An anonymous director reports

CANADIAN TIRE CORPORATION ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange (TSX) has approved Canadian Tire Corp. Ltd.'s notice of intention to renew its normal course issuer bid (NCIB) for its Class A non-voting shares (shares).

Under the NCIB approved by the TSX, the company may repurchase up to 4.9 million shares between March 11, 2025, and March 10, 2026 (2025 to 2026 NCIB), representing approximately 9.8 per cent of the 49,861,546 public float of shares issued and outstanding as at Feb. 26, 2025. There were 52,197,822 total shares issued and outstanding as at Feb. 26, 2025.

The company intends to repurchase shares under the 2025 to 26 NCIB to implement its share repurchase intentions and to offset the dilutive effect of the issuance of shares pursuant to its dividend reinvestment and stock option plans, consistent with the company's policy.

Repurchases of shares pursuant to the 2025 to 26 NCIB will be made by means of open market transactions through the TSX and/or alternative Canadian trading systems, if eligible, at the market price of the shares at the time of repurchase or as otherwise permitted under the rules of the TSX and applicable securities laws. Repurchases may also be made as otherwise permitted under applicable law, including by way of private agreements or share repurchase programs under issuer bid exemption orders issued by securities regulatory authorities. Any private repurchase made under an exemption order issued by a securities regulatory authority will generally be at a discount to the prevailing market price.

Under the rules of the TSX, during the six months ended Feb. 28, 2025, the average daily trading volume of the shares on the TSX, net of repurchases made by the company through the TSX, was 260,745, and, accordingly, daily repurchases on the TSX pursuant to the NCIB will be limited to 65,186 shares, other than repurchases made pursuant to the block purchase exception. The shares repurchased by the company pursuant to the 2025 to 2026 NCIB will be restored to the status of authorized but unissued shares.

The actual number of shares which may be repurchased pursuant to the 2025 to 2026 NCIB and the timing of such repurchases will be determined by management of the company, subject to applicable law and the rules of the TSX.

Under the company's normal course issuer bid which began on March 2, 2024, and expired on March 1, 2025 (2024 to 2025 NCIB), the company received approval to repurchase up to 4.9 million shares. As at Feb. 26, 2025, the company repurchased 204,758 shares by means of open market transactions through the facilities of the TSX and alternative Canadian trading systems under the 2024 2o 2025 NCIB, at a volume weighted average price of $145.34 per share.

The company will also enter into an automatic securities purchase plan (ASPP) with a designated broker to facilitate repurchases of shares under its 2025 to 2026 NCIB at times when the company would ordinarily not be permitted to repurchase its securities due to regulatory restrictions and customary self-imposed blackout periods. Repurchases made pursuant to the ASPP will be made by the company's designated broker based upon the parameters prescribed by the TSX, applicable Canadian securities laws, and the terms of the written agreement between the company and its designated broker. The ASPP has been approved by the TSX and will be entered into on or about March 11, 2025, and terminate on the earliest of the date on which: (i) the repurchase limit under the 2025 to 2026 NCIB has been reached; (ii) the 2025 to 2026 NCIB expires; and (iii) the company terminates the ASPP in accordance with its terms. The ASPP constitutes an automatic securities purchase plan under applicable Canadian securities laws.

About Canadian Tire Corp. Ltd.

Canadian Tire has been a proudly Canadian business since 1922. Guided by its brand purpose, "We are here to make life in Canada better," Canadian Tire has built an expansive national retail presence, exceptional customer brand trust and one of Canada's strongest work forces -- employing, along with its local dealers and franchisees, tens of thousands of Canadians. At its core are retail businesses, each designed to serve life's pursuits: Canadian Tire, offering products spanning living, playing, fixing, automotive, and seasonal and gardening, bolstered by notable banners Party City and PartSource; Mark's, a leading source for casual and industrial wear; SportChek, hockey experts, sports experts, and Atmosphere, offering the best brands of active wear and gear; and Pro Hockey Life, a hockey specialty store catering to elite players. Canadian Tire's banners, brand partners and credit card offerings are unified through its Triangle Rewards loyalty program -- a linchpin of Canadian Tire's customer-driven strategy. With nearly 12 million members, Triangle integrates first party data to deliver valuable rewards and personalized experiences across nearly 1,700 retail and gasoline outlets. Canadian Tire also operates a retail petroleum business and a financial services business and holds a majority interest in CT REIT, a Toronto Stock Exchange-listed Canadian real estate investment trust.

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