• FGL Sports Ltd., a wholly-owned subsidiary of Canadian Tire Corporation,
  Limited, enters into a purchase agreement with Pro Hockey Life Sporting
  Goods Inc. for $85 million
• Acquisition of premier, high-end hockey store chain is a natural
  extension of Company’s strength in sports
• Builds on Canadian Tire’s successful acquisition and integration of FGL
  Sports
• Accretive to earnings in the first year
• Consistent with Canadian Tire’s strategy to seek new platforms for
  growth in core categories

CALGARY, Nov. 28, 2012 /CNW/ – FGL Sports Ltd., a division of Canadian
Tire Corporation, Limited (TSX:CTC) (TSX:CTC.a) , today announced that
it has entered into an agreement to purchase Pro Hockey Life Sporting
Goods Inc., a private company, for $85 million. The transaction follows
Canadian Tire’s successful acquisition of FGL Sports in 2011 and builds
on the Company’s strength as Canada’s leading sports authority.

Pro Hockey Life is a premier sports retailer with 23 urban, high-end
hockey stores operating in five provinces across Canada. It has annual
revenue of approximately $95 million, a unique customer base, as well
as a more extensive product assortment and depth of product offering
than existing retail banners.

“Hockey isn’t merely something we sell in our stores,” said Stephen
Wetmore, President and CEO, Canadian Tire Corporation. “Hockey is in
our DNA – whether it’s our relationship with the NHL, helping kids in
need through our Jumpstart charity or supporting junior hockey players
and teams across the country, we are a Canadian company supporting
Canada’s game.”

“Whether Canadians aspire to be a champion in the playground or on a
podium, Canadian Tire believes it has a role in helping active people
and athletes succeed,” continued Wetmore.

“No one knows sports in Canada better than our family of Canadian Tire
companies,” said Michael Medline, President, FGL Sports. “This
acquisition is a natural extension of our core authority in sports and
hockey and Pro Hockey Life will be an excellent addition to our family
of great Canadian companies.”

Upon conclusion of the transaction, Pro Hockey Life will operate as a
banner under FGL Sports, joining super brands such as Sport Chek and
Sports Experts. The acquisition will bolster Pro Hockey Life’s
capacity to provide Canadians with an unparalleled selection of hockey
equipment, knowledgeable staff and excellent customer experience. It
will also provide FGL Sports with the ability to serve a broader cross
section of hockey players of varying ages and skill levels.

“I am very proud of how we have grown Pro Hockey Life into a leader in
hockey retail, thanks to the hard work and commitment of all of our
employees,” said Scott Jackson, President, Pro Hockey Life. “Pro Hockey
Life has a bright future as part of the Canadian Tire family and I have
no doubt that the company will reach even greater heights within FGL
Sports.”

This transaction, which builds on the successful acquisition of FGL
Sports in August, 2011, is subject to receipt of certain regulatory
approvals, third party consents and other customary conditions.
Completion of the transaction is expected to close in the early part of
2013.

Blair Franklin Capital Partners acted as financial advisor to Canadian
Tire. Legal counsel was provided to Canadian Tire by Goodmans LLP and
Stikeman Elliott LLP.

Champlain Financial Corporation acted as financial advisor to Pro Hockey
Life. Legal counsel was provided to Pro Hockey Life by Fasken Martineau
Dumoulin LLP.

FORWARD-LOOKING STATEMENTS

This document contains forward-looking information that reflects
management’s current expectations related to the proposed acquisition.
Forward-looking statements are provided for the purposes of providing
information about management’s current expectations and plans and
allowing investors and others to get a better understanding of our
financial position, results of operation and operating environment.
Readers are cautioned that such information may not be appropriate for
other circumstances.

All statements other than statements of historical facts included in
this document may constitute forward-looking information, including but
not limited to, statements concerning the expected benefits of the
proposed acquisition, such as growth potential and market profile; the
competitive ability and position of Canadian Tire, FGL Sports and Pro
Hockey Life following the proposed acquisition; the expected timing of
completion of the proposed acquisition; and management’s expectations
relating to possible or assumed future prospects and results, our
strategic goals and priorities, our actions and the results of those
actions and the economic and business outlook for us. 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.

By its very nature, forward-looking information requires us to make
assumptions and is subject to inherent risks and uncertainties, which
give rise to the possibility that the Company’s assumptions may not be
correct and that the Company’s expectations and plans will not be
achieved. Although the Company believes that the forward-looking
information in this document is based on information and assumptions
that 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 expectations and plans
as set forth in such forward-looking information for a variety of
reasons. Some of the factors – many of which are beyond our control and
the effects of which can be difficult to predict – include (a) the
failure to obtain, on a timely basis or otherwise, required approvals
of regulatory agencies (including the terms of such approvals); (b) the
risk that a condition to completion of the proposed acquisition may not
be satisfied; (c) the risk that the Pro Hockey Life business will not
be integrated successfully; (d) the possibility that the anticipated
benefits and synergies from the proposed acquisition cannot be realized
or may take longer to realize than expected; (e) the ability of
Canadian Tire, FGL and Pro Hockey Life to retain and attract key
personnel and maintain relationships with customers, suppliers and
other business partners, as well as our financial arrangements with
such parties; and (f) credit, market, currency, operational, liquidity
and funding risks generally, including changes in economic conditions,
interest rates or tax rates; and (g) risks and uncertainties relating
to information management, technology, supply chain, product safety,
changes in law, competition, seasonality, commodity price and business
disruption. We caution that the foregoing list of important factors and
assumptions is not exhaustive and other factors could also adversely
affect our results. Investors and other readers are urged to consider
the foregoing risks, uncertainties, factors and assumptions carefully
in evaluating the forward-looking information and are cautioned not to
place undue reliance on such forward-looking information.

For more information on the risks, uncertainties and assumptions that
could cause the Company’s actual results to differ from current
expectations, please refer to the “Risk Factors” section of our Annual
Information Form for fiscal 2011 and our 2011 Management’s Discussion
and Analysis, as well as the Company’s other public filings, available
at www.sedar.com and at www.corp.canadiantire.ca.

The forward-looking statements and information contained herein are
based on certain factors and assumptions as of the date hereof. 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.

SOURCE FGL Sports Ltd.