Market Overview

Crate and Barrel Partners with Synchrony to Offer Customers New Retail Financing Options

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Partnership Expands Consumer Choice with Private Label and New Dual
Card Credit Programs

Crate and Barrel, a global home furnishings retailer, has selected
Synchrony (NYSE: SYF)
a premier consumer financial services company, as its strategic provider
of consumer financing, the two companies announced. The partnership
provides financing options that will reward customers for loyalty and
offer flexible financing in nearly 100 Crate
and Barrel
stores in major North American markets and digital
channels.

Crate and Barrel will partner with Synchrony on a private label credit
card and a new dual-branded card. The dual-branded card will allow
customers to earn rewards for purchases anywhere Mastercard is accepted.

"In making our selection, we were seeking a trusted partner that could
provide both expertise in consumer financing as well as digital tools to
help us continuously enhance the customer experience," said Kevin
Sierks, CFO at Crate and Barrel. "With quality products and expert tips
for inspired living, Crate and Barrel is passionate about helping people
love how they live in moments that matter – and Synchrony's offerings
will make it easier for our customers to achieve those moments."

"Crate and Barrel is an innovative, customer-focused organization
seeking to provide its customers with the best products and services,"
said Tom Quindlen, executive vice president, CEO, Retail Card at
Synchrony. "By partnering with Synchrony, Crate and Barrel will have
access to the some of the best data analysts and industry experts in the
world to help them grow their business."

The new Synchrony-backed credit cards and key features of the program
are expected to be issued later this year.

About Crate and Barrel

Crate and Barrel is an industry-leading home furnishings specialty
retailer, known for its exclusive designs, excellent value and superb
customer service. In addition to a thriving direct marketing division
that services more than 90 countries, the company operates stores
throughout the U.S. and Canada as well as international franchise
locations around the globe. Working directly with European ateliers and
factories, Crate and Barrel was among the first to introduce affordable
household goods and contemporary home décor to American consumers.
Founded in 1962, the brand's essence has translated perfectly to the
omnichannel era 55 years after opening its first store. Crate and Barrel
and CB2 are owned by Otto Group, a global retail and services group
based in Hamburg, Germany.

About Synchrony

Synchrony (NYSE:SYF) is a premier consumer financial services company
delivering customized financing programs across key industries including
retail, health, auto, travel and home, along with award-winning consumer
banking products. With more than $130 billion in sales financed and 74.5
million active accounts, Synchrony brings deep industry expertise,
actionable data insights, innovative solutions and differentiated
digital experiences to improve the success of every business we serve
and the quality of each life we touch. More information can be found at www.synchronyfinancial.com and
through Twitter: @Synchrony.

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