Annual Meeting of Shareholders

Aimia 2026 Annual Meeting of Shareholders

May 13, 2026

Meeting the investment opportunity

1

Changes to public markets (active to passive) have

created significant number of undervalued companies

2

Permanent capital vehicles are well suited to capitalize on these investment opportunities

3

Aimia has underutilized structural advantages

4

Cash

Unique

holding

$1B in tax

losses

• Divestiture of Bozzetto will generate proceeds of $267M

• Proceeds will be used as a catalyst for growing NAV

• Operates in a fragmented industry

• Capitalizing on shift to high-performance ropes

• Opportunity to grow via bolton acquisitions

• Will be utilized directly or indirectly

Period from 2017 to 2024 marked by:

• Poor investment decisions

• Value destruction

• Serial leadership turnover

• No real alignment with shareholder interests

• Inability to leverage tax loss carryforwards

• ~$30 million misspent on shareholder activism

  Shareholders have paid the price

  
  
  

  6

  
  
  Unwise past investments

  • Loyalty technology company

  • Filed for bankruptcy in 2025

  • Returned $10M on $111M investment of which was $43M was cash

  • Business to business platform for cross-

    border trading of vehicles

  • Invested $78.3M

  • Went into receivership in 2024

Neither generated cash flow or had healthy cash balances before investments made

7

$ Billions

$5.0

$4.5

$4.0

$3.5

$3.0

$2.5

$2.0

$1.5

$1.0

$0.5

$0.0

Aimia Historical Market Capitalization

Global financial crisis

News that Air Canada plans to end contract

Increased investor activism

2006 2011 2016 2021 2026

At its peak, Aimia had a higher valuation than Air Canada

8

• Making progress against 3-step strategy

• Strong alignment between board on shareholders

• Investments will be incremental

• Strong governance in place

• Cortland has potential for growth

• Opportunity to utilize $1B of tax loss carry forwards

Poised to deploy capital for new investments

9

1 Reduce HoldCo Costs 2

Decreased HoldCo costs to $7.7M in 2025 from $12M in 2024

Target HoldCo costs for 2026 will be $7M

Reduce Share price

Discount

Bought 5.9M common shares

in 2025 for $16.4M

Expect to renew NCIB in June for 2026-2027

Deploy capital

3 effectively

Closing of Bozzetto

transaction expected in May

Identified short list of target investments

Achievements largely made ahead of schedule

10

Rhys Summerton - Exec Chair 25 years of capital markets and investment management experience

Steve Leonard - President & CFO 35 years of finance and executive leadership experience.

Rob Feingold

Accomplished financial professional with 25 years of investment management experience

Tom Little, ICD.D

Accomplished executive with 40 years of experience leading transformational change

Asif Seemab

20 years of financial services industry experience

Resulted in $1.3 million in annual savings

11

• Optimized to 5 members in 2025

• Holds 42.6% of share ownership

• Lowest fees in more than a decade

• Provides oversight to capital allocation decisions

Alignment has increased with end of shareholder activism

12

Identify undervalued

1 companies 2

Targets must match key criteria Critical that targets have cash on

balance sheet available for Aimia's

redeployment

Not all identified targets will trigger investments

Invest

Use available cash and

securities to make investment

Goal is to acquire controlling interest

Utilize tax losses effectively

3 Repeat

Utilize cash and cashflow to

make new investments

Measure performance against NAV/share improvements

More than 5,000 companies globally currently trade below their NAV

13

Cortland

• Brings together Tufropes and Cortland Industrial

• High-performance rope and netting solutions

• Global reach with full suite of products

• Key markets: Fishing & Aquaculture; Marine &

  Shipping; Industrial & Safety; Offshore Energy

• 6 production facilities in U.S. and India

• 750+ customers in more than 75 countries

  Benefitting from growing shift from steel wire to synthetic fiber

  
  
  

  15

  
  
  

  Primary Markets

  Key Drivers

  Competitive Advantages

  • Fishing & Aquaculture

  • Marine & Shipping

  • Offshore Energy

  • Aerospace & Defense

  • Industrial Safety

  • Sports & Recreation

  • Growing demand for high-performance ropes as alternatives to steel wire ropes

  • Growing global demand for seafood driving opportunities for aquaculture products

  • Increased safety requirements

  • Full suite of rope and netting products

  • Deep technical and application capacity

  • Low-cost manufacturing in India

Uniquely positioned to take advantage of fragmented market

16

Manufacturing & Engineering Centers

2x

Commercial & Technical Resources

Commercial & Technical Resources

Netherlands

Manufacturing & Engineering Centers

4x

Commercial & Technical Resources

India

Commercial &

Technical Resources

Chile & Brazil

Commercial & Technical Resources

UAE

More than 180,000 sq metres of world-class manufacturing

Indore-M.P Unit 1

India

Indore-M.P Unit

India

Masat-Silvassa Unit

India

Anacortes

Washington, USA

Houston

Texas, USA

Vadodara-Gujarat

India

18

Tax Losses

$577.9

Available Tax Losses

$Millions

$509.9

Tax losses can be better utilized in a permanent capital vehicle model

Operating Tax Losses

Capital Tax Losses

• Aimia's capital losses can be used to shield future capital gains or to shield the repatriation of cash from subsidiaries

• Subject to applicable tax rules, operating losses can be used to shield profits in newly acquired businesses

• No taxes to be incurred on closing of Bozzetto transaction

* Totals as at March 31, 2026. 20