CANADIAN TIRE RELEASES FOURTH QUARTER EARNINGS - RESULTS IMPACTED

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					 CANADIAN TIRE RELEASES FOURTH QUARTER EARNINGS - RESULTS IMPACTED
 BY CHALLENGING ECONOMY & UNSEASONABLE WEATHER - FOCUSED EFFORTS
 IN 2009 POSITION COMPANY WELL FOR LONG-TERM GROWTH

   -   2009 full year adjusted net earnings down 12.2%, primarily due to increased
       provisions at Financial Services
   -   Strong financial management results in improved liquidity, a strong balance
       sheet and significantly reduced capital expenditures
   -   Increases in sales in growth categories in core CTR business and positive
       momentum from new format stores
   -   Investor Conference scheduled in April 2010 to discuss details of long-term
       strategy

(Toronto, Ontario), February 11, 2010: Canadian Tire Corporation, Limited (CTC, CTC.a)
today released its unaudited fourth quarter earnings and year-end results, and provided insight
into the Company’s evolving strategy for driving sustainable long-term growth. The reported
results reflect a 52 week fiscal year in 2009 compared to a 53 week fiscal year in 2008, which
significantly influenced sales comparisons with the prior year for the fourth quarter and full
year, and accordingly sales for the same calendar week basis are also provided to facilitate
comparisons (see Highlights of Top-line Performance by Business chart below).

“Despite the challenging market conditions, we achieved our number one priority of
successfully managing through uncertain economic times, focused on margin performance,
optimizing capital expenditures, retiring expensive debt and lowering on-hand inventory at
CTR,” commented Stephen Wetmore, President and CEO, Canadian Tire Corporation. “Our
results were in line with our expectations for the year, and entering the fourth quarter, we were
positioned to exceed our expectations had seasonal weather prevailed. However, we ended
2009 in one of our strongest financial positions in the last decade and are now focused on
improving returns on retail assets and growing free cash flow.”

“Our Financial Services division delivered $145.3 million of adjusted earnings before income
taxes in 2009 and remains an extremely well managed business and a critical strategic asset
to CTC,” added Wetmore. “Credit card losses and our conservative approach to carrying
excess cash at Financial Services are the primary reasons for CTC’s decline in earnings in
2009. However, we have seen a stabilization in late 2009 of key credit metrics, positioning the
division for growth in 2010.”

For the year, a significant increase in credit card loan losses in the Financial Services business
was the primary reason for CTC’s 12.2% decline in adjusted net earnings. Lower retail sales
in winter related categories at Canadian Tire Retail (CTR) and Mark’s Work Wearhouse
(Mark’s) contributed to a decrease of 19.8% in adjusted net earnings in the fourth quarter
compared to the same quarter in 2008.

The Company is encouraged by the positive results of its new format CTR stores with both the
Smart and Small Market stores demonstrating double digit increases in key categories.
Significantly lower sales of discretionary and winter related merchandise in the fourth quarter
were offset, in part, by sales increases in targeted CTR growth categories, including
household cleaning, kitchen and pet care.


2009 CONSOLIDATED FINANCIAL HIGHLIGHTS
Fiscal 2009 sales and earnings figures are based on a 13-week period for the fourth quarter
and a 52-week period for the year compared to a 14-week period for the fourth quarter in 2008
and a 53-week period for the year in 2008. Where noted, comparisons are also provided on a
same calendar week basis to facilitate comparison of the results.


 Consolidated                                           2009               Year-over-                 2009            Year-over-
                                                        th
 Highlights1:                                          4 quarter           year change               full year        year change


 Retail sales                                          $ 3.0     billion          (7.0)%           $ 10.0    billion          (5.6)%
 Gross operating revenue                               $ 2.4     billion          (5.8)%           $ 8.7     billion          (4.8)%
 EBITDA2                                             $248.7      million         (10.1)%          $873.7     million          (2.0)%
 Adjusted earnings before                            $153.5      million         (20.2)%          $498.3     million         (13.2)%
 income taxes (excludes non-
 operating gains and losses)3
 Net earnings                                        $ 96.2 million               (5.2)%          $335.0 million             (10.8)%
 Adjusted net earnings (excludes                     $104.4 million              (19.8)%          $348.0 million             (12.2)%
 non-operating gains and
 losses)3
 Basic earnings per share                             $ 1.18                     (5.4)%           $ 4.10                     (10.9)%
 Adjusted basic earnings per
 share (excludes non-operating                        $ 1.28                     (20.0)%          $ 4.26                     (12.4)%
 gains and losses)3
(1)   All dollar figures in this table are rounded.
(2)   Earnings before interest, taxes, depreciation and amortization. Non-GAAP measure. Please refer to Section 18.0 of the 2008
      Management’s Discussion and Analysis.
(3)   Non-GAAP measure. Please refer to Section 18.0 of the 2008 Management’s Discussion and Analysis.




Net earnings for the fourth quarter were impacted by the non-operating items indicated below:

($ in millions)                                                           Q4 2009          Change             2009           Change
Net earnings                                                                 $    96.2        (5.2)%         $    335.0        (10.8)%
Less after-tax adjustment for:
 Former CEO retirement obligation                                                  0.0                                0.3
 Redemption of debentures                                                         (5.2)                              (4.1)
 Net effect of securitization activities                                          (0.7)                              (5.3)
 Costs associated with the sale of the mortgage portfolio                         (3.6)                              (3.6)
 Gain (loss) on disposals of property and equipment                                1.3                               (0.3)
Adjusted net earnings                                                       $    104.4       (19.8)%         $    348.0        (12.2)%




                                                                                                                                         2
HIGHLIGHTS OF TOP-LINE PERFORMANCE BY BUSINESS
Retail sales and gross revenues for both the fourth quarter and full year 2009 were impacted
by the additional week in the prior year comparative for our retail businesses. Below are
highlights of the top-line performance by business, including retail sales compared on a same
calendar week basis.

                                                                          As reported(2)               On a same calendar
                                                                                                           week basis(3)
(year-over-year percentage change)                               Q4 2009(2)                2009(2)     Q4 2009(3)             2009(3)
CTR retail sales(1)                                                  (8.3)%                 (2.8)%          (3.1)%            (1.1%)
CTR gross operating revenue                                          (8.7)%                 (2.1)%             N/A                    N/A
CTR net shipments                                                    (8.6)%                 (2.4)%             N/A                    N/A
Mark’s retail sales                                                  (4.1)%                 (4.8)%            0.7%            (3.5)%
Petroleum retail sales                                               (3.0)%                (16.8)%             N/A                    N/A
Petroleum gasoline volume                                            (8.1)%                 (1.1)%             N/A                    N/A
Financial Services’ credit card sales                                     3.4%               2.4%              N/A                    N/A
Financial Services’ gross average receivables                      1.8%                 4.1%                 N/A                 N/A
(1) Includes sales from Canadian Tire stores, PartSource stores and the labour portion of CTR’s auto service sales.
(2) Fiscal 2009 sales and earnings figures are based on a 13-week period for the fourth quarter and a 52-week period for the year compared
      to 14 weeks for the fourth quarter in 2008 and 53 weeks for the year in 2008.
(3) Selected retail sales figures have been provided on a comparable “same calendar week basis” for fiscal 2008, to make fiscal 2009 sales
      more comparable to the prior year



Business Overview

CANADIAN TIRE RETAIL (CTR) 1
($ in millions)                                             Q4 2009          Q4 20082        Change        2009           20082         Change
               3
Retail sales                                                $ 2,167.8        $ 2,364.2        (8.3)%   $ 7,407.2      $ 7,617.8             (2.8)%
                    4
Same store sales (year-over-year % change)                      (9.4%)             7.3%                    (4.2%)           1.8%
Gross operating revenue                                         1,494.4          1,636.4      (8.7)%       5,552.2        5,669.1           (2.1)%
Net shipments (year-over-year % change)                         (8.6%)             3.0%                    (2.4%)           3.5%
Earnings before income taxes                                      38.0             26.7       42.4%         261.6          249.4             4.9%
Less adjustment for:
  Redemption of debentures                                        (7.7)                -                     (6.1)                -
  Delayed-start interest rate swap                                    -           (28.7)                          -        (28.7)
  Gain on disposals of property and equipment5                      2.2              3.7                       1.8            7.4
  Former CEO retirement obligation                                  0.0            (6.2)                       0.5          (5.1)
                                             6
Adjusted earnings before income taxes                       $     43.5       $     57.9      (24.8)%   $    265.4     $    275.8            (3.7)%
(1)   Fiscal 2009 sales and earnings figures are based on a 13-week period for the fourth quarter and a 52-week period for the year
      compared to 14 weeks for the fourth quarter in 2008 and 53 weeks for the year in 2008.
(2)   2008 figures have been restated for implementation, on a retrospective basis, of the CICA HB 3064 Goodwill and Intangible Assets and
      the amendments to CICA HB 1000 - Financial Statement Concepts. Please refer to Note 2 in the Consolidated Financial Statements.
(3)   Includes sales from Canadian Tire stores, PartSource stores and the labour portion of CTR’s auto service sales.
(4)   Same store sales include sales from all stores that have been open for more than 53 weeks.
(5)   Includes fair market value adjustments and impairments on property and equipment.
(6)   Non-GAAP measure. Please refer to section 18.0 in the 2008 Management’s Discussion and Analysis.


CTR’s fourth quarter retail sales decreased 8.3% and same store sales decreased 9.4% from
the same quarter in 2008 due in part to an additional 53rd trading week in the 2008
comparative. When adjusted on the same calendar week basis, fourth quarter retail sales in
2009 declined a more modest 3.1% and same store sales by 4.1%.

                                                                                                                                               3
When adjusted for the calendar differences in 2008, sales in key growth categories, including
household cleaning, kitchen and pet care, significantly increased in the quarter, but were more
than offset by reduced sales of electronics and other discretionary merchandise. In addition,
the lack of snow, especially in Ontario and Quebec, resulted in substantially lower sales of
winter tires, seasonally oriented auto parts, shovels and snowblowers in comparison with the
fourth quarter of 2008. The prior year’s sales also benefited from the introduction of winter tire
legislation in Quebec.

Despite a decline in net shipments year over year, CTR maintained stable margins over the
same quarter last year, supply chain costs were reduced and savings were realized in payroll,
advertising and other operating expenses due to effective cost management and lower
volumes.

Unadjusted fourth quarter earnings increased 42.4%, influenced significantly by the impact of
the unwind of the delayed start interest rate swap in the prior year results. In the current year,
the Company took advantage of the opportunity to retire debentures, prior to their 2010
maturity date. While the net cost associated with this redemption decision impacted the current
quarter by $7.7 million, it will result in significant interest savings in future quarters.

As a result of the Company’s completion of major capital intensive initiatives, including the
Eastern Canada distribution centre and Concept 20/20 store rollouts, depreciation expense
increased year over year, although this is expected to moderate in future years as the
Company rolls out new store concepts that are less capital-intensive.

During the quarter, CTR replaced one traditional store with a Smart store, opened 25 Smart
store retrofits and opened 3 incremental Small Market stores with 2 of them offering a full size
Mark’s, bringing the total number of stores in the network to 479.

In 2009, PartSource built 3 new stores including 1 hub store, retrofitted 1 existing store to a
hub store, converted 7 franchise stores to corporate stores and closed 2 stores. As a result,
there were 87 stores at the end of the year, including 10 hub stores.


CANADIAN TIRE FINANCIAL SERVICES (Financial Services)
($ in millions)                                              Q4 2009     Q4 20081     Change      2009         20081        Change

Total managed portfolio (end of period)                                                          $ 4,108.5    $ 4,120.9       (0.3)%
Gross operating revenue                                      $ 237.7     $   212.4      11.9%     $ 909.9     $   820.4        10.9%
Earnings before income taxes                                     38.4         45.8     (16.0)%      131.9         192.0      (31.3)%
Less adjustment for:
  Costs    associated     with   the   sale       of   the       (5.3)            -                  (5.3)              -
     mortgage portfolio
  Gain (loss) on disposals of property and
     equipment                                                    0.4             -                  (0.3)         (0.6)
  Net effect of securitization activities2                       (1.0)       (10.6)                  (7.8)         (2.9)
                                              3
Adjusted earnings before income taxes                  $ 44.3 $         56.4      (21.5)%       $ 145.3       $    195.5       (25.7)%
(1) 2008 figures have been restated for implementation, on a retrospective basis, of the CICA HB 3064 Goodwill and
    Intangible Assets and the amendments to CICA HB 1000 - Financial Statement Concepts. Please refer to Note 2 in the
    Consolidated Financial Statements.
(2) Includes initial gain/loss on the sale of loans receivable, amortization of servicing liability, change in securitization reserve
    and gain/loss on reinvestment.
                                                                                                                                   4
(3) Non-GAAP measure. Please refer to section 18.0 in the 2008 Management’s Discussion and Analysis.

Financial Services’ total managed portfolio of loans receivable was $4.1 billion at the end of
the fourth quarter, a decrease of 0.3% from the comparable 2008 period due mainly to the sale
of the mortgage portfolio in the fourth quarter, as noted below. Ending credit card receivables
increased 4.7% from last year due to increased average balances reflecting selective credit
limit increases, balance transfer offers and slower customer payments.

Financial Services’ gross operating revenue was $237.7 million in the quarter, an 11.9%
increase over the $212.4 million recorded in the prior year, reflecting an increase in yield
resulting from various pricing initiatives and an increase in credit card loans receivable.

Adjusted earnings before income taxes for the fourth quarter decreased 21.5% from the
comparable 2008 period primarily due to a significant increase in the loan loss provision. The
return on receivables for the total managed portfolio was 3.57% versus 5.00% in 2008. This
was due primarily to the increase in net write-off rate for the total managed portfolio on a rolling
12-month basis, which was 7.58% compared to 6.34% in the comparable 2008 period, and
overall aging of past due credit card accounts, which deteriorated by 32 basis points from
December 2008.

While the increased provisioning, reflecting the increase in consumer bankruptcies and
proposals due to the softer economy, impacted the Company’s results, national statistics
indicate that Financial Services continues to experience a lower growth in bankruptcies than
the Canadian average due to credit risk management strategies adopted over the past few
years. Financial Services partially compensated for the higher provisioning by continuing to
reduce its operating cost structure.

As previously announced, Financial Services sold its mortgage portfolio to National Bank
during the quarter for proceeds of $162.2 million, which approximated book value. Total costs
relating to the sale and wind-down of mortgage activities to the end of December 2009 were
$5.3 million. Financial Services will continue to develop its retail and broker deposit business.
At the end of the fourth quarter, Financial Services had approximately $2.1 billion in deposit
balances, which provides a cost-effective source of financing for credit card growth.

As at January 1, 2010, Financial Services has successfully implemented the required changes
to its credit granting under new government regulations for the financial services industry. The
remaining changes to interest calculations and payment allocation methodology will be
completed by the required date of September 1, 2010.


MARK’S WORK WEARHOUSE (Mark’s)1
($ in millions)                                Q4 2009      Q4 20082    Change        2009          20082      Change
               3
Retail sales                                   $ 391.7      $ 408.4       (4.1)%    $ 960.0     $ 1,008.5       (4.8)%
                   4
Same store sales                                   (4.9)%       3.9%                  (6.0)%           0.3%
                       5
Gross operating revenue                            340.3        355.7     (4.3)%       833.8        872.4       (4.4)%
Earnings before income taxes                         63.1        71.2   (11.4%)         61.5           75.0    (18.0)%
Less adjustment for:
 Loss on disposals of property and equipment        (0.4)       (0.5)                   (1.2)          (0.9)
                                     6
Adjusted earnings before income taxes          $     63.5   $    71.7   (11.4%)      $ 62.7     $      75.9    (17.4)%

                                                                                                                    5
(1) Fiscal 2009 sales and earnings figures are based on a 13-week period for the fourth quarter and a 52-week period for
    the year compared to 14 weeks for the fourth quarter in 2008 and 53 weeks for the year in 2008.
(2) 2008 figures have been restated for implementation, on a retrospective basis, of the CICA HB 3064 Goodwill and
    Intangible Assets and the amendments to CICA HB 1000 - Financial Statement Concepts. Please refer to Note 2 in the
    Consolidated Financial Statements.
(3) Includes retail sales from corporate and franchise stores.
(4) Mark’s same store sales exclude new stores, stores not open for the full period in each year and store closures.
(5) Gross operating revenue includes retail sales at corporate stores only.
(6) Non-GAAP measure. Please refer to section 18.0 in the 2008 Management’s Discussion and Analysis.

Mark’s fourth quarter total retail sales declined 4.1%, primarily due to the 2009 fourth quarter
being 13 weeks compared to 14 weeks in 2008 and a shift in the calendar weeks. Adjusted on
a calendar week basis, fourth quarter total retail sales increased by 0.7%. This is considered a
very reasonable performance for a clothing retailer in the face of an extremely weak economy
and uncertain consumer behaviour and reflects the strength of the Mark’s product offering,
based on its CLOTHES THAT WORK® strategy.

Mark’s ladies wear experienced a 5.5% corporate store sales increase (a 11.4% increase
when adjusted for the calendar differences) in the quarter and were strongest in accessories,
outerwear and knitwear. Men’s wear and industrial wear corporate store sales decreased by
4.5% (0.1% decrease when adjusted for the calendar differences) and 8.7% (4.3% decrease
when adjusted for the calendar differences), respectively in the quarter.

On a regional basis, the largest sales declines were experienced in the resource based
provinces of Alberta and British Columbia, reflective of the weaknesses in the labour market
conditions in those regions, which particularly impacted sales of Mark’s industrial wear.
Overall, Mark’s continues to focus on introducing products into its CLOTHES THAT WORK
assortment that are better designed and engineered, and which are expected to drive long-
term growth across all categories.

Mark’s pre-tax earnings decreased 11.4% in the fourth quarter of 2009 as a result of lower
sales and a 132 basis point reduction in margins, reflecting lower inventory markups, currency
effects and a small amount of markdown/clearance activity. Mark’s partially compensated for
this by effective cost management.

During the quarter, Mark’s opened 5 new stores, 3 of which were CTR/Mark’s combo stores,
expanded 1 corporate store and 1 franchise store, relocated 1 franchise store and closed 1
corporate store to bring the total number of stores in the network to 378.


CANADIAN TIRE PETROLEUM (Petroleum)1

($ in millions)                                    Q4 2009     Q4 2008      Change        2009         2008       Change

Sales volume (millions of litres)                     431.3       469.1       (8.1)%     1,708.8      1,727.0       (1.1)%
Retail sales                                       $ 433.5      $ 447.0       (3.0)%   $ 1,653.7     $ 1,988.1     (16.8)%
Gross operating revenue                               398.8       414.3       (3.7)%     1,515.1      1,871.2      (19.0)%
Earnings before income taxes                            1.9          6.1     (69.1)%        24.2         26.6       (9.1)%
Less adjustment for:
                                             2
  Loss on disposals of property and equipment          (0.3)        (0.2)                    (0.7)        (0.5)
                                      3
Adjusted earnings before income taxes                $    2.2     $ 6.3       (65.6)% $       24.9      $ 27.1       (8.4)%
(1) Fiscal 2009 sales and earnings figures are based on a 13-week period for the fourth quarter and a 52-week period
    for the year compared to 14 weeks for the fourth quarter in 2008 and 53 weeks for the year in 2008.
                                                                                                                           6
(2) Includes asset impairment losses.
(3) Non-GAAP measure. Please refer to section 18.0 in the 2008 Management’s Discussion and Analysis.

Petroleum’s revenue declined 3.7% in the fourth quarter of 2009 compared to the prior year,
due to an additional 53rd trading week in the 2008 comparative. Gasoline margins declined
late in the year compared to a year ago due to margin pressure in the market. Convenience
store sales and car wash sales continued to show strong growth, up 15.0% and 8.5%
respectively, when adjusted for the 53rd trading week.

In 2009, Petroleum built 3 new sites and refurbished/rebuilt 11 sites during the year to enhance
the customer experience and better reflect the Canadian Tire brand. Petroleum now operates
272 gas bars, 267 convenience stores and kiosks, and 73 car washes.


2010 COMMENTARY


STRATEGIC PRIORITIES
The long-term growth and success of CTC will primarily be driven by a healthy core CTR
business. During 2010, the company will focus on programs to increase the long-term return
on the assets employed in the business. These will include programs to improve the overall
customer experience and consistency in customer service between stores, leveraging industry-
leading core assets in the automotive business, and positioning each Canadian Tire business
unit to actively support and drive consumers to the core CTR business. This strategy will
enable the corporation to optimize the significant investments already made in store and
supply chain infrastructure and is expected to drive sustainable, long-term earnings growth.

Key areas of focus in 2010 will build on the momentum of programs and initiatives begun in
2009:

       Continued roll-out of capital-light CTR Smart stores (25 retrofits completed in Q4 2009)
       Evolution of key productivity initiatives including CTR change program and IT renewal
        designed to improve operating efficiencies, and improved project execution
       Began development of a redesigned and enhanced loyalty program providing deeper
        customer insights and greater rewards
       Significant staffing and process changes within CTR Marketing, Merchandising and
        Store Operations to improve core processes and to increase the resources available to
        drive an enhanced customer experience at store level
       Refocused and aligned core automotive assets with a single focus on gaining market
        share and strengthening the Canadian Tire brand
       Centralized key support functions designed to decrease operating costs and improve
        operating efficiencies for business units
       Reduced operating expenses, lower CAPEX ($273 million in 2009 versus an original
        budget of $390 million) and lower on-hand inventory levels at CTR
       Development of enhanced supply chain and operations capabilities at Mark’s through
        new technology investments
       Ongoing focus on credit risk management at Financial Services; mortgage business
        sold in Q4 to allow focus on optimizing credit card operations in support of the core
        business

                                                                                                       7
      Strong financial management resulting in improved liquidity, a strong balance sheet
       and reconfirmed credit ratings
      Focused initiative on enhancing performance management across the organization,
       including improved execution on key strategic initiatives and better integrated operating
       and strategic planning processes

All of these activities are expected to start delivering benefits in 2010/2011, including
improvements in retail ROIC. However, the benefits will be partially offset by a number of
expected headwinds in 2010 which will affect Financial Services, including $8-10 million impact
on earnings due to new financial services regulations, $8 million cost for chip card launch, $5
million cost for sales tax harmonization, and other sales tax changes. In addition, increased
year-over-year costs of approximately $10 million supporting key strategic initiatives will occur,
principally at CTR.

“Canadian Tire has a strong core retail business and among the best assets of any retailer in
Canada - as a result of billions of dollars of infrastructure and store-improvement investments
over the last 15 years and a highly entrepreneurial Dealer network,” added Wetmore. “Looking
forward, our focus will be on maximizing the return on our investments in our stores, driving
growth in our core CTR business and aligning all of our other businesses to help improve
returns at CTR.”

The company will share more details on its strategic priorities at an Investor Conference and
media day on April 7, 2010.


CAPITAL
Based on the Company’s continued focus on optimizing investments and providing long-term
improvements to retail ROIC, capital expenditures will continue to be below historic levels in
2010 and beyond. Total projected capital expenditures for 2010 will be in the range of $280 to
$300 million, the majority of which will support store and network expansions, and key
productivity initiatives. Store retail investment will include approximately 60 CTR Smart store
retrofits and 6 new to market CTR stores, approximately 8 new or replacement Mark’s stores,
and approximately 19 new or refurbished gasoline outlets.

Going forward, capital expenditures will more closely match depreciation charges as the
Company has reduced its capital expenditures requirements versus historic norms, principally
because the Company is building less square footage than previously and the new CTR store
formats are less capital-intensive than previous formats. Management will look for every
opportunity to manage this capital in the most effective way.

FUNDING AND LIQUIDITY
Canadian Tire enters 2010 with one of its strongest financial positions in the last decade – with
ready access to capital through diversified channels, including $1.2 billion in committed lines of
credit and $2.1 billion in deposits. Canadian Tire will retire $300 million of debt maturing in
2010, which it does not expect to refinance, and has no corporate debt maturing in either 2011
or 2012.

Overall, Management remains confident that given the various sources of funding available,
particularly for Financial Services, the Corporation has more than sufficient cost-effective
funding to support its businesses for the foreseeable future.
                                                                                                  8
DIVIDENDS
The Board of Directors has approved quarterly dividend payments during 2010 of $0.21 per
share. The 2010 quarterly dividend payment is unchanged from the amount paid each quarter
in 2009. Declaration of the first quarter dividend is expected in March 2010 for payment on
June 1, 2010 to shareholders of record as of April 30, 2010. These dividends are considered
"eligible dividends" for tax purposes.

Canadian Tire's policy is to maintain dividend payments equal to approximately 15% to 20% of
the prior year's normalized basic net earnings per share, after giving consideration to the
period end cash position, future cash requirements, market conditions and investment
opportunities. Normalized net earnings per share for this purpose exclude gains and losses on
the sale of credit card and loans receivable and non-recurring items but include gains and
losses on the ordinary course disposition of property and equipment.


NORMAL COURSE ISSUER BID
Canadian Tire also announced that it intends to make a normal course issuer bid (NCIB) to
purchase, from February 19, 2010 to February 18, 2011, through the facilities of the Toronto
Stock Exchange (TSX), certain of its outstanding Class A Non-Voting Shares. As at February
10, 2010, there were 78,247,986 Class A Non-Voting Shares issued and outstanding. The
number of Class A Non-Voting Shares which may be purchased during the period of the bid
will not exceed 3.5 million Class A Non-Voting Shares, which is approximately 5.6 percent of
62.9 million shares, the approximate public float of Class A Non-Voting Shares issued and
outstanding as of February 10, 2010.

Canadian Tire has a policy of purchasing Class A Non-Voting Shares to offset the dilutive
effects of the issuance of Class A Non-Voting Shares pursuant to the Company’s employee
profit sharing plan, stock option plan, share purchase plan and dividend reinvestment plan.
Canadian Tire intends to continue that policy. In addition, Canadian Tire may purchase
additional Class A Non-Voting Shares if the Board of Directors of Canadian Tire determines,
after consideration of market conditions and Canadian Tire's financial flexibility and investment
opportunities, that a purchase of additional Class A Non-Voting Shares is an appropriate
means of enhancing the value of the remaining Class A Non-Voting Shares.

The number of Class A Non-Voting Shares purchased during 2009 pursuant to an NCIB was
742,198. The average price at which such purchases were made was $50.52 per Class A Non-
Voting Share, including commissions.

Any purchases made pursuant to the NCIB will be made in accordance with the rules of the
TSX and will be made at the market price of the Class A Non-Voting Shares at the time of the
acquisition. Canadian Tire will make no purchases of Class A Non-Voting Shares other than
open market purchases which may be made during the period that the NCIB is outstanding.
Subject to any block purchases made in accordance with the rules of the TSX, Canadian Tire
will be subject to a daily repurchase restriction of 48,241 Class A Non-Voting Shares, which
represent 25 percent of the average daily trading volume of Canadian Tire's Class A Non-
Voting Shares on the TSX for the six months ended January 31, 2010.

Canadian Tire’s NCIB is subject to regulatory approval.



                                                                                                9
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking information. Forward-looking information includes,
but is not limited to, statements concerning management’s expectations relating to possible or
assumed future results, our strategic goals and our priorities, and the economic and business
outlook for us, for each of our business segments and for the economy generally. Often but
not always, forward-looking information can be identified by the use of forward-looking
terminology such as “may”, “will”, “expect”, “believe”, “estimate”, “plan”, “could”, “should”,
“would”, “outlook”, “forecast”, “anticipate”, “foresee”, “continue” or the negative of these terms
or variations of them or similar terminology. Forward-looking information is based on the
reasonable assumptions, estimates, analysis and opinions of management made in light of its
experience and perception of trends, current conditions and expected developments, as well
as other factors that management believes to be relevant and reasonable at the date that such
statements are made. The forward-looking information contained in this press release is
presented for the purpose of assisting the Company’s security holders and financial analysts in
understanding its financial position and results of operation as at and for the periods ended on
the dates presented and the Company’s strategic priorities and objectives, and may not be
appropriate for other purposes. By its very nature, forward-looking information requires the
Company to make assumptions and is subject to inherent risks and uncertainties, which give
rise to the possibility that the Company’s predictions, forecasts, projections, expectations or
conclusions will not prove to be accurate, that the Company’s assumptions may not be correct
and that the Company’s objectives, strategic goals and priorities will not be achieved.


Although the Company believes that the predictions, forecasts, projections, expectations or
conclusions reflected in the forward-looking information are based on information and
assumptions which are current, reasonable and complete, this information is necessarily
subject to a number of factors that could cause actual results to differ materially from
management’s predictions, forecasts, projections, expectations or conclusions as set forth in
such forward-looking information for a variety of reasons. These factors include (a) credit,
market, operational, liquidity and funding risks, including changes in interest rates or tax rates;
(b) the ability of Canadian Tire to attract and retain quality employees, Dealers, Canadian Tire
Petroleum agents and PartSource and Mark’s Work Wearhouse store operators and
franchisees; (c) the willingness of customers to shop at our stores or acquire our financial
products and services; (d) risks and uncertainties relating to information management,
technology, product safety, competition, seasonality, commodity price and business disruption,
consumer credit, securitization funding, and foreign currency; and (e) the risks and
uncertainties that could cause actual results or the material factors and assumptions applied in
preparing forward-looking information to differ materially from predictions, forecasts,
projections, expectations or conclusions, which risks and uncertainties are discussed in the
“Risk Factors” section of our Annual Information Form for fiscal 2008 and in our 2008
Management’s Discussion and Analysis. For more information on the risks, uncertainties and
assumptions that could cause the Company’s actual results to differ from current expectations,
please read the entire body of this press release and refer to the Company’s public filings
available at www.sedar.com and at www.canadiantire.ca.


We caution that the foregoing list of important factors is not exhaustive and other factors could
also adversely affect our results. Investors and other readers are urged to consider the
foregoing risks, uncertainties and assumptions carefully in evaluating the forward-looking
information and are cautioned not to place undue reliance on such forward-looking information.
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Statements that include forward-looking information do not take into account the effect that
transactions or non-recurring or other special items announced or occurring after the
statements are made have on the Company’s business. For example, they do not include the
effect of any dispositions, acquisitions, asset write-downs or other charges announced or
occurring after such statements are made. The forward-looking information in this press
release reflects the Company’s expectations as of the date hereof and is subject to change
after this date. The Company does not undertake to update any forward-looking information,
whether written or oral, that may be made from time to time by it or on its behalf, to reflect new
information, future events or otherwise, unless required by applicable securities laws.


REVIEW BY BOARD OF DIRECTORS
The Canadian Tire Board of Directors, on the recommendation of its Audit Committee, has
approved the contents of this disclosure.

CONFERENCE CALL
Canadian Tire will conduct a conference call to discuss information included in this news
release and related matters at 4:30 p.m. EST on February 11, 2010. The conference call will
be available simultaneously and in its entirety to all interested investors and the news media
through a webcast at http://corp.canadiantire.ca/EN/investors, and will be available through
replay at this website for 12 months.

Canadian Tire Corporation, Limited (TSX: CTC.a, CTC), is comprised of five business
units: Canadian Tire Retail, one of Canada’s most-shopped general merchandise retailers
with 479 stores; PartSource, an automotive parts specialty chain with 87 stores; Canadian Tire
Petroleum, one of the country’s largest and most productive independent retailers of gasoline,
operating 272 gas bars, 267 convenience stores and kiosks, and 73 car washes; Mark's Work
Wearhouse, one of the country’s leading apparel retailers operating 378 stores in Canada; and
Canadian Tire Financial Services that has issued over five million Canadian Tire MasterCard
credit cards and markets related financial products and services for retail and petroleum
customers. More than 57,000 Canadians work across Canadian Tire’s organization from coast-
to-coast in the enterprise’s retail, financial services, and petroleum businesses.

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For further information:

Media: Amy Cole, 416-544-7655 amy.cole@cantire.com
Investors: Karen Meagher, 416-480-8058 karen.meagher@cantire.com




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