CARL GAUVREAU, Knowlton Development Corporation (KDC) Chief Financial Officer • Seasoned financial executive, leading all aspects of finance including acquisitions,

divestiture, financing, tax, audit and governance as well as synergistic areas : IT, Real Estate, Procurement

• Recently joined KDC, after serving 10 years as CFO of international, public and private companies

• His duties led him to live and work 5 years in the USA in 2 different states

RICHARD DUFRESNE, GEORGE WESTON & LOBLAWS Chief Financial Officer • Seasoned financial executive, leading all aspects of finance, including investor relations,

treasury, tax, audit, and business synergies • Chief Financial Officer of Loblaw Companies Limited, adding to his existing responsibilities

as Chief Financial Officer of George Weston Limited. As the CFO of two strong Canadian organizations, Richard

MAARIKA PAUL, CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC (CDPQ) Executive Vice-President and Chief Financial Officer • Seasoned financial executive, monitoring financial performance, overseeing treasury

operations, the preparation of accounting and financial information, controlling operating expenses, tax strategy and financial governance. She also oversees the human resources and talent management activities of CDPQ

• Canada's Most Powerful Women: Top 100 list (by Womens' Executive Network-2008) • Leadership Award from the Association of Québec Women in Finance (2013)

SCOTT MILLIGAN, MORNEAU SHEPELL Executive Vice President and Chief Financial Officer • responsible for the corporate functions that manage and determine the financial health of

the organization, including financial reporting, processes, control, tax, treasury, real estate, planning, analysis, and investor relations

• Moderator for this session

2

Building sustainable value

3

CDPQ: One of the largest institutional fund

managers in North America

$248 billion in net assets

90% of assets managed in-house

$150 billion of exposure to global markets

34 depositors

AAA credit rating

$91B

$86B

$27B

$26B

$13B

Public Markets

Fixed Income

Real Estate

Private Equity

Infrastructure

CDPQ today

4

Annual return

9.5% over 5 years

8.6% over 50 years

Net assets over four years (as at December 31, 2015 – in billions of Canadian dollars)

152 159 176

200 226

248

0

50

100

150

200

250

300

2010 2011 2012 2013 2014 2015

Investment priorities

5

Absolute-return management

• Invest with conviction for the long term

using in-depth analysis

Global footprint

• Capitalize on the growth of international

markets by moving closer to targeted

regions

New sources of returns

• Diversify types of investments while staying focused on

quality assets

Impact in Québec

• Maximize our impact on Québec’s economy and

companies

(scheduled to open soon)

A global presence

6

7

Richard Dufresne, Chief Financial Officer

8

• $47 billion in revenue

• Over 200,000 employees

• $900 million in sales every

week

• A leader in food and drug

retailing in Canada

• Strong North American

presence in bakery

Ownership Share:

46%

George Weston Limited – A global leader in retailing and food

manufacturing

Ownership Share:

100%

9

Loblaw Companies – Canada’s largest retailer and family of

companies

• $45 Billion in Revenue

• Canada’s Food and

Pharmacy Leader

• 1 Billion Transactions/Year

• 2,429 Corporate, Franchise

and Associate-Owned Stores

• 20+ Banners

• 192,000 Employees

• One of Canada’s largest real

estate companies –

Choice Properties REIT

• Leading apparel retailer –

Joe Fresh

• Strong presence in the financial

services industry through PC

Financial

10

joe fresh emerging president’s

choice financial

choice properties

REIT

shoppers

drug

mart

discount market

2,400+

Stores

Loblaw Companies – Strong, Complementary but Independent

Businesses

#1 Food Retailer in Canada (32% share)

#1 Pharmacy Retailer in Canada (22% share)

#6 Food Retailer in North America

3 of Canada's top consumer brands

1 in 2 Canadians participate in our loyalty programs

17 million shoppers visit our stores weekly

11

Our banners…

FEI presentation

June 9, 2016

Carl Gauvreau

CFO, KDC since August 2015

1984

1995

2006

2013

11 yrs with A Big FOUR

• Public companies

10 yrs at Quebecor World

• Top global printer , $6.5B US • IPO on NYSE in 1995 • Several acquisitions including public takeover of World Color in July 1999 • Several public and private fnancing , leasing solutions • 2.5 yrs in Greenwich, CT, CFO, North America

6 yrs at Hartco – CFO

• Leader en IT infrastructure distribution and services • Successful divestitures to grow cash flow generation • Public Income Trust (TSX), converted back to a public company in 2009

2.5 yrs GardaWorld– CFO,

Cash Services

• Global Leader in Security Services • Implementation of Internal Audit, Real Estate and Procurement services • Acquisition of Bank of America money rooms in 2014– an industry game changer

• Acquisitions • Financing

2015

KDC - CFO

13

• Leader in value added manufacturing services in the personal care and beauty sectors • Acquisitions and refinancing

Our industry- our products

KDC – a growth story

15

From 2002 to 2012

16

CFO, CATALYST FOR CHANGE

• How can the CFO be a catalyst, a leader and

influencer for change? • Describe some significant changes implemented into

your organization in recent years, the role you have played and lessons learned?

CFO, STRATEGIC

LEADER

17

FROM BUSINESS PARTNER TO TRUSTED STRATEGIST

Linking strategic priorities

• Balance long-term growth with short-term strategy for earnings and investors

• Reallocate resources in ever changing market conditions

• Building trusted collaboration between finance and businesses or other departments

• How do you see the role of today’s CFO • How to take a more strategic role?

CFO, STRATEGIC

LEADER

18

CFO VECTOR FOR GROWING THE BUSINESS • Executives are looking at a mirror and not through a

window*

• Less than 15 percent of executives consider macroeconomics trends and only 5% take this into their strategies. Moreover, less than a quarter look at their own internal projections and portfolio performance

*(McKinsey & Company article: Building a better partnership between finance and strategy – October 2015

CFO, STRATEGIC

LEADER

19

QUESTIONS