AIMIA

AIMIA

November 14, 2008 10:14 ET

Groupe Aeroplan Provides Supplementary Financial Information Regarding 2008 Third Quarter Results

    MONTREAL, Nov. 14  - Groupe Aeroplan provides supplementary
financial information extracted from the 2008 third quarter's Management
Discussion and Analysis. As shown in the attached SUMMARY OF QUARTERLY
RESULTS, reported net earnings for the quarter were up by 8.4 per cent,
reaching $35.0 million.
    It should be noted that the SUMMARY OF CONSOLIDATED OPERATING RESULTS AND
RECONCILIATION OF EBITDA, ADJUSTED EBITDA, ADJUSTED NET EARNINGS AND FREE CASH
FLOW attached to the news release titled Groupe Aeroplan Inc. Reports 2008
Third Quarter Results issued earlier today, provides comparative figures of
Aeroplan Limited Partnership for the quarter and nine months ended September
30, 2007.

    About Groupe Aeroplan Inc.

    Groupe Aeroplan Inc. is a leading international loyalty management
corporation. Groupe Aeroplan owns Aeroplan, Canada's premier loyalty program
and Nectar, the United Kingdom's leading coalition loyalty program. In the
Gulf Region, Groupe Aeroplan owns 60 per cent of Rewards Management Middle
East, the operator of Air Miles programs in the United Arab Emirates, Qatar
and Bahrain. Groupe Aeroplan also operates Insight & Communication, a
customer-driven insight and data analytics business offering worldwide
services to retailers and their suppliers.

    For more information about Groupe Aeroplan, please visit www.
groupeaeroplan.com.


    SUMMARY OF QUARTERLY RESULTS
    -------------------------------------------------------------------------

    This section includes sequential quarterly data for the eight quarters
    ended September 30, 2008.-------------------------------------------------------------------------
    (in thousands,
     except per share                           2008
     amounts)
    (unaudited)                                   Q3          Q2          Q1
                                                   $           $           $
    -------------------------------------------------------------------------
    Gross Billings                           355,603     357,858     342,650
    -------------------------------------------------------------------------
    Aeroplan Miles
     revenue                                 313,319     317,579     337,286
    Other revenue                             21,635      19,149      18,929
    -------------------------------------------------------------------------
    Total revenue                            334,954     336,728     356,215
    Cost of rewards                          191,033     192,593     223,227
    -------------------------------------------------------------------------
    Gross margin                             143,921     144,135     132,988
    Selling,
     general and
     administrative
     expenses                                 71,027      69,627      64,511
    Depreciation and
     amortization                              4,472       4,998       4,672
    -------------------------------------------------------------------------
    Operating income
     before
     amortization
     of Accumulation
     Partners'
     contracts
     and technology                           68,422      69,510      63,805
    Amortization of
     Accumulation
     Partners'
     contracts
     and technology                           22,636      22,688      22,678
    -------------------------------------------------------------------------
    Operating income                          45,786      46,822      41,127
    -------------------------------------------------------------------------
    Net earnings                              34,956      31,454      42,132
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Adjusted
     EBITDA(2)                                80,026      77,327      77,580

    -------------------------------------------------------------------------
    Adjusted net
     earnings(2)                              63,229      60,822      69,229

    -------------------------------------------------------------------------
    Free cash
     flow(2)                                 115,868      43,636     (24,456)

    -------------------------------------------------------------------------

    Earnings per
     share (unit),
     in accordance
     with GAAP -
     Groupe
     Aeroplan /
     Fund                                       0.18        0.16        0.21

    Earnings per share
     (unit), in
     accordance with
     GAAP -
     Partnership                                 n/a         n/a         n/a
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
    (in thousands,
     except per share                     2007                          2006
     amounts)
    (unaudited)           Q4          Q3        Q2(1)       Q1(1)       Q4(1)
                           $           $           $           $           $
    -------------------------------------------------------------------------
    Gross Billings   248,380     236,877     238,931     227,977     226,728
    -------------------------------------------------------------------------
    Aeroplan Miles
     revenue         207,944     205,074     207,086     228,561     193,555
    Other revenue     13,634      14,165      13,198      16,753      14,849
    -------------------------------------------------------------------------
    Total revenue    221,578     219,239     220,284     245,314     208,404
    Cost of rewards  129,181     127,205     128,541     155,134     120,160
    -------------------------------------------------------------------------
    Gross margin      92,397      92,034      91,743      90,180      88,244
    Selling,
     general and
     administrative
     expenses         43,017      40,713      41,707      39,403      47,451
    Depreciation and
     amortization      3,059       3,230       2,811       2,704       3,479
    -------------------------------------------------------------------------
    Operating income
     before
     amortization
     of Accumulation
     Partners'
     contracts
     and technology   46,321      48,091      47,225      48,073      37,314

    Amortization of
     Accumulation
     Partners'
     contracts
     and technology   18,112      18,112           -           -           -
    -------------------------------------------------------------------------
    Operating income  28,209      29,979      47,225      48,073      37,314
    -------------------------------------------------------------------------
    Net earnings      51,697      32,259      49,450      50,116      38,469
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Adjusted
     EBITDA(2)        64,131      64,519      65,171      59,980      56,975

    -------------------------------------------------------------------------
    Adjusted net
     earnings(2)      84,561      63,569      64,585      59,319      54,651

    -------------------------------------------------------------------------
    Free cash
     flow(2)          21,271      47,667      26,163      23,856      56,884

    -------------------------------------------------------------------------

    Earnings per
     share (unit),
     in accordance
     with GAAP -
     Groupe
     Aeroplan /
     Fund               0.26        0.16       (0.68)       0.16        0.13

    Earnings per share
     (unit), in
     accordance with
     GAAP -
     Partnership        0.24        0.26        0.25        0.25        0.19
    -------------------------------------------------------------------------

    (1) Results presented for comparative purposes are those of the
        Partnership.
    (2) A non-GAAP measurement.

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