NOTICE OF ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON MAY 13, 2016 MANAGEMENT INFORMATION CIRCULAR March 14, 2016 TABLE OF CONTENTS MANAGEMENT INFORMATION CIRCULAR .............................................................................................. 4 Introduction ................................................................................................................................................... 4 GENERAL PROXY MATTERS ..................................................................................................................... 5 Who is soliciting my proxy? .......................................................................................................................... 5 Who can vote? .............................................................................................................................................. 5 How do I vote? .............................................................................................................................................. 5 How do I complete the form of proxy? .......................................................................................................... 8 If I change my mind, how can I revoke my proxy? ....................................................................................... 9 BUSINESS OF THE MEETING .................................................................................................................. 10 Presentation of Financial Statements ......................................................................................................... 10 Election of Directors.................................................................................................................................... 10 Appointment of Auditors ............................................................................................................................. 11 Advisory Vote on Executive Compensation ............................................................................................... 11 Consideration of Other Business ................................................................................................................ 12 THE NOMINATED DIRECTORS ................................................................................................................ 13 Board Nominees ......................................................................................................................................... 13 Shareholdings of Nominated Directors ....................................................................................................... 21 Other Public Company Directorships / Committee Appointments .............................................................. 22 Other Directorships Policy .......................................................................................................................... 22 Board Interlocks .......................................................................................................................................... 23 Majority Voting for Election of Directors ..................................................................................................... 23 Sessions without Management and Meetings Held ................................................................................... 23 Retirement Policy and Director Term Limits ............................................................................................... 23 Expectations for Individual Directors, Succession Planning and Skills Matrix ........................................... 23 Diversity Policy ........................................................................................................................................... 24 STATEMENT OF EXECUTIVE COMPENSATION .................................................................................... 26 Letter from the Chair of the HRCC and the Chair of the Board to Shareholders ....................................... 26 Commitment to Pay for Performance ......................................................................................................... 26 2015 Aimia Performance ............................................................................................................................ 26 2015 Compensation Results ...................................................................................................................... 27 Changes in Our Executive Compensation Program ................................................................................... 28 Our Responsibility to Get it Right ............................................................................................................... 29 Human Resources and Compensation Committee Report to Shareholders.............................................. 30 Compensation Discussion and Analysis .................................................................................................... 31 Compensation of Directors ......................................................................................................................... 62 STATEMENT OF GOVERNANCE PRACTICES ....................................................................................... 66 Board of Directors ....................................................................................................................................... 66 Board Mandate ........................................................................................................................................... 67 Audit Committee Information ...................................................................................................................... 67 Position Descriptions .................................................................................................................................. 67 Succession Planning .................................................................................................................................. 68 Orientation and Continuing Education ........................................................................................................ 69 Strategic Planning Oversight ...................................................................................................................... 69 Risk Management Oversight ...................................................................................................................... 69 Shareholder Engagement ........................................................................................................................... 70 Directors Attendance Record ..................................................................................................................... 70 Public Disclosure Policy ............................................................................................................................. 71 Trading Guidelines...................................................................................................................................... 71 Code of Ethics ............................................................................................................................................ 72 i Nomination of Directors .............................................................................................................................. 73 Compensation ............................................................................................................................................. 73 Board Committees ...................................................................................................................................... 73 Assessments .............................................................................................................................................. 73 COMMITTEES ............................................................................................................................................ 75 Audit Committee ......................................................................................................................................... 75 Governance and Nominating Committee ................................................................................................... 76 Human Resources and Compensation Committee .................................................................................... 77 OTHER IMPORTANT INFORMATION ....................................................................................................... 79 Interest of Informed Persons in Material Transactions ............................................................................... 79 No Indebtedness of Directors and Officers ................................................................................................ 79 FUTURE SHAREHOLDER PROPOSALS ................................................................................................. 79 ADDITIONAL INFORMATION .................................................................................................................... 79 Documents you can request ....................................................................................................................... 79 Receiving information electronically ........................................................................................................... 79 QUESTIONS AND FURTHER ASSISTANCE ............................................................................................ 80