A Time to Invest Annual General and Special Meeting of Shareholders

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Luke Horatio Griffith
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1 A Time to Invest 2015 Annual General and Special Meeting of Shareholders

capacity. Such statements reflect the Company s current expectations, estimates, projections, and assumptions.

2 Caution Concerning Forward Looking Statements Certain information presented today may constitute forward-looking statements. Forward looking statements are predictive in nature and include future conditional financial performance, including sales, earnings, growth rates, capital expenditures, debt levels and financial capacity. Such statements reflect the Company s current expectations, estimates, projections, and assumptions. These forward-looking statements are not guarantees of future performance and are subject to certain risks which could cause actual performance and financial results in the future to vary materially from those contemplated in the forwardlooking statements. For additional information on these risks, please see the Company s Annual Information Form under the heading, Risk Factors. In addition, certain non-ifrs financial measures may be discussed or referred to today. These measures do not have a standard meaning prescribed by IFRS and therefore may not be comparable to similar measures used by other companies. Further information on Non-IFRS measures is provided in the 2014 Annual Report.

3 A Time to Invest Chairman Remarks

4 Giant Tiger Coupon

5 A Time to Invest Chairman Remarks

6 Stewart Glendinning Chairman Remarks

7 Annalisa King Chairman Remarks

8 Frank J. Coleman Chairman Remarks

9 Wendy F. Evans Chairman Remarks

10 Robert J. Kennedy Chairman Remarks

11 Vi Konkle Chairman Remarks

12 Gary Merasty Chairman Remarks

13 Eric L. Stefanson Chairman Remarks

14 Edward Kennedy Chairman Remarks

15 H. Sanford Riley Chairman Remarks

16 A Time to Invest 2015 Annual General and Special Meeting of Shareholders

17 Financial Statements 1. Receive Audited Financial Statements

18 2. Appointment of Directors Ordinary Resolutions

19 3. Appointment of Auditors Ordinary Resolutions

20 4. Ordinary Resolution for Approval of Amended By-Laws Ordinary Resolutions

21 Ordinary Resolutions 5. Ordinary Resolution for Approval of Director Deferred Share Unit Plan

22 6. Advisory Resolution on Executive Compensation Ordinary Resolutions

23 A Time to Invest 2015 Annual General and Special Meeting of Shareholders

24 A Time to Invest Executive Vice-President and Chief Financial Officer Remarks

25 Strong International Sales 2014 Financial Highlights Sales ($ in millions) $1,514 $1,543 $1,624 Canada International $471 $520 $582 $1,043 $1,023 $1,042! 15 th consecutive year of growth! Strong international sales +11.9%! Positive foreign exchange impact

26 International EBITDA Growth 2014 Financial Highlights EBITDA ($ in millions) Canada International $133.7 $27.2 $138.3 $137.8 $27.1 $36.9! International +$9.8 million, +36% $106.5 $111.2 $

27 Adjusted EBITDA Improvement 2014 Financial Highlights EBITDA ($ in millions) $133.7 $138.3 $27.2 $27.1 $106.5 $111.2 $146.3 $8.5 $36.9 $100.9 Canada International Adjusted EBITDA*! International +$9.8 million, +36%! Canada ($10.3 million)! One-time charges: Support office restructuring Inventory clearance *Excluding employee restructuring and inventory clearance costs

28 One-Time Costs Affect Earnings 2014 Financial Highlights Net Earnings ($ in millions) $63.9 $64.3 $62.9! International earnings growth! Restructuring charges

29 A Time to Invest 2015 Annual General and Special Meeting of Shareholders

30 Track Record of Dividend Growth Financial Performance Annual Dividends ($ per share) $0.96 $1.04 $1.12 $1.16! 3.6% increase in dividends in 2014! 20.8% increase since conversion to corporation 2011* *Excludes final distribution from North West Company Fund

31 Investing for Growth Financial Performance Capital Expenditures & Return on Net Assets CAPEX ($ in millions) RONA (%) $65.0 $37.8 $46.4 $51.1 $43.2 $52.3! Attractive returns! Increasing investment Forecast

Strong Cash Flow, Low Debt Financial Performance Historical Debt and Leverage ($ in millions) Debt EBITDA Debt-to-EBITDA $193 1.5 $176 1.

32 Strong Cash Flow, Low Debt Financial Performance Historical Debt and Leverage ($ in millions) Debt EBITDA Debt-to-EBITDA $ $ $126 $126 $183 $ $134 $138 $ $138! Financial strength! Working capital efficiencies! $180 million loan capacity

33 Balanced Approach to Shareholder Returns Financial Performance Total Return Performance (% at January 31) Year CAGR 14.0% NWC 8.8% TSX Composite

34 A Time to Invest 2015 Annual General and Special Meeting of Shareholders

35 Sales Momentum 2015 First Quarter Performance Sales ($ in millions) $414 $364 $376 $122 $135 $160 $242 $241 $254 Canada International! 10% sales increase! Cost-U-Less and Giant Tiger deliver growth! Positive foreign exchange impact Q Q Q1 2015

36 Strong EBITDA Performance 2015 First Quarter Performance EBITDA ($ in millions) $34.4 $30.0 $30.2 $10.1 $5.6 $6.4 $24.4 $23.8 $24.3 Canada International! International EBITDA +$3.7 million! Canada EBITDA +2.5%! Cost-U-Less and Giant Tiger key contributors Q Q Q1 2015

37 Solid Net Earnings 2015 First Quarter Performance Net Earnings ($ in millions) $12.9 $12.7 $15.7! Strong EBITDA growth! Lower interest expense! 23.8% increase in Net Earnings Q Q Q1 2015

38 Stable Dividends 2015 First Quarter Performance Quarterly Dividends ($ per share) $0.28 $0.29 $0.29! Potential for future increase Q Q Q1 2015

39 A Time to Invest 2015 Annual General and Special Meeting of Shareholders

40 A Time to Invest President & CEO Remarks

41 Vision Mission Our Mission & Vision To help people and communities to live better To be the one-stop, trusted store of choice

42 Great Start to 2015! Cost-U-Less & Giant Tiger! Cost-U-Less tied to US recovery! Alaskans to gain spending power

43 Giant Tiger Performance! Early spring weather! Better operating standards! Improved product offer

44 Store Breadth Delivering Results! Multi-banner! International foot print 40% 60% 36% 64% International Canada

45 More for Our Customers A Time to Invest Video Placeholder

46 Right Time to Invest! Track record of disciplined spending One-Stop Trusted Store of Choice! Higher investment = higher potential

47 Right Time to Invest Sustainable 10% Returns One-Stop Trusted Store of Choice! Track record of disciplined spending! Higher investment = higher potential

48 The One-Stop Trusted Store of Choice! The best at serving remote markets! Go-to source and solution provider! Unique insights

49 The One-Stop Trusted Store of Choice! The best at serving remote markets! Go-to source and solution provider! Unique insights

50 Our Customer Offer Sustainable 10% Returns SUPERIOR CUSTOMER SOLUTIONS Convenient Reliable Right Product & Services One-Stop Trusted Store of Choice Look for Best Deals

51 Our Customer Offer Sustainable 10% Returns SUPERIOR CUSTOMER SOLUTIONS Convenient Reliable Right Product & Services One-Stop Trusted Store of Choice Look for Best Deals

52 Our Customer Offer Sustainable 10% Returns SUPERIOR CUSTOMER SOLUTIONS Convenient Reliable Right Product & Services One-Stop Trusted Store of Choice Look for Best Deals

53 Our Customer Offer Sustainable 10% Returns SUPERIOR CUSTOMER SOLUTIONS Convenient Reliable Right Product & Services Look for Best Deals One-Stop Trusted Store of Choice

54 Our Customer Offer Sustainable 10% Returns SUPERIOR CUSTOMER SOLUTIONS Convenient Reliable Right Product & Services Look for Best Deals One-Stop Trusted Store of Choice

55 Our Community Promise Sustainable 10% Returns One-Stop Trusted Store of Choice GREATER COMMUNITY IMPACT Employment Partnerships Investment Support

56 Our Community Promise Sustainable 10% Returns One-Stop Trusted Store of Choice GREATER COMMUNITY IMPACT Employment Partnerships Investment Support

57 Our Community Promise Sustainable 10% Returns One-Stop Trusted Store of Choice GREATER COMMUNITY IMPACT Employment Partnerships Investment Support

58 Our Community Promise Sustainable 10% Returns One-Stop Trusted Store of Choice GREATER COMMUNITY IMPACT Employment Partnerships Investment Support

59 Our Community Promise Sustainable 10% Returns One-Stop Trusted Store of Choice GREATER COMMUNITY IMPACT Employment Partnerships Investment Support

60 Top Five Priorities Sustainable 10% Returns One-Stop Trusted Store of Choice Top Categories Top Markets Logistics Innovation New Markets Store Connect

61 Top Five Priorities Sustainable 10% Returns One-Stop Trusted Store of Choice Top Categories Top Markets Logistics Innovation New Markets Store Connect

62 Top Five Priorities Sustainable 10% Returns One-Stop Trusted Store of Choice Top Categories Top Markets Logistics Innovation New Markets Store Connect

63 Top Five Priorities Sustainable 10% Returns One-Stop Trusted Store of Choice Top Categories Top Markets Logistics Innovation New Markets Store Connect

64 Top Five Priorities Sustainable 10% Returns One-Stop Trusted Store of Choice Top Categories Top Markets Logistics Innovation New Markets Store Connect

65 Top Five Priorities Sustainable 10% Returns One-Stop Trusted Store of Choice Top Categories Top Markets Logistics Innovation New Markets Store Connect

66 Top Categories! Leverage local store reach

67 Top Categories! Leverage local store reach! Innovative pharmacy services

68 Top Categories! Leverage local store reach! Innovative pharmacy services! Baby category potential

69 Top Categories! Redeploy working capital! Free valuable selling space

70 ! new markets in northern Canada Top Markets

71 Top Markets! new markets in northern Canada! new markets

72 Top Markets! new markets in northern Canada! new markets! 2017 major investment in Iqaluit, NU

73 Top Markets! new markets in northern Canada! new markets! 2017 major investment in Iqaluit, NU! Leverage local knowledge

74 Top Markets! new markets in northern Canada! new markets! 2017 major investment in Iqaluit, NU! Leverage local knowledge! Win-win: attractive returns and value to customers

75 Top Markets! Talent brings stores to life

76 Top Markets! Talent brings stores to life! Another attractive investment opportunity

77 Top Markets! Talent brings stores to life! Another attractive investment opportunity! Strong support teams in place

78 Top Markets! Talent brings stores to life! Another attractive investment opportunity! Strong support teams in place! Funded by admin reductions

79 Logistics Innovation! Aimed at creating clear advantages

80 Logistics Innovation! Aimed at creating clear advantages! Challenge for bigger retailers

81 Logistics Innovation! Aimed at creating clear advantages! Challenge for bigger retailers! Drive capabilities

82 Logistics Innovation! Need for robust and affordable connections! Upgrading underway! New partnerships on the horizon

83 New Markets! Expand Giant Tiger store base! Selectively consider acquisitions

84 Store Connect! Store centered! User-friendly! Encourages ideas and action! The way we want to work at North West

85 A Commitment to Our Core! Vision and Mission are unchanged! Customer value offer remains compelling! Strategy builds on greatest advantages

86 A Time to Invest

87 A Time to Invest 2015 Annual General and Special Meeting of Shareholders

A Time to Invest Annual General and Special Meeting of Shareholders

A Time to Invest Annual General and Special Meeting of Shareholders A Time to Invest 2015 Annual General and Special Meeting of Shareholders A Time to Invest Executive Vice-President and Chief Financial Officer Remarks Strong International Sales 2014 Financial Highlights