AIMIA

Substantial Issuer Bids by Aimia Inc.

On November 18, 2019, Aimia offered to purchase for cancellation Common and Preferred shares for an aggregate purchase price up to $125 million. The offer remained open until December 31, 2019. Alexander Capital was retained as a valuation expert by Aimia's Audit Committee of the Board of Directors to provide an independent valuation in accordance with MI 61-101 and valued the Common shares in the range of $541 - $686 million. The Common share offer was oversubscribed. An aggregate amount of $62.5 million of Common shares was tendered under the offer and taken-up by Aimia.

Listed on the TSX, Aimia offers loyalty solutions for many of the world's leading brands in the retail, consumer packaged goods, travel & hospitality, and financial services verticals.

Alexander Capital provides expert valuation and M&A services as an Exempt Market Dealer registered with the Ontario Securities Commission.

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