Rewards Network Inc. Reports Positive Operating Income and Cash Flow for the First Quarter and Announces $5.0 Million Stock Repurchase Plan

Market Wire, April, 2009

                    Rewards Network Inc. and Subsidiaries
                               - unaudited-
                 (amounts in thousands, except per share data,
             restaurants in the program, average transaction amount
            and estimated months to consume dining credits portfolio)



                                         Three Months Ended March 31,
                                    --------------------------------------
                                      2009        %       2008        %
                                    --------  --------  --------- --------

Sales                               $ 53,990    100.00% $  59,063   100.00%

      Cost of sales                   28,695     53.15%    30,619    51.84%
      Provision for losses             3,427      6.35%     2,225     3.77%
      Member benefits                  5,854     10.84%     7,350    12.44%
                                    --------  --------  --------- --------

Net revenues                          16,014     29.66%    18,869    31.95%

Membership fees and other income         265      0.49%       351     0.59%
                                    --------  --------  --------- --------

         Total operating revenues     16,279     30.15%    19,220    32.54%
                                    --------  --------  --------- --------

Operating expenses:
      Salaries and benefits            4,717      8.74%     5,244     8.88%
      Sales commission and expenses    5,112      9.47%     5,257     8.90%
      Professional fees                  598      1.11%       621     1.05%
      Member and merchant marketing      676      1.25%       935     1.58%
      General and administrative       4,274      7.92%     4,909     8.32%

      Total operating expenses        15,377     28.48%    16,966    28.73%
                                    --------  --------  --------- --------

         Operating income                902      1.67%     2,254     3.82%

Other expenses, net                       35      0.06%       200     0.34%
                                    --------  --------  --------- --------

         Income before income
          tax provision                  867      1.61%     2,054     3.48%

Income tax provision                     980      1.82%       896     1.52%
                                    --------  --------  --------- --------

         Net (loss) income          $   (113)    -0.21% $   1,158     1.96%
                                    ========  ========  ========= ========

(Loss) earnings per share of common
 stock
      Basic                         ($  0.00)           $    0.04
      Diluted                       ($  0.00)           $    0.04
Weighted average number of common
 and common equivalent shares
      Basic                           27,418               27,107
      Diluted                         27,418               27,338




                    Rewards Network Inc. and Subsidiaries
                               - unaudited-
                 (amounts in thousands, except per share data,
             restaurants in the program, average transaction amount
            and estimated months to consume dining credits portfolio)


                   Three months ended            Three months ended
                      March 31, 2009               March 31, 2008
              -----------------------------  -----------------------------
              Marketing Marketing            Marketing Marketing
              Credits   Services             Credits   Services
              Program   Program     Total    Program   Program     Total
              --------  --------  ---------  --------  --------  ---------

Number of
 qualified
 transactions    1,498       863      2,361     1,521       776      2,297
Average
 transaction
 amount       $  42.52  $  45.41  $   43.58  $  47.00  $  45.66  $   46.55

Qualified
 transaction
 amount       $ 63,701  $ 39,190  $ 102,891  $ 71,487  $ 35,431  $ 106,918
Sales yield       75.2%     15.5%      52.5%     74.5%     16.5%      55.2%
Sales         $ 47,919  $  6,071  $  53,990  $ 53,235  $  5,828  $  59,063

Cost of
 dining
 credits      $ 28,478         -  $  28,478  $ 30,338         -  $  30,338
Processing
 fees              137        80        217       199        82        281
              --------  --------  ---------  --------  --------  ---------
Total cost of
 sales        $ 28,615  $     80  $  28,695  $ 30,537  $     82  $  30,619
              --------  --------  ---------  --------  --------  ---------

Provision for
 losses       $  3,427         -  $   3,427  $  2,225         -  $   2,225

Member
 benefits     $  3,734  $  2,120  $   5,854  $  5,192  $  2,158  $   7,350

              --------  --------  ---------  --------  --------  ---------
Net revenues  $ 12,143  $  3,871  $  16,014  $ 15,281  $  3,588  $  18,869
              ========  ========  =========  ========  ========  =========