海保英孝111‐131/111‐131

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1 FFP FFP Aimia (2010, 2012) (Frequent Flyer Program, FFP) (spin-off) (ancillary business) FFP FFP 2012FFP FFP

2 FFP FFP ANA JAL FFP FFP FFP FFP (Air Canada) FFP Aimia FFP FFP Amadeus Review of Ancillary Revenue Results for 2011 (Amadeus, 2012)

3 LLC Low-Cost Carrier, Low fair airlines, United Continental DeltaAmerican United Continental FFP Qantas TAM AirlinesTAM FFP SouthwestRapid Rewards! FFP

4 LCC LCC Jetstar FFP LCC FFP Qantas FFP FFP Factiva! FFP IAG (International Airlines Group) FFP Avios! FFP British Airways Executive Club! Iberia Plus! Avios!

5 (Avios positions itself for IAG growth, Airline Business, Vol. 28-4, April 2012) Airmiles! Airmiles! Airmiles! Sir. Keith Mills Airmiles! Loyalty One Alliance Data Aimia Alliance Data Aimia Airmiles! IAG Airmiles! Avios! FFP Airmiles! Avios! Seeking redemption, The Independent, November 12, 2011; Will Airmiles users bid adios to Avios?, Marketing Week, September 7, 2011 FFP

6 FFP FFP Deutsche Lufthansa AG (profitable growth) (Passenger Airline Group) (Logistics) (MRO, Maintenance, Repair and Overhaul)IT (IT Services) (Catering) FFP FFP Miles & More! IT FFP Loyalty Partner Solutions (LPS) (Loyalty Partner Solutions, Press Release, February 26, 2012)FFP IT IT Miles & More!

7 LPS IT LPS (2012) FFP FFP Aeroplan! Aimia FFP IPO (Initial Public Offering) (Qantas plans to spin-off loyalty programme, Airline Business, Vol. 24-8, August, 2008) (Australian carriers held up, Airline Business, Vol , November, 2008; Jetstar, loyalty scheme save Qantas from loss, The Gold Coast Bulletin, August 20, 2009) FFP (Qantas, Financial Times, August 28, 2012) FFP FFP

8 (arm s length transaction) FFP FFP FFP FFP FFP FFP

9 FFP FFP FFP FFP (award) Aimia Accumulation Partner Redemption Partner Accumulation Partner Redemption Partner FFP

10 FFP FFP FFP FFP, Aeroplan! FFP IPO Aimia! Aimia Aimia FFP Aeroplan! Nectar! Air Miles Middle East! (Gross Billings) Aimia

11 Annual Reports, Canada Business Corporations Act Aimia (Coalition Loyalty) (Proprietary Loyalty) (Loyalty Analytics) Aeroplan! FFP (client) (customer) (Revenue) EMEA (Europe, Middle-East and Africa)

12 Aimia EMEA Aimia CPSA Commercial Participation Services Agreement, Aimia Aimia

13 Aimia Aimia (Aeroplan! Miles) Aimia (Accumulation Partners) Aimia Aimia Aimia (seat capacity) Aimia (Redemption cost) Aimia CPSA Aimia FFP Aimia

14 CPSA Aimia CPSA Aimia (Accumulation Partners) Aimia Aimia Aeroplan Aeroplan! (Canadian Airlines)

15 Canadian Plus! Aeroplan! (Canadian Airlines Corporation - Globe says AC, CAI frequent flier points to combine, Canada Stockwatch, 2000/7/6) Aeroplan Air Canada still likes Aeroplan spinoff, The Globe and Mail, 2001/3/24 FFP IPO IPO ACE Aviation HoldingsACE IPO IPO Aeroplan Aimia Jazz Chorus Aviation (Toronto Stock Exchange, TSX) ACE ACE Aviation Holdings HP

16 (CAD) ACE Aviation Holdings Air Canada

17 FFP FFP FFP FFP FFP FFP FFP FFP (Accumulation Partner) 2012 FFP (Coalition Loyalty Program) Aimia

18 Aimia (Redemption) FFP FFP FFP OnePass! Mileage- Plus! Avios! FFP FFP FFP FFP Aimia

19 FFP FFP FFP FFP

20 FFP FFP FFP FFP Roebuck, K. (2011) Customer Loyalty Programs : High-impact Strategies What You Need to Know, Tebbo. (2010) pp (2012) pp ACE Aviation Holdings, Annual Reports, Aimia (Aeroplan), Annual Reports, Aimia, ANNUAL INFORMATION FORM FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2011, March 22, Air Canada, Annual Reports, Lufthansa, Annual Report, Aimia : Avios : Deutsche Lufthansa AG : Loyalty Partner Solutions : Amadeus (2012) Ancillary Revenue reported by airlines grew to EUR billion in 2011 and jumped 66% in two years, Business Release, 23 Jul 2012,

21

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