West 49 Inc. 2009 AGM

Annual General MeetingJune 17, 2009

Sam Baio

President & CEO

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.

Forward-Looking Statements

3

FY 2009 in Review

• Volatile Canadian $

• Cross-border shopping

• Minimum wage increases

• Troubling economy

4

FY 2009 in Review

• Best brands on Earth, lowest prices ever

• Platinum Club sales incentive program

• Ontario no-tax event

5

FY 2009 in Review

6

FY 2009 in Review

• Shut down Duke’s Northshore

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

7

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

8

Rhonda Biddix

CFO & Corporate Secretary

Financial Review — FY 2009

10

• Goodwill & intangible asset impairment charge = $12M

• Impairment related to Duke’s Northshore = $0.9M

Financial Review — FY 2009

Net Sales

FY 2009 = $210.4MFY 2008 = $204.9M

Comparable Store Sales

Gross Margin

Consolidated = -0.4%West 49 banner = +0.1%

FY 2009 = $46.8MFY 2008 = $52.4M

11

Financial Review — FY 2009

Normalized EBITDA

FY 2009 = $3.4MFY 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

12

Financial Review — Q1 2010

Net Sales

Q1 2010 = + $40.8MQ1 2009 = + $38.9M

Comparable Store Sales

Consolidated = +2.9%

West 49 banner = +7.7%West 49 banner = +7.7%

+ 4.9%+ 4.9%

13

Financial Review — Q1 2010

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+ $2.6M

+ 580 bps+ 580 bps

14

Financial Review — Q1 2010

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)

15

Sam Baio

President & CEO

Our Outlook

• Recession / recovery???

• Our efforts are just beginning to pay off

Better positioned forBetter positioned for BACK-TO-SCHOOL BACK-TO-SCHOOL andand HOLIDAY HOLIDAY selling selling seasonsseasons

17

We will be THE retail destination of choice for Canadiantweens & teensseeking to fulfill their action sports lifestyles needs.

Attractive Target Market

• Spend $4.9 billion / year ½ on clothing, footwear

& accessories

• Account for 76% of action sports participants

19

Source: Global Habbo Youth Survey – Brand Update 2009

1. American Eagle 1.1. NikeNike2. Hollister 2.2. DCDC

3.3. West 49West 49 3. Converse

4.4. DCDC 4. Adidas

5. Stitches 5.5. VansVans6. Bluenotes 6. Puma

7. Aeropostale 7. Airwalk

8. Garage 8.8. C1RcaC1Rca

9.9. BillabongBillabong 9.9. EtniesEtnies

10.10. NikeNike 10. Ugg

Top Brands for Canadian Youth

Clothing Shoes

20

Unique Promotions

21

MAXIMIZE RETURNS from existing stores

OPEN NEW STORES in new & existing markets

Annual General MeetingJune 17, 2009

Produced by The Equicom Group Inc.