td (\(22.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.65 452.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 452.40 Td (\(13.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.65 452.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 440.40 Td ( Share-based compensation and other performance awards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.65 440.40 Td (1.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 357.65 440.40 Td (2.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 415.50 440.60 Td (\(0.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.65 440.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 437.35 440.60 Td (\(34.6\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 481.50 440.60 Td (\(0.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.65 440.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 503.35 440.60 Td (\(30.8\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 428.40 Td ( Impairment charges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.40 428.40 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 357.65 428.40 Td (8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 415.50 428.60 Td (\(8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.65 428.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.75 428.60 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 481.50 428.60 Td (\(8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.65 428.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.75 428.60 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 416.40 Td (T) Tj ET Q q 0 0 0 rg BT 78.89 416.40 Td (otal operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 287.85 416.40 Td (142.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 349.80 416.40 Td (174.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 411.65 416.60 Td (\(32.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.65 416.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.90 416.60 Td (\(18.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 450.90 416.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 477.65 416.60 Td (\(31.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.65 416.60 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 504.65 416.60 Td (\(18.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.65 416.60 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 404.40 Td (Operating loss from continuing operations) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 289.40 404.40 Td (\(52.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 305.40 404.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 351.40 404.40 Td (\(71.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 367.40 404.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 414.00 404.60 Td (18.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 437.25 404.60 Td (25.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 480.00 404.60 Td (17.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 507.00 404.60 Td (24.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 390.40 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 132.69 390.40 Td ( from continuing operations ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 227.57 393.74 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 289.40 390.40 Td (\(18.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 305.40 390.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 351.40 390.40 Td (\(36.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 367.40 390.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 414.00 391.60 Td (18.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 437.25 391.60 Td (49.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 480.00 391.60 Td (17.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 507.00 391.60 Td (47.3) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 378.18 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 127.46 378.18 Td ( as a % of T) Tj ET Q q 0 0 0 rg BT 158.93 378.18 Td (otal Revenue) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 291.70 378.18 Td (\(18.5) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 306.65 378.18 Td (\)%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 353.70 378.18 Td (\(27.9) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 368.65 378.18 Td (\)%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 422.30 379.53 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 442.55 379.53 Td (9.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 450.90 379.53 Td ( pp) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 488.30 379.53 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 512.30 379.53 Td (8.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 520.65 379.53 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 75 365.40576171875 m 166.83056640625 365.40576171875 l s q 0 0 0 rg BT 75.00 366.40 Td (Included in ) Tj ET Q q 0 0 0 rg BT 110.42 366.40 Td (Adjusted EBITDA:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 354.40 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.75 354.40 Td (31.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 353.75 354.40 Td (14.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 414.00 354.80 Td (17.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.75 354.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.55 354.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.75 354.80 Td (**) Tj ET Q BT /F2 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 75.00 342.80 Td (Including continuing and discontinued operations, unless) Tj ET Q BT /F2 7.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 84.00 335.80 Td (otherwise noted) 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 75.00 324.80 Td (Net earnings \(loss\) attributable to equity holders of the) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 84.00 317.80 Td (Corporation) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 282.00 318.40 Td (1,107.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 317.00 321.88 Td (\(d\)\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 353.75 318.40 Td (54.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 379.00 324.88 Td (\(d\)\(f\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 379.00 318.88 Td (\(g\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 404.25 318.40 Td (1,053.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.75 318.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.55 318.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.75 318.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.00 306.80 Td (Net earnings \(loss\) attributable to equity holders of the) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 90.00 299.80 Td (Corporation - Continuing operations) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.75 300.40 Td (38.0) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 317.00 303.88 Td (\(d\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 351.40 300.40 Td (\(17.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 367.40 300.40 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 379.00 303.88 Td (\(d\)\(f\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 414.00 300.40 Td (55.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.75 300.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.55 300.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.75 300.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.00 288.80 Td (Net earnings \(loss\) attributable to equity holders of the) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 90.00 281.80 Td (Corporation - Discontinued operations) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 282.00 282.40 Td (1,069.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 317.00 285.88 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 353.75 282.40 Td (71.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 379.00 285.88 Td (\(g\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 410.05 288.80 Td (998.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.75 288.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.55 282.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.75 282.40 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 264.40 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 204.14 267.74 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.55 264.40 Td (\(106.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 305.40 264.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 353.75 264.40 Td (97.9) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 379.00 267.88 Td (\(h\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 407.75 264.40 Td (\(204.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.65 264.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.75 264.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.55 264.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.75 264.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.00 252.80 Td (Free Cash Flow before Dividends Paid - Continuing ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 90.00 245.80 Td (operations ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 124.63 249.14 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 289.40 246.40 Td (\(79.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 305.40 246.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 351.40 246.40 Td (\(76.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 367.40 246.40 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 379.00 249.88 Td (\(h\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 415.50 246.40 Td (\(3.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.65 246.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 439.30 246.40 Td (\(3.9\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.55 246.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.75 246.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 81.00 234.80 Td (Free Cash Flow before Dividends Paid - Discontinued ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 90.00 227.80 Td (operations ) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.55 Tf ET q 0 0 0 rg BT 124.63 231.14 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 289.40 228.40 Td (\(27.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 305.40 228.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 349.80 228.40 Td (174.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 407.75 228.40 Td (\(201.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.65 228.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.75 228.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.55 228.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.75 228.40 Td (**) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 216.40 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 128.68 219.74 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 285.55 216.40 Td (\(180.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 305.40 216.40 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 353.75 216.40 Td (97.9) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 379.00 216.88 Td (\(h\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 407.75 216.80 Td (\(278.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 427.65 216.80 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.75 216.80 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 487.55 216.40 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 509.75 216.40 Td (**) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 99.00 194.90 Td ( ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 108.00 194.90 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 194.27 194.90 Td (Notations to Financial T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 277.57 194.90 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 296.70 194.90 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 515.09 194.90 Td (60) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 523.98 194.90 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 169.40 Td (A) Tj ET Q q 0 0 0 rg BT 77.51 169.40 Td ( discussion of ) Tj ET Q q 0 0 0 rg BT 134.04 169.40 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 72.00 155.90 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 212.07 155.90 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 332.64 155.90 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 133.40 Td (Aimia's ability to generate Revenue is a function of the underlying behaviour of loyalty services clients and coalition ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 119.90 Td (partners, which are af) Tj ET Q q 0 0 0 rg BT 158.38 119.90 Td (fected by the general economic conditions present in the countries in which the loyalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 106.40 Td (programs are operated and the services are rendered. ) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 668.45 Td (T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 77.16 668.45 Td (otal Revenue) 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 133.18 668.45 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 135.68 668.45 Td (generated for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.73 668.45 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.29 668.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 285.79 668.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 367.35 668.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.38 668.45 Td ($99.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.91 668.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.91 668.45 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.44 668.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td ($31.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 654.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.53 654.95 Td (24.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.05 654.95 Td (. On a constant currency basis, total revenue ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.15 654.95 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.17 654.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.68 654.95 Td ($31.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.21 654.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.21 654.95 Td (24.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.73 654.95 Td ( primarily ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (attributable to lost clients, reduced existing client spend, lower one-time projects fees and reduced yield in the ) Tj ET Q q 0 0 0 rg BT 509.75 641.45 Td (Air ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.95 Td (Miles Middle East coalition program, of) Tj ET Q q 0 0 0 rg BT 226.40 627.95 Td (fset in part by an increase in revenue from new clients.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 605.45 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 217.03 605.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.07 605.45 Td ($6.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.59 605.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.10 605.45 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.66 605.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.16 605.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.72 605.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.72 605.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.95 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.02 591.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 121.53 591.95 Td ($7.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 167.05 591.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 180.06 591.95 Td (54.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 205.58 591.95 Td (. On a constant currency basis, cost of rewards and direct costs ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.19 591.95 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.22 591.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.72 591.95 Td ($7.9 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 578.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 578.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 578.45 Td (55.6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.03 578.45 Td ( and is mostly attributable to lower 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 555.95 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 159.03 555.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.07 555.95 Td ($142.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.60 555.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 300.12 555.95 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.67 555.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.17 555.95 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.73 555.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.73 555.95 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.26 555.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 542.45 Td ($32.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 542.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.53 542.45 Td (18.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.05 542.45 Td (. On a constant currency basis, operating expenses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.67 542.45 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.70 542.45 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.20 542.45 Td ($31.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.73 542.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.73 542.45 Td (18.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.25 542.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 528.95 Td (including a $8.0 million impairment charge associated with the ISS business in the nine months ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.23 528.95 Td (September30, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 515.45 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.02 515.45 Td (, higher severances of $3.3 million, a $2.7 million gain on a sublease of of) Tj ET Q q 0 0 0 rg BT 384.53 515.45 Td (fice space and platform development ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 501.95 Td (expenses of $5.8 million in the Loyalty Solutions division which are now being expensed in 2019 versus capitalized in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 488.45 Td (2018. Excluding these items, operating expenses decreased by $30.0 million, mostly explained by operational ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 474.95 Td (ef) Tj ET Q q 0 0 0 rg BT 79.34 474.95 Td (ficiencies due to reduced headcount along with lower employee-related expenses and share-based compensation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 461.45 Td (and other performance awards and lower rent expense as a result of the adoption of IFRS 16, partially of) Tj ET Q q 0 0 0 rg BT 488.07 461.45 Td (fset by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 447.95 Td (information technology decoupling and other transition costs as well as higher professional and advisory fees.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 425.45 Td (Depreciation and ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 147.18 425.45 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 202.18 425.45 Td (, including amortization of ) Tj ET Q q 0 0 0 rg BT 306.24 425.45 Td (Accumulation Partners' contracts, customer relationships ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 410.45 Td (and technology) Tj ET Q q 0 0 0 rg BT 132.38 410.45 Td (, amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.92 410.45 Td ($3.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.44 410.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.96 410.45 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.51 410.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.01 410.45 Td (September30, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.57 410.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.57 410.45 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.10 410.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.61 410.45 Td ($9.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.13 410.45 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 396.95 Td (On a constant currency basis, depreciation and amortization, including amortization of ) Tj ET Q q 0 0 0 rg BT 415.69 396.95 Td (Accumulation Partners' ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 383.45 Td (contracts, customer relationships and technology) Tj ET Q q 0 0 0 rg BT 266.44 383.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.44 383.45 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.47 383.45 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.97 383.45 Td ($9.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.50 383.45 Td (, due mostly to a lower asset base as a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 369.95 Td (result of the impairment of technology assets of the ISS business in 2018. ) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 347.45 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 178.01 347.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.05 347.45 Td ($\(52.8\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.57 347.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.09 347.45 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.65 347.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.15 347.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.70 347.45 Td (, an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 333.95 Td (improvement of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.52 333.95 Td ($18.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 187.05 333.95 Td (. On a constant currency basis, operating loss decreased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.68 333.95 Td ($17.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.21 333.95 Td (, a direct result ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 320.45 Td (of the factors described above.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 297.95 Td (Adjusted EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 146.50 297.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.54 297.95 Td ($\(18.3\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.06 297.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.58 297.95 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.13 297.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 367.63 297.95 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.19 297.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.19 297.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.72 297.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.23 297.95 Td ($18.1 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 284.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 284.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 284.45 Td (49.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.03 284.45 Td (. On a constant currency basis, ) Tj ET Q q 0 0 0 rg BT 262.09 284.45 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 331.62 284.45 Td ( improved by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.65 284.45 Td ($17.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.17 284.45 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.18 284.45 Td (47.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.70 284.45 Td (, mainly ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 270.95 Td (explained by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 125.04 270.95 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 171.57 270.95 Td ( in distributions from equity-accounted investments of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.17 270.95 Td ($17.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.70 270.95 Td (, which included an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 257.45 Td (exceptional distribution from PLM in the current period, of) Tj ET Q q 0 0 0 rg BT 299.95 257.45 Td (fset in part by 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 234.95 Td (Net Financial Income) 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 162.02 234.95 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 164.52 234.95 Td (for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 192.54 234.95 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.09 234.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.60 234.95 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.15 234.95 Td ( consists primarily of the net fair value gain of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 221.45 Td ($84.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 221.45 Td ( on investments in equity instruments, interest revenue of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.64 221.45 Td ($6.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.17 221.45 Td ( earned on cash and cash ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 207.95 Td (equivalents, short-term investments on deposit and long-term investments in bonds. ) Tj ET Q q 0 0 0 rg BT 408.01 207.95 Td (These financial income were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 194.45 Td (of) Tj ET Q q 0 0 0 rg BT 79.34 194.45 Td (fset in part by interest expense of $4.9 million on long-term debt, including an early redemption premium of $2.8 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 179.45 Td (million related to the Senior Secured Notes Series 4, and other net financial expenses of $0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.23 179.45 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 155.45 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 157.01 155.45 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 159.79 155.45 Td (for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 187.81 155.45 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.36 155.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 266.86 155.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.42 155.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.44 155.45 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.46 155.45 Td ( include the ef) Tj ET Q q 0 0 0 rg BT 444.34 155.45 Td (fect of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.35 155.45 Td ($\(15.0\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.87 155.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 141.95 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.52 141.95 Td ($\(1.8\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.03 141.95 Td ( of current income tax \(expenses\), respectively) Tj ET Q q 0 0 0 rg BT 326.44 141.95 Td (, as well as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.46 141.95 Td ($0.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.98 141.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.00 141.95 Td ($\(1.6\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.52 141.95 Td ( of deferred ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 128.45 Td (income tax recoveries \(expenses\), respectively) Tj ET Q q 0 0 0 rg BT 258.41 128.45 Td (. Net earnings \(loss\) for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.45 128.45 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.01 128.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.51 128.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.07 128.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 114.95 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.52 114.95 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.54 114.95 Td ( also include the share of net earnings \(loss\) of equity-accounted investments of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.22 114.95 Td ($19.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.74 114.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.76 114.95 Td ($23.0 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 101.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 101.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 149.36 101.45 Td (, the gain \(loss\) on disposal of businesses and other assets of nil and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.02 101.45 Td ($\(5.3\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.54 101.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 530.39 101.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 87.95 Td (and net earnings \(loss\) from discontinued operations of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.13 87.95 Td ($1,069.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.17 87.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.18 87.95 Td ($71.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.71 87.95 Td (, respectively) Tj ET Q q 0 0 0 rg BT 479.56 87.95 Td (. ) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 (Current income taxes are primarily attributed to our Canadian operations.Consistent with the prior year) Tj ET Q q 0 0 0 rg BT 481.70 668.45 Td (, deferred ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 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 72.00 641.45 Td (Consequently) Tj ET Q q 0 0 0 rg BT 126.37 641.45 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 72.00 627.95 Td (Canadian operations, was not increased by deferred income tax recoveries in our foreign operations. ) Tj ET Q q 0 0 0 rg BT 475.07 627.95 Td (The above ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 614.45 Td (results in a distorted ef) Tj ET Q q 0 0 0 rg BT 162.38 614.45 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 591.95 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 236.54 591.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.06 591.95 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.61 591.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.11 591.95 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.67 591.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.71 591.95 Td ($\(106.8\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 578.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 578.45 Td ( compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.53 578.45 Td ($97.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 203.06 578.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.58 578.45 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.14 578.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.64 578.45 Td (September30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.19 578.45 Td (, an unfavourable variance of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 564.95 Td ($204.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.53 564.95 Td (, which included an unfavourable variance of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.65 564.95 Td ($201.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.18 564.95 Td ( from discontinued operations. Free Cash ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 551.45 Td (Flow before dividends paid from continuing operations for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.14 551.45 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.70 551.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.20 551.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.76 551.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 537.95 Td ($\(79.1\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 128.52 537.95 Td (, an unfavourable variance of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.10 537.95 Td ($3.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 292.62 537.95 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 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 ($9.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.12 515.45 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 /I10 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 revenue of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.57 501.95 Td ($31.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 296.09 501.95 Td (;) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 486.51 cm /I11 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 (a $25.6 million unfavourable variance in the change in net operating assets, which included a $24.0 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 474.95 Td (million one-time payment to the main coalition partner of ) Tj ET Q q 0 0 0 rg BT 369.62 474.95 Td (Air Miles Middle East, representing the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 461.45 Td (Future Redemption Cost liability of the outstanding Loyalty Units relating to this coalition partner ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 447.95 Td (related to a change in contract terms; and) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 432.51 cm /I12 Do Q q 0 0 0 rg BT 129.00 434.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.00 434.45 Td (a $3.6 million increase in income taxes paid; of) Tj ET Q q 0 0 0 rg BT 330.44 434.45 Td (fset in part by) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 419.01 cm /I13 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 operating expenses of $20.8 million, before certain non-cash impacting items;) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 405.51 cm /I14 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 (higher distributions from equity-accounted investments of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.12 407.45 Td ($17.2 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.64 407.45 Td (;) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 392.01 cm /I15 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 (lower cost of rewards and direct costs of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.07 393.95 Td ($7.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.59 393.95 Td (; and) Tj ET Q BT /F3 9.00 Tf ET /GS0 gs q 3.00 0 0 9.18 126.00 378.51 cm /I16 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 $4.8 million decrease in net interest paid.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 353.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 353.45 Td (lower capital expenditures of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.56 353.45 Td (7.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.08 353.45 Td (, mostly due to previously capitalized costs which are now expensed ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 339.95 Td (in 2019 as a result of impairment charges recorded in 2018 in the Loyalty Solutions division;) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 326.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 326.45 Td (payments in principal of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 205.05 326.45 Td ($1.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 250.57 326.45 Td ( related to leases in 2019. For 2018, payments in principal related to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 312.95 Td (leases were included in cash from operating activities. ) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 285.95 Td (Free Cash Flow) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 138.52 285.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.03 285.95 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.59 285.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 248.09 285.95 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.65 285.95 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.68 285.95 Td ($\(180.7\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.21 285.95 Td ( compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.24 285.95 Td ($97.9 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 272.45 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 272.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 128.02 272.45 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 204.58 272.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 207.08 272.45 Td (September30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.64 272.45 Td (. ) Tj ET Q q 0 0 0 rg BT 293.48 272.45 Td (The unfavourable variance of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.55 272.45 Td ($278.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.08 272.45 Td ( is a result of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 258.95 Td (factors described above in Free Cash Flow before dividends paid, and to an increase in dividends paid on common ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 245.45 Td (shares and preferred shares of $73.9 million, which included dividends originally declared on May 10, 2017 to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 231.95 Td (common and preferred shareholders amounting to $34.7 million and cumulative preferred dividends amounting to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 218.45 Td ($26.0 million at December 31, 2018.) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 195.95 Td (Adjusted EBITDA, Free Cash Flow Before Dividends Paid and) Tj ET Q BT /F3 9.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 319.62 195.95 Td ( ) Tj ET Q BT /F4 9.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 322.12 195.95 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 385.64 195.95 Td ( are non-GAAP) Tj ET Q q 0 0 0 rg BT 446.51 195.95 Td ( measures. Please ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 182.45 Td (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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 118.02 182.45 Td (PERFORMANCE INDICA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 220.36 182.45 Td (T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 225.70 182.45 Td (ORS \(INCLUDING CER) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 321.54 182.45 Td (T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 326.37 182.45 Td (AIN NON-GAAP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 391.55 182.45 Td ( FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 440.89 182.45 Td ( MEASURES\)) 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 496.90 182.45 Td ( section ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 168.95 Td (for additional information on these measures.) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 666.30 Td (SEGMENTED OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 193.13 666.30 Td (TING RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 606.21552734375 m 177.9375 606.21552734375 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 607.80 Td (LOY) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 91.64 607.80 Td (AL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 104.23 607.80 Td (TY) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 116.82 607.80 Td ( SOLUTIONS) Tj ET Q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 585.30 222.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 294.50 585.30 118.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 412.50 585.30 64.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 476.50 585.30 64.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 72.50 564.30 222.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 294.50 564.30 42.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 336.50 564.30 17.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 353.50 564.30 42.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 395.50 564.30 17.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 412.50 564.30 32.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 444.50 564.30 32.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 476.50 564.30 32.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 508.50 564.30 32.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 535.30 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 535.30 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 523.30 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 523.30 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 511.30 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 511.30 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 499.30 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 499.30 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 487.30 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 487.30 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 475.30 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 475.30 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 463.30 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 463.30 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 451.30 42.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 451.30 17.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 433.30 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 433.30 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 421.30 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 421.30 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 409.30 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 409.30 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 397.30 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 397.30 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 385.30 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 385.30 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 373.30 42.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 373.30 17.00 -11.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 362.30 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 362.30 17.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 294.50 350.30 42.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 336.50 350.30 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 72.5 511.3 m 294.5 511.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 511.3 m 336.5 511.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 336.5 511.3 m 353.5 511.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 511.3 m 395.5 511.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 395.5 511.3 m 412.5 511.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 511.3 m 444.5 511.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 511.3 m 476.5 511.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 511.3 m 508.5 511.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 511.3 m 540.5 511.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 487.3 m 336.5 487.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 336.5 487.3 m 353.5 487.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 487.3 m 395.5 487.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 487.3 m 508.5 487.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 487.3 m 294.5 487.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 487.3 m 336.5 487.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 336.5 487.3 m 353.5 487.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 487.3 m 395.5 487.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 395.5 487.3 m 412.5 487.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 487.3 m 444.5 487.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 487.3 m 476.5 487.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 487.3 m 508.5 487.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 487.3 m 540.5 487.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 463.3 m 294.5 463.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 463.3 m 336.5 463.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 336.5 463.3 m 353.5 463.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 463.3 m 395.5 463.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 395.5 463.3 m 412.5 463.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 463.3 m 444.5 463.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 463.3 m 476.5 463.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 463.3 m 508.5 463.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 463.3 m 540.5 463.3 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 409.3 m 294.5 409.3 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 409.3 m 336.5 409.3 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 336.5 409.3 m 353.5 409.3 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 409.3 m 395.5 409.3 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 395.5 409.3 m 412.5 409.3 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 409.3 m 444.5 409.3 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 409.3 m 476.5 409.3 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 409.3 m 508.5 409.3 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 409.3 m 540.5 409.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 397.3 m 294.5 397.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 397.3 m 336.5 397.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 336.5 397.3 m 353.5 397.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 397.3 m 395.5 397.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 395.5 397.3 m 412.5 397.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 397.3 m 444.5 397.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 397.3 m 476.5 397.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 397.3 m 508.5 397.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 397.3 m 540.5 397.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 397.3 m 476.5 397.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 385.3 m 476.5 385.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 385.3 m 294.5 385.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 385.3 m 336.5 385.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 336.5 385.3 m 353.5 385.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 385.3 m 395.5 385.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 395.5 385.3 m 412.5 385.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 385.3 m 444.5 385.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 385.3 m 476.5 385.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 385.3 m 508.5 385.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 385.3 m 540.5 385.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 362.3 m 294.5 362.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 362.3 m 336.5 362.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 336.5 362.3 m 353.5 362.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 362.3 m 395.5 362.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 395.5 362.3 m 412.5 362.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 362.3 m 444.5 362.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 362.3 m 476.5 362.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 362.3 m 508.5 362.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 362.3 m 540.5 362.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 338.3 m 294.5 338.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 294.5 338.3 m 336.5 338.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 336.5 338.3 m 353.5 338.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 338.3 m 395.5 338.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 395.5 338.3 m 412.5 338.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 412.5 338.3 m 444.5 338.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 444.5 338.3 m 476.5 338.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 338.3 m 508.5 338.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 338.3 m 540.5 338.3 l s BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 298.30 578.10 109.34 -6.57 re f /GS0 gs q 1 1 1 rg BT 298.30 573.00 Td (Nine Months Ended September 30,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 430.40 573.00 Td (V) Tj ET Q q 1 1 1 rg BT 434.55 573.00 Td (ariance) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 480.05 573.00 Td (V) Tj ET Q q 1 1 1 rg BT 484.20 573.00 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 525.05 576.34 Td (\(b\)\(c\)) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 75.00 554.08 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 307.20 554.30 Td (2019) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 366.20 554.30 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 426.05 554.30 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 456.85 554.30 Td (%) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 490.05 554.30 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 520.85 554.30 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 75.00 527.30 Td (Revenue from Loyalty Units) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 317.65 527.30 Td (9.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 372.75 527.30 Td (1) Tj ET Q q 0 0 0 rg BT 376.64 527.30 Td (1.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 527.30 Td (\(2.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 527.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 527.30 Td (\(21.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 527.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 527.35 Td (\(2.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 527.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 527.30 Td (\(24.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 527.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 515.30 Td (Revenue from Loyalty Services and Other) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 313.75 515.30 Td (89.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 368.80 515.30 Td (1) Tj ET Q q 0 0 0 rg BT 372.69 515.30 Td (18.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 515.30 Td (\(28.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 515.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 515.30 Td (\(24.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 515.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 515.30 Td (\(28.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 515.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 515.30 Td (\(24.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 515.30 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 503.30 Td (T) Tj ET Q q 0 0 0 rg BT 78.76 503.30 Td (otal revenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 313.75 503.30 Td (99.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 368.80 503.30 Td (130.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 503.30 Td (\(31.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 503.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 503.30 Td (\(24.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 503.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 503.30 Td (\(31.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 503.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 503.30 Td (\(24.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 503.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 491.30 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 317.65 491.30 Td (6.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 372.75 491.30 Td (14.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 491.30 Td (\(7.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 491.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 491.30 Td (\(54.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 491.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 491.35 Td (\(7.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 491.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 491.30 Td (\(55.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 491.30 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 479.30 Td (Gross margin before depreciation and amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 313.75 479.30 Td (92.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 368.80 479.30 Td (1) Tj ET Q q 0 0 0 rg BT 372.69 479.30 Td (16.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 479.30 Td (\(23.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 479.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 479.30 Td (\(20.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 479.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 479.30 Td (\(23.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 479.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 479.30 Td (\(20.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 479.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 467.30 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 169.94 470.64 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 317.65 467.30 Td (3.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 372.75 467.30 Td (12.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 467.30 Td (\(9.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 467.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 467.30 Td (\(75.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 467.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 467.35 Td (\(9.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 467.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 467.30 Td (\(75.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 467.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 455.30 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 313.75 455.30 Td (89.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 368.80 455.30 Td (104.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 455.30 Td (\(14.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 455.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 455.30 Td (\(13.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 455.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 455.30 Td (\(14.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 455.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 455.30 Td (\(14.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 455.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 443.70 Td (Operating expenses before share-based compensation and other) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 84.00 436.70 Td (performance awards and impairment charges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 309.85 437.30 Td (1) Tj ET Q q 0 0 0 rg BT 313.74 437.30 Td (1) Tj ET Q q 0 0 0 rg BT 317.64 437.30 Td (1.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 368.80 437.30 Td (128.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 437.30 Td (\(17.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 437.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 437.30 Td (\(13.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 437.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 437.30 Td (\(16.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 437.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 437.30 Td (\(12.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 437.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 425.30 Td ( Share-based compensation and other performance awards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 317.65 425.30 Td (0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 376.65 425.30 Td (1.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 425.50 Td (\(1.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 425.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 425.50 Td (\(94.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 425.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 425.55 Td (\(1.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 425.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 425.30 Td (\(94.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 425.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 413.30 Td ( Impairment charges) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 320.40 413.30 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 376.65 413.30 Td (8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 413.50 Td (\(8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 413.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.35 413.50 Td ( **) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 413.55 Td (\(8.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 413.50 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 516.40 413.50 Td ( **) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 401.30 Td (T) Tj ET Q q 0 0 0 rg BT 78.89 401.30 Td (otal operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 309.85 401.30 Td (1) Tj ET Q q 0 0 0 rg BT 313.74 401.30 Td (1) Tj ET Q q 0 0 0 rg BT 317.64 401.30 Td (1.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 368.80 401.30 Td (138.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.65 401.30 Td (\(26.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 401.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 401.30 Td (\(19.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 401.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 489.65 401.30 Td (\(26.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 401.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 401.30 Td (\(18.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 401.30 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 389.30 Td (Operating loss) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 311.40 389.30 Td (\(22.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 327.40 389.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 370.40 389.30 Td (\(34.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 386.40 389.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 428.00 389.30 Td (12.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 452.00 389.30 Td (35.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 389.30 Td (1) Tj ET Q q 0 0 0 rg BT 495.89 389.30 Td (1.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 516.00 389.30 Td (33.4) 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 (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 311.40 377.30 Td (\(18.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 327.40 377.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 370.40 377.30 Td (\(13.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 386.40 377.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 429.50 377.30 Td (\(4.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.65 377.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 449.65 377.30 Td (\(34.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 465.65 377.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 377.35 Td (\(5.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 377.30 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 513.65 377.30 Td (\(40.7) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 529.65 377.30 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 81.00 366.08 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 127.46 366.08 Td ( as a % of T) Tj ET Q q 0 0 0 rg BT 158.93 366.08 Td (otal Revenue) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 313.70 366.08 Td (\(18.4) Tj ET Q BT /F5 6.00 Tf ET q 0 0 0 rg BT 328.65 366.08 Td (\)%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 372.70 366.08 Td (\(10.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 387.65 366.08 Td (\)%) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 436.30 366.08 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 455.30 366.08 Td (\(8.0) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 465.65 366.08 Td (\) pp) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 499.55 365.70 Td (**) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 519.30 366.08 Td (\(8.8) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 529.65 366.08 Td (\) 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 75 353.30576171875 m 166.83056640625 353.30576171875 l s q 0 0 0 rg BT 75.00 354.30 Td (Included in ) Tj ET Q q 0 0 0 rg BT 110.42 354.30 Td (Adjusted EBITDA:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 342.30 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 317.65 342.30 Td (0.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 376.65 342.30 Td (0.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 434.65 342.30 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.35 342.30 Td ( **) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.65 342.30 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 518.35 342.30 Td ( **) Tj ET Q BT /F1 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 99.00 320.80 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 185.27 320.80 Td (Notations to Financial T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 268.57 320.80 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 287.70 320.80 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 506.09 320.80 Td (60) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.98 320.80 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 293.80 Td (T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 77.16 293.80 Td (otal Revenue) 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 133.18 293.80 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 135.68 293.80 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.22 293.80 Td ($99.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.75 293.80 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.26 293.80 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.82 293.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.32 293.80 Td (September30, 2019) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 429.88 293.80 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.43 293.80 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.96 293.80 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.47 293.80 Td ($31.3 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 280.30 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 280.30 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 280.30 Td (24%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 128.52 280.30 Td (. On a constant currency basis, total revenue ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.62 280.30 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.65 280.30 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.15 280.30 Td ($31.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.68 280.30 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 429.68 280.30 Td (24.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.20 280.30 Td (, and is primarily ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 266.80 Td (explained by the following: ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 244.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 244.30 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.53 244.30 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.04 244.30 Td ($28.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 215.56 244.30 Td ( in revenue from Loyalty Services and Other explained primarily by lost clients, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 230.80 Td (reduced existing client spend and lower one-time projects fees, of) Tj ET Q q 0 0 0 rg BT 368.98 230.80 Td (fset in part by an increase in revenue from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 217.30 Td (new clients; and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 203.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 203.80 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.53 203.80 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.04 203.80 Td ($2.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.56 203.80 Td ( in revenue from Loyalty Units driven mostly by a lower yield and a revision of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 190.30 Td (estimate related to miles redemption associated with the 2016 vintage that expired during the nine months ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 176.80 Td (ended September 30, 2019.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 154.30 Td (Cost of Rewards and Direct Costs) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 217.03 154.30 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.07 154.30 Td ($6.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.59 154.30 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.10 154.30 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.66 154.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.16 154.30 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.72 154.30 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.72 154.30 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 140.80 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.02 140.80 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 121.53 140.80 Td ($7.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 167.05 140.80 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 180.06 140.80 Td (54.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 205.58 140.80 Td (. On a constant currency basis, cost of rewards and direct costs ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.19 140.80 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.22 140.80 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.72 140.80 Td ($7.9 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 127.30 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 127.30 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 127.30 Td (55.6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.03 127.30 Td (, and is mostly attributable to lower 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 103.30 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 159.03 103.30 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.07 103.30 Td ($1) Tj ET Q q 0 0 0 rg BT 223.41 103.30 Td (1) Tj ET Q q 0 0 0 rg BT 227.75 103.30 Td (1.7 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 268.26 103.30 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 298.78 103.30 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.34 103.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.84 103.30 Td (September30, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.40 103.30 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.40 103.30 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.93 103.30 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 89.80 Td ($26.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 89.80 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.53 89.80 Td (19.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.05 89.80 Td (. On a constant currency basis, operating expenses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.67 89.80 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.70 89.80 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.20 89.80 Td ($26.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.73 89.80 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.73 89.80 Td (18.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.25 89.80 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 76.30 Td (despite higher platform development expenses of $5.8 million in the ISS business which are now being expensed in ) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 (2019 versus capitalized in 2018. Excluding this item and the $8.0 million impairment charge associated with the ISS ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (business during the previous year) Tj ET Q q 0 0 0 rg BT 206.08 654.95 Td (, operating expenses decreased by $23.9 million, mostly explained by operational ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (ef) Tj ET Q q 0 0 0 rg BT 79.34 641.45 Td (ficiencies due mainly to lower headcount along with lower employee-related expenses and share-based ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.95 Td (compensation and other performance awards, reduced spend on information technology and operations, and lower ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 614.45 Td (rent expense as a result of the adoption of IFRS16. ) Tj ET Q q 0 0 0 rg BT 280.46 614.45 Td (The nine months ended September 30, 2019 also include a $2.7 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 600.95 Td (million gain on a sublease of of) Tj ET Q q 0 0 0 rg BT 195.42 600.95 Td (fice space.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 578.45 Td (Depreciation and ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 147.18 578.45 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 202.18 578.45 Td (, including amortization of ) Tj ET Q q 0 0 0 rg BT 306.24 578.45 Td (Accumulation Partners' contracts, customer relationships ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 564.95 Td (and technology) Tj ET Q q 0 0 0 rg BT 132.38 564.95 Td (, amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.92 564.95 Td ($3.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.44 564.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.96 564.95 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.51 564.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.01 564.95 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.57 564.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.57 564.95 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.10 564.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.61 564.95 Td ($9.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.13 564.95 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 551.45 Td (On a constant currency basis, depreciation and amortization, including amortization of ) Tj ET Q q 0 0 0 rg BT 415.69 551.45 Td (Accumulation Partners' ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 537.95 Td (contracts, customer relationships and technology) Tj ET Q q 0 0 0 rg BT 266.44 537.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.44 537.95 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.47 537.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.97 537.95 Td ($9.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.50 537.95 Td (, due mostly to a lower asset base as a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 524.45 Td (result of the impairment of technology assets of the ISS business in 2018.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 501.95 Td (Operating Income \(Loss\)) 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 178.01 501.95 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 180.51 501.95 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.05 501.95 Td ($\(22.1\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.57 501.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.09 501.95 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.65 501.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.15 501.95 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.70 501.95 Td (, an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 488.45 Td (improvement of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.52 488.45 Td ($12.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 187.05 488.45 Td (. On a constant currency basis, operating loss decreased by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.68 488.45 Td ($1) Tj ET Q q 0 0 0 rg BT 438.02 488.45 Td (1.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.54 488.45 Td (, a direct result ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 474.95 Td (of the factors described above. ) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 452.45 Td (Adjusted EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 146.50 452.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.54 452.45 Td ($\(18.2\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.06 452.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.58 452.45 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.13 452.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 367.63 452.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.19 452.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.19 452.45 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.72 452.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.23 452.45 Td ($4.7 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 438.95 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 438.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 438.95 Td (34.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.03 438.95 Td (. On a constant currency basis, ) Tj ET Q q 0 0 0 rg BT 262.09 438.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 331.62 438.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.13 438.95 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.15 438.95 Td ( by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.66 438.95 Td ($5.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.18 438.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.19 438.95 Td (40.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.71 438.95 Td (, mostly ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 425.45 Td (explained by lost clients and lower ongoing revenues for the existing client base, of) Tj ET Q q 0 0 0 rg BT 401.54 425.45 Td (fset in part by lower directs costs ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 411.95 Td (and lower operating expense.) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 389.45 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 142.03 389.45 Td ( is a non-GAAP) Tj ET Q q 0 0 0 rg BT 203.90 389.45 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 324.96 389.45 Td (PERFORMANCE INDICA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 427.30 389.45 Td (T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 432.63 389.45 Td (ORS \(INCLUDING ) Tj ET Q BT /F4 9.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 375.95 Td (CER) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 90.84 375.95 Td (T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 95.67 375.95 Td (AIN NON-GAAP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.84 375.95 Td ( FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 210.19 375.95 Td ( MEASURES\)) 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 266.20 375.95 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 341.36552734375 m 197 341.36552734375 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 342.95 Td (CORPORA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 122.37 342.95 Td (TE ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 137.56 342.95 Td (AND OTHER) Tj ET Q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 323.45 278.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 350.50 323.45 126.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 476.50 323.45 64.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 72.50 302.45 278.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 350.50 302.45 43.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 393.50 302.45 20.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 413.50 302.45 43.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 456.50 302.45 20.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 476.50 302.45 32.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 508.50 302.45 32.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 276.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 276.45 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 264.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 264.45 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 252.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 252.45 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 240.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 240.45 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 228.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 228.45 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 216.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 216.45 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 204.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 204.45 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 192.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 192.45 20.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 350.50 180.45 43.00 -12.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 393.50 180.45 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 72.5 264.45000000000005 m 350.5 264.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 350.5 264.45000000000005 m 393.5 264.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393.5 264.45000000000005 m 413.5 264.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 264.45000000000005 m 456.5 264.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 456.5 264.45000000000005 m 476.5 264.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 264.45000000000005 m 508.5 264.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 264.45000000000005 m 540.5 264.45000000000005 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 228.45000000000005 m 350.5 228.45000000000005 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 350.5 228.45000000000005 m 393.5 228.45000000000005 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393.5 228.45000000000005 m 413.5 228.45000000000005 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 228.45000000000005 m 456.5 228.45000000000005 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 456.5 228.45000000000005 m 476.5 228.45000000000005 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 228.45000000000005 m 508.5 228.45000000000005 l s 0.6 0.6 0.6 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 228.45000000000005 m 540.5 228.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 216.45000000000005 m 350.5 216.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 350.5 216.45000000000005 m 393.5 216.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393.5 216.45000000000005 m 413.5 216.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 216.45000000000005 m 456.5 216.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 456.5 216.45000000000005 m 476.5 216.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 216.45000000000005 m 508.5 216.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 216.45000000000005 m 540.5 216.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 204.45000000000005 m 350.5 204.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 192.45000000000005 m 350.5 192.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 350.5 204.45000000000005 m 393.5 204.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 350.5 192.45000000000005 m 393.5 192.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393.5 204.45000000000005 m 413.5 204.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393.5 192.45000000000005 m 413.5 192.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 204.45000000000005 m 456.5 204.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 192.45000000000005 m 456.5 192.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 456.5 204.45000000000005 m 476.5 204.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 456.5 192.45000000000005 m 476.5 192.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 204.45000000000005 m 508.5 204.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 192.45000000000005 m 508.5 192.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 204.45000000000005 m 540.5 204.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 192.45000000000005 m 540.5 192.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 192.45000000000005 m 350.5 192.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 350.5 192.45000000000005 m 393.5 192.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 393.5 192.45000000000005 m 413.5 192.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 192.45000000000005 m 456.5 192.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 456.5 192.45000000000005 m 476.5 192.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 192.45000000000005 m 508.5 192.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 192.45000000000005 m 540.5 192.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 168.45000000000005 m 350.5 168.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 168.45000000000005 m 393.5 168.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 168.45000000000005 m 413.5 168.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 168.45000000000005 m 456.5 168.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 168.45000000000005 m 476.5 168.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 168.45000000000005 m 508.5 168.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 168.45000000000005 m 540.5 168.45000000000005 l s BT /F3 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 358.30 316.25 109.34 -6.57 re f /GS0 gs q 1 1 1 rg BT 358.30 311.15 Td (Nine Months Ended September 30,) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 494.40 311.15 Td (V) Tj ET Q q 1 1 1 rg BT 498.55 311.15 Td (ariance) Tj ET Q BT /F4 6.00 Tf ET q 1 1 1 rg BT 75.00 292.23 Td (\(in millions of Canadian dollars unless otherwise noted\)) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 369.70 292.45 Td (2019) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 432.70 292.45 Td (2018) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 490.05 292.45 Td ($) Tj ET Q BT /F3 7.00 Tf ET q 1 1 1 rg BT 520.85 292.45 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 75.00 268.45 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 169.94 271.79 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 380.90 268.45 Td (0.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.90 268.45 Td (0.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 268.50 Td (\(0.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 268.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.65 268.45 Td (\(75.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.65 268.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 256.45 Td (Gross margin) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.50 256.45 Td (\(0.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.65 256.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.50 256.45 Td (\(0.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.65 256.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 256.45 Td (0.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 524.00 256.45 Td (75.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 244.45 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 377.00 244.45 Td (29.0) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 440.00 244.45 Td (35.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 244.50 Td (\(6.4) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 244.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.65 244.45 Td (\(18.1) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.65 244.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 232.45 Td ( Share-based compensation and other performance awards) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 380.90 232.45 Td (1.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 443.90 232.45 Td (0.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 232.65 Td (0.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.55 232.65 Td (**) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 220.45 Td (T) Tj ET Q q 0 0 0 rg BT 78.89 220.45 Td (otal operating expenses) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 377.00 220.45 Td (30.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 440.00 220.45 Td (36.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 493.55 220.50 Td (\(5.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 505.65 220.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.65 220.45 Td (\(15.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 537.65 220.45 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 208.45 Td (Operating loss) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 374.65 208.45 Td (\(30.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.65 208.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 437.65 208.45 Td (\(36.6) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.65 208.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 495.90 208.45 Td (5.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 524.00 208.45 Td (16.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 75.00 196.45 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 132.69 196.45 Td ( ) Tj ET Q BT /F5 7.00 Tf ET BT /F5 4.55 Tf ET q 0 0 0 rg BT 134.63 199.79 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.50 196.45 Td (\(0.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.65 196.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 437.65 196.45 Td (\(22.9) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 453.65 196.45 Td (\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 196.45 Td (22.8) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.55 196.45 Td (**) Tj ET Q BT /F3 7.00 Tf ET 0 0 0 RG /GS0 gs 0.51 w 0 i [] 0 d 1 J 1 j 3 M 75 183.45576171875007 m 166.83056640625 183.45576171875007 l s q 0 0 0 rg BT 75.00 184.45 Td (Included in ) Tj ET Q q 0 0 0 rg BT 110.42 184.45 Td (Adjusted EBITDA:) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 75.00 172.45 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 377.00 172.45 Td (30.5) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 440.00 172.45 Td (13.3) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 492.00 172.45 Td (17.2) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 531.55 172.45 Td (**) Tj ET Q BT /F1 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 99.00 150.95 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 185.27 150.95 Td (Notations to Financial T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 268.57 150.95 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 287.70 150.95 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 506.09 150.95 Td (60) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.98 150.95 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 125.45 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 159.03 125.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.07 125.45 Td ($30.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.59 125.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.11 125.45 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.67 125.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.17 125.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.73 125.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.73 125.45 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 505.26 125.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.76 125.45 Td ($5.6 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 111.95 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 111.95 Td ( or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.51 111.95 Td (15.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.03 111.95 Td (, mostly explained by lower headcount-related expenses, including lower severance cost from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 98.45 Td (corporate restructuring, and lower rent expense as a result of the adoption of IFRS16, of) Tj ET Q q 0 0 0 rg BT 425.03 98.45 Td (fset in part by information ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 84.95 Td (technology decoupling and other transition costs, higher professional and advisory fees and higher share-based ) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 (compensation and other performance awards expense driven mainly by the revaluation of cash-settled awards in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (first quarter of 2018.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 632.45 Td (Depreciation and ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 147.18 632.45 Td (Amortization) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 202.18 632.45 Td (, including amortization of ) Tj ET Q q 0 0 0 rg BT 306.24 632.45 Td (Accumulation Partners' contracts, customer relationships ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 618.95 Td (and technology) Tj ET Q q 0 0 0 rg BT 132.38 618.95 Td (, amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.92 618.95 Td ($0.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.44 618.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.96 618.95 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.51 618.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.01 618.95 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.57 618.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.57 618.95 Td (a decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.10 618.95 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.61 618.95 Td ($0.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.13 618.95 Td (.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 596.45 Td (Operating Income \(Loss\)) 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 178.01 596.45 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 180.51 596.45 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.05 596.45 Td ($\(30.7\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.57 596.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.09 596.45 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.65 596.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.15 596.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.70 596.45 Td (, an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 582.95 Td (improvement of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.52 582.95 Td ($5.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.05 582.95 Td (, a direct result of the factors described above.) Tj ET Q BT /F5 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 560.45 Td (Adjusted EBITDA) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 146.50 560.45 Td ( amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.54 560.45 Td ($\(0.1\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.05 560.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.57 560.45 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.13 560.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.63 560.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.19 560.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.19 560.45 Td (an increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.72 560.45 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.22 560.45 Td ($22.8 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 546.95 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 546.95 Td (, mainly attributable to an increase in dividends from equity-accounted investments, which included an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 533.45 Td (exceptional distribution from PLM in the first quarter) Tj ET Q q 0 0 0 rg BT 277.10 533.45 Td (, and lower operating expenses.) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 510.95 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 142.03 510.95 Td ( is a non-GAAP) Tj ET Q q 0 0 0 rg BT 203.90 510.95 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 324.96 510.95 Td (PERFORMANCE INDICA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 427.30 510.95 Td (T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 432.63 510.95 Td (ORS \(INCLUDING ) Tj ET Q BT /F4 9.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 497.45 Td (CER) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 90.84 497.45 Td (T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 95.67 497.45 Td (AIN NON-GAAP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.84 497.45 Td ( FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 210.19 497.45 Td ( MEASURES\)) 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 266.20 497.45 Td ( section for additional information on this measure.) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F1 8.00 Tf ET q 0 0 0 rg BT 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 (37) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 27.00 546.60 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 280.71 546.60 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 321.63 546.60 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 367.28 546.60 Td (YSIS OF FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 530.37 546.60 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 634.57 546.60 Td (AND ) Tj ET Q BT /F2 17.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 27.00 526.20 Td (RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 83.35 526.20 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 27.00 486.30 Td (SUMMAR) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 80.55 486.30 Td (Y) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 88.34 486.30 Td ( OF QUARTERL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 177.23 486.30 Td (Y) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 185.02 486.30 Td ( RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.74 460.80 Td (.) Tj ET Q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 27.50 450.30 247.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 274.50 450.30 139.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 413.50 450.30 18.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 431.50 450.30 213.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 644.50 450.30 51.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 27.50 429.30 247.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 274.50 429.30 35.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 309.50 429.30 18.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 327.50 429.30 34.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 361.50 429.30 18.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 379.50 429.30 34.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 413.50 429.30 18.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 431.50 429.30 33.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 464.50 429.30 22.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 486.50 429.30 33.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 519.50 429.30 16.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 535.50 429.30 33.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 568.50 429.30 22.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 590.50 429.30 33.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 623.50 429.30 21.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 644.50 429.30 33.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 677.50 429.30 18.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 274.50 415.30 35.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 309.50 415.30 18.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 274.50 402.30 35.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 309.50 402.30 18.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 274.50 389.30 35.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 309.50 389.30 18.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 274.50 376.30 35.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 309.50 376.30 18.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 274.50 363.30 35.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 309.50 363.30 18.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 274.50 350.30 35.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 309.50 350.30 18.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 274.50 329.30 35.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 309.50 329.30 18.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 274.50 316.30 35.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 309.50 316.30 18.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 274.50 303.30 35.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 309.50 303.30 18.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 274.50 290.30 35.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 309.50 290.30 18.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 274.50 277.30 35.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 309.50 277.30 18.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 274.50 259.30 35.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 309.50 259.30 18.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 274.50 241.30 35.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 309.50 241.30 18.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 274.50 223.30 35.00 -16.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 309.50 223.30 18.00 -16.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 274.50 207.30 35.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 309.50 207.30 18.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 274.50 194.30 35.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 309.50 194.30 18.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 274.50 181.30 35.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 309.50 181.30 18.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 274.50 168.30 35.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 309.50 168.30 18.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 274.50 147.30 35.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 309.50 147.30 18.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 274.50 126.30 35.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 309.50 126.30 18.00 -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 431.5 450.3 m 431.5 429.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 644.5 450.3 m 644.5 429.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 429.3 m 431.5 415.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 644.5 429.3 m 644.5 415.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 415.3 m 431.5 402.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 644.5 415.3 m 644.5 402.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 389.3 m 274.5 389.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 389.3 m 309.5 389.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 389.3 m 327.5 389.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 389.3 m 361.5 389.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 389.3 m 379.5 389.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 389.3 m 413.5 389.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 389.3 m 431.5 389.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 402.3 m 431.5 389.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 389.3 m 464.5 389.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 389.3 m 486.5 389.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 389.3 m 519.5 389.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 389.3 m 535.5 389.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 389.3 m 568.5 389.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 568.5 389.3 m 590.5 389.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 590.5 389.3 m 623.5 389.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 623.5 389.3 m 644.5 389.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 644.5 402.3 m 644.5 389.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 644.5 389.3 m 677.5 389.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 677.5 389.3 m 695.5 389.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 389.3 m 309.5 389.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 389.3 m 431.5 376.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 644.5 389.3 m 644.5 376.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 376.3 m 431.5 363.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 644.5 376.3 m 644.5 363.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 363.3 m 431.5 350.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 644.5 363.3 m 644.5 350.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 329.3 m 309.5 329.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 350.3 m 431.5 329.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 644.5 350.3 m 644.5 329.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 329.3 m 274.5 329.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 27.5 316.3 m 274.5 316.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 329.3 m 309.5 329.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 316.3 m 309.5 316.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 329.3 m 327.5 329.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 316.3 m 327.5 316.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 329.3 m 361.5 329.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 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126.30000000000001 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 113.30000000000001 m 464.5 113.30000000000001 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 126.30000000000001 m 486.5 126.30000000000001 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 113.30000000000001 m 486.5 113.30000000000001 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 126.30000000000001 m 519.5 126.30000000000001 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 113.30000000000001 m 519.5 113.30000000000001 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 126.30000000000001 m 535.5 126.30000000000001 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 113.30000000000001 m 535.5 113.30000000000001 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 126.30000000000001 m 568.5 126.30000000000001 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 113.30000000000001 m 568.5 113.30000000000001 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 568.5 126.30000000000001 m 590.5 126.30000000000001 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 568.5 113.30000000000001 m 590.5 113.30000000000001 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 590.5 126.30000000000001 m 623.5 126.30000000000001 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 590.5 113.30000000000001 m 623.5 113.30000000000001 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 623.5 126.30000000000001 m 644.5 126.30000000000001 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 623.5 113.30000000000001 m 644.5 113.30000000000001 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 644.5 126.30000000000001 m 644.5 113.30000000000001 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 644.5 126.30000000000001 m 677.5 126.30000000000001 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 644.5 113.30000000000001 m 677.5 113.30000000000001 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 677.5 126.30000000000001 m 695.5 126.30000000000001 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 677.5 113.30000000000001 m 695.5 113.30000000000001 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 334.60 433.53 Td (2019) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 521.25 433.53 Td (2018 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 1 1 1 rg BT 541.27 437.34 Td (\(l\)\(m\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 653.25 433.53 Td (2017 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 1 1 1 rg BT 673.27 437.34 Td (\(l\)\(m\)) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 30.00 419.25 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 286.15 419.53 Td (Q3) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 338.65 419.53 Td (Q2) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 390.65 419.53 Td (Q1) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 442.15 419.53 Td (Q4) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 497.15 419.53 Td (Q3) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 546.15 419.53 Td (Q2) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 601.15 419.53 Td (Q1) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 655.15 419.53 Td (Q4) 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 30.00 406.53 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.70 406.53 Td (33.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.70 406.53 Td (31.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.70 406.53 Td (34.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.70 406.53 Td (36.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.70 406.53 Td (42.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.70 406.53 Td (42.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 604.70 406.53 Td (45.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 658.70 406.53 Td (47.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 30.00 393.53 Td (Cost of rewards and direct costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 292.50 393.53 Td (\(2.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 306.30 393.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 344.50 393.53 Td (\(2.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.30 393.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.50 393.53 Td (\(2.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.30 393.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 447.50 393.53 Td (\(3.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.30 393.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.50 393.53 Td (\(4.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.30 393.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 551.50 393.53 Td (\(5.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 565.30 393.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 606.50 393.53 Td (\(4.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 620.30 393.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 660.50 393.53 Td (\(4.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 674.30 393.53 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 380.53 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 226.93 384.34 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.70 380.53 Td (31.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.70 380.53 Td (28.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.70 380.53 Td (32.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.70 380.53 Td (33.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.70 380.53 Td (37.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.70 380.53 Td (37.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 604.70 380.53 Td (40.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 658.70 380.53 Td (43.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 30.00 367.53 Td (Operating expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.05 367.53 Td (\(42.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 306.30 367.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 340.05 367.53 Td (\(49.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.30 367.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.05 367.53 Td (\(50.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.30 367.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 443.05 367.53 Td (\(93.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.30 367.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 467.00 367.08 Td (\(e\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 498.05 367.53 Td (\(50.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.30 367.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.05 367.53 Td (\(72.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 565.30 367.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 571.00 367.08 Td (\(f\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 602.05 367.53 Td (\(51.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 620.30 367.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 656.05 367.53 Td (\(55.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 674.30 367.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 30.00 354.53 Td (Depreciation and amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 292.50 354.53 Td (\(0.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 306.30 354.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 344.50 354.53 Td (\(0.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.30 354.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.50 354.53 Td (\(0.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.30 354.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 447.50 354.53 Td (\(3.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.30 354.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.50 354.53 Td (\(2.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.30 354.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 551.50 354.53 Td (\(3.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 565.30 354.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 606.50 354.53 Td (\(3.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 620.30 354.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 660.50 354.53 Td (\(1.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 674.30 354.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 30.00 341.53 Td (Amortization of ) Tj ET Q q 0 0 0 rg BT 85.36 341.53 Td (Accumulation Partners) Tj ET Q q 0 0 0 rg BT 167.25 341.53 Td ( contracts, customer) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 333.53 Td (relationships and technology) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 292.50 333.53 Td (\(0.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 306.30 333.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 344.50 333.53 Td (\(0.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.30 333.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.50 333.53 Td (\(0.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.30 333.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 447.50 333.53 Td (\(0.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.30 333.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.50 333.53 Td (\(0.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.30 333.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 551.50 333.53 Td (\(0.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 565.30 333.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 606.50 333.53 Td (\(0.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 620.30 333.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 660.50 333.53 Td (\(0.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 674.30 333.53 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 320.53 Td (Operating income \(loss\) from continuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.05 320.53 Td (\(12.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 306.30 320.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 340.05 320.53 Td (\(21.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.30 320.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.05 320.53 Td (\(19.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.30 320.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 443.05 320.53 Td (\(63.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.30 320.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 467.00 320.08 Td (\(e\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 498.05 320.53 Td (\(16.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.30 320.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.05 320.53 Td (\(39.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 565.30 320.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 571.00 320.08 Td (\(f\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 602.05 320.53 Td (\(15.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 620.30 320.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 656.05 320.53 Td (\(14.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 674.30 320.53 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 307.53 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 95.93 307.53 Td ( from continuing operations) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 202.14 307.53 Td ( ) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 204.37 311.34 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 292.50 307.53 Td (\(4.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 306.30 307.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 340.05 307.53 Td (\(14.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.30 307.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.15 307.53 Td (0.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 443.05 307.53 Td (\(23.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.30 307.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.50 307.53 Td (\(7.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.30 307.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.05 307.53 Td (\(22.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 565.30 307.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 606.50 307.53 Td (\(6.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 620.30 307.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 660.50 307.53 Td (\(6.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 674.30 307.53 Td (\)) 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 30 293.38515625 m 134.94921875 293.38515625 l s q 0 0 0 rg BT 30.00 294.53 Td (Included in ) Tj ET Q q 0 0 0 rg BT 70.48 294.53 Td (Adjusted EBITDA:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 30.00 281.53 Td (Distributions from equity-accounted investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.15 281.53 Td (6.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 347.15 281.53 Td (5.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.70 281.53 Td (18.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 450.15 281.53 Td (5.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 505.15 281.53 Td (5.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 554.15 281.53 Td (4.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 609.15 281.53 Td (4.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 663.15 281.53 Td (5.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 268.98 Td (Net earnings \(loss\) attributable to equity holders of the) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 261.03 Td (Corporation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.70 263.53 Td (16.9) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 312.00 263.08 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.70 263.53 Td (43.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 364.00 269.08 Td (\(d\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 364.00 263.08 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.55 263.53 Td (1,047.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 416.00 269.08 Td (\(d\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 416.00 263.08 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 438.60 263.53 Td (\(126.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.30 263.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 467.00 269.08 Td (\(e\)\(h\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 467.00 263.08 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.70 263.53 Td (21.7) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 522.00 263.08 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.70 263.53 Td (1) Tj ET Q q 0 0 0 rg BT 554.15 263.53 Td (1.1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 571.00 263.08 Td (\(f\)\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 604.70 263.53 Td (21.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 626.00 269.08 Td (\(g\)\(h\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 626.00 263.08 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 651.60 263.53 Td (\(214.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 674.30 263.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 680.00 269.08 Td (\(j\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 680.00 263.08 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 36.00 250.98 Td (Net earnings \(loss\) attributable to equity holders of the) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 45.00 243.03 Td (Corporation - Continuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.70 245.53 Td (17.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 312.00 245.08 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.70 245.53 Td (24.0) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 364.00 245.08 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.50 245.53 Td (\(3.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.30 245.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 416.00 245.08 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 438.60 245.53 Td (\(144.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.30 245.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 467.00 245.08 Td (\(e\)\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 505.15 245.53 Td (3.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 522.00 245.08 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.05 245.53 Td (\(1) Tj ET Q q 0 0 0 rg BT 554.16 245.53 Td (1.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 565.30 245.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 571.00 245.08 Td (\(f\)\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 606.50 245.53 Td (\(9.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 620.30 245.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 626.00 245.08 Td (\(g\)\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 656.05 245.53 Td (\(72.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 674.30 245.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 680.00 245.08 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 36.00 232.98 Td (Net earnings \(loss\) attributable to equity holders of the) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 45.00 225.03 Td (Corporation - Discontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 292.50 227.53 Td (\(0.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 306.30 227.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.70 227.53 Td (19.5) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 364.00 227.08 Td (\(d\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.55 227.53 Td (1,050.3) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 416.00 227.08 Td (\(d\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.70 227.53 Td (18.2) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 467.00 227.08 Td (\(h\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.70 227.53 Td (18.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.70 227.53 Td (22.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 604.70 227.53 Td (30.6) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 626.00 227.08 Td (\(h\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 651.60 227.53 Td (\(142.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 674.30 227.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 680.00 227.08 Td (\(j\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 211.53 Td (Earnings \(loss\) per common share) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 161.59 215.34 Td ( \(c\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.70 211.53 Td (0.1) Tj ET Q q 0 0 0 rg BT 301.82 211.53 Td (1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 312.00 211.08 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.70 211.53 Td (0.29) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 364.00 216.43 Td (\(d\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 364.00 210.43 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.70 211.53 Td (6.85) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 416.00 216.43 Td (\(d\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 416.00 210.43 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 443.05 211.53 Td (\(0.86) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.30 211.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 467.00 216.43 Td (\(e\)\(h\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 467.00 210.43 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.70 211.53 Td (0.1) Tj ET Q q 0 0 0 rg BT 511.82 211.53 Td (1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 522.00 211.08 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.70 211.53 Td (0.04) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 571.00 211.08 Td (\(f\)\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 604.70 211.53 Td (0.1) Tj ET Q q 0 0 0 rg BT 615.82 211.53 Td (1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 626.00 216.43 Td (\(g\)\(h\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 626.00 210.43 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 656.05 211.53 Td (\(1.44) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 674.30 211.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 680.00 216.43 Td (\(j\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 680.00 210.43 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 36.00 198.53 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 245.43 202.34 Td (\(c\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.70 198.53 Td (0.1) Tj ET Q q 0 0 0 rg BT 301.82 198.53 Td (1) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 312.00 198.08 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.70 198.53 Td (0.14) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 364.00 198.08 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.05 198.53 Td (\(0.05) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.30 198.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 416.00 198.08 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 443.05 198.53 Td (\(0.98) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.30 198.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 467.00 198.08 Td (\(e\)\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 498.05 198.53 Td (\(0.01) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.30 198.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 522.00 198.08 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.05 198.53 Td (\(0.10) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 565.30 198.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 571.00 198.08 Td (\(f\)\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 602.05 198.53 Td (\(0.09) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 620.30 198.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 626.00 198.08 Td (\(g\)\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 656.05 198.53 Td (\(0.50) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 674.30 198.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 680.00 198.08 Td (\(k\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 36.00 185.53 Td (Earnings \(loss\) per common share - Discontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.70 185.53 Td (0.00) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.70 185.53 Td (0.15) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 364.00 185.08 Td (\(d\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.70 185.53 Td (6.90) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 416.00 185.08 Td (\(d\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.70 185.53 Td (0.12) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 467.00 185.08 Td (\(h\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.70 185.53 Td (0.12) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.70 185.53 Td (0.14) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 604.70 185.53 Td (0.20) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 626.00 185.08 Td (\(h\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 656.05 185.53 Td (\(0.94) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 674.30 185.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 680.00 185.08 Td (\(j\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 172.53 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 177.59 176.34 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 292.50 172.53 Td (\(3.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 306.30 172.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 340.05 172.53 Td (\(56.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.30 172.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.05 172.53 Td (\(47.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.30 172.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.70 172.53 Td (17.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.70 172.53 Td (37.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.70 172.53 Td (20.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 604.70 172.53 Td (40.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 626.00 172.08 Td (\(i\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 654.25 172.53 Td (1) Tj ET Q q 0 0 0 rg BT 658.70 172.53 Td (13.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 36.00 159.53 Td (Free Cash Flow before Dividends Paid - Continuing ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 36.00 151.53 Td (operations ) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 79.12 155.34 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 292.50 151.53 Td (\(3.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 306.30 151.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 340.05 151.53 Td (\(56.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.30 151.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.05 151.53 Td (\(20.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.30 151.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 443.05 151.53 Td (\(12.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.30 151.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 498.05 151.53 Td (\(1) Tj ET Q q 0 0 0 rg BT 505.16 151.53 Td (1.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.30 151.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 547.05 151.53 Td (\(28.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 565.30 151.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 602.05 151.53 Td (\(36.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 620.30 151.53 Td (\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 626.00 151.08 Td (\(i\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 656.05 151.53 Td (\(25.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 674.30 151.53 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 36.00 138.53 Td (Free Cash Flow before Dividends Paid - Discontinued ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 36.00 130.53 Td (operations ) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 79.12 134.34 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 292.50 130.53 Td (\(0.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 306.30 130.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 350.30 130.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.05 130.53 Td (\(27.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.30 130.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.70 130.53 Td (29.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.70 130.53 Td (48.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.70 130.53 Td (48.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 604.70 130.53 Td (77.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 654.25 130.53 Td (138.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 30.00 117.53 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 89.13 121.34 Td ( \(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 292.50 117.53 Td (\(7.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 306.30 117.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 340.05 117.53 Td (\(60.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.30 117.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.55 117.53 Td (\(1) Tj ET Q q 0 0 0 rg BT 394.66 117.53 Td (12.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.30 117.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.70 117.53 Td (17.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.70 117.53 Td (37.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.70 117.53 Td (20.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 604.70 117.53 Td (40.4) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 626.00 117.08 Td (\(i\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 654.25 117.53 Td (1) Tj ET Q q 0 0 0 rg BT 658.70 117.53 Td (13.8) Tj ET Q BT /F1 10.00 Tf ET 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 245.04 639.20 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 430.61 639.20 Td ( financial measures\)) 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 cumulative preferred shares dividends \(whether declared or not\) for 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 impact of the gain of $19.5 million and $1,043.6 million related to the disposal of the ) Tj ET Q q 0 0 0 rg BT 432.89 603.20 Td (Aeroplan Program and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 591.20 Td (related assets during the three months ended June 30, 2019 and March31, 2019, respectively) Tj ET Q q 0 0 0 rg BT 423.40 591.20 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 573.20 Td (\(e\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 573.20 Td (Operating expenses, operating loss and net loss attributable to equity holders of the Corporation for the three months ended ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 561.20 Td (December 31, 2018 include an impairment charge of $20.4 million related to the International ISS business and an impairment ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 549.20 Td (charge of $10.0 million related to the Middle East loyalty solutions business. ) 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 (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 90.00 519.20 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 72.00 501.20 Td (\(g\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 501.20 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 90.00 489.20 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 90.00 477.20 Td (million related to the reversal.) 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 the impact of the gain of $5.4 million which was recorded during the three months ended March31, 2018 and the loss ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 447.20 Td (of $3.8 million which recorded was during the three months ended December 31, 2018 related to the disposal of the Nectar ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 435.20 Td (Program and related assets.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 417.20 Td (\(i\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 417.20 Td (Includes a rent prepayment of $1) Tj ET Q q 0 0 0 rg BT 206.37 417.20 Td (1.8 million made during the three months ended March31, 2018 related to a London of) Tj ET Q q 0 0 0 rg BT 513.54 417.20 Td (fice ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 405.20 Td (space. ) Tj ET Q q 0 0 0 rg BT 115.65 405.20 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 72.00 387.20 Td (\(j\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 387.20 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 90.00 375.20 Td (million recorded during the three months ended December 31, 2017 related to the Nectar coalition loyalty program and related ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 363.20 Td (assets. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 345.20 Td (\(k\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 345.20 Td (Includes net fair value gains \(losses\) related to investments in equity instruments of $23.8 million for the three months ended ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 333.20 Td (September 30, 2019, $37.7 million for the three months ended June 30, 2019, $22.5 million for the three months ended March ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 321.20 Td (31, 2019, $\(49.6\) million for the three months ended December31, 2018, $12.7 million for the three months ended September ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 309.20 Td (30, 2018, $27.5 million for the three months ended June 30, 2018, $6.3 million for the three months ended March 31, 2018 and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 297.20 Td ($\(57.4\) million for the three months ended December31, 2017.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 279.20 Td (\(l\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 279.20 Td (2018 and 2017 financial information were restated to reflect the classification of the ) Tj ET Q q 0 0 0 rg BT 385.29 279.20 Td (Aeroplan Program and related assets as ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 267.20 Td (discontinued operations.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 249.20 Td (\(m\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 249.20 Td (The Corporation used the modified retrospective approach for its adoption of IFRS 16, therefore, 2018 and 2017 financial ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 237.20 Td (information were not restated. 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 242.08 237.20 Td (Changes in ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 284.48 237.20 Td (Accounting 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 353.85 237.20 Td ( section for additional information.) Tj ET Q endstream endobj 81 0 obj <> endobj 82 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 (39) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 666.30 Td (FINANCING STRA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 173.77 666.30 Td (TEGY) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 205.11 666.30 Td (, LIQUIDITY) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 270.90 666.30 Td ( ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 273.79 666.30 Td (AND CAPIT) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 338.23 666.30 Td (AL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 640.80 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 164.56 640.80 Td (, ) Tj ET Q q 0 0 0 rg BT 169.07 640.80 Td (Aimia had ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 211.59 640.80 Td ($182.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.12 640.80 Td ( of cash and cash equivalents, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.70 640.80 Td ($100.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.23 640.80 Td ( of restricted cash, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td ($86.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 627.30 Td ( of short-term investments and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.58 627.30 Td ($67.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 297.11 627.30 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 489.70 627.30 Td ($437.0 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 613.80 Td (million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.51 613.80 Td (. ) Tj ET Q q 0 0 0 rg BT 102.01 613.80 Td (Approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.53 613.80 Td ($1.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 207.06 613.80 Td ( of the total amount is invested in Bankers' ) Tj ET Q q 0 0 0 rg BT 377.87 613.80 Td (Acceptances and term deposits ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 600.30 Td (maturing on various dates through to October 2019 and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.64 600.30 Td ($154.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.18 600.30 Td ( is mostly invested in corporate, federal and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 586.80 Td (provincial government bonds maturing at various dates between June 2020 and December 2021. ) Tj ET Q q 0 0 0 rg BT 460.58 586.80 Td (These sources of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 573.30 Td (capital, excluding an amount of $73.1 million set aside in a restricted account related to the 2013 CRA) Tj ET Q q 0 0 0 rg BT 476.74 573.30 Td ( audit, provide ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 559.80 Td (suf) Tj ET Q q 0 0 0 rg BT 83.84 559.80 Td (ficient resources to fund its working capital, capital expenditures and capital allocation requirements as well as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 546.30 Td (preferred share dividends, if and when declared and paid, for the foreseeable future. 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 485.76 546.30 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 72.00 532.80 Td (and) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 87.02 532.80 Td ( Subsequent Events) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 167.57 532.80 Td ( sections for more information.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 510.30 Td (The following table provides a reconciliation between ) Tj ET Q q 0 0 0 rg BT 284.63 510.30 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 354.16 510.30 Td ( and Free Cash Flow for the periods indicated:) Tj ET Q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 490.80 218.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 290.50 490.80 120.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 410.50 490.80 130.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 72.50 469.80 218.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 290.50 469.80 51.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 341.50 469.80 9.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 350.50 469.80 51.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 401.50 469.80 9.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 410.50 469.80 56.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 466.50 469.80 9.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 475.50 469.80 56.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 531.50 469.80 9.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 455.80 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 455.80 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 410.50 455.80 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 466.50 455.80 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 442.80 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 442.80 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 410.50 442.80 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 466.50 442.80 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 429.80 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 429.80 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 410.50 429.80 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 466.50 429.80 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 416.80 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 416.80 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 410.50 416.80 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 466.50 416.80 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 403.80 51.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 403.80 9.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 410.50 403.80 56.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 466.50 403.80 9.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 382.80 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 382.80 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 410.50 382.80 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 466.50 382.80 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 369.80 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 369.80 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 410.50 369.80 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 466.50 369.80 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 356.80 51.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 356.80 9.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 410.50 356.80 56.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 466.50 356.80 9.00 -18.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 338.80 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 338.80 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 410.50 338.80 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 466.50 338.80 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 325.80 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 325.80 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 410.50 325.80 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 466.50 325.80 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 312.80 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 312.80 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 410.50 312.80 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 466.50 312.80 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 299.80 51.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 299.80 9.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 410.50 299.80 56.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 466.50 299.80 9.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 279.80 51.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 279.80 9.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 410.50 279.80 56.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 466.50 279.80 9.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 258.80 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 258.80 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 410.50 258.80 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 466.50 258.80 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 245.80 51.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 245.80 9.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 410.50 245.80 56.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 466.50 245.80 9.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 225.80 51.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 225.80 9.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 410.50 225.80 56.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 466.50 225.80 9.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 205.80 51.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 205.80 9.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 410.50 205.80 56.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 466.50 205.80 9.00 -20.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 185.80 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 185.80 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 410.50 185.80 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 466.50 185.80 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 290.50 172.80 51.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 172.80 9.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 410.50 172.80 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 466.50 172.80 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 290.5 403.79999999999995 m 341.5 403.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 403.79999999999995 m 350.5 403.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 403.79999999999995 m 401.5 403.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 403.79999999999995 m 410.5 403.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 403.79999999999995 m 466.5 403.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 403.79999999999995 m 475.5 403.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 403.79999999999995 m 531.5 403.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 403.79999999999995 m 290.5 403.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 403.79999999999995 m 341.5 403.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 403.79999999999995 m 350.5 403.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 403.79999999999995 m 401.5 403.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 403.79999999999995 m 410.5 403.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 403.79999999999995 m 466.5 403.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 403.79999999999995 m 475.5 403.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 403.79999999999995 m 531.5 403.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 403.79999999999995 m 540.5 403.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 369.79999999999995 m 341.5 369.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 369.79999999999995 m 350.5 369.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 369.79999999999995 m 401.5 369.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 369.79999999999995 m 410.5 369.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 369.79999999999995 m 466.5 369.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 369.79999999999995 m 475.5 369.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 369.79999999999995 m 531.5 369.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 369.79999999999995 m 290.5 369.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 369.79999999999995 m 341.5 369.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 369.79999999999995 m 350.5 369.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 369.79999999999995 m 401.5 369.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 369.79999999999995 m 410.5 369.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 369.79999999999995 m 466.5 369.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 369.79999999999995 m 475.5 369.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 369.79999999999995 m 531.5 369.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 369.79999999999995 m 540.5 369.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 338.79999999999995 m 290.5 338.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 338.79999999999995 m 341.5 338.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 338.79999999999995 m 350.5 338.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 338.79999999999995 m 401.5 338.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 338.79999999999995 m 410.5 338.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 338.79999999999995 m 466.5 338.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 338.79999999999995 m 475.5 338.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 338.79999999999995 m 531.5 338.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 338.79999999999995 m 540.5 338.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 258.79999999999995 m 290.5 258.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 258.79999999999995 m 341.5 258.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 258.79999999999995 m 350.5 258.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 258.79999999999995 m 401.5 258.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 258.79999999999995 m 410.5 258.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 258.79999999999995 m 466.5 258.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 258.79999999999995 m 475.5 258.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 258.79999999999995 m 531.5 258.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 258.79999999999995 m 540.5 258.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 172.79999999999995 m 290.5 172.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 172.79999999999995 m 341.5 172.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 172.79999999999995 m 350.5 172.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 172.79999999999995 m 401.5 172.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 172.79999999999995 m 410.5 172.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 172.79999999999995 m 466.5 172.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 172.79999999999995 m 475.5 172.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 172.79999999999995 m 531.5 172.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 172.79999999999995 m 540.5 172.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 159.79999999999995 m 290.5 159.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 159.79999999999995 m 341.5 159.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 159.79999999999995 m 350.5 159.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 159.79999999999995 m 401.5 159.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 159.79999999999995 m 410.5 159.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 159.79999999999995 m 466.5 159.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 159.79999999999995 m 475.5 159.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 159.79999999999995 m 531.5 159.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 159.79999999999995 m 540.5 159.79999999999995 l s BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 312.60 488.10 76.93 -7.51 re f /GS0 gs q 1 1 1 rg BT 312.60 482.28 Td (Three Months Ended ) Tj ET Q BT /F3 8.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 323.75 480.10 52.48 -7.51 re f /GS0 gs q 1 1 1 rg BT 323.75 474.28 Td (September 30,) Tj ET Q BT /F3 8.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 439.85 488.10 70.27 -7.51 re f /GS0 gs q 1 1 1 rg BT 439.85 482.28 Td (Nine Months Ended) Tj ET Q BT /F3 8.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 448.75 480.10 52.48 -7.51 re f /GS0 gs q 1 1 1 rg BT 448.75 474.28 Td (September 30,) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 459.75 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 320.20 460.03 Td (2019) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 380.20 460.03 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 445.20 460.03 Td (2019) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 510.20 460.03 Td (2018) 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 75.00 447.03 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 140.93 447.03 Td ( ) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 143.15 450.84 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.50 447.08 Td (\(4.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.30 447.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.50 447.08 Td (\(7.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.30 447.03 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.05 447.08 Td (\(18.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.30 447.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.05 447.08 Td (\(36.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.30 447.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 434.03 Td (Share-based compensation and other performance awards) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.15 434.08 Td (0.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.15 434.03 Td (2.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.15 434.03 Td (1.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.15 434.03 Td (2.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 421.03 Td (Income taxes paid, net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.15 421.08 Td (0.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.15 421.03 Td (0.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.50 421.08 Td (\(2.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.30 421.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.15 421.03 Td (0.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 408.03 Td (Net cash interest received \(paid\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.15 408.08 Td (0.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.15 408.03 Td (1.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.50 408.08 Td (\(1.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.30 408.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.50 408.08 Td (\(6.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.30 408.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 395.03 Td (Cash used in operating activities from continuing operations) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 387.03 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 324.50 387.08 Td (\(2.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.30 387.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.50 387.08 Td (\(2.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.30 387.03 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.05 387.08 Td (\(20.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.30 387.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.05 387.08 Td (\(39.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.30 387.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 374.03 Td (Change in operating assets and liabilities and other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.25 374.03 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.50 374.08 Td (\(5.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.30 374.03 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.05 374.08 Td (\(57.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.30 374.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.05 374.08 Td (\(29.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.30 374.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 361.03 Td (Cash used in operating activities - Continuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.50 361.08 Td (\(2.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.30 361.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.50 361.08 Td (\(8.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.30 361.03 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.05 361.08 Td (\(78.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.30 361.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.05 361.08 Td (\(68.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.30 361.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 348.48 Td (Cash from \(used in\) operating activities - Discontinued) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 84.00 340.53 Td (operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.50 343.08 Td (\(0.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.30 343.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.70 343.08 Td (53.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.05 343.08 Td (\(27.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.30 343.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.25 343.08 Td (185.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 330.03 Td (Cash from \(used in\) operating activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.50 330.08 Td (\(2.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.30 330.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.70 330.08 Td (45.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.55 330.03 Td (\(105.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.30 330.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.25 330.08 Td (1) Tj ET Q q 0 0 0 rg BT 512.70 330.08 Td (16.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 317.03 Td (Capital expenditures - Continuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.25 317.03 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.50 317.08 Td (\(3.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.30 317.03 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.25 317.03 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.50 317.08 Td (\(7.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.30 317.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 304.03 Td (Capital expenditures - Discontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.25 304.03 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.50 304.08 Td (\(5.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.30 304.03 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.25 304.03 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.05 304.08 Td (\(1) Tj ET Q q 0 0 0 rg BT 517.16 304.08 Td (1.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.30 304.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 291.48 Td (Principal elements of lease payments - Continuing) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 283.48 Td (operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.50 284.08 Td (\(0.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.30 284.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 390.25 284.03 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.50 284.08 Td (\(1.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.30 284.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.25 284.03 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 271.03 Td (Principal elements of lease payments - Discontinued) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 263.03 Td (operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.25 263.03 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 390.25 263.03 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.25 263.03 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.25 263.03 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 250.03 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 222.59 253.84 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.50 250.08 Td (\(3.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.30 250.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.70 250.08 Td (37.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.55 250.03 Td (\(106.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.30 250.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 512.70 250.08 Td (97.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.00 237.48 Td (Free Cash Flow before Dividends Paid - Continuing ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.00 229.48 Td (operations ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 120.58 233.29 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.50 230.08 Td (\(3.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.30 230.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.05 230.08 Td (\(1) Tj ET Q q 0 0 0 rg BT 387.16 230.08 Td (1.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.30 230.03 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.05 230.08 Td (\(79.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.30 230.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.05 230.08 Td (\(76.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.30 230.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.00 217.48 Td (Free Cash Flow before Dividends Paid - Discontinued ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.00 209.48 Td (operations ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 120.58 213.29 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.50 210.08 Td (\(0.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.30 210.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.70 210.08 Td (48.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.05 210.08 Td (\(27.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.30 210.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.25 210.08 Td (174.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 197.48 Td (Free Cash Flow before Dividends Paid per common ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 189.48 Td (share ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 97.23 193.29 Td (\(a\)\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.05 190.08 Td (\(0.07) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.30 190.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.70 190.08 Td (0.25) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.05 190.08 Td (\(1.13) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.30 190.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 512.70 190.08 Td (0.64) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 177.03 Td (Dividends paid to equity holders of the Corporation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.50 177.08 Td (\(4.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.30 177.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 390.25 177.03 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.05 177.08 Td (\(73.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.30 177.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.25 177.03 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 164.03 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 136.35 167.84 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.50 164.08 Td (\(7.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.30 164.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.70 164.08 Td (37.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.55 164.03 Td (\(180.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.30 164.03 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 512.70 164.08 Td (97.9) Tj ET Q BT /F1 10.00 Tf ET BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 139.30 Td (\(a\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 139.30 Td (A) Tj ET Q q 0 0 0 rg BT 121.59 139.30 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 159.39 139.30 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 262.36 139.30 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 447.93 139.30 Td ( financial measures\)) 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 519.52 139.30 Td (.) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 94.50 119.05 Td (\(b\) ) Tj ET Q BT /F3 7.50 Tf ET q 0 0 0 rg BT 117.00 119.05 Td (After deducting dividends paid on preferred shares.) Tj ET Q 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 657.95 226.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 298.50 657.95 116.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 414.50 657.95 119.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 533.50 657.95 7.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 72.50 636.95 226.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 298.50 636.95 56.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 354.50 636.95 4.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 358.50 636.95 56.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 414.50 636.95 56.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 470.50 636.95 7.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 477.50 636.95 56.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 533.50 636.95 7.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 298.50 622.95 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 622.95 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 470.50 622.95 7.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 298.50 609.95 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 609.95 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 470.50 609.95 7.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 298.50 596.95 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 596.95 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 470.50 596.95 7.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 298.50 583.95 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 583.95 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 470.50 583.95 7.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 298.50 570.95 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 570.95 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 470.50 570.95 7.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 298.50 557.95 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 414.50 557.95 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 470.50 557.95 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 72.5 609.95 m 298.5 609.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 609.95 m 354.5 609.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 609.95 m 358.5 609.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 609.95 m 414.5 609.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 609.95 m 470.5 609.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 609.95 m 477.5 609.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 609.95 m 533.5 609.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 609.95 m 540.5 609.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 609.95 m 354.5 609.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 609.95 m 414.5 609.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 609.95 m 470.5 609.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 557.95 m 354.5 557.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 557.95 m 414.5 557.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 557.95 m 470.5 557.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 557.95 m 533.5 557.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 557.95 m 540.5 557.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 557.95 m 298.5 557.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 545.95 m 298.5 545.95 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 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 298.5 557.95 m 354.5 557.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298.5 545.95 m 354.5 545.95 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 354.5 557.95 m 358.5 557.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 545.95 m 358.5 545.95 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 358.5 557.95 m 414.5 557.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 545.95 m 414.5 545.95 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 414.5 557.95 m 470.5 557.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 545.95 m 470.5 545.95 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 470.5 557.95 m 477.5 557.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 545.95 m 477.5 545.95 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 477.5 557.95 m 533.5 557.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 545.95 m 533.5 545.95 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 533.5 557.95 m 540.5 557.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 533.5 545.95 m 540.5 545.95 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 BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 318.60 655.25 76.93 -7.51 re f /GS0 gs q 1 1 1 rg BT 318.60 649.43 Td (Three Months Ended ) Tj ET Q BT /F3 8.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 329.75 647.25 52.48 -7.51 re f /GS0 gs q 1 1 1 rg BT 329.75 641.43 Td (September 30,) Tj ET Q BT /F3 8.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 438.35 655.25 70.27 -7.51 re f /GS0 gs q 1 1 1 rg BT 438.35 649.43 Td (Nine Months Ended) Tj ET Q BT /F3 8.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 447.25 647.25 52.48 -7.51 re f /GS0 gs q 1 1 1 rg BT 447.25 641.43 Td (September 30,) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 626.90 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 333.20 627.93 Td (2019) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 393.20 627.93 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 449.20 627.93 Td (2019) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 512.20 627.93 Td (2018) 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 75.00 614.43 Td (Cash and cash equivalents, beginning of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.25 614.48 Td (1) Tj ET Q q 0 0 0 rg BT 335.70 614.48 Td (19.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.25 614.48 Td (248.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.25 614.48 Td (31) Tj ET Q q 0 0 0 rg BT 456.15 614.48 Td (1.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.25 614.48 Td (489.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 601.43 Td (Cash from \(used in\) operating activities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 337.50 601.48 Td (\(2.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 351.30 601.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.70 601.48 Td (45.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 444.55 601.43 Td (\(105.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.30 601.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.25 601.48 Td (1) Tj ET Q q 0 0 0 rg BT 514.70 601.48 Td (16.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 588.43 Td (Cash from \(used in\) investing activities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 335.70 588.48 Td (91.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 397.50 588.48 Td (\(8.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 411.30 588.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 447.25 588.48 Td (540.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 507.60 588.48 Td (\(207.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.30 588.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 575.43 Td (Cash used in financing activities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 333.05 575.48 Td (\(26.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 351.30 575.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 393.05 575.48 Td (\(10.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 411.30 575.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 444.55 575.43 Td (\(561.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.30 575.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 507.60 575.48 Td (\(132.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 530.30 575.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 562.43 Td (T) Tj ET Q q 0 0 0 rg BT 79.59 562.43 Td (ranslation adjustment related to cash) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 340.15 562.43 Td (0.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 397.50 562.48 Td (\(2.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 411.30 562.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.50 562.48 Td (\(2.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.30 562.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 519.15 562.43 Td (7.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 549.43 Td (Cash and cash equivalents, end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.25 549.48 Td (182.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.25 549.48 Td (273.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.25 549.48 Td (182.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.25 549.48 Td (273.9) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 515.45 Td (OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 113.78 515.45 Td (TING ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 145.34 515.45 Td (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 211.34 515.45 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 72.00 489.95 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 72.00 476.45 Td (required to provide loyalty solutions and analytics and insights services, and by the cash required to deliver rewards ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 462.95 Td (when Loyalty Units are redeemed. 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 72.00 449.45 Td (interest and income taxes paid.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 426.95 Td (Cash flows from operating activities amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 268.59 426.95 Td ($\(2.9\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.11 426.95 Td ( and to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.13 426.95 Td ($\(105.8\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.66 426.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.18 426.95 Td (three and nine months ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 413.45 Td (ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.03 413.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 99.53 413.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 181.09 413.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 232.94 413.45 Td (, compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 290.47 413.45 Td ($45.6 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.99 413.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.01 413.45 Td ($1) Tj ET Q q 0 0 0 rg BT 370.35 413.45 Td (16.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.88 413.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.39 413.45 Td (three and nine months ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 399.95 Td (ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.03 399.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 99.53 399.95 Td (September30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 181.09 399.95 Td (, respectively) Tj ET Q q 0 0 0 rg BT 232.94 399.95 Td (. Cash flows from operating activities attributable to the continuing operations ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 386.45 Td (amounted to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.54 386.45 Td ($\(2.8\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 176.05 386.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.07 386.45 Td ($\(78.1\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.59 386.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.11 386.45 Td (three and nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.20 386.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.70 386.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.26 386.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 536.11 386.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 372.95 Td (compared to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.53 372.95 Td ($\(8.3\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 176.04 372.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.06 372.95 Td ($\(68.2\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.58 372.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.10 372.95 Td (three and nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.19 372.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.69 372.95 Td (September30, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.25 372.95 Td (, respectively) Tj ET Q q 0 0 0 rg BT 536.10 372.95 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 350.45 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 148.04 350.45 Td (Free Cash Flow Before Dividends Paid) 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 303.11 350.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 305.61 350.45 Td (caption 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 375.16 350.45 Td ( ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 377.66 350.45 Td (Quarter Ended September 30, 2019 ) Tj ET Q BT /F4 9.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 336.95 Td (Compared to Quarter Ended September 30, 2018 ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 272.12 336.95 Td (and ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 289.64 336.95 Td (Nine Months Ended September 30, 2019 Compared to Nine ) Tj ET Q BT /F4 9.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 323.45 Td (Months Ended September 30, 2018 ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 216.60 323.45 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 293.45 Td (INVESTING ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 139.56 293.45 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 72.00 267.95 Td (Investing activities for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 175.55 267.95 Td (three and nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 292.64 267.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.14 267.95 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.69 267.95 Td ( reflect the net proceeds from the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 254.45 Td (disposal of the ) Tj ET Q q 0 0 0 rg BT 132.04 254.45 Td (Aeroplan Program and related assets of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.63 254.45 Td ($\(0.1\) million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.15 254.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.17 254.45 Td ($500.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.70 254.45 Td (, including proceeds of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 240.95 Td ($450.0 million on the closing of the transaction and closing adjustments payment of $66.4 million, of) Tj ET Q q 0 0 0 rg BT 468.57 240.95 Td (fset by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 227.45 Td (transaction and termination fees of $16.0 million. Investing activities for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.66 227.45 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.22 227.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.72 227.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.27 227.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 213.95 Td (also reflect an amount of $100.0 million set aside in a restricted account related to the 2013 CRA) Tj ET Q q 0 0 0 rg BT 456.22 213.95 Td ( audit, $10.0 million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 200.45 Td (set aside in a restricted account to act as cash collateral for previously issued irrevocable letters of credit and $2.3 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 186.95 Td (million set aside in an escrow account to cover potential general indemnity claims related to the sale of the ) Tj ET Q q 0 0 0 rg BT 496.73 186.95 Td (Aeroplan ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 173.45 Td (Program. During the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 155.54 173.45 Td (three and nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.62 173.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 275.12 173.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.68 173.45 Td (, $0.8 million and $2.8 million of cash ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 159.95 Td (collateral was released, respectively) Tj ET Q q 0 0 0 rg BT 215.40 159.95 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 137.45 Td (Investing activities for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 175.55 137.45 Td (three and nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 292.64 137.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.14 137.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.69 137.45 Td ( also reflect proceeds from investments ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 123.95 Td (in corporate and government bonds of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.60 123.95 Td ($20.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.13 123.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 297.15 123.95 Td ($291.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.68 123.95 Td (, respectively) Tj ET Q q 0 0 0 rg BT 404.53 123.95 Td (, and proceeds of $9.8 million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 110.45 Td (from the sale of the investment in Fractal ) Tj ET Q q 0 0 0 rg BT 236.58 110.45 Td (Analytics and purchases of investments in corporate and government bonds ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 95.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.01 95.45 Td ($223.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 137.54 95.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 168.06 95.45 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 244.61 95.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.11 95.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 328.67 95.45 Td (. During the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.70 95.45 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.75 95.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.25 95.45 Td (September30, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 81.95 Td (2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.02 81.95 Td ( net proceeds of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 159.06 81.95 Td ($71.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.59 81.95 Td ( from the sale of Cardlytics common shares are presented in investment activities. ) Tj ET Q endstream endobj 85 0 obj <> endobj 86 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 (41) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 (There were no capital expenditures presented as investing activities for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.67 668.45 Td (three and nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.75 668.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.56 654.95 Td (. Due to the impairment charges taken in the Loyalty Solutions segment, the Corporation does ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (not anticipate recording any capital expenditures in investing activities in 2019. ) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 611.45 Td (FINANCING ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 141.55 611.45 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 72.00 585.95 Td (Financing activities for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.55 585.95 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.11 585.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.61 585.95 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.17 585.95 Td ( reflect the repayment of the revolving facility of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 572.45 Td ($51.1 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.53 572.45 Td (, the early redemption of the Senior Secured Notes Series 4 of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.17 572.45 Td ($250.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.70 572.45 Td ( as well as $2.3 million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 558.95 Td (representing the final installment of the base consideration related to the acquisition of the remaining 40% ownership ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 545.45 Td (interest in ) Tj ET Q q 0 0 0 rg BT 113.02 545.45 Td (Aimia Middle East.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 522.95 Td (Financing activities for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.55 522.95 Td (three and nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.64 522.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 298.14 522.95 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.70 522.95 Td ( also reflect the payment of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.25 522.95 Td ($4.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.78 522.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 509.45 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.52 509.45 Td ($73.9 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 140.04 509.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 191.90 509.45 Td (, related to common and preferred dividends, as well as the principal elements of lease ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 494.45 Td (payments of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 123.53 494.45 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.05 494.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 171.55 494.45 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.56 494.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.06 494.45 Td ($1.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.59 494.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 286.44 494.45 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 471.95 Td (Repurchases of common shares through substantial and normal course issuer bid processes of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.20 471.95 Td ($21.3 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 504.73 471.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 458.45 Td ($183.4 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.53 458.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 158.05 458.45 Td (three and nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 275.14 458.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.64 458.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.20 458.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 411.05 458.45 Td (, are also included in financing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 444.95 Td (activities. ) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 414.95 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 72.00 389.45 Td (Excluding any potential acquisitions, cash requirements for the the 2019 fiscal year will consist of negative operating ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 375.95 Td (cash flows, $183.5 million in respect of the completed substantial issuer bid and the normal course issuer bid to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 362.45 Td (repurchase a portion of the Corporation's outstanding common shares for cancellation, cash dividends of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 348.95 Td (approximately $78.3 million and $2.3 million representing the final installment of the base consideration related to the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 335.45 Td (acquisition of the remaining 40% ownership interest in ) Tj ET Q q 0 0 0 rg BT 289.13 335.45 Td (Aimia Middle East.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 308.45 Td (Aimia anticipates that cash requirements will be comfortably met from the Corporation) Tj ET Q q 0 0 0 rg BT 414.98 308.45 Td (s significant existing cash and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 294.95 Td (cash equivalents, investment in bonds and proceeds from the sale of Cardlytics common shares. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 267.95 Td (The amount held in cash and investments, as well as the types of securities in which it may be invested, are based ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 254.45 Td (on policies established by management, which are reviewed periodically) Tj ET Q q 0 0 0 rg BT 358.49 254.45 Td (. ) Tj ET Q q 0 0 0 rg BT 362.99 254.45 Td (As of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.00 254.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.56 254.45 Td (, the Corporation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 240.95 Td (held ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.52 240.95 Td ($437.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 147.05 240.95 Td ( in cash, restricted cash and investments.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 215.45 Td (The deferred revenue presented in the balance sheet attributable to the ) Tj ET Q q 0 0 0 rg BT 358.20 215.45 Td (Air Miles Middle East program represents ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 201.95 Td (accumulated unredeemed Loyalty Units valued at their weighted average selling price and unrecognized Breakage. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 188.45 Td (Per the new contract terms with the main coalition partner of the ) Tj ET Q q 0 0 0 rg BT 328.63 188.45 Td (Air Miles Middle East program, the partner will ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 174.95 Td (reimburse ) Tj ET Q q 0 0 0 rg BT 114.02 174.95 Td (Aimia for the redemption costs associated with the Loyalty Units redeemed originally issued by this ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 161.45 Td (coalition partner) Tj ET Q q 0 0 0 rg BT 135.54 161.45 Td (. ) Tj ET Q q 0 0 0 rg BT 140.38 161.45 Td (The estimated Future Redemption Cost liability of Loyalty Units issued by other coalition partners, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 147.95 Td (calculated at the current ) Tj ET Q q 0 0 0 rg BT 170.06 147.95 Td (A) Tj ET Q q 0 0 0 rg BT 175.90 147.95 Td (verage Cost of Rewards per Loyalty Unit redeemed, is approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.03 147.95 Td ($1.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.55 147.95 Td ( and will ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 134.45 Td (be funded by the Corporation.) Tj ET Q endstream endobj 87 0 obj <> endobj 88 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 (42) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 666.30 Td (CREDIT F) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 126.67 666.30 Td (ACILITIES ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 618.30 225.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 297.50 618.30 79.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 376.50 618.30 4.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 380.50 618.30 79.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 459.50 618.30 4.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 463.50 618.30 77.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 297.50 597.30 79.00 -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 297.50 583.30 79.00 -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 297.50 569.30 79.00 -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 297.50 555.30 79.00 -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 297.50 541.30 79.00 -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 297.50 527.30 79.00 -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 297.5 555.3 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 297.5 555.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 555.3 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 297.5 527.3 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 297.5 514.3 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 297.5 512.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 527.3 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 297.5 514.3 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 297.5 512.3 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 315.15 609.78 Td (Authorized as at) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 300.50 601.78 Td (September 30, 2019) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 413.30 609.78 Td (Drawn as at) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 383.50 601.78 Td (September 30, 2019) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 494.30 609.78 Td (Drawn as at) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 466.70 601.78 Td (December 31, 2018) 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 (\(a\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 360.10 588.28 Td (N/A) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 448.30 588.33 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.70 587.58 Td (51.1) 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 448.30 574.33 Td () 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 /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 448.30 560.33 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.50 559.58 Td (\(0.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.30 559.53 Td (\)) 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 448.30 546.33 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 545.58 Td (300.9) 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 448.30 531.58 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.25 531.58 Td (300.9) 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 448.30 518.33 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.30 517.58 Td () 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 (Following the completion of the sale of the ) Tj ET Q q 0 0 0 rg BT 259.20 492.80 Td (Aeroplan Program and related assets, the revolving facility was fully repaid and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 480.80 Td (terminated. For more information on the ) Tj ET Q q 0 0 0 rg BT 250.73 480.80 Td (Aeroplan 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 395.27 480.80 Td (Discontinued Operations and Disposal ) Tj ET Q BT /F4 8.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 108.00 468.80 Td (of Businesses and Other ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 197.53 468.80 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 221.54 468.80 Td ( section. In connection with the termination of the credit facility) Tj ET Q q 0 0 0 rg BT 440.61 468.80 Td (, previously issued ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 456.80 Td (irrevocable letters of credit in the aggregate amount of $10.0 million have been replaced by security in the form of cash ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 444.80 Td (collateral.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 423.80 Td (In 2018, in connection with the consent required for the release of one of ) Tj ET Q q 0 0 0 rg BT 366.39 423.80 Td (Aimia) Tj ET Q q 0 0 0 rg BT 388.03 423.80 Td (s subsidiary guarantors under its credit ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 411.80 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 150.25 411.80 Td (Aimia reduced its overall debt level with a $100.0 million repayment made at closing of the Nectar transaction ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 399.80 Td (on January 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 422.39 399.80 Td (Discontinued Operations and ) Tj ET Q BT /F4 8.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 108.00 387.80 Td (Disposal of Businesses and Other ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 230.43 387.80 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 254.44 387.80 Td ( section. ) Tj ET Q q 0 0 0 rg BT 286.31 387.80 Td (The overall size of the facility was also reduced to $208.0 million. ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 375.80 Td (Depending on the Corporation's credit ratings, the interest rates applicable to the revolving facility ranged between ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 363.80 Td (Canadian prime rate plus 1.00% to 2.00% and the Bankers' ) Tj ET Q q 0 0 0 rg BT 319.88 363.80 Td (Acceptances and LIBOR rates plus 2.00% to 3.00%. In ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 351.80 Td (addition, ) Tj ET Q q 0 0 0 rg BT 140.03 351.80 Td (Aimia had agreed to other amendments which included quarterly debt pay-downs contingent on positive free ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 339.80 Td (cash flow performance, revised conditions around acquisitions and disposals, and tighter restrictions on common and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 327.80 Td (preferred dividends payments, among others.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 306.80 Td (In May) Tj ET Q q 0 0 0 rg BT 131.41 306.80 Td (, ) Tj ET Q q 0 0 0 rg BT 135.42 306.80 Td (August and November 2018, repayments of $20.2 million, $10.0 million and $18.8 million, respectively) Tj ET Q q 0 0 0 rg BT 495.47 306.80 Td (, were made ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 294.80 Td (on the revolving facility) Tj ET Q q 0 0 0 rg BT 188.34 294.80 Td (, representing 50% of the reported free cash flow in the first three quarters of 2018.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 273.80 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 273.80 Td (The issued Senior Secured Notes Series 4 in the principal amount of $250.0 million, bearing interest at 6.85% per annum ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 261.80 Td (based on the Corporation's credit ratings, were early redeemed on February 8, 2019 following the completion of the sale ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 249.80 Td (of the ) Tj ET Q q 0 0 0 rg BT 129.80 249.80 Td (Aeroplan Program and related assets. For more information on the ) Tj ET Q q 0 0 0 rg BT 367.25 249.80 Td (Aeroplan 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 108.00 237.80 Td (Discontinued Operations and Disposal of Businesses and Other ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 335.83 237.80 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 359.84 237.80 Td ( section. ) Tj ET Q q 0 0 0 rg BT 391.41 237.80 Td (Additionally) Tj ET Q q 0 0 0 rg BT 431.73 237.80 Td (, ) Tj ET Q q 0 0 0 rg BT 435.74 237.80 Td (Aimia paid interest accrued ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 225.80 Td (on the Senior Secured Notes Series 4 up to repayment date, representing $4.0 million, as well as an early redemption ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 213.80 Td (premium of $2.8 million.) Tj ET Q endstream endobj 89 0 obj <> endobj 90 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 (43) Tj ET Q BT /F1 10.00 Tf ET BT /F2 16.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 464.701171875 664.3986328125 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 666.30 Td (INVESTMENTS IN EQUITY) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 220.46 666.30 Td ( INSTRUMENTS, ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 316.69 666.30 Td (ASSOCIA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 370.47 666.30 Td (TES ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 396.70 666.30 Td (AND JOINT ) Tj ET Q BT /F2 12.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 649.9986328125 m 174.66796875 649.9986328125 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 651.90 Td (ARRANGEMENTS) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 626.40 Td (The table below summarizes ) Tj ET Q q 0 0 0 rg BT 188.55 626.40 Td (Aimia's investments in equity instruments, associates and joint arrangements at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 612.90 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.56 612.90 Td (:) Tj ET Q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 593.40 94.00 -45.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 166.50 593.40 90.00 -45.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 256.50 593.40 66.00 -45.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 322.50 593.40 55.00 -45.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 377.50 593.40 65.00 -45.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 442.50 593.40 43.00 -45.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 485.50 593.40 55.00 -45.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 468.4 m 166.5 468.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 468.4 m 256.5 468.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 468.4 m 322.5 468.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 468.4 m 377.5 468.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 468.4 m 442.5 468.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 468.4 m 485.5 468.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 468.4 m 540.5 468.4 l s BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 75.00 568.88 Td (Name) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 169.00 568.88 Td (Nature of business) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 259.00 572.88 Td (Nature of) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 259.00 564.88 Td (investment) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 325.00 572.88 Td (Reporting) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 325.00 564.88 Td (segment) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 380.00 580.88 Td (Country of) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 380.00 572.88 Td (incorporation) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 380.00 564.88 Td (and place of) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 380.00 556.88 Td (business) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 445.00 576.88 Td (% of) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 445.00 568.88 Td (ownership) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 445.00 560.88 Td (interest) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 488.00 572.88 Td (Measurement) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 488.00 564.88 Td (method) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 536.38 Td (PLM) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 169.00 536.38 Td (Coalition Loyalty) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.00 536.38 Td (Joint venture) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.00 540.08 Td (Corporate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.00 532.08 Td (and Other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.00 536.38 Td (Mexico) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.40 536.38 Td (48.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.35 536.38 Td (Equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 516.38 Td (BIGLIFE) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 169.00 516.38 Td (Coalition Loyalty) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.00 516.38 Td (Joint venture) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.00 520.08 Td (Corporate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.00 512.08 Td (and Other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.00 516.38 Td (Malaysia) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.40 516.38 Td (20.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.35 516.38 Td (Equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 496.38 Td (Aimia Kantar Insights) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 169.00 496.38 Td (Analytics and Insights) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.00 496.38 Td (Joint venture) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.00 500.08 Td (Loyalty) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.00 492.08 Td (Solutions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.00 496.38 Td (United States) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.40 496.38 Td (50.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.35 496.38 Td (Equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 476.38 Td (Cardlytics) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 169.00 480.08 Td (Loyalty Solutions &) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 169.00 472.08 Td (Analytics and Insights) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.00 480.08 Td (Equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.00 472.08 Td (instrument) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.00 480.08 Td (Corporate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.00 472.08 Td (and Other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.00 476.38 Td (United States) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 450.95 476.38 Td (< 10.0 ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 475.64 480.19 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.90 476.38 Td (Fair value) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 444.90 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 108.00 444.90 Td (The Corporation disposed of its remaining investment in Cardlytics after September 30, 2019. 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 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg BT 484.64 444.90 Td (Subsequent ) Tj ET Q BT /F4 8.00 Tf ET q 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg BT 108.00 432.90 Td (Events) 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 132.46 432.90 Td ( sections for more information.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 378.90 Td (EQUITY) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 116.01 378.90 Td (-ACCOUNTED INVESTMENTS) Tj ET Q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 356.40 343.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 415.50 356.40 59.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 474.50 356.40 4.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 478.50 356.40 57.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 72.50 335.40 343.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 415.50 335.40 59.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 474.50 335.40 4.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 478.50 335.40 57.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 415.50 321.40 59.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 415.50 308.40 59.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 415.50 295.40 59.00 -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 72.5 295.4 m 415.5 295.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 295.4 m 474.5 295.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 295.4 m 478.5 295.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 295.4 m 535.5 295.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 295.4 m 415.5 295.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 283.4 m 415.5 283.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 281.4 m 415.5 281.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 295.4 m 474.5 295.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 283.4 m 474.5 283.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 281.4 m 474.5 281.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 295.4 m 478.5 295.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 283.4 m 478.5 283.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 281.4 m 478.5 281.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 295.4 m 535.5 295.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 283.4 m 535.5 283.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 281.4 m 535.5 281.4 l s BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 75.00 343.88 Td (As at) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 418.50 343.88 Td (September 30,) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 481.75 343.88 Td (December 31,) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 326.60 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 453.20 326.38 Td (2019) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 514.20 326.38 Td (2018) 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 75.00 312.88 Td (Investment in PLM ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 143.47 316.69 Td (\(a\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.70 312.93 Td (53.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.70 312.93 Td (67.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 299.88 Td (Other equity-accounted investments in joint ventures) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.70 299.93 Td (15.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.70 299.93 Td (16.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 286.88 Td (T) Tj ET Q q 0 0 0 rg BT 79.29 286.88 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.70 286.93 Td (69.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.70 286.93 Td (83.5) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 258.90 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 258.90 Td (During the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 147.13 258.90 Td (three and nine months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 251.21 258.90 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 253.43 258.90 Td (September30, 2019) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.93 258.90 Td (, ) Tj ET Q q 0 0 0 rg BT 329.93 258.90 Td (Aimia received distributions from PLM of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 475.32 258.90 Td ($5.8 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 515.79 258.90 Td ( ) Tj ET Q q 0 0 0 rg BT 540.00 258.90 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 243.90 Td (\(US) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 121.78 243.90 Td ($4.4 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 162.24 243.90 Td (\) and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 182.70 243.90 Td ($30.5 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 227.61 243.90 Td ( \(US) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 243.61 243.90 Td ($23.0 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 288.53 243.90 Td (\), respectively) Tj ET Q q 0 0 0 rg BT 337.28 243.90 Td (, compared to distributions of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 442.22 243.90 Td ($4.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.69 243.90 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.19 243.90 Td (\(US) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 498.96 243.90 Td ($3.4 ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 228.90 Td (million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 130.67 228.90 Td (\) and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.91 228.90 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 151.41 228.90 Td ($13.3 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 196.32 228.90 Td ( \(US) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 212.32 228.90 Td ($10.2 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 257.23 228.90 Td (\) for the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 287.02 228.90 Td (three and nine months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 391.10 228.90 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 393.32 228.90 Td (September30, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.82 228.90 Td (, respectively) Tj ET Q q 0 0 0 rg BT 511.91 228.90 Td (. ) Tj ET Q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 206.40 240.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 312.50 206.40 112.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 424.50 206.40 4.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 428.50 206.40 112.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 72.50 185.40 240.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 312.50 185.40 56.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 368.50 185.40 56.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 424.50 185.40 4.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 428.50 185.40 56.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 484.50 185.40 56.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 171.40 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 428.50 171.40 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 158.40 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 428.50 158.40 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 312.50 145.40 56.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 428.50 145.40 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 72.5 145.39999999999998 m 312.5 145.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 312.5 145.39999999999998 m 368.5 145.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 368.5 145.39999999999998 m 424.5 145.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 424.5 145.39999999999998 m 428.5 145.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 145.39999999999998 m 484.5 145.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 484.5 145.39999999999998 m 540.5 145.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 145.39999999999998 m 312.5 145.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 133.39999999999998 m 312.5 133.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 131.39999999999998 m 312.5 131.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 312.5 145.39999999999998 m 368.5 145.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 133.39999999999998 m 368.5 133.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 131.39999999999998 m 368.5 131.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 368.5 145.39999999999998 m 424.5 145.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 133.39999999999998 m 424.5 133.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 131.39999999999998 m 424.5 131.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 424.5 145.39999999999998 m 428.5 145.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 133.39999999999998 m 428.5 133.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 131.39999999999998 m 428.5 131.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 145.39999999999998 m 484.5 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/F4 7.00 Tf ET q 1 1 1 rg BT 75.00 176.60 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 347.20 176.38 Td (2019) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 403.20 176.38 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 463.20 176.38 Td (2019) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 519.20 176.38 Td (2018) 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 75.00 162.88 Td (Investment in PLM) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.15 162.88 Td (5.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.15 162.88 Td (7.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.70 162.93 Td (18.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.70 162.93 Td (22.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 149.88 Td (Other equity-accounted investments in joint ventures) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.15 149.88 Td (0.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.15 149.88 Td (0.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.15 149.88 Td (1.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.15 149.88 Td (0.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 136.88 Td (T) Tj ET Q q 0 0 0 rg BT 79.29 136.88 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.15 136.88 Td (5.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.15 136.88 Td (8.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.70 136.93 Td (19.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.70 136.93 Td (23.0) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 666.30 Td (INVESTMENT IN PLM PREMIER, S.A.P) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 287.81 666.30 Td (.I. DE C.V) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 340.05 666.30 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 72.00 640.80 Td (Presented below is the summarized statement of operations for PLM, excluding amounts relating to identifiable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (assets and goodwill recognized on a step basis. ) Tj ET Q q 0 0 0 rg BT 264.96 627.30 Td (The information reflects the amounts presented in the financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 613.80 Td (statements of PLM adjusted for dif) Tj ET Q q 0 0 0 rg BT 208.41 613.80 Td (ferences in accounting policies between the Corporation and PLM. ) Tj ET Q BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 586.80 Td (Summarized statement of operations) Tj ET Q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 576.30 223.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 295.50 576.30 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0 j 3 M 475.5 463.3 m 535.5 463.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 451.3 m 535.5 451.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 449.3 m 535.5 449.3 l s BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 317.60 567.78 Td (Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 328.75 559.78 Td (September 30,) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 439.85 567.78 Td (Nine Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 448.75 559.78 Td (September 30,) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 546.50 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 334.20 546.28 Td (2019) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 394.20 546.28 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 454.20 546.28 Td (2019) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 514.20 546.28 Td (2018) 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 75.00 532.78 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.70 532.83 Td (85.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.70 532.83 Td (74.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.25 532.83 Td (243.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 512.25 532.83 Td (219.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 519.78 Td (Cost of rewards and operating expenses) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 334.05 519.83 Td (\(61.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.30 519.78 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.05 519.83 Td (\(50.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.30 519.78 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 449.55 519.78 Td (\(173.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.30 519.78 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 509.60 519.83 Td (\(150.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.30 519.78 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 506.78 Td (Depreciation and amortization) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 338.50 506.83 Td (\(0.8) Tj ET Q 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0 0 0 rg BT 396.70 454.83 Td (17.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.70 454.83 Td (42.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.70 454.83 Td (51.5) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 423.80 Td (Reconciliation of summarized statement of operations to ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 344.45 423.80 Td (Aimia's share of net earnings) Tj ET Q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 401.30 223.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 295.50 401.30 120.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 415.50 401.30 120.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 72.50 380.30 223.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 295.50 380.30 60.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 355.50 380.30 60.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 415.50 380.30 60.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 475.50 380.30 60.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 295.50 366.30 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 415.50 366.30 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 295.50 353.30 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 415.50 353.30 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 295.50 340.30 60.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 415.50 340.30 60.00 -19.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 295.50 321.30 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 415.50 321.30 60.00 -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 72.5 353.3 m 295.5 353.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 353.3 m 355.5 353.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 355.5 366.3 m 415.5 366.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 353.3 m 415.5 353.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 353.3 m 475.5 353.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 353.3 m 535.5 353.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 353.3 m 355.5 353.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 353.3 m 415.5 353.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 353.3 m 475.5 353.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 353.3 m 535.5 353.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 321.3 m 295.5 321.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 295.5 321.3 m 355.5 321.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 355.5 321.3 m 415.5 321.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 321.3 m 475.5 321.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 475.5 321.3 m 535.5 321.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 309.3 m 295.5 309.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 307.3 m 295.5 307.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 295.5 321.3 m 355.5 321.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 309.3 m 355.5 309.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 307.3 m 355.5 307.3 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 355.5 321.3 m 415.5 321.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 309.3 m 415.5 309.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 307.3 m 415.5 307.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 309.3 m 475.5 309.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 307.3 m 475.5 307.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 309.3 m 535.5 309.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 307.3 m 535.5 307.3 l s BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 317.60 392.78 Td (Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 328.75 384.78 Td (September 30,) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 439.85 392.78 Td (Nine Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 448.75 384.78 Td (September 30,) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 371.50 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 334.20 371.28 Td (2019) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 394.20 371.28 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 454.20 371.28 Td (2019) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 514.20 371.28 Td (2018) 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 75.00 357.78 Td (Net earnings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.70 357.83 Td (12.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.70 357.83 Td (17.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.70 357.83 Td (42.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.70 357.83 Td (51.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 344.78 Td (Share of net earnings of PLM @ 48.9%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.15 344.78 Td (6.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 401.15 344.78 Td (8.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.70 344.83 Td (20.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.70 344.83 Td (25.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 331.98 Td (Amortization expense related to identifiable assets) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 323.98 Td (recognized on a step basis) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 338.50 328.83 Td (\(0.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.30 328.78 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.50 328.83 Td (\(0.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.30 328.78 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.50 328.83 Td (\(2.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 472.30 328.78 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 518.50 328.83 Td (\(2.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 532.30 328.78 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 312.78 Td (Aimia's share of PLM net earnings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.15 312.78 Td (5.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 401.15 312.78 Td (7.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.70 312.83 Td (18.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.70 312.83 Td (22.7) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 281.80 Td (PLM ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 95.52 281.80 Td (Adjusted EBITDA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 177.92 281.80 Td ( - Definition and reconciliation ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 256.30 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 141.53 256.30 Td ( for PLM \("PLM ) Tj ET Q q 0 0 0 rg BT 204.75 256.30 Td (Adjusted EBITDA\) is operating income adjusted to exclude depreciation, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 242.80 Td (amortization and impairment charges related to non-financial assets, as well as adjusted for certain factors particular ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 229.30 Td (to PLM, such as changes in deferred revenue and Future Redemption Costs. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 206.80 Td (Change in deferred revenue is calculated as the dif) Tj ET Q q 0 0 0 rg BT 274.97 206.80 Td (ference between Gross Billings and revenue recognized, including ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 193.30 Td (recognition of Breakage.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 170.80 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 72.00 157.30 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 72.00 143.80 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 72.00 130.30 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 72.00 116.80 Td (Units outstanding at the end of that period. ) Tj ET Q q 0 0 0 rg BT 243.62 116.80 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 72.00 103.30 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 425.05 103.30 Td (The simple addition of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 89.80 Td (sequential inter-period changes to arrive at a cumulative change for a particular period may result in inaccurate ) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 (results depending on the fluctuation in the ) Tj ET Q q 0 0 0 rg BT 240.62 668.45 Td (A) Tj ET Q q 0 0 0 rg BT 246.46 668.45 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 72.00 654.95 Td (question.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 632.45 Td (PLM ) Tj ET Q q 0 0 0 rg BT 92.51 632.45 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 162.04 632.45 Td ( is not a measurement based on GAAP) Tj ET Q q 0 0 0 rg BT 316.97 632.45 Td (, is not considered an alternative to operating income or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 618.95 Td (net earnings in measuring performance, and is not comparable to similar measures used by other issuers. ) Tj ET Q q 0 0 0 rg BT 495.21 618.95 Td (Aimia and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 605.45 Td (PLM's management do not believe that PLM ) Tj ET Q q 0 0 0 rg BT 250.82 605.45 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 320.36 605.45 Td ( has an appropriate directly comparable GAAP) Tj ET Q q 0 0 0 rg BT 505.79 605.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 591.95 Td (measure. However) Tj ET Q q 0 0 0 rg BT 147.03 591.95 Td (, a reconciliation to operating income is provided below) Tj ET Q q 0 0 0 rg BT 365.16 591.95 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 569.45 Td (PLM ) Tj ET Q q 0 0 0 rg BT 92.51 569.45 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 162.04 569.45 Td ( is used by ) Tj ET Q q 0 0 0 rg BT 207.07 569.45 Td (Aimia and PLM's management to evaluate performance. ) Tj ET Q q 0 0 0 rg BT 433.41 569.45 Td (Aimia and PLM's ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 555.95 Td (management believe PLM ) Tj ET Q q 0 0 0 rg BT 178.56 555.95 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 248.10 555.95 Td ( assists investors in comparing PLM's performance on a consistent basis ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 542.45 Td (without regard to depreciation and amortization and impairment charges related to non-financial assets, which are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 528.95 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 72.00 515.45 Td (historical cost. ) Tj ET Q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 492.95 223.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 295.50 492.95 120.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 415.50 492.95 120.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 72.50 471.95 223.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 295.50 471.95 60.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 355.50 471.95 60.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 415.50 471.95 60.00 -14.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 475.50 471.95 60.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 295.50 457.95 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 415.50 457.95 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 295.50 444.95 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 415.50 444.95 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 295.50 431.95 60.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 415.50 431.95 60.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 295.50 410.95 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 415.50 410.95 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 295.50 397.95 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 415.50 397.95 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 295.50 384.95 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 415.50 384.95 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 295.50 371.95 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 415.50 371.95 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 295.50 358.95 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 415.50 358.95 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 295.50 345.95 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 415.50 345.95 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 295.50 332.95 60.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 415.50 332.95 60.00 -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 295.5 431.95 m 355.5 431.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 431.95 m 415.5 431.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 431.95 m 295.5 431.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 410.95 m 295.5 410.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 431.95 m 355.5 431.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 410.95 m 355.5 410.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 431.95 m 415.5 431.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 410.95 m 415.5 410.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 431.95 m 475.5 431.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 410.95 m 475.5 410.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 431.95 m 535.5 431.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 410.95 m 535.5 410.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 345.95 m 475.5 345.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 345.95 m 535.5 345.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 345.95 m 295.5 345.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 332.95 m 295.5 332.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 345.95 m 355.5 345.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 295.5 332.95 m 355.5 332.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 345.95 m 415.5 345.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 355.5 332.95 m 415.5 332.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 345.95 m 475.5 345.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 332.95 m 475.5 332.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 345.95 m 535.5 345.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 332.95 m 535.5 332.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 332.95 m 295.5 332.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 320.95 m 295.5 320.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 318.95 m 295.5 318.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 295.5 332.95 m 355.5 332.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 320.95 m 355.5 320.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 318.95 m 355.5 318.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 355.5 332.95 m 415.5 332.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 320.95 m 415.5 320.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 318.95 m 415.5 318.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 332.95 m 475.5 332.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 320.95 m 475.5 320.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 318.95 m 475.5 318.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 475.5 332.95 m 535.5 332.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 320.95 m 535.5 320.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 318.95 m 535.5 318.95 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 317.60 484.43 Td (Three Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 328.75 476.43 Td (September 30,) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 439.85 484.43 Td (Nine Months Ended) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 448.75 476.43 Td (September 30,) Tj ET Q BT /F4 7.00 Tf ET q 1 1 1 rg BT 75.00 463.15 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 334.20 462.93 Td (2019) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 394.20 462.93 Td (2018) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 454.20 462.93 Td (2019) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 514.20 462.93 Td (2018) 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 75.00 449.43 Td (Operating income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.05 449.48 Td (23.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.70 449.48 Td (22.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.05 449.48 Td (67.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.05 449.48 Td (66.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 436.43 Td (Depreciation and amortization) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 340.50 436.43 Td (0.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 401.15 436.43 Td (0.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.50 436.43 Td (2.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.50 436.43 Td (1.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 423.43 Td (Operating income excluding depreciation and ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 415.43 Td (amortization ) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 124.78 419.24 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.05 419.48 Td (24.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.70 419.48 Td (23.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.05 419.48 Td (70.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.05 419.48 Td (68.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 402.43 Td (Adjustments:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 389.43 Td (Change in deferred revenue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.00 376.43 Td (Gross Billings) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 336.05 376.48 Td (94.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.70 376.48 Td (83.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.55 376.43 Td (268.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 511.60 376.48 Td (241.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.00 363.43 Td (Revenue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 333.40 363.43 Td (\(85.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 351.65 363.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.05 363.48 Td (\(74.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.30 363.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 448.95 363.43 Td (\(243.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.65 363.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.95 363.43 Td (\(219.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 531.65 363.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 350.43 Td (Change in Future Redemption Costs ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 5.20 Tf ET q 0 0 0 rg BT 207.07 354.24 Td (\(b\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 337.80 350.43 Td (\(4.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 351.65 350.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.50 350.48 Td (\(4.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.30 350.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.40 350.43 Td (\(1) Tj ET Q q 0 0 0 rg BT 460.51 350.43 Td (1.5) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.65 350.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.85 350.48 Td (\(8.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 531.65 350.43 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 75.00 337.43 Td (Subtotal of adjustments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.50 337.43 Td (4.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 401.15 337.43 Td (5.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.05 337.48 Td (13.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.05 337.48 Td (13.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 75.00 324.43 Td (PLM ) Tj ET Q q 0 0 0 rg BT 93.81 324.43 Td (Adjusted EBITDA) Tj ET Q q 0 0 0 rg BT 159.74 324.43 Td ( ) Tj ET Q BT /F5 8.00 Tf ET BT /F5 5.20 Tf ET q 0 0 0 rg BT 161.96 328.24 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.05 324.48 Td (28.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.70 324.48 Td (28.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 456.05 324.48 Td (83.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.05 324.48 Td (82.1) Tj ET Q BT /F1 10.00 Tf ET BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 296.45 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 296.45 Td (A) Tj ET Q q 0 0 0 rg BT 112.89 296.45 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 153.21 296.45 Td ( measurement.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 275.45 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 275.45 Td (Represents the change in the estimated Future Redemption Cost liability for any quarter \(for interim periods\) or fiscal year ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 263.45 Td (\(for annual reporting purposes\). For the purposes of this calculation, the opening balance of the Future Redemption Cost ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 251.45 Td (liability is revalued by retroactively applying to all prior periods the latest available ) Tj ET Q q 0 0 0 rg BT 397.04 251.45 Td (A) Tj ET Q q 0 0 0 rg BT 402.23 251.45 Td (verage Cost of Rewards per Loyalty ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 239.45 Td (Unit. It is calculated by multiplying the change in estimated Unbroken Loyalty Units outstanding between periods by the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 108.00 227.45 Td (A) Tj ET Q q 0 0 0 rg BT 113.19 227.45 Td (verage Cost of Rewards per Loyalty Unit for the period.) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 666.30 Td (MEASUREMENT UNCERT) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 ($2.8 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.05 613.80 Td ( at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 600.30 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.56 600.30 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, and the experienced mix of the various types of rewards that ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 550.80 Td (members have selected, based on past experience. ) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 509.8986328125 m 420.908203125 509.8986328125 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 511.80 Td (PROVISIONS, CONTINGENT LIABILITIES ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 307.57 511.80 Td (AND GUARANTEES) Tj ET Q BT /F2 12.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 481.80 Td (PROVISIONS) Tj ET Q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 459.30 295.00 -31.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 367.50 459.30 57.00 -31.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 424.50 459.30 57.00 -31.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 481.50 459.30 59.00 -31.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 367.50 350.30 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 424.50 350.30 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 481.50 350.30 59.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 367.50 337.30 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 424.50 337.30 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 481.50 337.30 59.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 367.50 324.30 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 424.50 324.30 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 481.50 324.30 59.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 367.50 311.30 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 424.50 311.30 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 481.50 311.30 59.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 367.50 298.30 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 424.50 298.30 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 481.50 298.30 59.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 367.50 285.30 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 424.50 285.30 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 481.50 285.30 59.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 367.50 272.30 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 424.50 272.30 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 481.50 272.30 59.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 367.50 259.30 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 424.50 259.30 57.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 481.50 259.30 59.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 367.50 246.30 57.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 424.50 246.30 57.00 -14.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 481.50 246.30 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 72.5 415.29999999999995 m 367.5 415.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 415.29999999999995 m 424.5 415.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 415.29999999999995 m 481.5 415.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 415.29999999999995 m 540.5 415.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 415.29999999999995 m 367.5 415.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 415.29999999999995 m 481.5 415.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 363.29999999999995 m 367.5 363.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 367.5 363.29999999999995 m 424.5 363.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 424.5 363.29999999999995 m 481.5 363.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 481.5 363.29999999999995 m 540.5 363.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 363.29999999999995 m 367.5 363.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 350.29999999999995 m 367.5 350.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 367.5 363.29999999999995 m 424.5 363.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 350.29999999999995 m 424.5 350.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 424.5 363.29999999999995 m 481.5 363.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 350.29999999999995 m 481.5 350.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 481.5 363.29999999999995 m 540.5 363.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 350.29999999999995 m 540.5 350.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 350.29999999999995 m 424.5 350.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 350.29999999999995 m 481.5 350.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 350.29999999999995 m 540.5 350.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 285.29999999999995 m 367.5 285.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 367.5 285.29999999999995 m 424.5 285.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 424.5 285.29999999999995 m 481.5 285.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 481.5 285.29999999999995 m 540.5 285.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 273.29999999999995 m 367.5 273.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 271.29999999999995 m 367.5 271.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 273.29999999999995 m 424.5 273.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 271.29999999999995 m 424.5 271.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 273.29999999999995 m 481.5 273.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 271.29999999999995 m 481.5 271.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 273.29999999999995 m 540.5 273.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 271.29999999999995 m 540.5 271.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 232.29999999999995 m 367.5 232.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 232.29999999999995 m 424.5 232.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 232.29999999999995 m 481.5 232.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 232.29999999999995 m 540.5 232.29999999999995 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 75.00 442.00 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 403.65 449.78 Td (Card) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 388.05 441.78 Td (Migration) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 388.05 433.78 Td (Provision) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 447.30 449.78 Td (Onerous) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 447.75 441.78 Td (Contract) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 445.05 433.78 Td (Provision) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 520.10 441.78 Td (T) Tj ET Q q 1 1 1 rg BT 524.10 441.78 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 77.00 419.78 Td (Balance as at December 31, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.15 419.78 Td (2.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.70 419.83 Td (17.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.70 419.83 Td (19.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 406.78 Td (Provision recorded during the year) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.25 406.78 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.25 406.78 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.25 406.78 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 393.78 Td (Provision used during the year) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 407.50 393.58 Td (\(1.0) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.30 393.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.50 393.58 Td (\(3.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 478.30 393.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.50 393.58 Td (\(4.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.30 393.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 380.78 Td (Provision reversed during the year) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 407.50 380.58 Td (\(1.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.30 380.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.25 380.53 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.50 380.58 Td (\(1.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.30 380.53 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 367.78 Td (Foreign exchange translation adjustment) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.25 367.78 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.15 367.78 Td (1.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.15 367.78 Td (1.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 354.78 Td (Balance as at December 31, 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.15 354.78 Td (0.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.70 354.83 Td (15.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.70 354.83 Td (15.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 341.78 Td (Provision recorded during the period) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.25 341.78 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.25 341.78 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.25 341.78 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 328.78 Td (Provision used during the period) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.25 328.78 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.50 328.83 Td (\(2.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 478.30 328.78 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.50 328.83 Td (\(2.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.30 328.78 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 315.78 Td (Provision reversed during the period) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.25 315.78 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 470.25 315.78 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.25 315.78 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 302.78 Td (Provision relating to the disposal of businesses) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 407.50 302.83 Td (\(0.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.30 302.78 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.05 302.83 Td (\(10.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 478.30 302.78 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 519.05 302.83 Td (\(10.7) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.30 302.78 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 289.78 Td (Foreign exchange translation adjustment) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.25 289.78 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.50 289.83 Td (\(0.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 478.30 289.78 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.50 289.83 Td (\(0.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 537.30 289.78 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 276.78 Td (Balance as at September 30, 2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.25 276.78 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.15 276.78 Td (2.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.15 276.78 Td (2.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 77.00 263.78 Td (Represented by:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 250.78 Td (Current portion) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.25 250.78 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.15 250.78 Td (2.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.15 250.78 Td (2.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 77.00 237.28 Td (Long-term portion) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.25 237.28 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.25 237.28 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.25 237.28 Td () 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 208.80 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 72.00 183.30 Td (Upon disposal of the U.S. CEL) Tj ET Q q 0 0 0 rg BT 193.73 183.30 Td ( Business, the costs under an IT) Tj ET Q q 0 0 0 rg BT 322.14 183.30 Td ( outsourcing arrangement in the US were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 169.80 Td (considered onerous as the unavoidable costs of meeting the obligations under the contract exceed the economic ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 156.30 Td (benefits expected to be received under it. ) Tj ET Q q 0 0 0 rg BT 238.61 156.30 Td (As a result, a provision of $20.3 million was recorded during the second ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 142.80 Td (quarter of 2017 in general and administrative expenses. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 117.30 Td (Based on the terms of the ) Tj ET Q q 0 0 0 rg BT 177.06 117.30 Td (Agreement for the sale of the ) Tj ET Q q 0 0 0 rg BT 295.14 117.30 Td (Aeroplan Program and related assets, a portion of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 103.80 Td (unavoidable costs has transfered to the buyer at the closing of the transaction on January 10, 2019. ) Tj ET Q q 0 0 0 rg BT 470.59 103.80 Td (This portion of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 90.30 Td (the provision was presented as held for sale as at December 31, 2018. ) Tj ET Q q 0 0 0 rg BT 356.00 90.30 Td (This portion of the provision was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 76.80 Td (derecognized upon the completion of the sale of the ) Tj ET Q q 0 0 0 rg BT 280.65 76.80 Td (Aeroplan Program and related assets on January 10, 2019. ) Tj ET Q q 0 0 0 rg BT 540.00 76.80 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 more information on the ) Tj ET Q q 0 0 0 rg BT 185.05 668.45 Td (Aeroplan transaction, 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 347.65 668.45 Td (Discontinued Operations and Disposal of ) Tj ET Q BT /F4 9.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 654.95 Td (Businesses and Other ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 162.72 654.95 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 189.73 654.95 Td ( section.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 629.45 Td (The remaining provision represents the remaining payments to be made under the arrangement by ) Tj ET Q q 0 0 0 rg BT 467.22 629.45 Td (Aimia until June ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 615.95 Td (2020. ) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 585.95 Td (CONTINGENT LIABILITIES ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 226.22 585.95 Td (AND GUARANTEES) Tj ET Q BT /F5 10.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 561.95 Td (Guarantees and indemnifications) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 536.45 Td (Aimia has agreed to indemnify its directors and of) Tj ET Q q 0 0 0 rg BT 268.94 536.45 Td (ficers, and the directors and of) Tj ET Q q 0 0 0 rg BT 389.84 536.45 Td (ficers of its subsidiaries, to the extent ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 522.95 Td (permitted under corporate law) Tj ET Q q 0 0 0 rg BT 191.07 522.95 Td (, against costs and damages incurred as a result of lawsuits or any other judicial, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 509.45 Td (administrative or investigative proceeding in which said directors or of) Tj ET Q q 0 0 0 rg BT 348.47 509.45 Td (ficers are sued as a result of their services. ) Tj ET Q q 0 0 0 rg BT 521.88 509.45 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 495.95 Td (directors and of) Tj ET Q q 0 0 0 rg BT 133.87 495.95 Td (ficers are covered by directors) Tj ET Q q 0 0 0 rg BT 256.08 495.95 Td ( and of) Tj ET Q q 0 0 0 rg BT 283.44 495.95 Td (ficers) Tj ET Q q 0 0 0 rg BT 306.61 495.95 Td ( liability insurance. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 473.45 Td (In limited circumstances, ) Tj ET Q q 0 0 0 rg BT 172.53 473.45 Td (Aimia may provide guarantees and/or indemnifications to third parties to support the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 459.95 Td (performance obligations of its subsidiaries under commercial contracts. No amount has been recorded in the financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 446.45 Td (statements with respect to the indemnification and guarantee agreements.) Tj ET Q BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 422.45 Td (a\) ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 83.30 422.45 Td (Aeroplan transaction) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 396.95 Td (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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 121.53 396.95 Td (Discontinued Operations and Disposal of Businesses and Other ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 377.84 396.95 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 404.85 396.95 Td ( section for a description of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 383.45 Td (indemnification clauses related to the disposal of ) Tj ET Q q 0 0 0 rg BT 267.62 383.45 Td (Aeroplan.) Tj ET Q BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 359.45 Td (b\) Nectar transaction) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 333.95 Td (As part of the sale of Nectar and related assets, the Corporation agreed to provide indemnification to the buyer in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 320.45 Td (event that the buyer suf) Tj ET Q q 0 0 0 rg BT 165.90 320.45 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 72.00 306.95 Td (agreement, including breaches of covenants and representations and warranties. ) Tj ET Q q 0 0 0 rg BT 397.04 306.95 Td (The terms of the indemnification ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 293.45 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 72.00 279.95 Td (indemnification obligations are generally aligned to the applicable statute of limitations. ) Tj ET Q q 0 0 0 rg BT 418.55 279.95 Td (The maximum potential future ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 266.45 Td (payments that the Corporation could be required to make under these indemnifications are generally contractually ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 252.95 Td (limited to a specified amount. ) Tj ET Q q 0 0 0 rg BT 190.90 252.95 Td (The maximum potential future payments that the Corporation could be required to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 239.45 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 72.00 225.95 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 491.75 225.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 212.45 Td (historically) Tj ET Q q 0 0 0 rg BT 113.34 212.45 Td (, costs incurred to settle claims related to these indemnifications have not been material to the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 198.95 Td (Corporation) Tj ET Q q 0 0 0 rg BT 120.86 198.95 Td (s consolidated financial position, net income or cash flows.) Tj ET Q BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 171.95 Td (Class actions) Tj ET Q BT /F5 10.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 144.95 Td (a\) Class action contesting changes to ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 253.89 144.95 Td (Aeroplan) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 299.83 144.95 Td (s mileage accumulation and expiry rules) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 119.45 Td (Following the completion of the sale of the ) Tj ET Q q 0 0 0 rg BT 242.10 119.45 Td (Aeroplan Program and related assets on January 10, 2019, any liability ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 105.95 Td (associated with the class action, including the liability related to the proposed settlement, has transferred to ) Tj ET Q q 0 0 0 rg BT 499.74 105.95 Td (Air ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 92.45 Td (Canada. For more information on the ) Tj ET Q q 0 0 0 rg BT 221.58 92.45 Td (Aeroplan transaction, 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 384.18 92.45 Td (Discontinued Operations and Disposal ) Tj ET Q BT /F4 9.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 78.95 Td (of Businesses and Other ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 172.72 78.95 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 199.73 78.95 Td ( section.) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 667.75 Td (b\) Class actions seeking reimbursement of fuel surcharges, airport improvement fees and ) Tj ET Q BT /F5 10.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 652.75 Td (passenger charges) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 627.25 Td (Upon the completion of the sale of the ) Tj ET Q q 0 0 0 rg BT 225.60 627.25 Td (Aeroplan Program and related assets on January 10, 2019, ) Tj ET Q q 0 0 0 rg BT 463.75 627.25 Td (Aimia will bear ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 613.75 Td (50% of the liability and costs, if any) Tj ET Q q 0 0 0 rg BT 211.41 613.75 Td (, associated with these class action proceedings against ) Tj ET Q q 0 0 0 rg BT 437.04 613.75 Td (Aeroplan, up to a cap of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 600.25 Td ($25 million for ) Tj ET Q q 0 0 0 rg BT 130.03 600.25 Td (Aimia, after which ) Tj ET Q q 0 0 0 rg BT 203.06 600.25 Td (Air Canada is solely responsible. For more information on the ) Tj ET Q q 0 0 0 rg BT 449.18 600.25 Td (Aeroplan transaction, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 586.75 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 147.05 586.75 Td (Discontinued Operations and Disposal of Businesses and Other ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 403.36 586.75 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 430.37 586.75 Td ( section.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 561.25 Td (Management believes that ) Tj ET Q q 0 0 0 rg BT 179.57 561.25 Td (Aeroplan has a strong defence to these class actions and believes that it is more likely ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 547.75 Td (than not that its position will ultimately be sustained; therefore, no amount was recorded in the Corporation's ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 534.25 Td (consolidated financial statements as at December 31, 2018 and September 30, 2019.) Tj ET Q BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 507.25 Td (Claims and litigations) Tj ET Q BT /F5 10.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 480.25 Td (Mittleman Brothers, LLC) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 454.75 Td (On July 22, 2019, the Corporation announced that it has commenced legal action in ) Tj ET Q q 0 0 0 rg BT 407.05 454.75 Td (T) Tj ET Q q 0 0 0 rg BT 411.55 454.75 Td (oronto before the Ontario) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 441.25 Td (Superior Court of Justice against the New ) Tj ET Q q 0 0 0 rg BT 240.42 441.25 Td (Y) Tj ET Q q 0 0 0 rg BT 245.60 441.25 Td (ork City-based investment firm Mittleman Brothers, LLC and related) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 427.75 Td (parties, in the interests of defending the Corporation and shareholders from alleged continued breaches of contract, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 414.25 Td (other unlawful and destructive interference and ongoing, self-interested proposals to seize control of the company ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 400.75 Td (and its assets. Remedies sought by ) Tj ET Q q 0 0 0 rg BT 216.08 400.75 Td (Aimia include $50.0 million in damages as compensation for prior breaches of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 387.25 Td (law and contract, a declaration that Mittleman has breached the letter agreement with ) Tj ET Q q 0 0 0 rg BT 413.69 387.25 Td (Aimia datedMarch 23, 2018, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 373.75 Td (and a court order enjoining Mittleman from taking further steps to remove or replace directors duly elected at the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 360.25 Td (2019 annual meeting of shareholders. ) Tj ET Q q 0 0 0 rg BT 225.44 360.25 Td (The Corporation has not recorded any contingent asset in relation to this legal ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 346.75 Td (action.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 319.75 Td (On September 10, 2019, Mittleman Brothers LLC filed a statement of defence with the Ontario Superior Court in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 306.25 Td (response to ) Tj ET Q q 0 0 0 rg BT 121.03 306.25 Td (Aimia's legal action and also filed a counterclaim with the Ontario Superior Court against ) Tj ET Q q 0 0 0 rg BT 474.44 306.25 Td (Aimia, as well ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 292.75 Td (as against certain current and former directors and of) Tj ET Q q 0 0 0 rg BT 283.44 292.75 Td (ficers of the Corporation, seeking, among other remedies, an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 279.25 Td (aggregate of $125.0 million in compensatory and punitive damages as well as$30.0 million in compensatory ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 265.75 Td (damages fromthe current and former directors and of) Tj ET Q q 0 0 0 rg BT 285.44 265.75 Td (ficers named in connection with the sale of ) Tj ET Q q 0 0 0 rg BT 457.04 265.75 Td (Aeroplan Inc. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 252.25 Td (\(formerly known as ) Tj ET Q q 0 0 0 rg BT 150.02 252.25 Td (Aimia Canada Inc.\) to ) Tj ET Q q 0 0 0 rg BT 238.57 252.25 Td (Air Canada. ) Tj ET Q q 0 0 0 rg BT 288.10 252.25 Td (Aimia and the current and former directors and of) Tj ET Q q 0 0 0 rg BT 484.04 252.25 Td (ficers named ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 238.75 Td (in the counterclaim intend to vigorously defend the counterclaim.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 225.25 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 211.75 Td (Given the stage of the proceedings, it is too early to assess whether there will be a material impact as a result of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 198.25 Td (Aimia) Tj ET Q q 0 0 0 rg BT 96.34 198.25 Td (s claim or the counterclaim.) Tj ET Q BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 171.25 Td (Other claims and litigations) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 145.75 Td (From time to time, ) Tj ET Q q 0 0 0 rg BT 146.51 145.75 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 72.00 132.25 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 72.00 118.75 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 455.21 118.75 Td (Aimia) Tj ET Q q 0 0 0 rg BT 479.55 118.75 Td (s financial) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 105.25 Td (position and results of operations. ) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 666.30 Td (SUMMAR) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 125.55 666.30 Td (Y) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 133.34 666.30 Td ( OF CONTRACTUAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 248.44 666.30 Td ( OBLIGA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 297.54 666.30 Td (TIONS ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 176.57 640.80 Td (, estimated future minimum payments under ) Tj ET Q q 0 0 0 rg BT 354.15 640.80 Td (Aimia's contractual obligations and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (commitments are as follows: ) Tj ET Q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 71.50 607.80 147.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 218.50 607.80 46.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 264.50 607.80 45.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 309.50 607.80 46.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 355.50 607.80 46.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 401.50 607.80 46.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 447.50 607.80 46.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 493.50 607.80 46.00 -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 71.5 547.8 m 218.5 547.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 527.8 m 218.5 527.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 71.5 525.8 m 218.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 547.8 m 264.5 547.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 527.8 m 264.5 527.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 525.8 m 264.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 547.8 m 309.5 547.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 527.8 m 309.5 527.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 525.8 m 309.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 547.8 m 355.5 547.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 527.8 m 355.5 527.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 525.8 m 355.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 547.8 m 401.5 547.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 527.8 m 401.5 527.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 525.8 m 401.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 547.8 m 447.5 547.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 527.8 m 447.5 527.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 525.8 m 447.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 547.8 m 493.5 547.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 527.8 m 493.5 527.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 525.8 m 493.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 547.8 m 539.5 547.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 527.8 m 539.5 527.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 525.8 m 539.5 525.8 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 74.00 595.50 Td (\(in millions of Canadian dollars\)) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 244.10 595.28 Td (T) Tj ET Q q 1 1 1 rg BT 248.54 595.28 Td (otal) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 288.20 595.28 Td (2019) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 334.20 595.28 Td (2020) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 380.20 595.28 Td (2021) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 426.20 595.28 Td (2022) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 472.20 595.28 Td (2023) Tj ET Q BT /F3 8.00 Tf ET q 1 1 1 rg BT 499.05 595.28 Td (Thereafter) 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 74.00 578.28 Td (Short-term operating leases) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 250.10 578.28 Td (0.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 295.15 578.33 Td (0.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.15 578.28 Td (0.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 390.25 578.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.25 578.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.25 578.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.25 578.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 565.28 Td (Lease liability including interest) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 250.10 565.28 Td (6.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 295.15 565.33 Td (0.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.15 565.28 Td (1.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.15 565.28 Td (1.4) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 433.15 565.28 Td (1.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 479.15 565.28 Td (1.1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 525.15 565.28 Td (0.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.00 552.28 Td (T) Tj ET Q q 0 0 0 rg BT 78.00 552.28 Td (echnology infrastructure and other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 245.70 552.28 Td (13.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 295.15 552.33 Td (9.6) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.15 552.28 Td (3.9) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.15 552.28 Td (0.3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.25 552.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.25 552.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 528.25 552.28 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 74.00 539.28 Td (T) Tj ET Q q 0 0 0 rg BT 78.29 539.28 Td (otal Contractual Obligations and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 74.00 531.28 Td (Commitments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 245.70 535.28 Td (20.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.70 535.28 Td (10.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.15 535.28 Td (5.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.15 535.28 Td (1.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 535.28 Td (1.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.15 535.28 Td (1.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.15 535.28 Td (0.2) Tj ET Q BT /F1 10.00 Tf ET BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 481.8986328125 m 168.005859375 481.8986328125 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 483.80 Td (CAPIT) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 107.11 483.80 Td (AL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 122.89 483.80 Td ( ST) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 141.34 483.80 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 72.00 458.30 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 458.30 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 164.56 458.30 Td (, ) Tj ET Q q 0 0 0 rg BT 169.07 458.30 Td (Aimia had ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 211.59 458.30 Td (108,544,192) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 261.64 458.30 Td ( common shares, 3,953,365 Series 1 Preferred Shares, 2,946,635 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 444.80 Td (Series 2 Preferred Shares and 6,000,000 Series 3 Preferred Shares issued and outstanding for an aggregate amount ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 431.30 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.01 431.30 Td ($316.5 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 137.54 431.30 Td (. In addition, there were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.10 431.30 Td (3,907,443) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.14 431.30 Td ( stock options issued and outstanding under the ) Tj ET Q q 0 0 0 rg BT 466.77 431.30 Td (Aimia Long-T) Tj ET Q q 0 0 0 rg BT 519.29 431.30 Td (erm ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 417.80 Td (Incentive Plan.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 387.80 Td (REDUCTION OF ST) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 181.11 387.80 Td (A) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 188.88 387.80 Td (TED CAPIT) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 251.33 387.80 Td (AL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 267.11 387.80 Td ( - COMMON SHARES) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 362.30 Td (On February 22, 2019, the Board of Directors approved a reduction of the stated capital account maintained in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 348.80 Td (respect of the common shares to an aggregate of $1.0 million. ) Tj ET Q q 0 0 0 rg BT 321.48 348.80 Td (The reduction of $1,348.3 million has been added to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 335.30 Td (the contributed surplus of the Corporation. ) Tj ET Q q 0 0 0 rg BT 242.44 335.30 Td (This reduction of stated capital did not result in any change to total equity) Tj ET Q q 0 0 0 rg BT 532.45 335.30 Td (.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 302.40 Td (SUBST) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 111.78 302.40 Td (ANTIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 155.55 302.40 Td ( ISSUER BID) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 276.90 Td (On March 27, 2019, ) Tj ET Q q 0 0 0 rg BT 153.55 276.90 Td (Aimia's Board of Directors approved a substantial issuer bid \(the Of) Tj ET Q q 0 0 0 rg BT 424.23 276.90 Td (fer\) of up to $150 million to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 263.40 Td (repurchase a portion of its outstanding common shares for cancellation, commencing on) Tj ET Q q 0 0 0 rg BT 425.19 263.40 Td (April 1) Tj ET Q q 0 0 0 rg BT 450.04 263.40 Td (1, 2019. ) Tj ET Q q 0 0 0 rg BT 484.90 263.40 Td (The Of) Tj ET Q q 0 0 0 rg BT 512.25 263.40 Td (fer ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 249.90 Td (expired at5:00 p.m. \(Eastern time\)onMay 21, 2019.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 224.40 Td (In accordance with the terms and conditions of the Of) Tj ET Q q 0 0 0 rg BT 284.45 224.40 Td (fer) Tj ET Q q 0 0 0 rg BT 294.46 224.40 Td (, ) Tj ET Q q 0 0 0 rg BT 298.96 224.40 Td (Aimia purchased for cancellation 34,883,702 common ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 210.90 Td (shares at a purchase price of$4.30per share, for aggregate consideration of approximately$150.8 million, including ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 197.40 Td (transaction costs. Share capital was reduced by $0.2 million and the remaining $150.6 million was accounted for as a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 183.90 Td (reduction of contributed surplus.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 151.05 Td (NORMAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 124.44 151.05 Td ( COURSE ISSUER BID) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 125.55 Td (On June 3, 2019, the Corporation announced it has received approval from the ) Tj ET Q q 0 0 0 rg BT 388.04 125.55 Td (T) Tj ET Q q 0 0 0 rg BT 392.54 125.55 Td (oronto Stock Exchange respecting ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 112.05 Td (the establishment of a normal course issued bid. ) Tj ET Q q 0 0 0 rg BT 267.44 112.05 Td (The Corporation has received approval to purchase up to 8,879,302 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 98.55 Td (of its issued and outstanding common shares during the period from June 6, 2019 to no later than June 5, 2020. ) Tj ET Q 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 (From June 6, 2019 to ) Tj ET Q q 0 0 0 rg BT 159.55 668.45 Td (August 13, 2019, ) Tj ET Q q 0 0 0 rg BT 229.61 668.45 Td (Aimia repurchased 8,879,302 common shares for a total consideration of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td ($32.7 million. Of this total, 3,151,876 common shares were paid and canceled during the second quarter) Tj ET Q q 0 0 0 rg BT 486.75 654.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (representing $1) Tj ET Q q 0 0 0 rg BT 133.88 641.45 Td (1.6 million, and 5,727,426 common shares were paid and canceled during the three months period ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.95 Td (ended September 30, 2019, for a total of $21.1 million. Share capital was reduced by $0.1 million, and the remaining ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 614.45 Td ($32.6 million was accounted for as a reduction of contributed surplus.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 584.45 Td (PREFERRED SHARES, SERIES 1 ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 262.93 584.45 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 72.00 558.95 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 72.00 545.45 Td (dividends, as and when declared by the Board of Directors of ) Tj ET Q q 0 0 0 rg BT 317.14 545.45 Td (Aimia, subject to the provisions of the Canada Business ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 531.95 Td (Corporations ) Tj ET Q q 0 0 0 rg BT 125.53 531.95 Td (Act \(the CBCA\). ) Tj ET Q q 0 0 0 rg BT 197.88 531.95 Td (The dividend rate for the Series 1 Preferred Shares, if and when declared, for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 518.45 Td (five-year period from and including March31, 2015 to, but excluding March31, 2020, will be 4.5%, being 3.75% over ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 504.95 Td (the five-year Government of Canada bond yield, as determined in accordance with the terms of the Series1 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 491.45 Td (Preferred Shares. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 468.95 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 72.00 455.45 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 72.00 441.95 Td (and when declared by the Board of Directors of ) Tj ET Q q 0 0 0 rg BT 262.11 441.95 Td (Aimia, subject to the provisions of the CBCA. ) Tj ET Q q 0 0 0 rg BT 446.03 441.95 Td (The dividend rate for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 428.45 Td (the Series 2 Preferred Shares, if and when declared, for the floating rate period from and including September 30, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 414.95 Td (2019 to, but excluding December 31, 2019, will be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.13 414.95 Td (5.388%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.65 414.95 Td (, being 3.75% over the 90-day Government of Canada ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 401.45 Td (T) Tj ET Q q 0 0 0 rg BT 77.16 401.45 Td (reasury Bill yield, as determined in accordance with the terms of the Series 2 Preferred Shares.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 371.45 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 72.00 345.95 Td (On February 25, 2019, the Corporation announcedthatit did not intend to exercise its right to redeem all or any ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 332.45 Td (number of the currently outstanding 6,000,000 Series3 Preferred Shares on March31, 2019. ) Tj ET Q q 0 0 0 rg BT 444.73 332.45 Td (As a result of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 318.95 Td (decision not to redeem all or any number of the Series 3 Preferred Shares and subject to certain conditions set out in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 305.45 Td (the rights, privileges, restrictions and conditions attaching to such shares, the holders of the Series3 Preferred ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 291.95 Td (Shares had the right to convert all or any number of their Series3 Preferred Shares, on a one-for-one basis, into ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 278.45 Td (Cumulative Floating Rate Preferred Shares, Series 4 \(the "Series 4 Preferred Shares"\) of ) Tj ET Q q 0 0 0 rg BT 428.05 278.45 Td (Aimia on) Tj ET Q q 0 0 0 rg BT 465.07 278.45 Td (April 1, 2019.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 252.95 Td (Based on the results of the conversion process and in accordance with the rights, privileges, restrictions and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 239.45 Td (conditions attaching to the Series 3 Shares and the Series 4 Shares, since there would be less than 1,000,000 Series ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 225.95 Td (4 Shares outstanding on) Tj ET Q q 0 0 0 rg BT 171.58 225.95 Td (April 1, 2019, after having taken into account all Series 3 Shares tendered for conversion ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 212.45 Td (into Series 4 Shares, holders of Series 3 Shares who elected to tender their shares for conversion will not have their ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 198.95 Td (Series 3 Shares converted into Series 4 Shares on) Tj ET Q q 0 0 0 rg BT 276.12 198.95 Td (April 1, 2019. ) Tj ET Q q 0 0 0 rg BT 331.15 198.95 Td (As a result, no Series 4 Shares were issued on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 185.45 Td (April1, 2019.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 158.45 Td (With respect to the Series3 Shares outstanding on or after) Tj ET Q q 0 0 0 rg BT 308.13 158.45 Td (April 1, 2019, holders of the Series3 Shares are entitled ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 144.95 Td (to receive quarterly fixed, cumulative, preferential cash dividends, as and when declared by the Corporation's Board ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 131.45 Td (of Directors, subject to compliance with the provisions of the) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 313.61 131.45 Td (Canada Business Corporations ) Tj ET Q q 0 0 0 rg BT 440.35 131.45 Td (Act) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.35 131.45 Td (.) Tj ET Q q 0 0 0 rg BT 458.19 131.45 Td (The annual dividend ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 117.95 Td (rate for the five-year period from and includingMarch 31, 2019up to but excluding March31, 2024 will be 6.01%, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 104.45 Td (being 4.20% over the five-year Government ofCanadabond yield, as determined in accordance with the rights, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 90.95 Td (privileges, restrictions and conditions attaching to the Series3 Shares.) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 preferred shareholders) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 290.12 640.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 292.62 640.80 Td (of ) Tj ET Q q 0 0 0 rg BT 302.13 640.80 Td (Aimia during the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.66 640.80 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.22 640.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.72 640.80 Td (September30, 2019) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 530.28 640.80 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (were as follows:) Tj ET Q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 616.80 204.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 276.50 616.80 130.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 406.50 616.80 4.00 -21.00 re f /GS0 gs 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 410.50 616.80 130.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 72.50 595.80 204.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 276.50 595.80 65.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 341.50 595.80 65.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 406.50 595.80 4.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 410.50 595.80 65.00 -21.00 re f /GS0 gs 0.39215686274509803 0.1568627450980392 0.49019607843137253 rg /GS0 gs 475.50 595.80 65.00 -21.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 276.50 574.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 574.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 276.50 561.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 561.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 276.50 548.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 548.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 276.50 535.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 535.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 276.50 522.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 522.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 276.50 509.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 509.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 276.50 496.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 496.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 276.50 483.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 483.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 276.50 470.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 470.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 276.50 457.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 457.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 276.50 444.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 444.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 276.50 431.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 431.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 276.50 418.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 418.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 276.50 405.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 405.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 276.50 392.80 65.00 -13.00 re f /GS0 gs 0.8156862745098039 0.8156862745098039 0.807843137254902 rg /GS0 gs 341.50 392.80 65.00 -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 72.5 522.8 m 276.5 522.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 510.8 m 276.5 510.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 508.8 m 276.5 508.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 276.5 522.8 m 341.5 522.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 510.8 m 341.5 510.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 508.8 m 341.5 508.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 341.5 522.8 m 406.5 522.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 510.8 m 406.5 510.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 508.8 m 406.5 508.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 406.5 522.8 m 410.5 522.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 510.8 m 410.5 510.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 508.8 m 410.5 508.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 410.5 522.8 m 475.5 522.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 510.8 m 475.5 510.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 508.8 m 475.5 508.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 475.5 522.8 m 540.5 522.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 510.8 m 540.5 510.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 508.8 m 540.5 508.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 457.8 m 276.5 457.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 445.8 m 276.5 445.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 443.8 m 276.5 443.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 276.5 457.8 m 341.5 457.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 445.8 m 341.5 445.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 443.8 m 341.5 443.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 341.5 457.8 m 406.5 457.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 445.8 m 406.5 445.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 443.8 m 406.5 443.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 406.5 457.8 m 410.5 457.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 445.8 m 410.5 445.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 443.8 m 410.5 443.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 410.5 457.8 m 475.5 457.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 445.8 m 475.5 445.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 443.8 m 475.5 443.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 475.5 457.8 m 540.5 457.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 445.8 m 540.5 445.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 443.8 m 540.5 443.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 392.8 m 276.5 392.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 380.8 m 276.5 380.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 378.8 m 276.5 378.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 276.5 392.8 m 341.5 392.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 380.8 m 341.5 380.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 378.8 m 341.5 378.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 341.5 392.8 m 406.5 392.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 380.8 m 406.5 380.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 378.8 m 406.5 378.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 406.5 392.8 m 410.5 392.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 380.8 m 410.5 380.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 378.8 m 410.5 378.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 410.5 392.8 m 475.5 392.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 380.8 m 475.5 380.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 378.8 m 475.5 378.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 475.5 392.8 m 540.5 392.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 380.8 m 540.5 380.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 378.8 m 540.5 378.8 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 330.95 604.00 Td (2019) Tj ET Q BT /F3 9.00 Tf ET q 1 1 1 rg BT 464.95 604.00 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 1 1 1 rg BT 75.00 583.00 Td (Three months ended) Tj ET Q BT /F3 9.00 Tf ET q 1 1 1 rg BT 306.95 583.00 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 1 1 1 rg BT 349.95 586.75 Td (Per preferred) Tj ET Q BT /F3 9.00 Tf ET q 1 1 1 rg BT 380.45 577.75 Td (share) Tj ET Q BT /F3 9.00 Tf ET q 1 1 1 rg BT 440.95 583.00 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 1 1 1 rg BT 483.95 586.75 Td (Per preferred) Tj ET Q BT /F3 9.00 Tf ET q 1 1 1 rg BT 514.45 577.75 Td (share) Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 75.00 565.75 Td (Series 1) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 552.75 Td (March 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.45 552.75 Td (1.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.45 552.75 Td (0.28125) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.00 552.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.00 552.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 539.75 Td (June 30,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.45 539.75 Td (1.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.45 539.75 Td (0.28125) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.00 539.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.00 539.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 526.75 Td (September 30,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.45 526.75 Td (1.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.45 526.75 Td (0.28125) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.00 526.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.00 526.75 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 513.75 Td (T) Tj ET Q q 0 0 0 rg BT 80.16 513.75 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 325.45 513.75 Td (3.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 370.45 513.75 Td (0.84375) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.00 513.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.00 513.75 Td () Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 75.00 500.75 Td (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 75.00 487.75 Td (March 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.45 487.75 Td (1.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.45 487.75 Td (0.336760) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.00 487.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.00 487.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 474.75 Td (June 30,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.45 474.75 Td (1.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.45 474.75 Td (0.338570) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.00 474.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.00 474.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 461.75 Td (September 30,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.45 461.75 Td (1.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.45 461.75 Td (0.342605) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.00 461.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.00 461.75 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 448.75 Td (T) Tj ET Q q 0 0 0 rg BT 80.16 448.75 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 325.45 448.75 Td (3.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.45 448.75 Td (1.017935) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.00 448.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.00 448.75 Td () Tj ET Q BT /F2 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 75.00 435.75 Td (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 75.00 422.75 Td (March 31,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.45 422.75 Td (2.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.45 422.75 Td (0.390625) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.00 422.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.00 422.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 409.75 Td (June 30,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.45 409.75 Td (2.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.45 409.75 Td (0.375688) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.00 409.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.00 409.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 396.75 Td (September 30,) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.45 396.75 Td (2.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.45 396.75 Td (0.375688) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.00 396.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.00 396.75 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 383.75 Td (T) Tj ET Q q 0 0 0 rg BT 79.83 383.75 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 325.45 383.75 Td (6.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.45 383.75 Td (1.142001) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.00 383.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.00 383.75 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 354.80 Td (As communicated on June 14, 2017, the Corporation was prohibited from paying dividends declared on May 10, 2017 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 341.30 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 72.00 327.80 Td (outstanding common shares or preferred shares, based on ) Tj ET Q q 0 0 0 rg BT 308.14 327.80 Td (Aimia) Tj ET Q q 0 0 0 rg BT 332.48 327.80 Td (s determination that the capital impairment test set ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 314.30 Td (forth in paragraph 42\(b\) of the ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 194.08 314.30 Td (Canada Business Corporations ) Tj ET Q q 0 0 0 rg BT 320.81 314.30 Td (Act) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 333.82 314.30 Td ( \(the CBCA\) would not be satisfied. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 288.80 Td (Following the approval of a reduction in stated capital by the common shareholders on January 8, 2019, and having ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 275.30 Td (taken into account the ef) Tj ET Q q 0 0 0 rg BT 169.91 275.30 Td (fect of the sale of the ) Tj ET Q q 0 0 0 rg BT 255.46 275.30 Td (Aeroplan Program on the Corporation's financial position, the Board of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 261.80 Td (Directors approved the following matters on February 22, 2019:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 236.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 236.30 Td (a reduction to the stated capital account maintained in respect of the common shares to an aggregate ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 222.80 Td (amount of $1.0 million;) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 197.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 197.30 Td (the payment on March 29, 2019 of the dividends originally declared on May 10, 2017 to common and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 183.80 Td (preferred shareholders. ) Tj ET Q q 0 0 0 rg BT 203.55 183.80 Td (As at December31, 2018, the dividends declared but not paid to common and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 170.30 Td (preferred shareholders, representing an amount of $34.7 million, were presented in accounts payable and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 156.80 Td (accrued liabilities;) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 131.30 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 131.30 Td (the payment on March 29, 2019 of cumulative preferred dividends not previously declared and recorded ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 117.80 Td (amounting to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.54 117.80 Td ($26.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.06 117.80 Td ( as at December31, 2018; and) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 90.00 668.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 668.45 Td (the payment on March 29, 2019 of the first quarterly dividends in 2019 of $0.28125 per Series 1 preferred ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 654.95 Td (share, $0.336760 per Series 2 preferred share and $0.390625 per Series 3 preferred share, amounting to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 641.45 Td ($4.5 million.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 615.95 Td (In reaching its decision, the Board of Directors considered the Corporation's ability to satisfy the applicable tests ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 602.45 Td (under the CBCA) Tj ET Q q 0 0 0 rg BT 137.04 602.45 Td ( and the Corporation's obligation to pay unpaid dividends with a view to remaining in good standing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 588.95 Td (with the applicable rules and policies of the ) Tj ET Q q 0 0 0 rg BT 245.44 588.95 Td (T) Tj ET Q q 0 0 0 rg BT 249.94 588.95 Td (oronto Stock Exchange \(the TSX\) and maintaining its listing on the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 575.45 Td (TSX.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 549.95 Td (Aimia is subject to Part VI.1 tax under the Income ) Tj ET Q q 0 0 0 rg BT 271.43 549.95 Td (T) Tj ET Q q 0 0 0 rg BT 275.93 549.95 Td (ax ) Tj ET Q q 0 0 0 rg BT 287.44 549.95 Td (Act \(Canada\) \(the IT) Tj ET Q q 0 0 0 rg BT 371.30 549.95 Td (A\) at an imposed tax rate of 40% ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 536.45 Td (associated with dividends paid on its preferred shares.) Tj ET Q q 0 0 0 rg BT 290.62 536.45 Td (As at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.63 536.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.19 536.45 Td (, the gross amount of Part VI.1 tax ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 522.95 Td (payable is $17.4 million.In prior years when ) Tj ET Q q 0 0 0 rg BT 249.10 522.95 Td (Aimia paid dividends on its Preferred Shares, ) Tj ET Q q 0 0 0 rg BT 431.19 522.95 Td (Aimia transferred all of its ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 509.45 Td (Part VI.1 tax liability to its related Canadian subsidiaries, which included ) Tj ET Q q 0 0 0 rg BT 359.65 509.45 Td (Aeroplan \(refer to the ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 447.20 509.45 Td (Discontinued ) Tj ET Q BT /F4 9.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 495.95 Td (Operations and Disposal of Businesses and Other ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 273.78 495.95 Td (Assets ) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 303.29 495.95 Td (section\) to of) Tj ET Q q 0 0 0 rg BT 354.65 495.95 Td (fset the Part VI.1 tax by reducing the taxable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 482.45 Td (income of its Canadian subsidiaries and Part 1 tax liability) Tj ET Q q 0 0 0 rg BT 300.95 482.45 Td (.However) Tj ET Q q 0 0 0 rg BT 340.97 482.45 Td (, following the sale of ) Tj ET Q q 0 0 0 rg BT 427.02 482.45 Td (Aeroplan, ) Tj ET Q q 0 0 0 rg BT 467.55 482.45 Td (Aimia and its ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 468.95 Td (related Canadian subsidiaries do not have suf) Tj ET Q q 0 0 0 rg BT 254.46 468.95 Td (ficient Canadian taxable income to benefit entirely from the Part VI.1 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 455.45 Td (tax deduction to of) Tj ET Q q 0 0 0 rg BT 145.39 455.45 Td (fset the Part 1 tax.) Tj ET Q q 0 0 0 rg BT 220.43 455.45 Td (Any unused Part VI.1 tax deduction will be carried forward as non-capital losses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 441.95 Td (under the rules specifically provided under the IT) Tj ET Q q 0 0 0 rg BT 265.44 441.95 Td (A.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 416.45 Td (On October 28, 2019, the Board of Directors of ) Tj ET Q q 0 0 0 rg BT 260.60 416.45 Td (Aimia declared quarterly dividends of $0.28125 per Series 1 preferred ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 402.95 Td (share, $0.339518 per Series 2 preferred share and $0.375688 per Series 3 preferred share, in each case payable on) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.81 402.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 389.45 Td (December 31, 2019.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 345.5486328125 m 312.01171875 345.5486328125 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 347.45 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 72.00 321.95 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 499.94 321.95 Td ($0.1) Tj ET Q q 0 0 0 rg BT 516.79 321.95 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.80 321.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 306.95 Td ($0.1) Tj ET Q q 0 0 0 rg BT 88.85 306.95 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 93.85 306.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.37 306.95 Td (three months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.42 306.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.92 306.95 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.48 306.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.50 306.95 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 328.52 306.95 Td (, respectively) Tj ET Q q 0 0 0 rg BT 380.37 306.95 Td (, and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.89 306.95 Td ($8.23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.41 306.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.43 306.95 Td ($0.27) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 306.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.47 306.95 Td (nine ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 291.95 Td (months ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.04 291.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.54 291.95 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.10 291.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.12 291.95 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.14 291.95 Td (, respectively) Tj ET Q q 0 0 0 rg BT 304.99 291.95 Td (. ) Tj ET Q q 0 0 0 rg BT 309.49 291.95 Td (Aimia's earnings \(loss\) from continuing operations per ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 278.45 Td (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 391.69 278.45 Td ($0.1) Tj ET Q q 0 0 0 rg BT 408.54 278.45 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 413.54 278.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.56 278.45 Td ($\(0.01\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.08 278.45 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.59 278.45 Td (three ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 264.95 Td (months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.04 264.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.54 264.95 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.10 264.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.12 264.95 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.14 264.95 Td (, respectively) Tj ET Q q 0 0 0 rg BT 304.99 264.95 Td (, and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.51 264.95 Td ($0.19) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.03 264.95 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.05 264.95 Td ($\(0.20\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.56 264.95 Td ( for the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 429.08 264.95 Td (nine months ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 505.63 264.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 251.45 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.56 251.45 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 173.58 251.45 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.60 251.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 245.45 251.45 Td (. Earnings \(loss\) per common share and earnings \(loss\) from continuing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 237.95 Td (operations per common share are calculated after deducting cumulative preferred shares dividends \(whether ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 224.45 Td (declared or not\) for the period.) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 206.689453125 664.3986328125 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 666.30 Td (SUBSEQUENT EVENTS) Tj ET Q BT /F5 10.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 642.30 Td (Sale of Cardlytics common shares) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 616.80 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 122.94 616.80 Td (to ) Tj ET Q q 0 0 0 rg BT 133.34 616.80 Td (September ) Tj ET Q q 0 0 0 rg BT 180.26 616.80 Td (30, ) Tj ET Q q 0 0 0 rg BT 195.67 616.80 Td (2019, ) Tj ET Q q 0 0 0 rg BT 220.52 616.80 Td (Aimia ) Tj ET Q q 0 0 0 rg BT 245.92 616.80 Td (sold ) Tj ET Q q 0 0 0 rg BT 265.33 616.80 Td (its ) Tj ET Q q 0 0 0 rg BT 277.22 616.80 Td (remaining ) Tj ET Q q 0 0 0 rg BT 319.64 616.80 Td (1.3 ) Tj ET Q q 0 0 0 rg BT 335.05 616.80 Td (million ) Tj ET Q q 0 0 0 rg BT 363.45 616.80 Td (common ) Tj ET Q q 0 0 0 rg BT 400.86 616.80 Td (shares ) Tj ET Q q 0 0 0 rg BT 430.77 616.80 Td (investment ) Tj ET Q q 0 0 0 rg BT 477.19 616.80 Td (in ) Tj ET Q q 0 0 0 rg BT 487.09 616.80 Td (Cardlytics ) Tj ET Q q 0 0 0 rg BT 529.49 616.80 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 603.30 Td (net ) Tj ET Q q 0 0 0 rg BT 87.30 603.30 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 127.12 603.30 Td (of ) Tj ET Q q 0 0 0 rg BT 137.41 603.30 Td ($60.5 ) Tj ET Q q 0 0 0 rg BT 162.73 603.30 Td (million ) Tj ET Q q 0 0 0 rg BT 191.02 603.30 Td (\(US$46.2 ) Tj ET Q q 0 0 0 rg BT 231.84 603.30 Td (million\). ) Tj ET Q q 0 0 0 rg BT 265.08 603.30 Td (Aimia ) Tj ET Q q 0 0 0 rg BT 290.37 603.30 Td (will ) Tj ET Q q 0 0 0 rg BT 305.66 603.30 Td (record ) Tj ET Q q 0 0 0 rg BT 333.96 603.30 Td (approximately ) Tj ET Q q 0 0 0 rg BT 392.78 603.30 Td ($5.6 ) Tj ET Q q 0 0 0 rg BT 413.09 603.30 Td (million ) Tj ET Q q 0 0 0 rg BT 441.38 603.30 Td (\(US$4.3 ) Tj ET Q q 0 0 0 rg BT 477.19 603.30 Td (million\) ) Tj ET Q q 0 0 0 rg BT 508.48 603.30 Td (realized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 589.80 Td (fair ) Tj ET Q q 0 0 0 rg BT 87.14 589.80 Td (value ) Tj ET Q q 0 0 0 rg BT 111.30 589.80 Td (gain ) Tj ET Q q 0 0 0 rg BT 130.96 589.80 Td (on ) Tj ET Q q 0 0 0 rg BT 143.61 589.80 Td (these ) Tj ET Q q 0 0 0 rg BT 168.27 589.80 Td (sales. ) Tj ET Q q 0 0 0 rg BT 194.25 589.80 Td (There ) Tj ET Q q 0 0 0 rg BT 220.41 589.80 Td (will ) Tj ET Q q 0 0 0 rg BT 235.55 589.80 Td (be ) Tj ET Q q 0 0 0 rg BT 248.20 589.80 Td (no ) Tj ET Q q 0 0 0 rg BT 260.85 589.80 Td (income ) Tj ET Q q 0 0 0 rg BT 292.51 589.80 Td (tax ) Tj ET Q q 0 0 0 rg BT 307.15 589.80 Td (expense ) Tj ET Q q 0 0 0 rg BT 343.82 589.80 Td (as ) Tj ET Q q 0 0 0 rg BT 355.45 589.80 Td (Aimia ) Tj ET Q q 0 0 0 rg BT 380.59 589.80 Td (will ) Tj ET Q q 0 0 0 rg BT 395.73 589.80 Td (use ) Tj ET Q q 0 0 0 rg BT 412.88 589.80 Td (its ) Tj ET Q q 0 0 0 rg BT 424.53 589.80 Td (existing ) Tj ET Q q 0 0 0 rg BT 457.68 589.80 Td (non-capital ) Tj ET Q q 0 0 0 rg BT 504.36 589.80 Td (losses ) Tj ET Q q 0 0 0 rg BT 532.51 589.80 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 576.30 Td (of) Tj ET Q q 0 0 0 rg BT 79.34 576.30 Td (fset ) Tj ET Q q 0 0 0 rg BT 96.96 576.30 Td (any ) Tj ET Q q 0 0 0 rg BT 114.59 576.30 Td (foreign ) Tj ET Q q 0 0 0 rg BT 145.22 576.30 Td (accrual ) Tj ET Q q 0 0 0 rg BT 177.35 576.30 Td (property ) Tj ET Q q 0 0 0 rg BT 213.48 576.30 Td (income ) Tj ET Q q 0 0 0 rg BT 245.61 576.30 Td (\("F) Tj ET Q q 0 0 0 rg BT 256.80 576.30 Td (API"\) ) Tj ET Q q 0 0 0 rg BT 280.61 576.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 295.74 576.30 Td (that ) Tj ET Q q 0 0 0 rg BT 313.86 576.30 Td (the ) Tj ET Q q 0 0 0 rg BT 329.49 576.30 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 379.63 576.30 Td (becomes ) Tj ET Q q 0 0 0 rg BT 419.26 576.30 Td (subject ) Tj ET Q q 0 0 0 rg BT 450.89 576.30 Td (to ) Tj ET Q q 0 0 0 rg BT 461.51 576.30 Td (as ) Tj ET Q q 0 0 0 rg BT 474.13 576.30 Td (a ) Tj ET Q q 0 0 0 rg BT 482.25 576.30 Td (result ) Tj ET Q q 0 0 0 rg BT 507.38 576.30 Td (of ) Tj ET Q q 0 0 0 rg BT 518.00 576.30 Td (these ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 562.80 Td (sales. ) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 522.8986328125 m 294.234375 522.8986328125 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 524.80 Td (CHANGES IN ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 150.23 524.80 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 72.00 499.30 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 472.30 Td (IFRS 16 Leases) Tj ET Q BT /F4 10.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 447.30 Td (i. T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 85.14 447.30 Td (ransition impact) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 423.80 Td (IFRS 16 - ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 113.01 423.80 Td (Leases) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.03 423.80 Td ( replaces IAS 17 - ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 216.07 423.80 Td (Leases) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.09 423.80 Td ( and related interpretations. ) Tj ET Q q 0 0 0 rg BT 356.99 423.80 Td (The new standard has been applied using a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 410.30 Td (modified restrospective approach, with the cumulative ef) Tj ET Q q 0 0 0 rg BT 295.95 410.30 Td (fect of adopting IFRS 16 being recognized in equity as an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 396.80 Td (adjustment to the opening balance of retained earnings for the current period. Prior periods have not been restated.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 371.30 Td (For contracts in place at the date of initial application, being January 1, 2019, ) Tj ET Q q 0 0 0 rg BT 380.19 371.30 Td (Aimia has elected to apply the definition ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 357.80 Td (of a lease from IAS 17 and related interpretations and has not applied IFRS 16 to arrangements that were previously ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 344.30 Td (not identified as leases under IAS 17 and related interpretations.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 318.80 Td (At the date of initial application, ) Tj ET Q q 0 0 0 rg BT 198.58 318.80 Td (Aimia has also elected to measure the right-of-use assets at an amount equal to the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 305.30 Td (lease liability adjusted for any prepaid lease payments that existed at the date of transition. On transition, ) Tj ET Q q 0 0 0 rg BT 490.75 305.30 Td (Aimia has ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 291.80 Td (applied the optional exemptions to not recognize the right-of-use assets but to account for the lease expense on a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 278.30 Td (straight-line basis over the remaining lease term for every lease previously accounted for as an operating lease with a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 264.80 Td (remaining lease term of less than 12 months, with the exception of its prepaid rent related to its operations in the UK.) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.00 245.85 447.75 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.00 239.30 Td (On transition to IFRS 16, the weighted average incremental borrowing rate applied to lease liabilities recognized ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.00 232.35 102.55 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.00 225.80 Td (under IFRS 16 was 9.0%.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 200.30 Td (Due to impairment charges recognized in the past years in the businesses in which the Corporation has contracted ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 186.80 Td (leases, the Corporation has made the assessment that all of its right-of-use assets would be impaired on transition to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 173.30 Td (IFRS 16. ) Tj ET Q q 0 0 0 rg BT 109.52 173.30 Td (As a results, the right-of-use assets were impaired immediately in the 2019 opening equity) Tj ET Q q 0 0 0 rg BT 467.53 173.30 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 147.80 Td (The following is a reconciliation of total operating lease commitments as at December 31, 2018 to the lease liabilities ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 134.30 Td (recognized as at January 1, 2019:) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 674.50 432.00 -18.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 642.5 m 423.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 642.5 m 504.5 642.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 600.5 m 423.5 600.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 586.5 m 423.5 586.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 600.5 m 504.5 600.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 586.5 m 504.5 586.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 558.5 m 423.5 558.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 558.5 m 504.5 558.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 545.5 m 423.5 545.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 543.5 m 423.5 543.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 545.5 m 504.5 545.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 543.5 m 504.5 543.5 l s BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 75.00 660.68 Td (\(in millions of Canadian dollars\)) 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 75.00 646.90 Td (T) Tj ET Q q 0 0 0 rg BT 80.16 646.90 Td (otal operating lease commitments as at December 31, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.45 646.90 Td (10.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 618.90 Td (Recognition exemptions - selected leases with remaining term of less than 12 months) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.45 618.90 Td (\(1.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.00 618.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 604.90 Td (Other minor adjustments relating to commitment disclosures) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.45 604.90 Td (\(0.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.00 604.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 590.90 Td (Operating lease liabilities before discounting) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.45 590.90 Td (8.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 562.90 Td (Discounting using incremental borrowing rate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.45 562.90 Td (\(2.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.00 562.90 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 548.90 Td (T) Tj ET Q q 0 0 0 rg BT 79.83 548.90 Td (otal lease liabilities recognized under IFRS 16 as at January 1, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.45 548.90 Td (6.1) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 510.50 Td (The following is a summary of the impact of transition to IFRS 16 at January 1, 2019:) Tj ET Q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg /GS0 gs 72.50 488.00 432.00 -18.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 456 m 423.5 456 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 456 m 504.5 456 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 72.5 414 m 423.5 414 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 401 m 423.5 401 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 399 m 423.5 399 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 414 m 504.5 414 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 401 m 504.5 401 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 399 m 504.5 399 l s BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 1 1 1 rg BT 75.00 474.18 Td (\(in millions of Canadian dollars\)) 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 75.00 460.40 Td (Retained earnings \(deficit\) as at December 31, 2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.95 460.40 Td (\(3,139.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.00 460.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 432.40 Td (Impaired right-of-use asset related to prepaid rent) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.45 432.40 Td (\(4.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.00 432.40 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.00 418.40 Td (Lease liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.45 418.40 Td (\(6.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.00 418.40 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 404.40 Td (Retained earnings \(deficit\) as at January 1, 2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.95 404.40 Td (\(3,150.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.00 404.40 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 364.50 Td (ii. ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 81.63 364.50 Td (Accounting Policy applicable from January 1, 2019) Tj ET Q BT /F4 10.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 339.50 Td (1. ) Tj ET Q BT /F4 10.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 90.00 339.50 Td (Aimia acts as a lessee) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 316.00 Td (For any new contracts entered into on or after January 1, 2019, the Corporation considers whether a contract is, or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 302.50 Td (contains a lease. ) Tj ET Q q 0 0 0 rg BT 141.55 302.50 Td (A) Tj ET Q q 0 0 0 rg BT 147.05 302.50 Td ( lease is defined as a contract, or part of a contract, that conveys the right to use an asset \(the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 289.00 Td (underlying asset\) for a period of time in exchange for consideration. ) Tj ET Q q 0 0 0 rg BT 342.99 289.00 Td (T) Tj ET Q q 0 0 0 rg BT 347.49 289.00 Td (o apply this definition, the Corporation assesses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 275.50 Td (whether the contract meets three key evaluations which are whether:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 252.00 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 252.00 Td (the contract contains an identified asset, which is either explicitly identified in the contract or implicitly ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 238.50 Td (specified by being identified at the time the asset is made available to the Corporation;) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 215.00 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 215.00 Td (the Corporation has the right to obtain substantially all of the economic benefits from use of the identified ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 201.50 Td (asset throughout the period of use, considering its rights within the defined scope of the contract; and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 178.00 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 178.00 Td (the Corporation has the right to direct the use of the identified asset throughout the period of use. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 154.50 Td (As at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 95.01 154.50 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 176.57 154.50 Td (, the Corporation had contracted leases for of) Tj ET Q q 0 0 0 rg BT 357.01 154.50 Td (fice spaces only) Tj ET Q q 0 0 0 rg BT 420.38 154.50 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 131.00 Td (At lease commencement date, the Corporation recognizes a right-of-use asset and a lease liability on the statement ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 117.50 Td (of financial position. ) Tj ET Q q 0 0 0 rg BT 153.39 117.50 Td (The right-of-use asset is measured at cost, which is made up of the initial measurement of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 104.00 Td (lease liability) Tj ET Q q 0 0 0 rg BT 122.36 104.00 Td (, any initial direct costs incurred by the Corporation, an estimate of any costs to dismantle or restore the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 90.50 Td (asset at the end of the lease, and any lease payments made in advance of the lease commencement date, net of any ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 77.00 Td (incentive received.) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 Corporation depreciates the right-of-use assets on a straight-line basis from the lease commencement date to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (the end of the lease term. ) Tj ET Q q 0 0 0 rg BT 176.40 654.95 Td (The Corporation also assess the right-of-use asset for impairment when such indicators ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (exist. ) Tj ET Q q 0 0 0 rg BT 95.01 641.45 Td (At this time, due to impairment charges recorded in the past years in the businesses in which the Corporation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.95 Td (has contracted leases, the right-of-use assets are not recognized on the statement of financial position at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 614.45 Td (commencement date but rather recognized in operating expenses. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 590.95 Td (At the commencement date, the Corporation measures the lease liability at the present value of the lease payments ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 577.45 Td (unpaid at that date, discounted using the Corporation's incremental borrowing rate. ) Tj ET Q q 0 0 0 rg BT 403.76 577.45 Td (The incremental borrowing rate is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 563.95 Td (defined as the rate of interest that ) Tj ET Q q 0 0 0 rg BT 208.09 563.95 Td (Aimia would have to pay to borrow) Tj ET Q q 0 0 0 rg BT 345.16 563.95 Td (, over a similar term and with similar security) Tj ET Q q 0 0 0 rg BT 521.54 563.95 Td (, the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 550.45 Td (funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.T) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 524.72 557.00 12.51 -8.45 re f /GS0 gs q 0 0 0 rg BT 524.72 550.45 Td (he ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.00 543.50 349.70 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.00 536.95 Td (weighted average incremental borrowing rate applied to lease liabilities recognized was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.70 536.95 Td (9.0%) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 442.21 543.50 2.50 -8.45 re f /GS0 gs q 0 0 0 rg BT 442.21 536.95 Td (.) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.00 520.00 432.25 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.00 513.45 Td (Lease payments included in the measurement of the lease liability are made up of fixed payments \(including ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.00 506.50 440.76 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.00 499.95 Td (payments that are, in substance, fixed\), variable payments based on an index or rate, amounts expected to be ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.00 493.00 450.27 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.00 486.45 Td (payable under a residual value guarantee and payments arising from options reasonably certain to be exercised. ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.00 479.50 453.23 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.00 472.95 Td (Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.00 466.00 447.72 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.00 459.45 Td (remeasured to reflect any reassessment or modification, or if there are changes in in-substance fixed payments. ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.00 452.50 455.73 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.00 445.95 Td (When the lease liability is remeasured, the corresponding adjustment is reflected in the right-of-use asset, or profit ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.00 439.00 236.12 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.00 432.45 Td (and loss if the right-of-use asset is already reduced to zero.) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.00 415.50 445.23 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.00 408.95 Td (The Corporation has elected to account for short-term leases and leases of low-value assets using the practical ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.00 402.00 446.08 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.00 395.45 Td (expedients. ) Tj ET Q q 0 0 0 rg BT 120.04 395.45 Td (As a result, instead of recognizing a right-of-use asset and lease liability) Tj ET Q q 0 0 0 rg BT 405.02 395.45 Td (, the payments in relation to ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.00 388.50 380.71 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.00 381.95 Td (these are recognized as an expense in profit or loss on a straight-line basis over the lease term.) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.00 365.00 450.76 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.00 358.45 Td (On the statement of financial position, the short-term portion of the lease liabilities has been included in accounts ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.00 351.50 398.56 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.00 344.95 Td (payable and accrued liabilities. ) Tj ET Q q 0 0 0 rg BT 196.91 344.95 Td (The long-term portion has been included in other long-term liabilities.) Tj ET Q BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 319.95 Td (2. ) Tj ET Q BT /F4 10.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 90.00 319.95 Td (Aimia acts as an intermediate lessor) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 1 1 1 rg /GS0 gs 72.00 303.00 469.07 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.00 296.45 Td (Aimia acts as an intermediate lessor when it subleases a portion of the of) Tj ET Q q 0 0 0 rg BT 362.99 296.45 Td (fice spaces it is currently leasing. During the ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 72.00 289.50 295.01 -8.45 re f /GS0 gs q 0 0 0 rg BT 72.00 282.95 Td (third quarter) Tj ET Q q 0 0 0 rg BT 120.03 282.95 Td (, ) Tj ET Q q 0 0 0 rg BT 124.53 282.95 Td (Aimia entered in a sublease agreement for one of) Tj ET Q q 0 0 0 rg BT 321.49 282.95 Td (fice space. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 367.01 282.95 Td (When the Corporation is an intermediate ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 269.45 Td (lessor) Tj ET Q q 0 0 0 rg BT 95.51 269.45 Td (, it accounts for the head lease and the sublease as two separate contracts. ) Tj ET Q q 0 0 0 rg BT 399.03 269.45 Td (The sublease is classified as a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 255.95 Td (finance or operating lease by reference to the right-of-use asset arising from the head lease. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 232.45 Td (Amounts due from lessees under finance leases are recognized as receivables at the amount of the Corporation) Tj ET Q q 0 0 0 rg BT 520.09 232.45 Td (s net ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 218.95 Td (investment in the leases. ) Tj ET Q q 0 0 0 rg BT 173.39 218.95 Td (The net investment in the lease is the gross investment in the lease discounted using the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 205.45 Td (discount rate used to record the lease liability associated with the head lease. ) Tj ET Q q 0 0 0 rg BT 382.52 205.45 Td (The gross investment in the lease is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 191.95 Td (the sum of \(1\) lease payments receivable by the Corporation under the finance lease, and \(2\) any unguaranteed ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 178.45 Td (residual value accruing to the Corporation. Finance lease income is allocated to reporting periods so as to reflect a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 164.95 Td (constant periodic rate of return on the Corporation) Tj ET Q q 0 0 0 rg BT 272.95 164.95 Td (s net investment outstanding in respect of the leases.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 137.95 Td (As at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 95.01 137.95 Td (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 176.57 137.95 Td (, the Corporation's only sublease is classified as a finance lease.) Tj ET Q BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 113.95 Td (IAS 19 ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 104.43 113.95 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 90.45 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 90.45 Td (Employee benefits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.13 90.45 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 76.95 Td (determine current service cost and net interest for the remainder of the period after a plan amendment, curtailment or ) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 (settlement. ) Tj ET Q q 0 0 0 rg BT 118.36 668.45 Td (The amendments also require an entity to recognize 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 72.00 654.95 Td (or loss on settlement, any reduction in a surplus, even if that surplus was not previously recognized because of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (impact of the asset ceiling. ) Tj ET Q q 0 0 0 rg BT 180.39 641.45 Td (The amendments are ef) Tj ET Q q 0 0 0 rg BT 275.78 641.45 Td (fective for plan amendments, settlements or curtailments that ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.95 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 465.10 627.95 Td (The new standard ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 614.45 Td (had no impact on the Corporation's 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 590.45 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 72.00 566.95 Td (The IASB issued ) Tj ET Q q 0 0 0 rg BT 141.04 566.95 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 72.00 553.45 Td (standards:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 527.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 527.95 Td (IFRS 3, ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 141.01 527.95 Td (Business Combinations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.05 527.95 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 108.00 514.45 Td (operation when control is obtained.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 500.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 500.95 Td (IFRS 1) Tj ET Q q 0 0 0 rg BT 135.34 500.95 Td (1, ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 145.34 500.95 Td (Joint ) Tj ET Q q 0 0 0 rg BT 166.52 500.95 Td (Arrangements) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 223.05 500.95 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 108.00 487.45 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 90.00 473.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 473.95 Td (IAS 12, ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 140.02 473.95 Td (Income T) Tj ET Q q 0 0 0 rg BT 176.70 473.95 Td (axes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.71 473.95 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 108.00 460.45 Td (instruments classified as equity) Tj ET Q q 0 0 0 rg BT 231.89 460.45 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 446.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.00 446.95 Td (IAS 23, ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 140.02 446.95 Td (Borrowing Costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.04 446.95 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 72.00 421.45 Td (These amendments are ef) Tj ET Q q 0 0 0 rg BT 176.89 421.45 Td (fective for annual periods beginning on or after January 1, 2019. ) Tj ET Q q 0 0 0 rg BT 434.40 421.45 Td (The Corporation has ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 407.95 Td (assessed the impact of the IFRS 3, IFRS 1) Tj ET Q q 0 0 0 rg BT 241.91 407.95 Td (1, IAS 12 and IAS 23 amendments and concluded that they had no impact ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 394.45 Td (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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 370.45 Td (IFRIC 23, Uncertainty over income tax treatments) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 346.95 Td (The IFRS Interpretations Committee issued IFRIC 23 - ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 291.58 346.95 Td (Uncertainty over income tax treatments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.14 346.95 Td ( which clarifies how ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 333.45 Td (the recognition and measurement requirements of IAS 12 - ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 308.63 333.45 Td (Income T) Tj ET Q q 0 0 0 rg BT 345.31 333.45 Td (axes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.32 333.45 Td ( are applied where there is uncertainty over ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 319.95 Td (income tax treatments. ) Tj ET Q q 0 0 0 rg BT 165.38 319.95 Td (The Interpretation is ef) Tj ET Q q 0 0 0 rg BT 255.26 319.95 Td (fective for annual periods beginning on or after January 1, 2019, with ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 306.45 Td (earlier application permitted. ) Tj ET Q q 0 0 0 rg BT 187.40 306.45 Td (The Corporation has assessed the impact of this Interpretation and concluded that it had ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 292.95 Td (no impact on its consolidated financial statements.) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 283.107421875 664.3986328125 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 666.30 Td (CRITICAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 127.78 666.30 Td ( ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 130.66 666.30 Td (ACCOUNTING ESTIMA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 259.77 666.30 Td (TES) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 640.80 Td (The preparation of financial statements in accordance with the International Financial Reporting Standards \(IFRS\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (requires management to make estimates, judgments and assumptions that management believes are reasonable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 613.80 Td (based upon the information available. ) Tj ET Q q 0 0 0 rg BT 226.44 613.80 Td (These estimates, judgments and assumptions af) Tj ET Q q 0 0 0 rg BT 419.38 613.80 Td (fect the reported amounts of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 600.30 Td (assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 586.80 Td (reported amounts of revenues and expenses during the reporting period. ) Tj ET Q q 0 0 0 rg BT 365.69 586.80 Td (Actual results can dif) Tj ET Q q 0 0 0 rg BT 448.57 586.80 Td (fer from those ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 573.30 Td (estimates \(refer to ) Tj ET Q BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 147.02 573.30 Td (Caution regarding forward-looking information) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 329.62 573.30 Td (\). Significant estimates made in the preparation of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 559.80 Td (the consolidated financial statements include those used for revenue recognition, income taxes, the determination of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 546.30 Td (amortization period for long-lived assets, the impairment considerations on long-lived assets, particularly future cash ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 532.80 Td (flows and cost of capital, the carrying value of financial instruments recorded at fair value, provisions and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 519.30 Td (contingencies. ) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 480.30 Td (CONTROLS ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 142.22 480.30 Td (AND PROCEDURES) Tj ET Q BT /F2 12.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 453.90 Td (DISCLOSURE CONTROLS ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 224.23 453.90 Td (AND PROCEDURES ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 341.13 453.90 Td (AND INTERNAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 430.90 453.90 Td ( CONTROLS OVER ) Tj ET Q BT /F2 12.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 439.50 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 Chief Executive Of) Tj ET Q q 0 0 0 rg BT 225.91 400.50 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 334.30 400.50 Td (ficer) Tj ET Q q 0 0 0 rg BT 350.80 400.50 Td (, in order to provide reasonable assurance that ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 387.00 Td (they are made aware of material information. ) Tj ET Q q 0 0 0 rg BT 255.42 387.00 Td (The Corporation has also adopted internal controls over financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 373.50 Td (reporting to provide reasonable assurance regarding the reliability of financial reporting and the preparation of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 360.00 Td (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 (September30, 2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.64 337.50 Td (, there were no changes in the Corporation's internal controls ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 324.00 Td (over financial reporting that have significantly af) Tj ET Q q 0 0 0 rg BT 261.44 324.00 Td (fected, or are reasonably likely to significantly af) Tj ET Q q 0 0 0 rg BT 452.38 324.00 Td (fect, ) Tj ET Q q 0 0 0 rg BT 471.39 324.00 Td (Aimia) Tj ET Q q 0 0 0 rg BT 495.73 324.00 Td (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 condensed interim 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.) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 400.904296875 664.3986328125 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 666.30 Td (RISKS ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 111.56 666.30 Td (AND UNCERT) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 190.00 666.30 Td (AINTIES ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 240.23 666.30 Td (AFFECTING THE BUSINESS) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 640.80 Td (The results of operations and financial condition of ) Tj ET Q q 0 0 0 rg BT 274.63 640.80 Td (Aimia are subject to a number of risks and uncertainties and are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (af) Tj ET Q q 0 0 0 rg BT 79.34 627.30 Td (fected by a number of factors outside of the control of Management.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 604.80 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 section in the MD&A) Tj ET Q q 0 0 0 rg BT 287.62 591.30 Td ( of the Corporation for the financial years ended December 31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 577.80 Td (2018 and 2017 filed on SEDAR on March 28, 2019, which is amended and supplemented by the addition of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 564.30 Td (following risk factor) Tj ET Q q 0 0 0 rg BT 148.03 564.30 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 541.80 Td (The risks described therein may not be the only risks faced by ) Tj ET Q q 0 0 0 rg BT 320.62 541.80 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 72.00 528.30 Td (are deemed immaterial may surface and have a material adverse impact on ) Tj ET Q q 0 0 0 rg BT 375.15 528.30 Td (Aimia's results of operations and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 514.80 Td (financial condition.) Tj ET Q BT /F5 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 490.80 Td (There can be no assurance that ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 224.46 490.80 Td (Aimia has not been, and will not be, a passive foreign investment ) Tj ET Q BT /F5 10.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 478.80 Td (company \(a PFIC\) for United States \(U.S.\) federal income tax purposes for any prior taxable ) Tj ET Q BT /F5 10.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 466.80 Td (year or during the current taxable year) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 254.29 466.80 Td (. If ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 268.36 466.80 Td (Aimia were a PFIC for any taxable year in which a U.S. ) Tj ET Q BT /F5 10.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 454.80 Td (shareholder held our shares, then the U.S. federal income tax consequences could be materially ) Tj ET Q BT /F5 10.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 442.80 Td (and adversely worse for such holder of our shares as compared to if ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 400.06 442.80 Td (Aimia is not a PFIC.) Tj ET Q BT /F3 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 417.30 Td (In general, a non-U.S. corporation will be a PFIC with respect to a U.S. holder of shares if, for any taxable year in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 403.80 Td (which the U.S. shareholder holds shares, either \(i\) at least 75% of the corporation) Tj ET Q q 0 0 0 rg BT 398.01 403.80 Td (s gross income \(without reduction ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 390.30 Td (for operating expenses\) for the taxable year is passive income or \(ii\) at least 50% of the average value of its assets is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 376.80 Td (attributable to assets that produce or are held for the production of passive income. For this purpose, passive income ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 363.30 Td (includes, among other things, dividends, interest, rents or royalties \(other than certain rents or royalties derived from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 349.80 Td (the active conduct of a trade or business\), annuities, and gains from assets that produce passive income. If a non-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 336.30 Td (U.S. corporation owns at least 25% by value of the stock of another corporation \(such as ) Tj ET Q q 0 0 0 rg BT 426.19 336.30 Td (Aimia Canada Inc. until it ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 322.80 Td (was sold by ) Tj ET Q q 0 0 0 rg BT 121.03 322.80 Td (Aimia on January 10, 2019\), the non-U.S. corporation is treated for purposes of the PFIC tests as owning ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 309.30 Td (its proportionate share of the assets of the other corporation and as receiving directly its proportionate share of the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 295.80 Td (other corporation) Tj ET Q q 0 0 0 rg BT 141.88 295.80 Td (s income.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 270.30 Td (PFIC classification status depends upon the composition of a non-U.S. corporation) Tj ET Q q 0 0 0 rg BT 402.52 270.30 Td (s income, assets and activities ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 256.80 Td (from year-to-year as well as the application of complex U.S federal income tax rules, which are subject to dif) Tj ET Q q 0 0 0 rg BT 501.53 256.80 Td (fering ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 243.30 Td (interpretations. Based on its income, assets, and activities, ) Tj ET Q q 0 0 0 rg BT 307.62 243.30 Td (Aimia does not believe that it was a PFIC for the taxable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 229.80 Td (years ending December 31, 2017 and December 31, 2018. In addition, based on ) Tj ET Q q 0 0 0 rg BT 394.72 229.80 Td (Aimia) Tj ET Q q 0 0 0 rg BT 419.06 229.80 Td (s new strategic plan ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 216.30 Td (announced at the end of March 2019 and assuming its execution in accordance therewith, ) Tj ET Q q 0 0 0 rg BT 432.23 216.30 Td (Aimia believes that it ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 202.80 Td (should not be a PFIC for the taxable year ending December 31, 2019. However) Tj ET Q q 0 0 0 rg BT 387.19 202.80 Td (, this determination is factual in nature ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 189.30 Td (and cannot be made until the close of the tax year in question. ) Tj ET Q q 0 0 0 rg BT 322.00 189.30 Td (Therefore, no assurance can be provided that ) Tj ET Q q 0 0 0 rg BT 506.12 189.30 Td (Aimia ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 175.80 Td (has not been, and will not be, a PFIC for any prior taxable year nor during the current taxable year) Tj ET Q q 0 0 0 rg BT 461.22 175.80 Td (. If ) Tj ET Q q 0 0 0 rg BT 473.23 175.80 Td (Aimia were a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 162.30 Td (PFIC for any taxable year in which a U.S. shareholder held shares, then the U.S. federal income tax consequences ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 148.80 Td (could be materially and adversely worse for such holder of shares as compared to if ) Tj ET Q q 0 0 0 rg BT 409.67 148.80 Td (Aimia is not a PFIC.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 123.30 Td (If ) Tj ET Q q 0 0 0 rg BT 79.00 123.30 Td (Aimia were a PFIC for any taxable year during which a U.S. shareholder held shares, and such U.S. shareholder ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 109.80 Td (does not make a "mark-to-market" election or a qualified electing fund election \(each discussed below\), then ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 96.30 Td (generally any gain recognized by such U.S. shareholder upon the sale or other disposition of shares would be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 82.80 Td (allocated ratably over such holder) Tj ET Q q 0 0 0 rg BT 206.91 82.80 Td () Tj ET Q q 0 0 0 rg BT 208.75 82.80 Td (s holding period for the shares. ) Tj ET Q q 0 0 0 rg BT 334.66 82.80 Td (The amounts allocated to the taxable year of the ) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 (sale or other disposition and to any year before ) Tj ET Q q 0 0 0 rg BT 261.62 668.45 Td (Aimia became a PFIC would be taxed as ordinary income. ) Tj ET Q q 0 0 0 rg BT 495.57 668.45 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 654.95 Td (amount allocated to each other taxable year \(without reducing such amount for of) Tj ET Q q 0 0 0 rg BT 395.03 654.95 Td (fsetting deductions or losses\) would ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 641.45 Td (be subject to tax at the highest rate on ordinary income in ef) Tj ET Q q 0 0 0 rg BT 310.48 641.45 Td (fect for individuals or corporations, as appropriate for that ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.95 Td (taxable year) Tj ET Q q 0 0 0 rg BT 120.53 627.95 Td (, and an interest charge would be imposed on the resulting tax liability) Tj ET Q q 0 0 0 rg BT 397.53 627.95 Td (. Further) Tj ET Q q 0 0 0 rg BT 431.04 627.95 Td (, to the extent that any ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 614.45 Td (distribution received by a U.S. shareholder on its shares exceeds 125% of the average of the annual distributions on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 600.95 Td (the shares received during the preceding three years or the U.S. shareholder) Tj ET Q q 0 0 0 rg BT 378.51 600.95 Td () Tj ET Q q 0 0 0 rg BT 380.35 600.95 Td (s holding period, whichever is shorter) Tj ET Q q 0 0 0 rg BT 528.42 600.95 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 587.45 Td (that distribution would be subject to taxation in the same manner as gain, described immediately above. ) Tj ET Q q 0 0 0 rg BT 489.07 587.45 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 573.95 Td (favourable U.S. tax rates generally applicable to long-term capital gains with respect to dividends paid to non-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 560.45 Td (corporate U.S. shareholders would not apply) Tj ET Q q 0 0 0 rg BT 248.93 560.45 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 534.95 Td (A) Tj ET Q q 0 0 0 rg BT 77.51 534.95 Td ( U.S. shareholder that owns shares in a PFIC can avoid certain of the adverse rules described above by making a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 521.45 Td (mark-to-market election with respect to its shares, provided that the shares are marketable. Shares will be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 507.95 Td (marketable if they are regularly traded on a qualified exchange or other market within the meaning of applicable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 494.45 Td (T) Tj ET Q q 0 0 0 rg BT 77.16 494.45 Td (reasury regulations. If a U.S. shareholder makes the mark-to-market election, it generally will recognize as ordinary ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 480.95 Td (income any excess of the fair market value of the shares at the end of each taxable year over their adjusted tax ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 467.45 Td (basis, and will recognize an ordinary loss in respect of any excess of the adjusted tax basis of the shares over their ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 453.95 Td (fair market value at the end of the taxable year \(but only to the extent of the net amount of income previously included ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 440.45 Td (as a result of the mark-to-market election\). If a U.S. shareholder makes the election, the holder) Tj ET Q q 0 0 0 rg BT 449.01 440.45 Td () Tj ET Q q 0 0 0 rg BT 450.85 440.45 Td (s tax basis in the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 426.95 Td (shares will be adjusted to reflect the income or loss amounts recognized. ) Tj ET Q q 0 0 0 rg BT 363.65 426.95 Td (Any gain recognized on the sale or other ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 413.45 Td (disposition of shares in a year when ) Tj ET Q q 0 0 0 rg BT 217.09 413.45 Td (Aimia is a PFIC will be treated as ordinary income and any loss will be treated as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 399.95 Td (an ordinary loss \(but only to the extent of the net amount of income previously included as a result of the mark-to-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 386.45 Td (market election\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 360.95 Td (In addition, a U.S. shareholder that owns shares in a PFIC can also avoid certain of the adverse rules described ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 347.45 Td (above by making a qualified electing fund election \(a QEF Election\) with respect to such PFIC if the PFIC provides ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 333.95 Td (the information necessary for such election to be made. If a United States person makes a QEF Election with respect ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 320.45 Td (to a PFIC, the United States person will be currently taxable on its pro rata share of the PFIC) Tj ET Q q 0 0 0 rg BT 442.52 320.45 Td (s ordinary earnings and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 306.95 Td (net capital gain \(at ordinary income and capital gain rates, respectively\) for each taxable year that the entity is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 293.45 Td (classified as a PFIC and will not be required to include such amounts in income when actually distributed by the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 279.95 Td (PFIC. ) Tj ET Q q 0 0 0 rg BT 97.00 279.95 Td (Aimia does not currently plan to provide information necessary for U.S. shareholders to make QEF Elections.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 254.45 Td (Subject to certain exceptions, if a U.S. shareholder were to own shares during any taxable year in which ) Tj ET Q q 0 0 0 rg BT 487.73 254.45 Td (Aimia is a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 240.95 Td (PFIC, that holder generally will be required to file IRS Form 8621 both with respect to ) Tj ET Q q 0 0 0 rg BT 412.17 240.95 Td (Aimia and with respect to any ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 227.45 Td (lower-tier PFICs. Significant penalties are imposed for failing to file IRS Form 8621, and the failure to file such form ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 213.95 Td (may suspend the running of the statute of limitations for U.S. federal income tax purposes. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 188.45 Td (U.S. shareholders are urged to consult their own tax advisors regarding the adverse tax consequences if ) Tj ET Q q 0 0 0 rg BT 489.74 188.45 Td (Aimia were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 174.95 Td (a PFIC for any relevant taxable year) Tj ET Q q 0 0 0 rg BT 215.57 174.95 Td (.) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 666.30 Td (NOT) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 96.44 666.30 Td (A) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 104.21 666.30 Td (TIONS T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 151.33 666.30 Td (O FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 228.44 666.30 Td ( T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 340.17 640.80 Td (Quarter Ended September 30, 2019 Compared to ) Tj ET Q BT /F4 9.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 627.30 Td (Quarter Ended September 30, 2018) 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 215.09 627.30 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 217.60 627.30 Td (section.) Tj ET Q BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 600.90 Td (QUARTER ENDED SEPTEMBER 30, 2019 COMP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 343.17 600.90 Td (ARED T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 387.62 600.90 Td (O QUARTER ENDED ) Tj ET Q BT /F2 12.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 586.50 Td (SEPTEMBER30, 2018) Tj ET Q BT /F2 10.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 560.91552734375 m 261.4482421875 560.91552734375 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 562.50 Td (CONSOLIDA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 131.26 562.50 Td (TED OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 188.86 562.50 Td (TING RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 248.67 562.50 Td (TS) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 538.50 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 538.50 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 320.79 538.50 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 526.50 Td (technology) Tj ET Q q 0 0 0 rg BT 128.10 526.50 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 505.50 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 505.50 Td (A) Tj ET Q q 0 0 0 rg BT 94.89 505.50 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 135.21 505.50 Td ( measurement. Please refer to ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 245.04 505.50 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 430.61 505.50 Td ( financial measures\)) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 502.20 505.50 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 484.50 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 484.50 Td (Represents the variance on a constant currency basis.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 463.50 Td (\(d\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 463.50 Td (Includes net fair value gains \(losses\) related to investments in equity instruments of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 386.59 463.50 Td ($23.8 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.50 463.50 Td ( for the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.63 463.50 Td (three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.79 463.50 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 451.50 Td (September30, 2019) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 162.50 451.50 Td ( and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 180.29 451.50 Td ($12.7 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 225.20 451.50 Td ( for the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 252.33 451.50 Td (three months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 323.49 451.50 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.71 451.50 Td (September30, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 398.21 451.50 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 430.50 Td (** Information not meaningful or not applicable.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 404.91552734375 m 177.9375 404.91552734375 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 406.50 Td (LOY) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 91.64 406.50 Td (AL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 104.23 406.50 Td (TY) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 116.82 406.50 Td ( SOLUTIONS) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 382.50 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 382.50 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 320.79 382.50 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 370.50 Td (technology) Tj ET Q q 0 0 0 rg BT 128.10 370.50 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 349.50 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 349.50 Td (A) Tj ET Q q 0 0 0 rg BT 94.89 349.50 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 135.21 349.50 Td ( measurement. Please refer to ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 245.04 349.50 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 430.61 349.50 Td ( financial measures\)) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 502.20 349.50 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 328.50 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 328.50 Td (Represents the variance on a constant currency basis.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 307.50 Td (** Information not meaningful or not applicable.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 281.91552734375 m 197 281.91552734375 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 283.50 Td (CORPORA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 122.37 283.50 Td (TE ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 137.56 283.50 Td (AND OTHER) 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 72.00 259.50 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 259.50 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 320.79 259.50 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 247.50 Td (technology) Tj ET Q q 0 0 0 rg BT 128.10 247.50 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 226.50 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 226.50 Td (A) Tj ET Q q 0 0 0 rg BT 94.89 226.50 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 135.21 226.50 Td ( measurement. Please refer to ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 245.04 226.50 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 430.61 226.50 Td ( financial measures\)) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 502.20 226.50 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 205.50 Td (** Information not meaningful or not applicable.) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 666.30 Td (NINE MONTHS ENDED SEPTEMBER 30, 2019 COMP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 367.84 666.30 Td (ARED T) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 412.29 666.30 Td (O NINE MONTHS ) Tj ET Q BT /F2 12.00 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 651.90 Td (ENDED SEPTEMBER30, 2018) Tj ET Q BT /F2 10.00 Tf ET 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 626.31552734375 m 261.4482421875 626.31552734375 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 627.90 Td (CONSOLIDA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 131.26 627.90 Td (TED OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 188.86 627.90 Td (TING RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 248.67 627.90 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 72.00 603.90 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 603.90 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 320.79 603.90 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 591.90 Td (technology) Tj ET Q q 0 0 0 rg BT 128.10 591.90 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 570.90 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 570.90 Td (A) Tj ET Q q 0 0 0 rg BT 94.89 570.90 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 135.21 570.90 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 245.04 570.90 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 430.61 570.90 Td ( financial measures\)) 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 502.20 570.90 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 549.90 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 549.90 Td (Represents the variance on a constant currency basis.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 528.90 Td (\(d\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 528.90 Td (Includes net fair value gains \(losses\) related to investments in equity instruments of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 386.59 528.90 Td ($84.0 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.50 528.90 Td ( for the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.63 528.90 Td (nine months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.68 528.90 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 516.90 Td (September30, 2019) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 162.50 516.90 Td ( and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 180.29 516.90 Td ($46.5 million) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 225.20 516.90 Td ( for the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 252.33 516.90 Td (nine months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 320.38 516.90 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.60 516.90 Td (September30, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.10 516.90 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 492.90 Td (\(e\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 492.90 Td (Includes the impact of the gain of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 209.63 492.90 Td ($1,063.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.66 492.90 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 268.16 492.90 Td (on the disposal of the ) Tj ET Q q 0 0 0 rg BT 346.00 492.90 Td (Aeroplan Program and related assets during the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 518.55 492.90 Td (nine ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 480.90 Td (months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 140.70 480.90 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 142.93 480.90 Td (September30, 2019) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 215.42 480.90 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 459.90 Td (\(f\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 459.90 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 90.00 447.90 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 254.51 447.90 Td (nine months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.56 447.90 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 324.79 447.90 Td (September30, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 397.28 447.90 Td ( as well as an income tax recovery of ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 435.90 Td ($1.3 million related to the reversal.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 414.90 Td (\(g\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 414.90 Td (Includes the impact of the gain of $5.4 million 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 494.68 414.90 Td (nine months ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 402.90 Td (ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.25 402.90 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 114.47 402.90 Td (September30, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 186.96 402.90 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 381.90 Td (\(h\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 381.90 Td (Includes a rent prepayment of $1) Tj ET Q q 0 0 0 rg BT 206.37 381.90 Td (1.8 million made during the ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.64 381.90 Td (nine months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.70 381.90 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 374.92 381.90 Td (September30, 2018) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 447.41 381.90 Td ( related to a London of) Tj ET Q q 0 0 0 rg BT 527.33 381.90 Td (fice ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 369.90 Td (space. ) Tj ET Q q 0 0 0 rg BT 115.65 369.90 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 72.00 348.90 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 323.31552734375 m 177.9375 323.31552734375 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 324.90 Td (LOY) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 91.64 324.90 Td (AL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 104.23 324.90 Td (TY) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 116.82 324.90 Td ( SOLUTIONS) Tj ET Q BT /F3 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 72.00 300.90 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 300.90 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 320.79 300.90 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 288.90 Td (technology) Tj ET Q q 0 0 0 rg BT 128.10 288.90 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 267.90 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 267.90 Td (A) Tj ET Q q 0 0 0 rg BT 94.89 267.90 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 135.21 267.90 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 245.04 267.90 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 430.61 267.90 Td ( financial measures\)) 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 502.20 267.90 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 246.90 Td (\(c\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 246.90 Td (Represents the variance on a constant currency basis.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 225.90 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.05 w 0 i [] 0 d 1 J 1 j 3 M 72 200.31552734374998 m 197 200.31552734374998 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 201.90 Td (CORPORA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 122.37 201.90 Td (TE ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 137.56 201.90 Td (AND OTHER) 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 72.00 177.90 Td (\(a\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 177.90 Td (Includes depreciation and amortization as well as amortization of ) Tj ET Q q 0 0 0 rg BT 320.79 177.90 Td (Accumulation Partners' contracts, customer relationships and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 165.90 Td (technology) Tj ET Q q 0 0 0 rg BT 128.10 165.90 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 144.90 Td (\(b\) ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 90.00 144.90 Td (A) Tj ET Q q 0 0 0 rg BT 94.89 144.90 Td ( non-GAAP) Tj ET Q q 0 0 0 rg BT 135.21 144.90 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 245.04 144.90 Td (Performance Indicators \(including certain non-GAAP) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 430.61 144.90 Td ( financial measures\)) 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 502.20 144.90 Td (.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 72.00 123.90 Td (** Information not meaningful or not applicable.) 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 727.20 Td (MANAGEMENT'S DISCUSSION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 318.25 727.20 Td (AND ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 357.97 727.20 Td (ANAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 402.28 727.20 Td (YSIS OF) Tj ET Q BT /F2 16.50 Tf ET q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 707.40 Td (FINANCIAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 160.61 707.40 Td ( CONDITION ) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 261.75 707.40 Td (AND RESUL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 356.78 707.40 Td (TS OF OPERA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 1.26 w 0 i [] 0 d 1 J 1 j 3 M 72 664.3986328125 m 232.875 664.3986328125 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 72.00 666.30 Td (ADDITIONAL) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 145.78 666.30 Td ( INFORMA) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 204.21 666.30 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 (Additional information relating to ) Tj ET Q q 0 0 0 rg BT 202.58 640.80 Td (Aimia and its operating businesses, including ) Tj ET Q q 0 0 0 rg BT 384.19 640.80 Td (Aimia's ) Tj ET Q q 0 0 0 rg BT 414.91 640.80 Td (Annual Information Form dated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 627.30 Td (March 28, 2019, 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 0.94 w 0 i [] 0 d 1 J 1 j 3 M 242.59130859375 625.873974609375 m 310.28466796875 625.873974609375 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 242.59 627.30 Td (www) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 263.26 627.30 Td (.sedar) Tj ET Q q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 289.28 627.30 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 310.28 627.30 Td ( or on ) Tj ET Q q 0 0 0 rg BT 335.30 627.30 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 0.5294117647058824 0.27058823529411763 0.6039215686274509 RG /GS0 gs 0.94 w 0 i [] 0 d 1 J 1 j 3 M 409.54833984375 625.873974609375 m 475.57177734375 625.873974609375 l s q 0.5294117647058824 0.27058823529411763 0.6039215686274509 rg BT 409.55 627.30 Td (corp.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 475.57 627.30 Td ( under ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 613.80 Td (Investors.) 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