1  Rationale  Leadership  Timing  Balance Sheet  Alliance Data announces spinoff of LoyaltyOne segmentSpinoff is expected to be tax-free and will create two independent, publicly traded companies  Aligns with our strategic transformation to deliver long-term, sustainable growthPositions both companies to invest deeper in their unique growth opportunitiesTransaction expected to strengthen Alliance Data’s balance sheet and improve key ratiosCreates standalone data-driven, tech-enabled loyalty solutions provider, “Spinco”  Ralph Andretta will remain president and CEO of Alliance DataCharles Horn will continue to lead LoyaltyOne and will be named CEO of SpincoBoard of Directors will be established for Spinco and announced in the coming monthsNo resulting change to Alliance Data Board of Directors  Announced on May 12, 2021Form 10 is expected to be filed with the SEC in Q3 2021Spinoff is expected to be completed in Q4 2021, subject to market conditions and satisfaction of regulatory requirements  Spinco will raise debt capital and distribute the funds to Alliance Data as part of the spin, for Alliance Data corporate debt reductionAlliance Data retains ~19% non-controlling interest in Spinco, with the intent to monetize that stake as appropriate for Alliance Data corporate debt reduction4.75% Senior Notes due 2024 & 7.00% Senior Notes due 2026 to remain with Alliance Data  Exhibit 99.2