Largest retailer in Canada with a strong nationwide presence spanning 70.3 million retail square footage Solid diversity of revenue across relatively stable food, health and beauty, and drugs categories Well-recognized banners and healthy private-label penetration History of stable EBITDA generation and healthy profitability Strong competition from existing brick and mortar stores, and e-commerce will limit material revenue growth Our forecast of adjusted debt-to-EBITDA (excluding President's Choice Bank [PC Bank]) in the 3x area over the next couple of years Our expectation that Loblaw will likely deploy available free cash flow to repurchase shares rather than reduce debt Strong liquidity and good financial flexibility, enhanced by subsidiaries PC Bank and Choice Properties Real Estate Investment Trust (CP REIT) The stable outlook
