Mr. Aayaz Pira reports

CANADIAN TIRE BANK EXPANDS RELATIONSHIP WITH TEMENOS AND MOVES TO TEMENOS BANKING CLOUD

Canadian Tire Bank (CTB), the financial arm of Canadian Tire Corp. Ltd. -- one of the largest Canadian retail companies -- will adopt Temenos Banking Cloud to accelerate its core modernization. In 2022, Canadian Tire Bank chose the Temenos platform to replace its legacy core systems and is now extending its relationship with Temenos and moving to a software-as-a-service (SaaS) model. This will enable the bank to deploy banking services more easily and launch new products faster to give customers seamless and more personalized experiences.

Canadian Tire Bank has a digital-first strategy to enhance customer acquisition, loyalty and engagement. Temenos Banking Cloud will help power new business models at scale by advancing the bank's digital capabilities and developing new products across Canadian Tire's retail brands and more than 11 million active loyalty members.

Temenos Banking Cloud allows the bank to move from a capital expenditure to an operating expenditure model and elastically scale based on business demand. This means that CTB only pays for what it uses and capitalizes on high availability and performance for peak loads or anticipated growth.

Canadian Tire Bank is one of the largest card issuers in Canada, with more than two million customers and over $6-billion in receivables, and was recently ranked second in JD Power's Canada credit card satisfaction study. As part of Canadian Tire's Better Connected strategic growth plan to invest in its omnichannel customer experience, Temenos has already started working with the bank to streamline digital account opening, enhance digital banking features and extend Canadian Tire Bank's existing buy now, pay later capability for financing loyalty member spend.

Aayaz Pira, president, Canadian Tire financial services, and chief executive officer, Canadian Tire Bank, said: "Our plan for growth and customer engagement centres around best-in-class digital experiences and innovative products and services. The move to Temenos Banking Cloud will accelerate our digital transformation to advance our digital banking capabilities in service of further integration across Canadian Tire Corp.'s retail brands and its millions of active loyalty members. We will be well positioned to offer a truly differentiated banking experience for our customers and fulfill our brand purpose of making life in Canada better."

Philip Barnett, president of Americas and strategic growth, Temenos, said: "We are delighted to expand our collaboration with Canadian Tire Bank as it pioneers new ways to support Canadians through innovative products and superior experiences. With Temenos Banking Cloud, Canadian Tire Bank can digitally transform on a trusted and secure platform that provides continuous updates to create new sustainable business models and massively scale faster than ever. North America is a strategic region for Temenos, and a market where we are seeing tremendous growth in SaaS. Our proven, highly scalable SaaS model together with robust localization and local operations is compelling for banks and credit unions of all sizes. We have invested heavily in our platform to assist our clients with ensuring compliance with Canadian and U.S. regulations and our clients are seeing the benefit in speed to value with our preconfigured banking capabilities."

About Canadian Tire Corp. Ltd.

Canadian Tire is a group of companies that includes a retail segment, a financial services division and CT REIT. Its retail business is led by Canadian Tire, which was founded in 1922 and provides Canadians with products for life in Canada across its living, playing, fixing, automotive, and seasonal and gardening divisions. Party City, PartSource and Gas+ are key parts of the Canadian Tire network. The retail segment also includes Mark's, a leading source for casual and industrial wear; Pro Hockey Life, a hockey specialty store catering to elite players; and SportChek, Hockey Experts, Sports Experts and Atmosphere, which offer the best active wear brands. The more than 1,700 retail and gasoline outlets are supported and strengthened by Canadian Tire's financial services division and the tens of thousands of people employed across Canada and around the world by Canadian Tire and its local dealers, franchisees and petroleum retailers. In addition, Canadian Tire owns and operates Helly Hansen, a leading technical outdoor brand based in Oslo, Norway.