Mr. Greg Hicks reports

CANADIAN TIRE PLANS TO STEWARD THE HBC COAT OF ARMS AND STRIPES, WITH PURCHASE OF ICONIC HUDSON'S BAY COMPANY BRAND ASSETS

Canadian Tire Corp. Ltd. has entered into a definitive agreement to become the home of iconic Canadian brands and other intellectual property of the Hudson's Bay Company. This includes the HBC stripes and various company names, logos, designs, coat of arms and brand trademarks.

The company released the following statement from Greg Hicks, president and chief executive officer, Canadian Tire: "Canadian Tire and the Hudson's Bay Company are among the nation's longest-standing companies, with a combined Canadian heritage measured in centuries. Some things are just meant to stay Canadian, and we are honoured to welcome many of HBC's leading brands -- including the iconic HBC coat of arms and the stripes -- into our Canadian Tire family.

"This choice feels as strategic as it feels patriotic. It builds on our generational connection to life in Canada, and it fits our new true north strategy. The stripes will add beautifully to our portfolio of owned brands alongside other Canadian favourites that we have fostered and grown, and the Bay and its brands have long been known for their strength in categories that our customers will seek in our stores and on-line.

"It's disheartening to witness the final days of another great Canadian retailer, and, while the circumstances are unfortunate, we're proud to step in for customers. Ultimately, customers are at the core of all we do, and by Canadians' reaction to recent rumours of this news, it is clear they see us as a great home for HBC's heritage. We are proud to steward these iconic brands into our -- and their -- next century."

The agreement is subject to court approval and other customary terms and conditions, and Canadian Tire expects the transaction to close later this summer. Canadian Tire will acquire HBC's intellectual property portfolio, including brand labels and designs for the HBC stripes, Hudson's Bay Company, the Bay, and various other HBC logos and company trademarks, for a purchase price of $30-million. Separately, Canadian Tire has bid for a handful of lease locations.

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 activewear 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 service business, and holds a majority interest in CT REIT, a Toronto Stock Exchange-listed Canadian real estate investment trust.

We seek Safe Harbor.