Mr. Ernie Johannson reports

BMO COMPLETES ACQUISITION OF LOYALTYONE'S AIR MILES REWARD PROGRAM BUSINESS

Bank of Montreal has completed its acquisition of LoyaltyOne's Air Miles reward program. The acquisition is a made-in-Canada opportunity to reinvigorate one of Canada's most celebrated loyalty programs for all Canadians collecting Air Miles reward miles, as well as partners across the country.

"We are thrilled to bring the ownership of Air Miles home to Canada and look forward to strengthening its offering for collectors and program partners," said Ernie Johannson, group head, North American personal and business banking, BMO. "As a long-time partner, we believe in the value of the Air Miles reward program and are confident about the opportunity to expand the program and build even-greater customer loyalty."

BMO's scale in innovation and digital will drive enhanced customer experiences for Air Miles. In the coming months, Air Miles plans to introduce a wide range of new program enhancements, including:

• An improved travel booking platform featuring richer offers, more ways to book travel and new ways for collectors to earn miles;
• A new and innovative way for collectors to earn bonus miles in connection with eligible purchases through receipt scanning, rolling out first for collectors in Atlantic Canada, with other regions to follow;
• New opportunities to earn and redeem miles with top Canadian brands in categories including fashion, travel, grocery, meal delivery, home goods and technology;
• Leveraging Air Miles' industry-leading insights and technology to bring more value to the collector and partner experiences.

"The future is bright for Air Miles, and this is a significant step forward for collectors and partners all across Canada," said Shawn Stewart, president, Air Miles reward program. "We look forward to bringing a heightened energy and excitement to the program with the introduction of new enhancements that will enrich collectors' experience and strengthen the value our program brings to their lives."

Air Miles is one of Canada's most recognized loyalty programs, with the opportunity to earn miles and benefit from rewards at more than 300 leading Canadian, global and on-line brands, and at thousands of retail and service locations across the country, including Shell, Metro, Amazon, Samsung and Walmart.

About Bank of Montreal

BMO is the eighth-largest bank in North America by assets, with total assets of $1.25-trillion as of April 30, 2023. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets, and investment banking products and services to over 13 million customers across Canada, the United States and in select markets globally. Driven by a single purpose, to boldly grow the good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future and inclusive society.

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