The Company's core retail business, Canadian Tire Retail, posted adjusted earnings results that were effectively unchanged from the same quarter in 2008 while demonstrating year-to-date adjusted earnings before income taxes growth of 1.9%. This resiliency in the core retail business has been achieved despite challenging market conditions and unseasonable cold, wet weather.

"Our core business is resilient in the face of challenging seasonal and economic realities delivering modest shipment growth and a positive EBITDA uplift- although offset by the overall challenges in financial services," said Stephen Wetmore, President and CEO, Canadian Tire. "We are now entering some of the most important weeks for our retail businesses and I am confident that we have the right strategies, people and plans in place."

------------------------------------------

Consolidated 2009 2008(1)

Highlights: 3rd Quarter 3rd Quarter Change

----------------------------------------------------------------- --------

Retail sales(2) $ 2.45 billion $ 2.61 billion (6.0)%

Gross operating revenue $ 2.17 billion $ 2.26 billion (4.1)%

EBITDA(3) $218.8 million $223.9 million (2.4)%

Adjusted earnings before income

taxes (excludes non-operating

gains and losses)(3) $127.2 million $159.2 million (20.1)%

Net earnings $ 85.4 million $109.1 million (21.8)%

Adjusted net earnings (excludes

non-operating gains and

losses)(3) $ 91.0 million $116.0 million (21.6)%

Basic earnings per share $ 1.04 $ 1.34 (21.9)%

Adjusted basic earnings per

share (excludes non-operating

gains and losses)(3) $ 1.11 $ 1.42 (21.8)%

(1) The 2008 earnings 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) Represents retail sales at CTR (which includes PartSource), Mark's

corporate and franchise stores and Petroleum's sites

(3) Non-GAAP measure. Please refer to section 15.0 of Management's

Discussion and Analysis.

Business Overview

CANADIAN TIRE RETAIL

($ in millions) Q3 2009 Q3 2008(1) Change 2009 YTD 2008 YTD(1) Change

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Retail sales(2) $1,818.3 $1,860.3 (2.3)% $5,239.4 $5,253.6 (0.3)%

Same store

sales(3) (year

-over-year %

change) (3.8)% 2.0% (1.9)% (0.5)%

Gross operating

revenue 1,408.5 1,399.3 0.7% 4,057.8 4,032.7 0.6%

Net shipments

(year-over-year

% change) 0.3% 7.6% 0.1% 3.8%

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Earnings before

income taxes 95.6 94.0 1.6% 223.6 222.7 0.4%

Less adjustment

for:

Amortization

of interest

rate swap

unwind 1.6 - 1.6 -

Gain (loss) on

disposals of

property and

equipment(4) 0.3 (0.3) (0.4) 3.7

Former CEO

retirement

obligation 0.0 0.2 0.5 1.1

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Adjusted earnings

before income

taxes(5) $ 93.7 $ 94.1 (0.4)% $ 221.9 $ 217.9 1.9%

----------------------------------------------------------------- --------

(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 sales from Canadian Tire stores, PartSource stores and the

labour portion of CTR's auto service sales.

(3) Same store sales include sales from all stores that have been open

for more than 53 weeks.

(4) Includes fair market value adjustments and impairments on property

and equipment.

(5) Non-GAAP measure. Please refer to section 15.0 in Management's

Discussion and Analysis.

Canadian Tire Retail's sales decreased 2.3% from the same quarter in 2008 with unseasonable cool, wet weather impacting some seasonal businesses such as backyard living, cycling, gardening and camping and continuing challenging economic conditions impacting discretionary categories such as home decor, electronics and storage and organization. Despite overall softer sales, Canadian Tire Retail did see a healthy increase in sales in growth categories such as exercise equipment, automotive parts, kitchen and pet food.

Canadian Tire Retail's third quarter adjusted earnings before income taxes were $93.7 million, down 0.4% compared to a year ago as increases in operating expenses for the new Eastern Canada Distribution Centre, higher store occupancy costs and continued investments in productivity initiatives were partially offset by effective cost management, particularly in advertising and supply chain.

During the quarter, Canadian Tire Retail expanded one traditional store into a Smart store and opened one incremental Small Market store with a full size Mark's offering, bringing the total number of stores in the network to 476.

Customer reaction to both the Smart store and Small Market store continues to be very positive. Both concepts are generally performing above expectations with higher than projected traffic count and basket size.

PartSource experienced sales increases driven by both the continued expansion of the network and improved product assortment. During the quarter, PartSource opened one new corporate store in Welland, Ontario which was a new store format, expanded one store into a hub store and closed two stores bringing the network total to 87 locations.

CANADIAN TIRE PETROLEUM (Petroleum)

($ in millions) Q3 2009 Q3 2008 Change 2009 YTD 2008 YTD Change

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Sales volume

(millions of

litres) 433.5 414.5 4.6% 1,277.5 1,257.9 1.6%

Retail sales $ 441.1 $ 550.2 (19.8)% $1,220.2 $1,541.1 (20.8)%

Gross operating

revenue 403.6 519.3 (22.3)% 1,116.3 1,456.9 (23.4)%

----------------------------------------------------------------- --------

Earnings before

income taxes 8.5 7.5 13.9% 22.3 20.5 9.0%

Less adjustment for:

Loss on disposals

of property

and equipment(1) (0.1) (0.1) (0.4) (0.3)

----------------------------------------------------------------- --------

Adjusted earnings

before income

taxes(2) $ 8.6 $ 7.6 13.4% $ 22.7 $ 20.8 9.1%

----------------------------------------------------------------- --------

(1) Includes asset impairment losses.

(2) Non-GAAP measure. Please refer to section 15.0 in Management's

Discussion and Analysis.

While there was a 4.6% increase in gasoline sales volume over the comparable period in 2008 due to lower prices at the pumps, Petroleum experienced declines of 22.3% in gross operating revenues and 19.8% in retail sales due to these significantly lower retail gasoline prices.

Despite the decrease in pump prices, Petroleum had a record quarter with pre-tax adjusted earnings up 13.4% due to strong convenience sales, relatively stable gasoline margins and well managed operating expenses which were held relatively flat in spite of the growth in the Petroleum network.

Petroleum opened one new gas bar, refurbished five existing sites and closed one location during the quarter bringing the total number of gas bars in the network to 273.

MARK'S WORK WEARHOUSE (Mark's)

($ in millions) Q3 2009 Q3 2008(1) Change 2009 YTD 2008 YTD(1) Change

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Total retail

sales(2) $ 189.6 $ 194.5 (2.5)% $ 568.3 $ 600.1 (5.3)%

Same store

sales(3) (year-

over-year

% change) (3.7)% (1.0)% (6.7)% (2.0)%

Gross operating

revenue(4) 164.2 168.7 (2.6)% 493.5 516.8 (4.5)%

----------------------------------------------------------------- --------

Earnings (loss)

before income

taxes (3.8) (0.1) N/A (1.6) 3.8 (142.7)%

Less adjustment for:

Loss on disposals

of property and

equipment (0.5) (0.3) (0.8) (0.4)

----------------------------------------------------------------- --------

Adjusted earnings

(loss) before

income taxes(5) $ (3.3) $ 0.2 N/A $ (0.8) $ 4.2 (120.1)%

----------------------------------------------------------------- --------

(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 retail sales from corporate and franchise stores.

(3) Mark's same store sales exclude new stores, stores not open for the

full period in each year and store closures.

(4) Gross operating revenue includes retail sales at corporate stores

only

(5) Non-GAAP measure. Please refer to section 15.0 in Management's

Discussion and Analysis.

Mark's third quarter total retail sales were $189.6 million down 2.5% from the $194.5 million recorded a year ago due to softer economic conditions. While there were sales decreases in the resourced-based provinces of British Columbia and Alberta, most of the balance of the country showed modest sales growth. At the category level, ladies wear was least affected by the economic slowdown posting a corporate store sales increase. However, corporate store sales in industrial wear and men's wear were down year over year, with the largest dollar sales decreases occurring in industrial work wear and men's industrial footwear. Mark's continues to be focused on introducing products into its Clothes That Work(R) assortment that are better designed and engineered.

Mark's pre-tax earnings decreased in the third quarter of 2009 primarily as a result of the decrease in gross operating revenue and higher expenses due to network expansion and infrastructure investments in recent years. The gross margin rate on merchandise sold improved this quarter, up 50 basis points due to lower markdowns versus the third quarter of 2008 offset to some degree by lower purchase markup primarily as a result of the foreign exchange hedging activities.

During the quarter, Mark's opened one new combination store, relocated four stores, expanded one franchise store and closed two stores, bringing the total number of stores in the network to 374.

CANADIAN TIRE FINANCIAL SERVICES (Financial Services)

($ in millions) Q3 2009 Q3 2008(1) Change 2009 YTD 2008 YTD(1) Change

----------------------------------------------------------------- --------

Total managed

portfolio end

of period $4,174.4 $4,002.3 4.3%

Gross operating

revenue $ 222.0 $ 197.8 12.2% $ 672.2 $ 608.0 10.6%

----------------------------------------------------------------- --------

Earnings before

income taxes 18.7 47.6 (60.8)% 93.5 146.2 (36.1)%

Less adjustment for:

Gain (loss) on

disposal of

property and

equipment (0.5) (0.6) (0.7) (0.6)

Net effect of

securitization

activities(2) (9.0) (9.1) (6.8) 7.7

----------------------------------------------------------------- --------

Adjusted earnings

before income

taxes(3) $ 28.2 $ 57.3 (50.9)% $ 101.0 $ 139.1 (27.4)%

----------------------------------------------------------------- --------

(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.

(3) Non-GAAP measure. Please refer to section 15.0 in Management's

Discussion and Analysis.

Financial Services' total managed portfolio of loans receivable was $4.2 billion at the end of the third quarter, a 4.3% increase over the $4.0 billion portfolio at the end of the comparable 2008 period due to select limit increases, balance transfer offers and a lower customer payment rate.

Financial Services' gross operating revenue was $222.0 million in the quarter, a 12.2% increase over the $197.8 million recorded in the prior year, reflecting an increase in yield resulting from various pricing initiatives and an increase in the total managed portfolio of loans receivable.

Earnings before income taxes for the third quarter decreased significantly compared to the same quarter last year due to the increase in loan loss provisioning resulting from increased bankruptcy and write off rates noted below and an increase in interest expense caused by carrying excess liquidity.

The net write-off rate for the total managed portfolio on a rolling 12- month basis was 7.30%, compared to 6.04% in the comparable 2008 period. While bankruptcy costs increased, analysis of Financial Services' performance versus national statistics indicate that Financial Services continues to experience a lower growth in bankruptcies than the Canadian average due to its effective credit risk strategies. Overall aging of past due accounts deteriorated by 47 basis points from September 2008.

As previously announced, Financial Services' sold its mortgage portfolio, approximately $162 million pre-tax, to National Bank of Canada, but is continuing to invest in its retail and broker deposit products. At quarter end, Financial Services had more than $590 million in retail deposits and $1.7 billion in broker deposits. The average term of maturity for the broker deposits is approximately 30 months.

Looking forward, the government has announced new credit card legislative changes which come into effect at varying times during 2010 and will impact items such as interest charges, payment allocation methodology and credit limit increase approvals. The preliminary estimates on the negative impact to Financial Services coming in 2010 as a result of these changes are in the range of $8 million to $10 million pre-tax.

FUNDING AND LIQUIDITY

Financial Services continues to have access to multiple sources of funding including:

- Operating cash flow

- Broker deposits

- Retail deposits in the form of high interest savings accounts and

GIC's

In addition, $1.2 billion of committed bank lines are available to Financial Services.

By the end of the third quarter, Financial Services had pre- funded the majority of the approximately $500 million required during the balance of the year to repay maturing short-term GIC deposits and finance the increase in receivables that will result when Glacier term notes mature. The cost of this conservative approach was approximately $5 million for the quarter.

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.

CAPITAL EXPENDITURES

As a result of adjustments to the timing of projects and lower actual project costs, Management now expects capital expenditures for the 2009 fiscal year to be approximately $300 million, down from the originally planned $390 million and approximately $26 million lower than the capital forecast provided at the end of the second quarter.

FORWARD-LOOKING STATEMENTS

This disclosure contains statements that are forward-looking. Actual results or events may differ materially from those forecasted in this disclosure because of the risks and uncertainties associated with Canadian Tire's business and the general economic environment. Risks and uncertainties are disclosed in other public filings by the Company, such as Management's Discussion and Analysis ("the MD&A") and the 2008 Financial Report and include, but are not limited to: changes in interest, currency exchange and tax rates; the ability of Canadian Tire to attract and retain quality employees, Dealers, Petroleum agents and PartSource and Mark's Work Wearhouse store operators and franchisees; and the willingness of customers to purchase the Company's merchandise, financial products and services.

Risk factors associated with the assumptions that underlie Canadian Tire's expected performance in 2009 that have the potential to affect the operating performance and financial results of the Company's divisions are outlined in Section 11.0 of the MD&A.

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.

In a simultaneous news release, Canadian Tire also announced organizational changes to focus on business performance and customer- centred growth.

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 November 12, 2009. 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), operates more than 1,200 general merchandise and apparel retail stores and gas stations in an inter-related network of businesses engaged in retail, financial services and petroleum. Canadian Tire Retail, one of Canada's most shopped general merchandise retailers, with 476 stores operated by Dealers across Canada offers a unique mix of products and services through three specialty categories in which the organization is the market leader - Automotive, Sports and Leisure, and Home Products. www.canadiantire.ca offers Canadians the opportunity to research more than 25,000 products online. PartSource is an automotive parts specialty chain with 87 stores designed to meet the needs of purchasers of automotive parts - professional automotive installers and serious do-it-yourselfers. Canadian Tire Petroleum is one of the country's largest and most productive independent retailers of gasoline, operating 273 gas bars, 268 convenience stores and kiosks, and 73 car washes. Mark's Work Wearhouse is one of the country's leading apparel retailers operating 374 stores in Canada. Under the Clothes that Work(TM) marketing strategy, Mark's sells apparel and footwear in work, work- related, casual and active-wear categories, as well as health-care and business-to-business apparel. www.marks.com offers Canadians the opportunity to shop for Mark's products online. Canadian Tire Financial Services has issued over five million Canadian Tire MasterCard credit cards and also markets related financial products and services for retail and petroleum customers. Canadians can also access Financial Services online at www.ctfs.com. 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.

Management's discussion and analysis (MD&A)

----------------------------------------------------------------- --------

Introduction

This Management's Discussion and Analysis (MD&A) provides management's perspective on our Company, our performance and our strategy for the future.

Definitions

In this document, the terms "we", "us", "our", "Company" and "Canadian Tire" refer to Canadian Tire Corporation, Limited and its business units and subsidiaries.