Points.com Inc.(NASDAQ:PCOM | TSX:PTS)

Investor Update

November 2021

SAFE HARBOURThis presentation contains or incorporates forward-looking statements within the meaning of United States securities legislation, and forward-looking information within the meaning of Canadian securities legislation (collectively,“forward-looking statements”). These forward-looking statements include or relate to but are not limited to, among other things, plans we have implemented in response to the COVID-19 pandemic and its expected impact on us(including with respect to: cost saving measures that have been implemented, our capitalization and our ability to deliver on our long-term goals), our financial performance, our growth strategies (including our ability to grow the numberof loyalty program partners, cross-selling existing partners, and retain and grow existing loyalty program partner deployments), our business pipeline and ability to sign and launch new loyalty program partnerships, and our beliefs on thelong-term sustainability of the loyalty industry and the ability of our partners to leverage the products and services we offer in advance of an economic recovery, the role of the loyalty industry in the recovery of the travel industry, thecompetitive environment in which we operate, other objectives, strategic plans and business development goals, and may also include other statements that are predictive in nature, or that depend upon or refer to future events orconditions.

Although Points believes the expectations reflected in such forward-looking statements are reasonable, such statements are not guarantees of future performance and are subject to important risks and uncertainties that are difficult topredict. Undue reliance should not be placed on such statements. Certain material assumptions or estimates are applied in making forward-looking statements and actual results may differ materially from those expressed or implied inthe forward-looking statements. In particular, the outlooks herein assume we will be able to maintain our existing contractual relationships and products, that we will be able to generate new business from our pipeline at expectedmargins, in-market and newly launched products and services will perform in a manner consistent with past experience and we will be able to contain our costs. Our ability to convert our pipeline of prospective partners and productlaunches is subject to significant risk and there can be no assurance that we will launch new partners or new products with existing partners as expected or planned, nor can there be any assurance that we will be successful inmaintaining our existing contractual relationships or maintaining existing products with existing partners. Other important assumptions, factors, risks and uncertainties that could cause actual results to differ materially are discussed inour annual information form, Form-40-F, annual and interim management’s discussion and analysis, and annual and interim financial statements and the notes thereto. These documents are available at www.sedar.com andwww.sec.gov.

The forward-looking statements contained in this presentation are made as at the date of this presentation and, accordingly, are subject to change after such date. Except as required by law, Points does not undertake any obligation toupdate or revise any forward-looking statements made or incorporated in this presentation, whether as a result of new information, future events or otherwise.

We are a loyalty technology company powering accrual and redemption services

for the global loyalty industry.

Employees:

~275NASDAQ:PCOM

TSX:PTS

- 2 -

Founded:

2000

TORONTO (HQ) | San Francisco | London | Dubai | Singapore

Trusted Partner to the Loyalty Industry

EMEA35%

APAC11%

North America

50%

South America

4%Partners by Region

Partners by Vertical

Partnered with ~60 leading

loyalty programs

Airline

Hospitality Financial Services / Other

59%

20% 21%

- 3 -

Loyalty: Massive Global Industry & Economic Engine for Travel Providers

value of points/ miles issued and sold by North American loyalty programs

+$50B

… And Not Just About Travel

“SEC Filing shows American Airlines Loses Money Flying - All Profit

Comes From Frequent Flyer Miles” - Skift

of points/miles are bought by 3rd parties

+60%

Significant Source of High Margin Revenue ...

“Airlines Make More Money Selling Miles Than Seats” -

Bloomberg

- 4 -

Industry Dynamics during Covid-19

of debt secured against the loyalty program cash flows of 4 US carriers

during the pandemic

+$25B

"Loyalty programmes help rescue their airline owners"

"How Loyalty Programs are Saving Airlines"

Loyalty Programs have been instrumental in helping travel operators weather the pandemic

Vital Source of Liquidity

“United Airlines Secures $5Bn Financing via Loyalty Program Backstop”

- 5 -

Loyalty: Common Thread Linking Major Global Industries

PAYMENTS$2.5T

TRAVEL$2.8T

RETAIL$4.5T

TRAVEL:

67% of travelers belong to a Hotel or

Airline loyalty program

PAYMENTS:

Reward credit cards = 2/3 of balances and 4/5 of all spend

RETAIL:

45% of consumers cite ‘earn rewards’ as primary purchase driver

LOYALT

Y

- 6 -Sources: Travel – Statista, PhocusWright; Payments – PayPal, Consumer Financial Protection Bureau; Retail – Maritz

Drive Ancillary Revenue

● Sell loyalty currency to program members & third parties as key ancillary revenue source

● Offer revenue guarantees to Loyalty Partners based on proprietary operating model

What our Services do for Loyalty Programs & Members

Efficient Liability Management

● We facilitate economical, non-core redemption options

● Efficiently enable wider range & choice of awards

Enhance Member Engagement

● Give members the ability to do more with their loyalty currency

● Increase program value & flexibility

- 7 -

Points Loyalty Commerce Network

TransactionServices

60+ direct integrations into “Points Banks” around the world

Loyalty Commerce

Platform

Currency AccrualBuy, Accelerator,

Subscription, Merchant Funded Earn

Currency RedemptionHotel & Car bookings, Auction, Gift Cards,

Merchant Funded Redemption

Currency UtilityExchange, Transfer,

Elite, Reinstate

Program Integration

Transaction Management

● Automated Marketing● Decision Intelligence● Personalized Offers● Fraud/gaming Mitigation

Legal & Security

ML/AIData Services

- 8 -

We earn a margin, commission, or fee on the

value of each loyalty commerce transaction we

power.

Transaction Based Revenue Model

of our gross profit is transaction based~95%

~75%of transaction economics generated by direct sale of loyalty currency to program members

Commercial contracts with ~60 loyalty programs open up significant consumer base to drive transaction growth

- 9 -

Transaction based revenue model positions us well to beon the leading edge of the re-acceleration curve

Accrual Case Study: BUY MILES

purchase more

than once

Stay active

5 years longer

Redeem 6-10

more times

Members who buy currency have a higher lifetime value

Allows members to buy currency at any stage in their loyalty lifecycle via white-label storefront or directly in the booking flow

● Personalized and targeted offers to members

● Full marketing and promotional support

● Industry-leading fraud and gaming mitigation

● Points guarantees revenue to Loyalty Program

- 10 -

Redemption Case Study:MERCHANT-FUNDED OFFERS

● Efficiently launched via existing integrations into Loyalty Program “points banks”

● One contract/integration, many programs

● Member validation, payment, points crediting/debiting and reconciliation/reporting

● Promoted by personalized, targeted marketing

● Industry-leading fraud and gaming mitigation

Points plays matchmaker between loyalty programs and leading brands so they can partner up easily.

- 11 -

Utility Case Study: EXCHANGE

Exchange enables members to move currency between programs seamlessly, in real time.

● Efficiently launched via existing integrations into LP “points banks”

● One contract/integration, many programs

● Member validation, payment, points crediting/debiting and reconciliation/reporting

● Promoted by personalized, targeted marketing

● Industry-leading fraud and gaming mitigation

- 12 -

Multiple Growth Drivers

GROWTH ACCELERANTS

A. Vertical Expansion○ Financial Services ○ Retail

B. Regional Expansion○ APAC ○ LATAM

C. Corporate Development○ Strategic

Partnerships○ M&A

Increase number of

Partnerships

Historic Performance

2015 - 2019 Avg: 4

2020: 5

YTD/21: 3

1

● Dedicated Sales

● Revenue Guarantees

Historic Performance

2015 - 2019 Avg: 11

2020: 19

YTD/21: 20

Cross-sell services with

Existing Partners

2

● R&D / Platform Ease

● Account Management

Drive Growth in Existing

Services

Historic Organic Growth

(gross sales)

2015 - 2019 Avg: 10%

2020: (41%)

Q3/21: 119%

3

● Data-led marketing & machine learning

● Platform Investments

- 13 -

2021 Operating Highlights

New Partnerships

Revenue (Q3/21)● YoY +132%

Gross Profit (Q3/21)● YoY +117%

Expanded Partnerships

Growth in Existing Services

- 14 -

Financials

FY17 FY18 FY19 FY20

$3.1

$13.2

$18.6

$21.5

$35.0

$46.6

$53.9

$59.4*

9%

28%

35%36%*

Effective Margin = Adj. EBITDA / Gross Profit

*Adjusted for $6M tax rebate

Gross Profit Adj EBITDA

$11.9

28

%

FY16

$42.4

($ in millions of USD)

Cash + Equiv.**

$93.1M

Debt

nil

BALANCE

SHEET@ (09/30/21)

$6.6

$33.7

YTD @ Q321

** includes Cash & Cash Equivalents, Funds receivable from payment processors, and Cash Held in Trust

20%

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Quarterly Trend

$1.2

$7.2

$3.6

$9.0

$17.6

$13.8

Gross Profit Adj EBITDA ($ in millions of USD)

$3.4

$12.3

Q2/21Q1/21

$0.4

$8.5

$(1.1)

$5.7

Q4/20Q3/20

$0.3

$7.0

Q2/20Q1/20Q4/19

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$2.0

$12.4

Q3/21

Points Strategic Flywheel

LOYALTY COMMERCE NETWORK

Product DevelopmentWe manage a portfolio of services that optimize ancillary economics for our Partners

ConfidenceWe financially guarantee results

Unique AccessWhich creates permission for us to: 1) Engage in the Partners’ strategy 2) Access collector data 3) Access marketing channels

Collective IntelligenceWhich accelerates our proprietary “Loyalty IQ”

Network EffectWhich allows us to expand our network of partners, services and channels

IncrementalityWhich produces exceptional results vs. what they could do on their own

- 17 -

Investment Highlights

Resilient Business Model and Strength of Loyalty Programs Highlighted during Covid

Unique Platform Operating Model Offers Scale & Operating Leverage

Solid Balance Sheet to Manage Through Current Environment & Drive Future Growth

Industry Leader in Strong Position to Grow out of COVID-19 Crisis

A unique opportunity to invest in the recovery of travel and hospitality without the hard asset exposure

- 18 -

Appendix

Sample Transaction & Revenue Recognition

Agency Partner

Principal Partner

Gross Transaction Value

Financial Statement Impact

Revenue

Direct cost of Principal Revenue

Gross Profit

Accounting Gross Margin

Economic Margin

$30

-

$30

100%

10%

$300

Sample Purchase Transaction (10,000 Points @ $0.03/point) *

$300

$45

15%

15%

$300

$255

Points targets a member

with a mileage offer

Member buys 10,000 miles

from Points for $300★

Points deposits miles

real-time via LCP

Points pays program

$255★ for Miles

Points earns $45

Gross Profit

★Economics are for example purposes only- 20 -

Principal vs Agency (Accounting vs Economic)

Revenue Mix

Principal 91%

Agency 9%

Gross Profit by Revenue Type

Principal 41%

Agency 59%

Aggregate % of revenue for top 3

partners = 64%

Top 10 partners make up

~74% of Gross Profit Mix of both Principal & Agency Partners across LCR & Platform Partners

“Effective” Concentration

*2020

- 21 -

Investor Relations

Cody Slach and Jackie KeshnerGateway Investor Relations ir@points.com

Thank you