Canada's largest hard goods retailer with a strong consumer franchise, efficient operations, and a solid management team A diverse offering of products and services through various retail banners and financial services S&P Global Ratings' expectation of stable EBITDA growth and profitability Good private label penetration, particularly at Mark's and Canadian Tire locations Participation in the very competitive general merchandise industry, with increasing competition from online retailers Our forecast of adjusted debt-to-EBITDA in the low 2x area over the next couple of years Our expectation that Canadian Tire Corp. Ltd. (CTC) will deploy a significant portion of its free operating cash flow to pay dividends and repurchase shares Strong liquidity and good financial flexibility, enhanced by subsidiaries Canadian Tire Bank and
