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Canadian Tire’S Family of Com Panies Work Together to Provide Canadians with Their Everyday Living Needs

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Canadian Tire’S Family of Com Panies Work Together to Provide Canadians with Their Everyday Living Needs LIFE IN CANADA FOR 90 YEARS C ANADIAN TIRE ANNUAL REPORT 2011 Celebrating 90 years of life in Canada, Canadian Tire’s family of com panies work together to provide Canadians with their everyday living needs. 01 > FINANCIAL HIGHLIGHTS 21 > FINANCIAL SERVICES 02 > MESSAGE FROM THE CHAIRMAN 22 > GROWTH AND PRODUCTIVITY 04 > MESSAGE FROM THE CEO 24 > OUR COMMITMENT TO COMMUNITIES 06 > WHO WE ARE 25 > BUSINESS SUSTAINABILITY 09 > 90TH ANNIVERSARY 26 > CANADIAN TIRE JUMPSTART® 11 > BUSINESS AT A GLANCE 28 > OUR CANADIAN TIRE FAMILY 12 > CANADIAN TIRE RETAIL 30 > OUR LEADERSHIP TEAM 17 > Mark’s™ 32 > FINANCIAL ASPIRATIONS 19 > FGL SPORTS™ ANNUALREVIEW.CANADIANTIRE.CA REASONS TO INVEST At Canadian Tire®, we are committed to preparing our customers for the WE HAVE A STRONG COMPETITIVE ADVANTAGE jobs and joys of everyday living in Canada – and we do it well. > More than 1,700 convenient locations > Leading market share across key businesses For our shareholders, we are > Canada’s top sporting goods retailer committed to delivering on our > Robust automotive product offering growth strategy and returning > Diverse product mix, strong in-house brands and exclusive products value over the long term. Simply > Financial products that complement our retail businesses put, we believe an investment in Canadian Tire is supported by four key strengths: ® 6-oz. Regular Hockey Puck WE ARE CONTINUOUSLY INNOVATING > Introducing new products and services > Evolving our legendary customer loyalty program > Rolling out new store formats > Maintaining a modern and efficient supply chain WE HAVE EXTENSIVE REACH AND SCALE WE ARE COMMITTED TO MAINTAINING A SOLID FINANCIAL POSITION > 30 million retail square feet > Canada’s most-read flyer > Healthy free cash-flow generation > Significant global sourcing capabilities > 9% dividend increase in 2011 > Strong ties with key product suppliers > Focused on delivering sustainable earnings growth > Market-specific store formats > Strong balance sheet > Good liquidity with multiple sources of funding 10.1% * Diluted EPS (10-year CAGR ) 10.9 % Dividends declared (10-year CAGR) 6.3 % Total shareholder return (10-year CAGR) *CAGR refers to the Compound Annual Growth Rate. FINANCIAL HIGHLIGHTS* (C$ in millions, except per share amounts) 2011 2010 % Change CONSOLIDATED Revenue $ 10,387.1 $ 9,213.1 12.7% EBITDA 1,058.2 996.6 6.2% Income before income taxes 629.9 586.8 7.3% Net income 467.0 444.2 5.2% Cash generated from operating activities 1,405.5 729.5 92.7% Capital expenditures 364.7 339.8 7.3% RETAIL SEGMENT Retail sales $ 11,596.7 $ 10,328.5 12.3% Revenue 9,363.5 8,178.9 14.5% EBITDA 768.9 722.8 6.4% Income before income taxes 410.8 386.2 6.4% FINANCIAL SERVICES SEGMENT Revenue $ 953.3 $ 953.7 (0.0)% EBITDA 289.3 273.8 5.6% Income before income taxes 219.1 200.6 9.2% KEY FINANCIAL MEASURES CTR retail sales (POS) growth 2.0% 1.4% Retail return on invested capital (ROIC) 7.68% 8.32% Financial Services return on receivables (ROR) 5.45% 4.97% PER SHARE Basic earnings $ 5.73 $ 5.45 5.3% Diluted earnings 5.71 5.42 5.3% Dividends declared 1.125 0.905 24.3% This stick, exclusive to Canadian Tire, is inspired by Jonathan Toews’ game stick. Jonathan is the founding member of and pro advisor to the Canadian Tire Hockey School™. snapshot ® BAUER JT-19 Stick For more Annual Report content, including detailed financial documents, please visit: *The Company’s 2011 results include the operating results of FGL Sports (formerly http://annualreview.canadiantire.ca The Forzani Group Ltd.) from August 19, 2011, as well as acquisition-related costs. CANADIAN TIRE AANNUALNNUAL RREPOREPORTT | | 11 This year, 2012, marks Canadian Tire’s 90th Anniversary — a proud milestone for the Company. It seems fitting, therefore, MESSAGE FROM THE CHAIRMAN MAUREEN J. SABIA to take a few moments to reflect on our past, present and future. Having served on the Board of Directors for many years, I am mindful of the core values that have been embedded in the Company through the decades — a relentless pursuit of innovation and a constant search for new ways to serve the changing needs of our customers. At Canadian Tire, the lessons of the past have been the foundation for the present and are the bridge to the future. But while we must learn from our past, we must never be mindlessly bound by it. Canadian Tire’s founders, A.J. and J.W. Billes, were innovators and visionaries. From their early beginnings in a small garage, taking turns tending a coal fire to keep the tires they sold from freezing, they built a strong foundation for a Company that would evolve into the twelve billion dollar, iconic retailer it is today. They studied the ever-changing competitive landscape and took risks always to stay one step ahead. They sought out business partners to speed up the expansion of their network and offered equity in the company in exchange for having prominent community leaders making local decisions about what was best for their customers. They hired staff and told them that if their hard work made the company money, then they would share in the profits. When orders were piling up, the brothers put warehouse staff on roller skates to speed up the delivery of product to the front of the store. Very importantly, our founders were determined that respect and reward should shape their relationships, a theme that has endured and marks all our relationships today. Today’s management team are their successors in fact and in spirit. Your management and your Board are committed to being leading-edge retailers in a world that our founders could never have imagined. Having learned much about the Tire from many discussions with A.J., I know he would eagerly embrace the initiatives that current management has put in place, and is putting in place, to serve our customers better. These range from our digital strategy to the recently announced evolving loyalty program that will allow us to provide tailored offerings to our customers based on what we know they already like. I wonder if our founders could ever have envisaged our Christmas tree in Union Station with our app that allowed people from around the world to light the tree through social media’s many channels. I think they would be proud. And how proud they would be of us becoming one of the top sports retailers in the world through our acquisition of FGL Sports. ANNUALREVIEW.CANADIANTIRE.CA Given our founders’ commitment to philanthropic initiatives in Canadian communities, I think they would be delighted by Canadian Tire Jumpstart, a charity dedicated to making it possible for so many children to explore the world of activity and sport. “Strive always to make things better” was A.J. Billes’ mantra and it is ours today. Throughout the past 90 years, we have witnessed many examples of initiatives designed to make things better for our customers. Hence our big-box strategy in response to the appearance in Canada in the nineties of the American big-box retailers. It was this strategy that resulted in Canadian Tire retail having one of the most modern store networks in North America — one that we continue to refresh every year with our newest store designs, boutiques and expanding categories of innovative merchandise. With more than 1,700 stores and outlets in communities across the country, Canadian Tire, including Mark’s and FGL Sports, has become a proxy for ‘life in Canada’ in so many ways. 1922 We are one of the most trusted companies in Canada. I believe this is because we have always delivered what our customers need for the jobs and joys of life in Canada. And, very importantly, it is due to the loyalty and dedication of our growing Canadian Tire family, now almost 70,000 strong. Canadian Tire was born Canadian and remains Canadian. In the face of U.S. retailers expanding into Canada, Canadian Tire remains as one of the last significant Canadian J.W. and a.J. Billes: retailers. This is partly a result of keeping our merchandise and marketing relevant to the BROTHERS AND lives of every day Canadians and partly a result of the Billes family’s dedication to the Tire. CO-FOUNDERS Martha and Owen Billes’ continued involvement offers stability of ownership, allowing Two Toronto brothers, John management to implement its strategies for guiding the future of the Company. There is no W. and Alfred J. Billes, with short-term horizon here. a combined savings of $1,800, buy the Hamilton And because Canadian Tire believes in ensuring our success long into the future, its Tire and Garage Ltd. at management is constantly fine tuned. This enables us to bring the best and brightest talent the corner of Gerrard and to bear on our business, permits us to put an increased focus on the execution of our Hamilton Streets in Toronto. strategies and ensures that long-term succession is in place at all levels of management. Our core credibility in everyday living, playing, fixing and driving is complemented and enhanced by our apparel business at Mark’s and our financial services and home services businesses at Canadian Tire Financial Services® and Canadian Tire Bank®. Following on a promise two years ago to seek out new platforms for growth that are tied to our core strengths, the Company purchased The Forzani Group Ltd., building on our long-standing credibility in sports. All of us at Canadian Tire are committed to growth — through both organic growth and building on our areas of core credibility.
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