International Financial Reporting Standards (IFRS)

On January 1, 2011, Canadian Tire Corporation, along with all publicly accountable companies in Canada, adopted International Financial Reporting Standards (IFRS). IFRS are a set of accounting standards, developed by the International Accounting Standards Board, that are becoming the global standard for the presentation of public company financial statements.

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This presentation has the objective to introduce to the financial community the major identified changes that the transition from Canadian GAAP to International Financial Reporting Standards (IFRS) will have on the Company’s accounts in 2011 (and prior year comparatives) and thereafter. Impacts contained herein are preliminary and unaudited – and the impact assessment is based on preliminary accounting policy and IFRS 1 choices made by the Company based on standards and interpretations issued by the International Accounting Standards Board (IASB) that were in effect as at January 1, 2011.

It should be noted, however, that accounting standards and interpretations are always subject to change and that the Company’s reporting under IFRS for the 2011 fiscal year (and prior year comparatives presented) will be based on standards that are effective at the end of 2011. The Company will thus continue to actively monitor developments in the standards as proposed and issued by the IASB as well as regulatory standards issued by Canadian Securities administrators and Office of the Superintendent of Financial Institutions (OSFI). Accordingly, the financial information could be subject to change when the 2011 quarterly and year-end IFRS Consolidated Financial Statements are reported.