Investor Presentaiton

THE NORTH WEST COMPANY Forward Looking Statements This presentation for The North West Company ("North West" or "the Company") contains forward-looking statements about the Company, including its business operations, strategy and expected financial performance and financial condition. Specific forward-looking statements in this presentation include, but are not limited to, statements with respect to the Company's anticipated future results, events and plans, strategic initiatives and restructuring, future liquidity, planned capital investments, the sale of certain of the Company's Giant Tiger stores to Giant Tiger Stores Limited ("GTSL") and the anticipated impact of the Covid-19 virus on the Company's operations and the Company's related business continuity plans. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "estimates", "intends", "targets", "projects", "forecasts" or negative versions thereof and other similar expressions, or future or conditional future financial performance (including sales, earnings, growth rates, capital expenditures, dividends, debt levels, financial capacity, access to capital, and liquidity), on-going business strategies or prospects, and possible future action by the Company, including the closing of the GTSL transaction which is subject to commercial risks and closing conditions that are outside the control of the Company which may cause the GTSL Transaction to not close on the terms and conditions negotiated or at all. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Company, economic factors and the retail industry in general. They are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements made by the Company due to, but not limited to, important factors such as general economic, political and market factors in North America and internationally, interest and foreign exchange rates, changes in accounting policies and methods used to report financial condition, including uncertainties associated with critical accounting assumptions and estimates, the effect of applying future accounting changes, business competition, technological change, changes in government regulations and legislation, changes in tax laws, unexpected judicial or regulatory proceedings, catastrophic events, the Company's ability to complete capital projects, strategic transactions and integrate acquisitions, the Company's ability to realize benefits from investments in information technology ("IT") and systems, including IT system implementations or unanticipated results from these initiatives and the Company's success in anticipating and managing the foregoing risks. The reader is also cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements. Other risks are outlined in the Risk Management section of the 2018 Annual Report and in the Risk Factors sections of the Annual Information Form and Management Information Circular. Other risks and uncertainties not presently known to the Company or that the Company presently believes are not material could also cause actual results or events to differ materially from those expressed in its forward-looking statements. The reader is also cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements. Other than as specifically required by applicable law, the Company does not intend to update any forward-looking statements whether as a result of new information, future events or otherwise. This presentation uses certain non-GAAP measures, such as Adjusted EBIT and Adjusted EBITDA which the Company believes provides useful information to both management and investors in measuring the financial performance of the Company. These measures do not have a standardized meaning prescribed by GAAP, and therefore, they may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with GAAP. Additional information on the Company, including our Annual Information Form, can be found on SEDAR at www.sedar.com or on the Company's website at www.northwest.ca. 2

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