West 49 Inc. 2009 AGM Presentation

Annual General Meeting June 17, 2009

President & CEO

Sam Baio

Forward-Looking Statements Certain statements in this presentation are forward-looking and are subject to important risks, uncertainties and assumptions concerning future conditions that may ultimately prove to be inaccurate and may differ materially from actual future events or results. Forward-looking statements are based on estimates made by management of West 49 Inc. based on current information. These are not formal forecasts or projections of future results and have not been derived from any pro forma financial statements now have been audited or reviewed by any third party. You are reminded not t place undue reliance on these forward-looking statements, which speak only as of the date hereof. West 49 Inc. shall undertake no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstance that occur after the date hereof or to the occurrence of unanticipated events.

FY 2009 in Review

Volatile Canadian $

Cross-border shopping

Minimum wage increases

Troubling economy

Challenging year

FY 2009 in Review

Best brands on Earth, lowest prices ever

Platinum Club sales incentive program

Ontario no-tax event

Primary objective: defend market share

FY 2009 in Review Defended market share Grew comparable store sales Impacted margins

FY 2009 in Review

Shut down Duke’s Northshore

Centralized all functions for the Off The Wall banner into our Burlington head office

Decisive action

A Strong Start to FY 2010

Continued top line growth

Higher gross margin

Benefited from focus on expense management

Narrowed loss from a year ago

First quarter progress

CFO & Corporate Secretary

Rhonda Biddix

Financial Review — FY 2009

Goodwill & intangible asset impairment charge = $12M

Impairment related to Duke’s Northshore = $0.9M

Results impacted by non-cash items

Net Sales

FY 2009 = $210.4M FY 2008 = $204.9M Comparable Store Sales Gross Margin Consolidated = -0.4% West 49 banner = +0.1% FY 2009 = $46.8M FY 2008 = $52.4M

Normalized EBITDA

FY 2009 = $3.4M FY 2008 = $8.8M Normalized Net Income (Loss) Income (Loss) Per Share, Normalized FY 2009 = ($2.6M) FY 2008 = $1.5M FY 2009 = ($0.04) FY 2008 = $0.02

Financial Review — Q1 2010

Net Sales

Q1 2010 = + $40.8M Q1 2009 = + $38.9M Comparable Store Sales Consolidated = +2.9% West 49 banner = +7.7% + 4.9%

Gross Margin

Improved product margins

Improved focus on inventory and merchandising

Q1 2010 = + $7.4M Q1 2009 = + $4.8M Gross Margin Rate* Q1 2010 = + 18.1% Q1 2009 = + 12.3% * As a rate to net sales + $2.6M + 580 bps

EBITDA (Loss)

Q1 2010 = ($2.2M) Q1 2009 = ($4.3M) Net Income (Loss) Income (Loss) per Share Q1 2010 = ($2.6M) Q1 2009 = ($4.2M) Q1 2010 = ($0.04) Q1 2009 = ($0.07)

President & CEO

Sam Baio

Our Outlook

Recession / recovery???

Our efforts are just beginning to pay off

Better positioned for BACK-TO-SCHOOL and HOLIDAY selling seasons

We will be THE retail destination of choice for Canadian tweens & teens seeking to fulfill their action sports lifestyle needs Vision

Attractive Target Market

Spend $4.9 billion / year

½ on clothing, footwear & accessories

Account for 76% of action sports participants

Canadian tweens and teens

Source: Global Habbo Youth Survey – Brand Update 2009 Top Brands for Canadian Youth Clothing Shoes Ugg 10. Nike 10. Etnies 9. Billabong 9. C1Rca 8. Garage 8. Airwalk 7. Aeropostale 7. Puma 6. Bluenotes 6. Vans 5. Stitches 5. Adidas 4. DC 4. Converse 3. West 49 3. DC 2. Hollister 2. Nike 1. American Eagle 1.

Unique Promotions

Growing our core business MAXIMIZE RETURNS from existing stores OPEN NEW STORES in new & existing markets

Annual General Meeting June 17, 2009 Designed by the Equicom Group