. The Group also operates the AIRMILES scheme, operated by the Company's wholly-owned subsidiary Airmiles Travel Promotions Limited. The scheme allows companies to purchase miles for use in their own pro motional activities Miles can be redeemed for a range of benefits, including flights on British Airways and other carriers. The fair value of the miles sold is deferred and recognized as revenue on redemption of the miles by the participants to whom the miles are issued. The incremental cost of providing free redemp tion services is recognized when the miles are redeemed