Aimia Inc. — Investor Presentation 2021

Mar 25, 2021

Q4 2020 highlights MARCH 25, 2021

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FORWARD-LOOKING AND CAUTIONARY STATEMENTS

Forward-looking statements are included in this presentation. 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 “should”, and similar terms and phrases, including references to assumptions. Such statements may involve but are not limited to comments with respect to strategies, expectations, 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, business and industry disruptions related to natural disasters, security issues and global health crises particularly as they might affect the airline, travel and hospitality sectors, risks and uncertainties related to Aimia's investment in PLM arising from Aeromexico's Chapter 11 filings, the execution of the strategic plan, investment risks, including in connection with how and when to deploy and invest Aimia’s considerable cash and other liquid assets, holding company liquidity risk, investment partnerships risks, airline industry changes and increased airline costs, reliance on key personnel, market price and trading volume of the common shares and preferred shares, uncertainty of dividend declarations and/or payments on either common shares or preferred shares, passive foreign investment company risk, limitations on utilization of tax losses, technological disruptions and inability to use third-party software and outsourcing, regulatory matters related to privacy, foreign operations, interest rate and currency fluctuations, legal proceedings, audit by tax authorities, as well as the other factors identified throughout Aimia's public disclosure records on file with the Canadian securities regulatory authorities.

The forward-looking statements contained herein represent Aimia's expectations as of March 24, 2021 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.

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© 2021 Aimia. All rights reserved. 2

NON-GAAP FINANCIAL MEASURES

Following the Corporation strategic update, Aimia does not present Non-GAAP financial measures for its consolidated results. However, in order to complement the analysis of the financial performance of its investments, certain Non-GAAP measures are presented. A reconciliation to these investments' most comparable GAAP measure is provided in our MD&A section – “NonGAAP Financial Measures for Investments”.

PLM Adjusted EBITDA

Adjusted EBITDA for PLM ("PLM Adjusted EBITDA”) is earnings before net financial income (expense) and net income tax expense adjusted to exclude depreciation, amortization and impairment charges related to non-financial assets, as well as adjusted for certain factors particular to PLM, such as changes in deferred revenue and Future Redemption Costs. Change in deferred revenue is calculated as the difference between Gross Billings and revenue recognized, including recognition of Breakage. Future Redemption Costs represent management's estimated future cost of rewards in respect of Loyalty Units sold which remain outstanding and unbroken at the end of any given period. Future Redemption Costs are revalued at the end of any given period by taking into account the most recently determined average unit cost per Loyalty Unit redeemed for that period (cost of rewards / Loyalty Units redeemed) and applying it to the total Unbroken Loyalty Units outstanding at the end of that period. As a result, Future Redemption Costs and the change in Future Redemption Costs must be calculated at the end of any given period and for that period. The simple addition of sequential inter-period changes to arrive at a cumulative change for a particular period may result in inaccurate results depending on the fluctuation in the Average Cost of Rewards per Loyalty Unit redeemed for the period in question. PLM Adjusted EBITDA is not a measurement based on GAAP, is not considered an alternative to net earnings in measuring profitability, and is not comparable to similar measures used by other issuers. Aimia and PLM's management do not believe that PLM Adjusted EBITDA has an appropriate directly comparable GAAP measure. However, a reconciliation to earnings before net financial income (expense) and net income tax expense is provided in our MD&A section “Non-GAAP Financial Measures for Investments”. PLM Adjusted EBITDA is used by Aimia and PLM's management to evaluate performance. Aimia and PLM's management believe PLM Adjusted EBITDA assists investors in comparing PLM's performance on a consistent basis without regard to depreciation and amortization and impairment charges related to non-financial assets, which are non-cash in nature and can vary significantly depending on accounting methods, and non-operating factors such as historical cost.

Kognitiv Adjusted EBITDA

Adjusted EBITDA for Kognitiv ("Kognitiv Adjusted EBITDA”) is earnings before net financial income (expense) and net income tax expense adjusted to exclude depreciation, amortization, shared-based compensation, restructuring expenses, business acquisition related expenses and impairment charges related to non-financial assets. Adjusted EBITDA also includes distributions and dividends received or receivable from equity accounted investments. Kognitiv Adjusted EBITDA is not a measurement based on GAAP, is not considered an alternative to net earnings in measuring profitability, does not have a standardized meaning and is not comparable to similar measures used by other issuers. A reconciliation to earnings before net financial income (expense) and net income tax expense is provided in our MD&A section – “Non-GAAP Financial Measures for Investments”. Kognitiv Adjusted EBITDA is used by Aimia and Kognitiv's management to evaluate performance. Aimia and Kognitiv's management believes Adjusted EBITDA assists investors in comparing Kognitiv's performance on a consistent basis excluding depreciation, amortization, impairment charges related to non-financial assets, share-based compensation, which are non-cash in nature and can vary significantly depending on accounting methods as well as non-operating factors such as historical cost. Aimia and Kognitiv’s management believe that the inclusion of distributions and dividends received or receivable from equity-accounted investments in Adjusted EBITDA assists investors by adding a performance indicator representative of earnings from equity-accounted investments accessible to Kognitiv. Aimia and Kognitiv's management believes that the exclusion of restructuring and business acquisition related expenses assists investors by excluding expenses that are not representative of the run-rate cost structure of Kognitiv.

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© 2021 Aimia. All rights reserved.

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TODAY’S SPEAKERS

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PHIL MITTLEMAN Chief Executive Officer

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MICHAEL LEHMANN President

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STEVE LEONARD Chief Financial Officer

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© 2021 Aimia. All rights reserved.

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AGENDA

Strategic Investment highlights highlights

Financial highlights

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STRATEGIC highlights

PHIL MITTLEMAN

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STRATEGIC HIGHLIGHTS 2020 HIGHLIGHTS

Corporate Transformation Strategic Objectives	Results
	• New strategy as a holding companyto capitalize on the best investment opportunities • MIM(1) acquisitionto help execute new strategy • New Presidentadded to enhance the executive team • Rapidly cut costsand rightsized the corporate expenses • Aimia Loyalty Solutions combined with Kognitivformed exciting technology company with substantial upside while limiting future risks to the holding company • Amended agreements with Aeromexico:Shareholder Agreement enhanced with buyout option of PLM; 20-year CPSA extension to 2050 between PLM and Aeromexico • Significant investment in Clear Mediapurchased at an attractive valuation • Opportunistic investmentsgenerated $12.9 million gain (COVID-crash, Village Roadsh • Special purpose vehicleinvestment created to pursue an LBO of a target company • $67 million restricted cashreleased to Aimia • Repurchased 4.4 million sharesunder NCIB at an average price of $3.31 after fees
Enhance existing investments
Deploy excess capital
Maintain robust balance sheet

• Opportunistic investments generated $12.9 million gain (COVID-crash, Village Roadshow)

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• Stakeholder Reconstituted Board and new management team with proven ownership alignment mentality purchased more than 1.4 million shares in the open market

Aimia achieved key strategic objective to transform into a holding company poised to create lasting value for Aimia stakeholders

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(1) Mittleman Investment Management.

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STRATEGIC HIGHLIGHTS 2021 PRIORITIES

Cash flow neutral at the holding company

Execute strategic

vision

Capital allocation priorities

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Cash operating expenses, preferred dividends, and taxes covered by resumption of PLM distributions and other investment activities

Continue to build a portfolio of investments that can deliver sustainable value for stakeholders

Earn an annual IRR >15% by seeking long-term investments with a focus on assets that can upstream income to the holding company

Aimia will remain patient and disciplined to capitalize on the best investment opportunities available globally

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© 2021 Aimia. All rights reserved. 8

STRATEGIC HIGHLIGHTS VALUE ACCRETIVE TRANSACTIONS

BIGLIFE and AirAsia Transaction Highlights

Kognitiv and IRI Transaction Highlights

BIGLIFE sales transaction:

Sale of ISS:

• Aimia’s 20% ownership in BIGLIFE to be sold to AirAsia for $31.4 million (US$25.0 million) to be satisfied by 85.86 million new ordinary shares of AirAsia

• Transaction subject to execution of definitive documentation and AirAsia’s shareholders’ approval expected to occur before end of May 2021

AirAsia private placement:

• $9.4 million (US$7.5 million) investment at RM0.865 in exchange for 35.61 million new ordinary shares

• Industry leader, IRI, acquired Intelligent Shopper Solutions (ISS) from Kognitiv for undisclosed terms

Joint venture:

• Kognitiv and IRI formed marketing and innovation partnership to explore new revenuegenerating initiatives to leverage Kognitiv’s unique Platform-as-a-Service to scale their partnerships, connect peer-to-peer and deliver new value to consumers through hyperpersonalized experiences within their ecosystem

Transaction provides liquidity, and attractive upside potential in the airline business and digital assets of AirAsia upon recovery from the COVID-19 pandemic

JV provides exciting new opportunities to accelerate client adoption of Kognitiv’s technology platform, and the ISS sale strengthened Kognitiv’s liquidity position for future acquisitions

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© 2021 Aimia. All rights reserved.

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INVESTMENT highlights
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MICHAEL LEHMANN

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INVESTMENT HIGHLIGHTS

PLM MEMBER BASE AND GROSS BILLINGS*

Members enrolled (million)

+4.5% YoY

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6.5 6.6 6.7 6.8 6.8 6.9 7.0
6.3
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020
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PLM Gross Billings[(1)] (million USD)

FY 2019: $273.8

FY 2020: $147.9 (-46.0% YoY)

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-48.2% YoY
68.7 71.6 71.8
61.7 64.3 +41.4% QoQ
37.2
20.1 26.3
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020
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*This presentation contains both IFRS and non-GAAP financial measures. Non-GAAP financial measures are defined and reconciled to the most comparable IFRS measures in our MD&A. See caution regarding Non-GAAP financial measures on slide 3.

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(1) Gross Billings is defined as gross billings from the sale of loyalty units and gross billings from the sale of non-loyalty units.

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INVESTMENT HIGHLIGHTS

PLM DISTRIBUTIONS AND ADJUSTED EBITDA*

(1) PLM Adjusted EBITDA (million USD)

FY 2019: $84.9

FY 2020: $37.9[(2)] (-55.4% YoY)

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20.4 21.3 21.5 21.7 22.3
-59.4% YoY
10.2
8.8
-3.4
Q1 Q2 Q3 Q4 Q1 Q2 (3) Q3 (4) Q4 (5)
2019 2019 2019 2019 2020 2020 2020 2020
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Distributions paid to Aimia (million CAD)

FY 2019 $35.3

FY 2020: $18.3 (-48.2% YoY)

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Temporarily suspended
18.9 5.8 5.8 4.8 9.5 8.8
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2019 2019 2019 2019 2020 2020 2020 2020
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• *This presentation contains both IFRS and non-GAAP financial measures. Non-GAAP financial measures are defined and reconciled to the most comparable IFRS measures in our MD&A. See caution regarding Non-GAAP financial measures on slide 3.

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• (1) A non-GAAP measurement.

• (2) FY 2020 includes the impact of US$7.3 million provision on certain Aeromexico unsecured receivables.

• (3) Q2 2020 includes the impact of US$4.8 million provision on certain Aeromexico unsecured receivables.

• (4) Q3 2020 includes the impact of US$0.8 million provision on certain Aeromexico unsecured receivables. (5) Q4 2020 includes the impact of US$1.7 million provision on certain Aeromexico unsecured receivables.

© 2021 Aimia. All rights reserved.

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INVESTMENT HIGHLIGHTS PLM FINANCIAL METRICS*

(in millions of U.S. dollars)

Operational Metric Q4 2020 Q4 2019	FY 2020 FY 2019
Enrolled members 7.0 6.7	7.0 6.7
Financial Results Q4 2020 Q4 2019	FY 2020 FY 2019
Gross Billings 37.2 71.8 Revenue 35.8 67.9 Earnings before net financial expense and income tax expense 7.0 18.3 Adjusted EBITDA(1)(2) 8.8 21.8 Cash from (used in) operating activities(3) 19.2 9.6 Free Cash Flow(1)(3) 17.9 9.2 PLM distribution paid to Aimia - 3.6 Cash and cash equivalents(4) 66.7 87.5	147.9 273.6
	141.6 250.7
	29.7 69.1
	37.9 84.9
	(29.6) 85.5
	(31.3) 84.6
	12.8 26.6
	66.7 87.5

*This presentation contains both IFRS and non-GAAP financial measures. Non-GAAP financial measures are defined and reconciled to the most comparable IFRS measures in our MD&A. See caution regarding Non-GAAP financial measures on slide 3.

(1) A non-GAAP measurement.

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• (2) Q4 2020 includes the impact of US$1.7 million provision on certain Aeromexico unsecured receivables and FY 2020 includes the impact of US$7.3 million provision on certain Aeromexico unsecured receivables.

(3) FY 2020 includes the impact of US$50.0 million pre-payment of award tickets in Q2 2020.

(4) As of December 31, 2020, PLM had a US$50.0 million intercompany loan balance excluding interest with Aeromexico and US$47.1 million pre-payment of award tickets. As of December 31, 2019, PLM had a US$85.0 million intercompany loan balance excluding interest with Aeromexico.

© 2021 Aimia. All rights reserved.

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INVESTMENT HIGHLIGHTS KOGNITIV FINANCIAL METRICS*

(in millions of Canadian dollars)

Kognitiv (millions of Canadian dollars)	Q4	Q4	FY	FY
	2020	2019	2020	2019
Revenue(1)	23.9	-	53.1	-
Net loss(1)	(14.2)	-	(22.9)	-
Adjusted EBITDA(1)(2)	(9.5)	-	(16.3)	-

• Kognitiv is currently focused on the transformation of its business model following the acquisition of Aimia Loyalty Solutions and sale of the ISS business

• Good progress implementing its rigorous cost synergy program

• Enhanced executive team: new President (Shawn Pearson) and CFO (Julia Wehmeyer)

• *This presentation contains both IFRS and non-GAAP financial measures. Non-GAAP financial measures are defined and reconciled to the most comparable IFRS measures in our MD&A. See caution regarding Non-GAAP financial measures on slide 3.

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• (1) Aimia closed the Kognitiv transaction on June 18, 2020. The above results for FY 2020 are from June 19, 2020 to December 31, 2020. (2) A non-GAAP measurement.

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© 2021 Aimia. All rights reserved.

INVESTMENT HIGHLIGHTS

MITTLEMAN INVESTMENT MANAGEMENT

(in millions of Canadian dollars)
Financial Results(1) Q4 2020 Q4 2019	FY 2020 FY 2019
Revenue from investment management fees 0.4 - Total Expenses(2) (1.1) - Earning (loss) before income taxes (0.7) -	0.9 -
	(1.7) -
	(0.8) -

Assets Under Management (millions of Canadian dollars)

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14.3% QoQ
•
14.3% quarter-on-quarter improvement due to a
rebound in its value-oriented investment strategy
230.3
201.4
Q3 2020 Q4 2020
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(1) Aimia closed the MIM acquisition on June 19, 2020. The full year 2020 results are from the acquisition date to December 31, 2020. (2) Total expenses includes amortization of customer relationships intangible assets of $0.6m in Q4 2020 and FY 2020.

© 2021 Aimia. All rights reserved.

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INVESTMENT HIGHLIGHTS CLEAR MEDIA PRIVATIZATION CONTINUES

Key Highlights:

• In May 2020, Aimia invested $76.2 million to acquire 58,774,450 common shares of Clear Media Limited, representing a 10.85% ownership interest

• Founded in 1986, Clear Media Limited is one of the largest outdoor advertising firms operating in China with market shares of more than 70% in toptier cities like Beijing, Shanghai, and Guangzhou

• Network covering 24 cities with over 58,000 display panels in China

• Clear Media undergoing privatization transaction led by consortium of investors with an ownership stake of 88.2%(1)

• Consortium shareholding structure: Clear Media CEO 40% , Ant Group 30% , JCDecaux 23% , China Wealth Growth Fund III L.P. 7%

• We expect management team to execute its growth-oriented plan to digitize display panels to grow advertising revenue

• Clear Media’s financial performance continued to improve during 2020, 2021 outlook for total revenues expected to be materially higher year-over-year[(2)]

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Clear Media’s network across China(4)
Clear Media’s presence
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• (1) JCDecaux 2020 Annual Results Presentation.

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• (2) Clear Media Annual Results announcement for the year ended December 31, 2020.

© 2021 Aimia. All rights reserved. 16

FINANCIAL highlights

STEVE LEONARD

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FINANCIAL HIGHLIGHTS CONSOLIDATED FINANCIAL RESULTS

(in millions of Canadian dollars)

Consolidated Financial Results Q4 2020 Q4 2019 Share of net earnings (loss) of equity-accounted investments 3.1 11.6 Net fair value gain (loss) on investments in equity instruments 6.4 5.6 Interest Income 0.3 1.8 Revenue from investment management fees 0.4 - Total Income 10.2 19.0 Expenses (5.9) (7.4) Earning (loss) before income taxes 4.3 11.6	FY 2020 FY 2019
	1.4 29.6 9.5 89.6 2.5 8.1 0.9 - 14.3 127.3 (24.5) (43.0) (10.2) 84.3

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© 2021 Aimia. All rights reserved. 18

FINANCIAL HIGHLIGHTS HOLDINGS SEGMENT RESULTS*

(in millions of Canadian dollars)

Q4 2020 Q4 2019 Share of net earnings (loss) of equity-accounted investments 3.1 11.6 Net fair value gain (loss) on investments in equity instruments 6.4 5.6 Interest Income 0.3 1.8 Total Income 9.8 19.0 Compensation and benefits (4.1) (5.1) Professional, advisory and service fees (1.0) (3.0) Technology and other office expenses 0.8 (7.2) Expenses before the following(1) (4.3) (15.3) Fair value loss on contingent consideration (0.2) - Other financial expense (income), net - 7.9 Depreciation and amortization (0.3) - Holdings segment total expenses (4.8) (7.4) Included in Expenses: Share-based compensation and other performance awards (1.8) (2.6)	FY 2020 FY 2019
	1.4 29.6 9.5 89.6 2.5 8.1
	13.4 127.3
	(10.5) (18.1) (6.3) (10.7) (3.8) (17.1)
	(20.6) (45.9)
	(0.9) - (0.9) 3.0 (0.4) (0.1)
	(22.8) (43.0)
	(2.2) (4.2)

• Holdings cash operating costs[(1)(2)] were $(2.5) million in Q4 2020 and $(18.4) million in FY 2020.

• *This presentation contains both IFRS and non-GAAP financial measures. Non-GAAP financial measures are defined and reconciled to the most comparable IFRS measures in our MD&A. See caution regarding Non-GAAP financial measures on slide 3.

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• (1) A non-GAAP measurement.

(2) Holdings cash operating costs is calculated as the sum of compensation and benefits, professional, advisory and service fees, technology and other office expenses minus share-based compensation and other performance awards.

© 2021 Aimia. All rights reserved. 19

FINANCIAL HIGHLIGHTS MOVEMENTS IN CASH AND CASH EQUIVALENTS

(in millions of Canadian dollars)

-$26.1 million QoQ

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1.4 million shares
repurchased at $3.92 [(1)]
2 [nd] half of
1 [st] half of initial commitment
initial commitment
• JCDecaux $10.5
• Other public securities $4.7
(2)
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Strong liquidity position with $174.2 million in proforma cash ($129.6 million) (3) and liquid investments in public securities ($44.6 million)

• (1) Average cost per share after fees.

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• (2) Holdings cash operating costs is calculated as the sum of compensation and benefits, professional, advisory and service fees, technology and other office expenses minus share-based compensation and other performance awards.

(3) Market value of public securities including JCDecaux, AirAsia private placement shares, and other public securities as of March 24, 2021.

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Key Takeaways

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KEY TAKEAWAYS

EXCITING AND PROMISING FUTURE

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2020 has been a transformative year, and we have been moving at a rapid pace to create stakeholder value

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Significant progress made in executing on our new strategy demonstrating our unwavering confidence in Aimia’s value and future prospects

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2021 is shaping up to be very promising and we remain focus on delivering lasting value to Aimia stakeholders

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© 2021 Aimia. All rights reserved.

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Questions

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CONTACT

Tom Tran Director, Investor Relations T: +1 416 352 3728 E: tom.tran@aimia.com

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