1. 2012 ANNUAL AND SPECIAL
MEETING OF SHAREHOLDERS
May 4, 2012

2. ROBERT BROWN
Chairman

3. BOARD OF DIRECTORS
Left to right: Alan Rossy, Rupert Duchesne, Joanne Ferstman, John Forzani, Hon. Michael Fortier, Douglas Port, Robert Brown, David Laidley, Roman Doroniuk
• Robert Brown (Chairman) • Joanne Ferstman • David Laidley
• Roman Doroniuk • Michael Fortier • Douglas Port
• Rupert Duchesne • John Forzani • Alan Rossy
Annual and Special Meeting of Shareholders 3

4. INVESTMENT HIGHLIGHTS
• Solid performance in 2011
• Strong balance sheet
• Demonstrated solid cash flow over the past 6 years
• Attractive dividend
• Share buyback
Annual and Special Meeting of Shareholders 4

5. TODAY’S AGENDA
• Formal Part of the Meeting
• Financial Highlights
• Strategic Overview
• Q&A
• Closing Remarks
Annual and Special Meeting of Shareholders 5

6. FORMAL PART
OF THE MEETING

7. FORWARD-LOOKING STATEMENTS
Forward-looking statements are included in the following presentations. These forward-looking statements are identified by the use of terms and
phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and similar terms and
phrases, including references to assumptions. Such statements may involve but are not limited to comments with respect to strategies, expectations,
objectives, goals, aspirations, intentions, planned operations or future actions.
Forward-looking statements, by their nature, are based on assumptions and are subject to important risks and uncertainties. Any forecasts,
predictions or forward-looking statements cannot be relied upon due to, among other things, changing external events and general uncertainties of the
business and its corporate structure. Results indicated in forward-looking statements may differ materially from actual results for a number of reasons,
including without limitation, dependency on top accumulation partners and clients, conflicts of interest, greater than expected redemptions for rewards,
regulatory matters, retail market/economic conditions, industry competition, Air Canada liquidity issues, Air Canada or travel industry disruptions,
airline industry changes and increased airline costs, supply and capacity costs, unfunded future redemption costs, failure to safeguard databases and
consumer privacy, changes to coalition loyalty programs, seasonal nature of the business, other factors and prior performance, foreign operations,
legal proceedings, reliance on key personnel, labour relations, pension liability, technological disruptions and inability to use third party software,
failure to protect intellectual property rights, interest rate and currency fluctuations, leverage and restrictive covenants in current and future
indebtedness, uncertainty of dividend payments, managing growth, credit ratings, as well as the other factors identified throughout this presentation
and throughout our public disclosure record on file with the Canadian securities regulatory authorities.
The forward-looking statements contained herein represent the expectations of Groupe Aeroplan Inc., doing business as Aimia (“Aimia”), as of May 3,
2012, and are subject to change after such date. However, Aimia disclaims any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
For further information, please contact Investor Relations at 416 352 3728 or trish.moran@aimia.com.
Annual and Special Meeting of Shareholders 7

8. DAVID ADAMS
Executive Vice President and
Chief Financial Officer
Financial Highlights

9. FY 2011 CONSOLIDATED FINANCIAL HIGHLIGHTS
Year Ended
% Change on an adjusted basis
December 31,
Reported Adjusted Reported Adjusted Adjusted Constant
Adjustments Adjustments(5)
($ millions except per share amounts) 2011 2011 2010 2010 Year Over Year Currency (6)
Gross Billings 2,233.2 - 2,233.2 2,187.8 (17.4) 2,170.4 2.9% 3.1%
Gross Billings from sale of Loyalty Units 1,560.8 - 1,560.8 1,457.8 - 1,457.8 7.1% 7.2%
Total Revenue (1) 2,115.9 136.0 2,251.9 2,056.2 - 2,056.2 9.5% 9.7%
Cost of rewards and direct costs 1,332.9 - 1,332.9 1,295.3 (53.1) 1,242.2 7.3% 7.3%
Gross margin (1) (2) 783.0 136.0 919.0 761.0 53.1 814.1 12.9% 13.3%
Gross margin (%) 37.0% 40.8% 37.0% 39.6% 122 bps 130 bps
Depreciation and amortization 129.5 - 129.5 122.8 - 122.8 5.5% 5.9%
Operating expenses (3) 612.5 (53.9) 558.6 542.6 35.7 578.3 (3.4%) (2.7%)
Operating income (1) (3) 41.0 189.9 230.9 95.6 17.4 113.0 104.3% 102.9%
Share of net earnings of PLM (4.4) - (4.4) - - - na na
Net earnings (1) (3) (77.0) 185.4 108.5 8.3 17.4 25.7 ** **
Non-GAAP
Adjusted EBITDA(1) 342.2 10.4 352.6 285.5 - 285.5 23.5% 23.6%
Adjusted EBITDA margin (%) 15.3% na 15.8% 13.1% na 13.2% 263 bps 261 bps
Free Cash Flow before dividends paid 197.6 197.6 221.2 221.2 (10.7%) na
Free Cash Flow before dividends paid per common share (4) 1.04 1.04 1.08 1.08 (3.8%) na
(1) Reported 2011 includes the $136.0 million effect of an adjustment to the Breakage estimate related to the Nectar and Air Miles Middle East programs, impacting Revenue from Loyalty Units by $95.2 million and $40.8 million,
respectively, and Adjusted EBITDA by $10.4 million.
(2) Before depreciation and amortization.
(3) A $53.9 million impairment charge was recorded in the fourth quarter of 2011 related to the US proprietary loyalty Cash Generating Unit.
(4) Calculated as: (Free Cash Flow before common and preferred dividends paid, less preferred dividends)/ weighted average common shares outstanding.
(5) Reported 2010 results included the positive impact on Gross Billings and Adjusted EBITDA of an accounting reclassification of deferred revenue amounts previously recorded in customer deposits, offset by the net negative impact on
Operating Income and Adjusted EBITDA of the ECJ VAT Judgment.
(6) Constant Currency excludes the translation effect of foreign operations on the consolidated results. For more information on Constant Currency, please refer to Aimia’s February 22, 2012 earnings press release.
** information not meaningful 9

10. SAINSBURY’S AND HSBC CONTRACT RENEWAL
+ +
Middle
East
Wins with existing clients in
both Customer Loyalty and
Business Loyalty
• Win-Win-Win 7-year agreement • Extension of agreement with anchor Billings
Decrease in Gross
sponsor in
mostly explained by the
• Sainsbury’s – more engaged members program phasing out of a portion of
the Visa business in the US
• Members – improved value proposition • HSBC to fund higher engagement$5.8MM
representing
• Nectar – improved economics • HSBC – more engaged members
• £40 million promissory note to be repaid on • Members – improved value proposition
July 1, 2012 • Air Miles Middle East – improved economics
These 2 contracts
will be accretive to
Adjusted EBITDA
and Free Cash
Flow commencing
in 2012
Annual and Special Meeting of Shareholders 10

11. PROPRIETARY LOYALTY UPDATE AND US IMPAIRMENT
• Proprietary Loyalty (formerly Carlson Marketing), a key business in our full suite offering, continues to demonstrate:
– A significant improvement in overall value for the entire business as a whole when compared to our original purchase price
– Adjusted EBITDA margins which are holding to our expectations
– Tens of millions of $ in synergies savings
• Our US business has not performed to our expectations, mainly on account of the economy, accordingly we:
– Installed new management team and right sized the business for future growth
– Took an impairment charge of $54 million against goodwill, based on lower cash flow projections and our outlook for the
US economy
Proprietary Loyalty - Global Business Year Ended
% Change on an adjusted basis
(Formerly Carlson Marketing) December 31,
Constant
($ millions) 2011 2010 Year Over Year Currency (4)
(1) (3)
Gross Billings 642.3 617.9 4.0% 4.3%
(2) (3)
Adjusted EBITDA 48.7 42.1 15.7% 14.5%
Adjusted EBITDA margin (%) 7.6% 6.8% 77 bps 66 bps
(1) Gross Billings including $83.5 million of inter-company billings to Aeroplan Canada for non-air rewards for the year ended December 31, 2011 and excluding a $17.4 million positive accounting adjustment relating to
the reclassification of customer deposits to deferred revenue, recorded in the year ended December 31, 2010.
(2) Adjusted EBITDA excluding $20.2 million of restructuring and reorganization costs for the year ended December 31, 2011 and $14.4 million of migration costs for the year ended December 31, 2010.
(3) Gross Billings and Adjusted EBITDA excluding a $17.4 million positive accounting adjustment recorded in the second quarter of 2010.
(4) Constant Currency excludes the translation effect of foreign operations on the consolidated results. For more information on Constant Currency, please refer to Aimia’s February 22, 2012 earnings press release.
Annual and Special Meeting of Shareholders 11

12. CONSOLIDATED GROSS BILLINGS
FY 2010 FY 2011
($ millions) ($ millions)
$2,233.2
$2,187.8 ($17.4) $2,170.4
+2.9%growth; +3.1% in c.c.(1)
2010 Reported Accounting Adjustment (US / Excluding Accounting 2011 Reported
EMEA) Adjustment
(1) Constant Currency excludes the translation effect of foreign operations on the consolidated results. For more information on Constant Currency, please
refer to Aimia’s February 22, 2012 earnings press release.
Annual and Special Meeting of Shareholders 12

13. DELIVERING HEALTHY GROSS BILLINGS GROWTH
FY 2011
FY 2005 ($ millions)
($ millions) 2,187.8 2,233.2
1,501.0 1,447.3
952.2
851.9
754.8
+196%growth
(1) (1)
2005 2006 2007 (2) 2008 2009 2010 2011
(1) Pre-2007 results are those of the partnership.
(2) Has been derived by adding the results of the Partnership prior to March 14, 2007 to the results of the Fund for the year. Annual and Special Meeting of Shareholders 13

14. CONSOLIDATED ADJUSTED EBITDA
FY 2011
($ millions)
FY 2010 $20.7
(3)
$368.4
($ millions) $342.2
$10.4 $352.6 ($4.9)
$9.1 $329.4
$14.4
$20.4
$285.5 $17.4 $285.5
($17.4)
+11.8%growth; +11.9% in c.c.(1)
2010 Reported Accounting VAT Loss (EMEA) Excluding Nectar Italia Carlson Marketing Corporate Costs Excluding Noted 2011 Reported Breakage Excluding Restructuring & Online Store Excluding Noted
Adjustment (US / Accounting Launch Costs Migration Costs Items Adjustment Breakage Reorganization Adjustment Items
EMEA) Adjustment and Adjustment Charges
VAT
FY’10 margin(2) = 15.2% FY’11 margin(2) = 16.5%
(1) Constant Currency excludes the translation effect of foreign operations on the consolidated results. For more information on Constant Currency, please refer to Aimia’s
February 22, 2012 earnings press release.
(2) Adjusted EBITDA excluding noted items over Gross Billings excluding accounting adjustment. 14
(3) Restructuring and reorganization charges of $23.3 million net of $2.6 million related to forfeiture of stock based rewards.

15. GROWING CONSOLIDATED ADJUSTED EBITDA (1)
FY 2005 FY 2011
($ millions) ($ millions)
342.2
319.2
316.2
281.6 285.5
251.7
216.4
168.1
+13 per cent CAGR
(2) (3)
2005 (2) 2006 2007 2008 2009 2010 2011
(1) Adjusted EBITDA pre-2010 as reported under previous Canadian GAAP; 2010 and 2011 as reported under IFRS.
(2) Pre-2007 results are those of the partnership.
(3) Has been derived by adding the results of the Partnership prior to March 14, 2007 to the results of the Fund for the year.
Annual and Special Meeting of Shareholders 15

16. FREE CASH FLOW
Free Cash Flow (1) FCF/ Common Share (2)
($ millions)
$221.5 $221.2 $1.08
$197.6
$197.6
$1.08
$1.04
YTD2011 FY 2011 FY 2010
FY 2011 YTD2010
FY 2010
(1) Free Cash Flow before common and preferred dividends paid.
(2) Calculated as: (Free Cash Flow before common and preferred dividends paid, less preferred dividends)/ weighted average common shares outstanding.
Annual and Special Meeting of Shareholders 16

17. LIQUIDITY
Mar 31, 2012 Dec 31, 2011
($ millions)
On April 13, 2012, Aimia
extended the term of its existing
Cash and cash equivalents $179.8 $202.1
$300 million revolving facility by
2 years to April 23, 2016 and
Restricted cash $17.4 $15.1 obtained an additional revolving
facility in an amount not to
Short-term investments $52.9 $58.4 exceed $200 million, for any term
it may request not extending
Long-term investments in bonds $280.7 $279.7
beyond the new maturity date.
$530.8 $555.3
On April 23, 2012, Senior
Secured Notes Series 1 of $200
Current portion of long-term debt $200.0 $200.0
million were repaid with funds
drawn from the additional
Long-term debt $372.1 $386.7 revolving facility.
Total Debt $572.1 $586.7
Annual and Special Meeting of Shareholders 17

18. COMMON DIVIDENDS
AIM Payout Ratio Dividend Yield
Dividend policy will continue to be reviewed annually to ensure that 6.0%
growth in the payout ratio is proportionate to Aimia’s free cash flow
generation. 5.0%
$113
$108
$100
4.0%
3.0%
$29 2.0%
1.0%
2009 2010 2011 2012
0.0%
Common Preferred Q110 Q210 Q310 Q410
Q1Q111 Q2
Q211 Q311 Q411
1/4/2010
2/4/2010
3/4/2010
4/4/2010
5/4/2010
6/4/2010
7/4/2010
8/4/2010
9/4/2010
10/4/2010
11/4/2010
12/4/2010
1/4/2011
2/4/2011
3/4/2011
4/4/2011
5/4/2011
6/4/2011
7/4/2011
8/4/2011
9/4/2011
10/4/2011
11/4/2011
12/4/2011
1/4/2012
2/4/2012
3/4/2012
4/4/2012
Q1 Q2 Q3 Q4 Q3 Q4 Q1
Q112
2010 2010 2010 2010 2011 2011 2011 2011 2012
• Common Share Dividend
Increase of 6.7% to $0.64 per share per year
Dividend yield exceeds 5% based on May 3, 2012 closing price
Annual and Special Meeting of Shareholders 18

19. COMMON SHARE REPURCHASE SUMMARY
Average
Common Total Common Shares Repurchased (MM)
Price Per
Initial NCIB Shares Consideration
Common Average Price per Common Share
Repurchased (MM)
Share
Total Shares Repurchased to May 13, 2011 19,983,631 $233.0 $11.66
$12.58
$12.34
Renewed NCIB
May 16, 2011 – December 31, 2011 6,262,800 $75.8 $12.10
$10.94
January 1, 2012 – March 31, 2012 480,000 $5.9 $12.30 13.0 13.2
Initial and Renewed NCIB
Total Shares Repurchased to 26,726,431 $314.7 $11.77
March 31, 2012
March 31, 2012 – May 3, 2012 1,481,900 $18.3 $12.35
Total Shares Repurchased 28,208,331 $333.0 $11.81
2.0
Total Common Shares Outstanding as at:
FY 2010 FY 2011 Q1 2012
March 31, 2012 173.4 million
May 3, 2012 171.9 million
Annual and Special Meeting of Shareholders 19

20. Q1 2012 AND 2012 GUIDANCE
For Q1 2012:
• Gross Billings of $537 million, up 2.1% on a constant currency basis, excluding Qantas.
• Adjusted EBITDA was $89 million or a 22.5% increase from last year.
• Free Cash Flow before dividends paid was up $39.5 million to $18.3 million
Confirming 2012 Guidance:
• Gross Billings growth of between 3% to 5%(1)
• Adjusted EBITDA of between $370 to $380 million and
• Free Cash Flow before dividends paid of between $220 and $240 million
(1) The Gross Billings growth guidance excludes the effect of a client loss (Qantas) in APAC at the end of the first quarter of 2012. The target growth ranges are based on 2011
reported Gross Billings, excluding $40 million related to Qantas. The client loss will have a negligible impact on Adjusted EBITDA
Annual and Special Meeting of Shareholders 20

21. RUPERT DUCHESNE
Group Chief Executive
Strategic Overview

22. EXECUTIVE TEAM
Left to right: Vince Timpano, Susan Doniz, Rupert Duchesne, Liz Graham, Mark Hounsell, Sandy Walker, David Johnston, Melissa Sonberg, David Adams
• Rupert Duchesne • Liz Graham • Melissa Sonberg
• David Adams • Mark Hounsell • Vince Timpano
• Susan Doniz • David Johnston • Sandy Walker
Annual and Special Meeting of Shareholders 22

23. STRATEGIC OVERVIEW
• 2011: A record year for Aimia
• Advancements in our EMEA region
• Officially launched the new brand
Annual and Special Meeting of Shareholders 23

24. STORY OF AIMIA
Only full suite loyalty provider
with operations in more than 20 countries
Aeroplan formed
Groupe Aeroplan
as stand-alone entity Italia becomes Aimia
of Air Canada
1984 1991 2002 2005 2006 2007 2008 2009 2010 2011
IPO of Aeroplan Income Fund
Aeroplan to a Corporation
1984-1990 Income Fund
(Groupe Aeroplan Inc.)
Annual and Special Meeting of Shareholders 24

25. UNMATCHED GLOBAL SCALE AND SCOPE
Canada
UK
Italy
USA
Japan
Lebanon Bahrain
Jordan Qatar
Mexico Egypt UAE Hong Kong
Oman India
Singapore
Consolidated Gross Billings Brazil Indonesia
Malaysia
F2011
$2.23B Chile
Australia
New
58% THE Zealand
LARGEST
Canada PURE PLAY
42%
Rest of World LOYALTY
COMPANY
IN THE
WORLD
Annual and Special Meeting of Shareholders 25

26. A MULTINATIONAL COMPANY INSPIRING LOYALTY THROUGH
A FULL-SUITE GLOBAL OFFERING
Coalition Loyalty
Programs
Loyalty Data
Analytics
Proprietary
Loyalty Services
Annual and Special Meeting of Shareholders 26

27. US & ASIA PACIFIC
• 2011: A year of repositioning
• Continue to build out loyalty capabilities
• Signed with Standard Chartered Bank
Annual and Special Meeting of Shareholders 27

28. EUROPE, MIDDLE EAST AND AFRICA
UK Middle East Italy
Annual and Special Meeting of Shareholders 28

29. EUROPE, MIDDLE EAST AND AFRICA
Nectar UK
• Key driver of growth in 2011
• All-time high with 18.5 million members
• British Gas has already become our second
largest partner
• Addition of easyJet
Annual and Special Meeting of Shareholders 29

30. CONTRACT RENEWAL WITH SAINSBURY’S
Annual and Special Meeting of Shareholders 30

31. EUROPE, MIDDLE EAST AND AFRICA
Middle East
• Contract extension with HSBC
Nectar Italia
• Country’s largest loyalty program with 9 million members
• Good year despite tough trading environment
Annual and Special Meeting of Shareholders 31

32. INTELLIGENT SHOPPER SOLUTIONS:
World Leading Experts in Loyalty Analytics
# 1 drug retailer # 2 supermarket #2 supermarket #2 Grocery retailer
in world in Switzerland in Australia in Canada
Annual and Special Meeting of Shareholders 32

33. CANADA
• Record results in 2011
Proprietary Loyalty
• Strong cost management
• Expansion to new verticals
• Realization of synergies
Annual and Special Meeting of Shareholders 33

34. AEROPLAN CANADA
2011: A record year for Aeroplan
• Solid top line growth
• Low cost per mile redeemed
• Focus on effective productivity and expense
management
• Expanded earn potential with Costco Canada
• Contract renewals with Imperial Oil – Esso and
Home Hardware
• Ongoing improvements
Annual and Special Meeting of Shareholders 34

35. INVESTING IN OUR FUTURE
Becoming the recognized global leader in loyalty management
2011: Aimia completed a number of important strategic initiatives that will
further our objectives.
Annual and Special Meeting of Shareholders 35

36. CLUB PREMIER
An opportunity to replicate the successful Aeroplan Canada business in Mexico
• Aimia increased its equity investment to nearly 30% of Club Premier, Aeromexico’s frequent
flyer program
• After first year in business, Club Premier has more than 3 million members
• Launched co-branded credit card with Banamex, Mexico’s leading retail bank
• Signed on key retail partnerships:
• Soriana, one of the major Mexican grocers, launched earlier this year
• Sanborn’s, a large chain of convenience stores, is expected to launch in Q2 2012
• Club Premier has exceeded expectations
• It is anticipated that Club Premier will provide significant return to Aimia shareholders
Annual and Special Meeting of Shareholders 36

37. CARDLYTICS: UNLOCKING THE SIGNIFICANT
POTENTIAL VALUE OF NON-CURRENCY LOYALTY
Merchant Consumers Banks
• Significantly better ROI • Trusted advertising channel • Valuable customer rewards
from precise targeting • Superior consumer at no cost
• Unparalleled visibility experience • Revenue share
• Protects customer data
Annual and Special Meeting of Shareholders 37

38. NEW VENTURES
Brazil
• Joined forces with Multiplus, Brazil’s leading loyalty network
• Build, grow and transform the loyalty marketing services
industry
India
• Partnership with Tata Capital, a major force in the Indian
market
• Develop and seek out partners
• Establish a retail coalition
Annual and Special Meeting of Shareholders 38

39. CORPORATE SOCIAL RESPONSIBILITY
• Support employee-led initiatives around the globe
• Enhancing our global corporate carbon footprint measurement
• Refining and establishing our global CSR philosophy
Annual and Special Meeting of Shareholders 39

40. AN EXCITING FUTURE AHEAD
• New brand supports our vision of inspiring loyalty
• Large geographic scope OUR PRIORITIES
ARE FOCUSED ON
• Aimia is best positioned to compete in increasingly DELIVERING LONG-
intense competitive environment by offering the global TERM SUSTAINABLE
full-suite of products and services – coalition, proprietary GROWTH FOR OUR
SHAREHOLDERS
and loyalty analytics
• Investing in our future
Annual and Special Meeting of Shareholders 40

41. AN EXCITING FUTURE AHEAD
COALITION LOYALTY PROPRIETARY
LOYALTY ANALYTICS LOYALTY
Annual and Special Meeting of Shareholders 41

42. Q&A

43. THANK YOU