RELATIVE STOCK / UNIT PRICE PERFORMANCE (%) 237 250 226 192 189 - PowerPoint PPT Presentation

RELATIVE STOCK / UNIT PRICE PERFORMANCE (%) 237 250 226 192 189 200 203 143 144 140 183 150 100 151 100 148 147 126 126 100 127 100 50 0 1996 1997 1998 1999 2000 2001 NWF TSE 300 TSE MERCHANDISING INDEX

COMPONENTS OF NWF TOTAL RETURN 1995-2000 Unit price increase .. 44.1% Dividends, distributions .. 54.1% Compound return on dividends, distributions . 38.8%

NWF STRUCTURE UNITHOLDERS EACH UNIT 100% - 15M units NWF NWF $11.67 sub debt @ 12.5% 1 common share 100% - sub debt $175M 100% - common 15M shares NWC NWC Income distributable per unit: 2000 - $1.44 or $21.4 M

CAPITAL STRUCTURE ($ in millions) 201 191 200 1.6:1 1.50 178 176 175 174 171 164 170 1.27 160 147 150 1.4:1 1.25 1.26 140 1.06 1.19 1.01 1.2:1 100 1.00 0.92 1.0:1 50 0.75 0.8:1 0 0.50 1995 1996 1997 1998 1999 2000 DEBT EQUITY DEBT:EQUITY

Our vision is to be the most successful small market retailer in North America.

REVENUE ($ in millions) CANADA ALASKA $700 $659 $650 $629 $626 $616 $156 $592 $590 $600 $148 $135 $118 $121 $116 $550 $500 $503 $498 $494 $478 $474 $450 $471 $400 $350 $300 $0 1995 1996 1997 1998 1999 2000

TRADING PROFIT ($ in millions) $63.9 $62.0 $60.0 $59.4 60 $57.1 $48.0 50 40 30 20 1995 1996 1997 1998 1999 2000

CHANGE BY QUARTER (%) SALES TRADING PROFIT 20.0 18.0 17.7 16.0 14.0 13.6 12.0 10.0 6.6 8.0 5.9 5.1 6.0 3 4.0 2.0 0.0 -2.0 -4.0 -2.4 -3.2 -6.0 -8.0 Q1 Q2 Q3 Q4

EARNINGS PER UNIT $1.89 2.00 $1.86 $1.82 1.80 1.60 $1.40 1.40 $1.18 1.20 1.00 0.80 $0.68 0.60 0.40 0.20 0.00 1995 1996 1997 1998 1999 2000

CANADIAN SALES 10.0% 8.3% 8.0% 6.0% 4.7% 4.0% 2.0% 0.0% -2.0% Food -4.0% -6.0% 2000 2001

FOOD SALES GROWTH BY QUARTER (%) 10.0 8.3 8.0 6.5 6.7 6.0 4.7 4.0 4.3 4.3 2.0 1.6 1.4 1.0 0.0 0.5 - 0. -2.0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 1998 1999 2001 2000

CANADIAN SALES 10.0% 8.3% 8.0% 6.0% 4.2% 4.7% 4.0% 2.0% 0.0% -2.0% -2.9% -4.0% Food General -6.0% Merchandise -8.0% -10.0% 2000 2001

GEN. MERCHANDISE SALES GROWTH BY QUARTER (%) 8.0% 6.0% 4.2% 3.2% 4.0% 4.7% 4.2% 2.0% 0.0% -2.0% -3.0% -4.0% -5.1% -5.9% -6.0% -8.0% -8.5% -10.0% -10.4% -12.0% Q1 Q1 Q1 Q2 Q3 Q4 Q2 Q3 Q4 1999 2000 2001

CANADIAN TRADING PROFIT ($ in millions) 14.0 $12.6 $11.6 $11.5 12.0 $10.8 $10.2 10.0 $8.9 8.0 6.0 4.0 2.0 0.0 1996 1997 1998 1999 2000 2001

ALASKAN SALES Food 9.4% 10.0% 8.0% 6.0% 4.0% 2.0% -1.4% 0.0% -2.0% 2000 2001

ALASKAN SALES General Food Merchandise 9.4% 10.0% 8.1% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -1.4% -1.8% 2000 2001

ALASKAN TRADING PROFITS ($ in millions, Canadi $1.5 $1.1 $1.0 $1.0 $0.8 $0.7 $0.5 $0.5 $0.0 $0.0 1996 1997 1998 1999 2000 2001

EARNINGS PER UNIT $0.35 $0.34 0.35 $0.29 0.30 0.25 $0.19 0.20 $0.16 0.15 $0.11 0.10 0.05 0.00 1996 1997 1998 1999 2000 2001

¥ Grow with the Canadian North

¥ Grow with the Canadian North ¥ Close Alaska Performance Gap

¥ Grow with the Canadian North ¥ Close Alaska Performance Gap ¥ New Growth Ventures

Grow with the Canadian North

Grow with the Canadian North • Strategy #1 - Streamline our business.

Grow with the Canadian North • Strategy #1 - Streamline our business. • Strategy #2 - Focus on what our customers value the most and what creates value for us.

Grow with the Canadian North • Strategy #1 - Streamline our business. • Strategy #2 - Focus on what our customers value the most and what creates value for us. • Strategy #3 - Be the best at selling.

Grow with the Canadian North • Strategy #1 - Streamline our business.

Grow with the Canadian North • Strategy #2 - Focus on what our customers value the most and what creates value for us.

Grow with the Canadian North • Strategy #3 - Be the best at selling.

GROWTH IN ABORIGINAL MANAGEMENT 250 197 200 167 162 150 136 128 100 90 50 0 1996 1997 1998 1999 2000 2001

Be the Best at Selling ¥ Management Development ¥ Wintering Partners Conference ¥ Store Compensation

¥ Grow with the Canadian North ¥ Close Alaska Performance Gap

CLOSE ALASKA PERFORMANCE GAP (%) 15 Trading Profit % 12.1 11.3 10.8 10.7 10.7 10.1 10 6.0 6.0 4.7 5 3.0 1.9 0.5 0 1995 1996 1997 1998 1999 2000

¥ Grow with the Canadian North ¥ Close Alaska Performance Gap ¥ New Growth Ventures

New Growth Ventures ¥ Greater scale = lower costs for core business. ¥ Apply unique market knowledge. ¥ Partner with another market leade