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Filed pursuant to Rule 424(b)(4)

Registration No. 333-216078

20,000,000 Shares

Canada Goose Holdings Inc.

Subordinate Voting Shares

Thisistheinitialpublicofferingofoursubordinatevotingshares.Weareoffering6,308,154subordinatevotingshares,andthesellingshareholdersnamedinthisprospectus,includingour
principalshareholders,areoffering,intheaggregate13,691,846subordinatevotingshares.Wewillnotreceiveanyproceedsfromthesubordinatevotingsharessoldbythesellingshareholders.
TheinitialpublicofferingpriceisC$17.00persubordinatevotingshare.
Nopublicmarketcurrentlyexistsforoursubordinatevotingshares.OursubordinatevotingshareshavebeenapprovedforlistingontheNewYorkStockExchangeintheUnitedStatesand
conditionallyapprovedforlistingontheTorontoStockExchangeinCanadaunderthesymbolGOOS.
Followingthisoffering,wewillhavetwoclassesofsharesoutstanding:multiplevotingsharesandsubordinatevotingshares.Therightsoftheholdersofourmultiplevotingsharesand
subordinatevotingsharesaresubstantiallyidentical,exceptwithrespecttovotingandconversion.Thesubordinatevotingshareswillhaveonevotepershareandthemultiplevotingshareswill
have10votespershare.Thesubordinatevotingsharesarenotconvertibleintoanyotherclassofshares,whilethemultiplevotingsharesareconvertibleintosubordinatevotingsharesonaone-
for-onebasisattheoptionoftheholderandundercertainothercircumstances,includingatthetimeoursignificantshareholdersrespectivelyceasetohold15%ofthetotalnumberofmultiple
votingsharesandsubordinatevotingsharesoutstanding.SeeDescriptionofShareCapital.Aftergivingeffecttothesaleofthesubordinatevotingsharesofferedhereby,thesubordinatevoting
shareswillcollectivelyrepresentapproximately19%ofourtotalissuedandoutstandingsharesand2%ofthevotingpowerattachedtoallofourissuedandoutstandingshares(22%and3%,
respectively,iftheunderwritersover-allotmentoptionisexercisedinfull)andthemultiplevotingshareswillcollectivelyrepresentapproximately81%ofourtotalissuedandoutstanding
sharesand98%ofthevotingpowerattachedtoallofourissuedandoutstandingshares(78%and97%,respectively,iftheunderwritersover-allotmentoptionisexercisedinfull).See
DescriptionofShareCapitalAuthorizedShareCapital.
We are eligible to be treated as an emerging growth company as defined in Section 2(a) of the Securities Act of 1933 and, as a result, are subject to reduced public company
reporting requirements. See Prospectus SummaryImplications of Being an Emerging Growth Company and a Foreign Private Issuer.
Following this offering, we will be a controlled company within the meaning of the corporate governance rules of the New York Stock Exchange. See ManagementDirector
Independence.

Investing in our subordinate voting shares involves risk. See Risk Factors beginning on page 17.

Per
share Total
Initialpublicofferingprice C$ 17.00 C$340,000,000
Underwritingcommissions(1) C$ 1.1475 C$ 22,950,000
Proceedstous,beforeexpenses C$ 15.8525 C$100,000,011
Proceedstothesellingshareholders,beforeexpenses C$ 15.8525 C$217,049,989

(1) Wehaveagreedtoreimbursetheunderwritersforcertainexpensesinconnectionwiththisoffering.SeeUnderwritingforadditionalinformationregardingunderwritingcompensation.
Totheextentthattheunderwriterssellmorethan20,000,000subordinatevotingshares,theunderwritershavetheoptiontopurchaseuptoanaggregateof3,000,000additionalsubordinate
votingsharesfromthesellingshareholdersattheinitialpublicofferingprice,lesstheunderwritingcommissions,for30daysafterthedateofthisprospectussolelytocoverover-allotments.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed on the adequacy or accuracy of this
prospectus. Any representation to the contrary is a criminal offense.
TheunderwritersexpecttodeliverthesubordinatevotingsharestoinvestorsonoraboutMarch21,2017.

CIBC Capital Markets Credit Suisse Goldman, Sachs & Co. RBC Capital Markets

BofA Merrill Lynch Morgan Stanley Barclays BMO Capital Markets TD Wells Fargo Securities
Baird Canaccord Genuity
Prospectus dated March 15, 2017
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Page
ProspectusSummary 1
TheOffering 8
SummaryHistoricalConsolidatedFinancialandOtherData 11
RiskFactors 17
ExchangeRateInformation 40
UseofProceeds 41
DividendPolicy 42
Recapitalization 43
Capitalization 44
Dilution 45
SelectedHistoricalConsolidatedFinancialData 47
ManagementsDiscussionandAnalysisofFinancialConditionandResultsofOperations 50
LetterfromDaniReiss 76
Business 77
Management 92
ExecutiveCompensation 103
CertainRelationshipsandRelatedPartyTransactions 114
PrincipalandSellingShareholders 117
DescriptionofIndebtedness 119
DescriptionofShareCapital 126
ComparisonofShareholderRights 137
SharesEligibleforFutureSale 151
MaterialUnitedStatesFederalIncomeTaxConsiderationsforU.S.Holders 153
CanadianTaxImplicationsForNon-CanadianHolders 159
Underwriting 161
LegalMatters 168
Experts 168
EnforcementofCivilLiabilities 168
OtherExpensesofIssuanceandDistribution 169
WhereYouCanFindMoreInformation 169
IndextoConsolidatedFinancialStatementsandFinancialStatementSchedules F-1

We are responsible for the information contained in this prospectus and in any free writing prospectus we prepare or authorize. Neither we, the selling
shareholders nor the underwriters have authorized anyone to provide you with different information, and neither we, the selling shareholders nor the
underwriters take responsibility for any other information others may give you. We are not, and the selling shareholders and underwriters are not,
making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. The information in this prospectus is only accurate as of
the date of this prospectus. Our business, financial condition, results of operations and prospects may have changed since that date.

Industry and Market Data

Thisprospectusincludesmarketdataandforecastswithrespecttotheapparelindustryincludingouterwearandluxurysegmentsoftheindustry.Althoughweare
responsibleforallofthedisclosurecontainedinthisprospectus,insomecaseswerelyonandrefertomarketdataandcertainindustryforecaststhatwereobtained
fromthirdpartysurveys,marketresearch,consultantsurveys,publiclyavailableinformationandindustrypublicationsandsurveysthatwebelievetobereliable.
Unlessotherwiseindicated,allmarketandindustrydataandotherstatisticalinformationandforecastscontainedinthisprospectusarebasedonindependent
industrypublications,reportsbymarketresearchfirmsorotherpublishedindependentsourcesandotherexternally

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obtaineddatathatwebelievetobereliable.InformationinthisprospectusontheouterwearandluxuryapparelmarketsisfromEuromonitorApparelandFootwear
2017editionandEuromonitorLuxuryGoods2017edition,whichisindependentmarketresearchcarriedoutbyEuromonitorInternationalLimited.Researchby
EuromonitorInternationalshouldnotbeconsideredastheopinionofEuromonitorInternational,astothevalueofanysecurityortheadvisabilityofinvestingin
thecompany.TheEuromonitordataisreportedinU.S.Dollarsandincludessalestaxesatcurrentprices.Outerwearincludesmensandwomensclothingfor
outdoor/out-of-the-housewearincludingshortsandtrousers,jeans,jacketsandcoats,suits,shirtsandblouses,jumpers,tops,dresses,skirtsandleggings.Luxury
ApparelisequivalenttoDesignerApparel(Ready-to-Wear)whichistheaggregationofMensDesignerApparel,WomensDesignerApparel,Designer
Childrenswear,DesignerApparelAccessoriesandDesignerHosiery.However,designerhautecoutureisexcludedfromEuromonitorInternationals
coverage.Somemarketandindustrydata,andstatisticalinformationandforecasts,arealsobasedonmanagementsestimates,whicharederivedfromourreview
ofcustomersurveyscommissionedbyusandconductedonourbehalfaswellastheindependentsourcesreferredtoabove.Anysuchmarketdata,informationor
forecastmayprovetobeinaccuratebecauseofthemethodbywhichweobtainitorbecauseitcannotalwaysbeverifiedwithcompletecertaintygiventhelimitson
theavailabilityandreliabilityofrawdata,thevoluntarynatureofthedatagatheringprocessandotherlimitationsanduncertainties,includingthosediscussedunder
thecaptionsRiskFactors.Asaresult,althoughwebelievethatthesesourcesarereliable,wehavenotindependentlyverifiedtheinformation.

Trademarks and Service Marks

Thisprospectuscontainsreferencestoanumberoftrademarkswhichareourregisteredtrademarksortrademarksforwhichwehavependingapplicationsor
commonlawrights.OurmajortrademarksincludetheCANADAGOOSEwordmarkandtheARCTICPROGRAM&DESIGNtrademark(ourdisclogo
consistingofthecolour-inversedesignoftheNorthPoleandArcticOcean).InadditiontotheregistrationsinCanadaandtheUnitedStates,ourwordmarkand
designareregisteredinotherjurisdictionswhichcoverapproximately37jurisdictions.Furthermore,incertainjurisdictionsweregisterastrademarkscertain
elementsofourproducts,suchasfabric,warmthcategorizationandstylenamessuchasourSnowMantraparka.

Solelyforconvenience,thetrademarks,servicemarksandtradenamesreferredtointhisprospectusarelistedwithoutthe,(sm)and(TM)symbols,butwewill
assert,tothefullestextentunderapplicablelaw,ourrightsortherightsoftheapplicablelicensorstothesetrademarks,servicemarksandtradenames.

Basis of Presentation
Unlessotherwiseindicated,allreferencesinthisprospectustoCanadaGoose,we,our,us,thecompanyorsimilartermsrefertoCanadaGooseHoldings
Inc.anditsconsolidatedsubsidiaries.

WepublishourconsolidatedfinancialstatementsinCanadiandollars.Inthisprospectus,unlessotherwisespecified,allmonetaryamountsareinCanadiandollars,
allreferencesto$,C$,CDN$,CAD$,anddollarsmeanCanadiandollarsandallreferencestoUS$andUSDmeanU.S.dollars.

OnDecember9,2013,investmentfundsadvisedbyBainCapitalL.P.anditsaffiliates,whichwerefertoasBainCapital,acquiredamajorityequityinterestinour
business.WerefertothisastheAcquisition.Accordingly,thefinancialstatementspresentedelsewhereinthisprospectusasofandforfiscal2014reflectthe
periodsbothpriorandsubsequenttotheAcquisition.Theconsolidatedfinancialstatementsasatandforfiscal2014arepresentedseparatelyfor(i)thepredecessor
periodfromApril1,2013throughDecember8,2013,whichwerefertoasthePredecessor2014Period,and(ii)thesuccessorperiodfromDecember9,2013
throughMarch31,2014,whichwerefertoastheSuccessor2014Period,withtheperiodspriortotheAcquisitionbeinglabeledaspredecessorandtheperiods
subsequenttotheAcquisitionlabeledassuccessor.Forthepurposeofperformingacomparisontofiscal2015,wehavepreparedUnauditedProFormaCombined
SupplementalFinancial

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Informationforfiscal2014,whichgiveseffecttotheAcquisitionasifithadoccurredonApril1,2013,andwhichwerefertoastheUnauditedProForma
Combined2014Period.SeeManagementsDiscussionandAnalysisofFinancialConditionandResultsofOperationsBasisofPresentation.

Inconnectionwiththisoffering,weredesignatedourClassAcommonsharesintomultiplevotingshares.Inaddition,weeliminatedallofourpreviously
outstandingseriesofcommonandpreferredsharesandcreateoursubordinatevotingshareswhichwillbeissuedinthisoffering.SeeDescriptionofShare
Capital.Thesubordinatevotingsharestobesoldbythesellingshareholdersholdingmultiplevotingsharesaspartoftheofferingwillresultfromtheconversion
ofmultiplevotingsharesintosubordinatevotingsharespriortotheclosingoftheoffering.

WereportunderInternationalFinancialReportingStandards(IFRS)asissuedbytheInternationalAccountingStandardsBoard(theIASB).Noneofthe
financialstatementswerepreparedinaccordancewithgenerallyacceptedaccountingprinciplesintheUnitedStates.OurfiscalyearendsonMarch31ofeach
calendaryear.Ourmostrecentfiscalyear,whichwerefertoasfiscal2016,endedonMarch31,2016.WerefertotheyearendedMarch31,2015andthe
UnauditedProFormaCombined2014Periodasfiscal2015andfiscal2014,respectively.

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Prospectus Summary

This summary highlights certain information contained elsewhere in this prospectus. This summary does not contain all of the information you should
consider before investing in our subordinate voting shares. You should read this entire prospectus carefully, especially the Risk Factors section of this
prospectus and our consolidated financial statements and related notes appearing elsewhere in this prospectus, before making an investment decision.

Canada Goose
Founded60yearsagoinasmallTorontowarehouse,CanadaGoosehasgrownintoahighlycovetedglobalouterwearbrand.Wearerecognizedforauthentic
heritage,uncompromisedcraftsmanshipandquality,exceptionalwarmthandsuperiorfunctionality.Thisreputationisdecadesinthemakingandisrootedin
ourcommitmenttocreatingpremiumproductsthatdeliverunrivaledfunctionalitywhereandwhenitisneededmost.BeitCanadianArcticRangersserving
theircountryoranexplorertrekkingtotheSouthPole,peoplewholive,workandplayintheharshestenvironmentsonEarthhaveturnedtoCanadaGoose.
Throughoutourhistory,wehavefoundinspirationinthesetechnicalchallengesandparlayedthatexpertiseintocreatingexceptionalproductsforany
occasion.FromresearchfacilitiesinAntarcticaandtheCanadianHighArctictothestreetsofToronto,NewYorkCity,London,Paris,Tokyoandbeyond,
peoplehavefalleninlovewithourbrandandmadeitapartoftheireverydaylives.

Wearedeeplyinvolvedineverystageofourbusinessasadesigner,manufacturer,distributorandretailerofpremiumouterwearformen,womenand
children.Thisverticallyintegratedbusinessmodelallowsustodirectlycontrolthedesignanddevelopmentofourproductswhilecapturinghighermargins.
AsofDecember31,2016,ourproductsaresoldthroughselectoutdoor,luxuryandonlineretailersanddistributorsin36countries,oure-commercesitesin
Canada,theUnitedStates,theUnitedKingdomandFranceandtworecentlyopenedretailstoresinTorontoandNewYorkCity.

Thepowerofourbusinessmodelandourabilitytoprofitablyscaleouroperationsarereflectedinourfinancialperformance.Infiscal2016,wehadrevenueof
$290.8million,grossprofitof$145.6million,whichrepresentedgrossmarginof50.1%,netincomeof$26.5million,AdjustedEBITDAof$54.3million,
AdjustedEBITDAMarginof18.7%andAdjustedNetIncomeof$30.1million.Wegrewourrevenueata38.3%compoundannualgrowthrate(CAGR),
netincomeata196.0%CAGRandAdjustedEBITDAatan85.0%CAGRfromfiscal2014tofiscal2016,whileexpandingourgrossmarginfrom38.6%to
50.1%andourAdjustedEBITDAMarginfrom10.4%to18.7%overthesameperiod.ForadditionalinformationregardingAdjustedEBITDA,Adjusted
EBITDAMarginandAdjustedNetIncome,whicharenon-IFRSmeasures,includingareconciliationofthesenon-IFRSmeasurestonetincome,see
ManagementsDiscussionandAnalysisofFinancialConditionandResultsofOperationsNon-IFRSMeasures.

Our Competitive Strengths

Webelievethatthefollowingstrengthsarecentraltothepowerofourbrandandbusinessmodel:
Authentic brand. Fordecades,wehavehelpedexplorers,scientists,athletesandfilmcrewsembracetheelementsinsomeoftheharshestenvironments
intheworld.OurstoriesarerealandarebesttoldthroughtheunfilteredlensofGoosePeople,ourbrandambassadors.Thejourneys,achievementsand
attitudesoftheseincredibleadventurersembodyourcorebeliefthatgreatnessisoutthereandinspireourcustomerstocharttheirowncourse.
Uncompromised craftsmanship. Leveragingdecadesofexperience,fieldtestingandobsessiveattentiontodetail,wedevelopsuperiorfunctional
products.Ourexpertiseinmatchingourtechnicalfabricswithoptimalblendsofdownenablesustocreatewarmer,lighterandmoredurableproducts
acrossseasonsandapplications.Thecommitmenttosuperiorqualityandlastingperformancethatinitiallymadeusrenownedforwarmthnowextends
intobreathabilityandprotectionfromwindandrain.

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Beloved and coveted globally. Weofferouterwearwithtimelessstyleforanyonewhowantstoembracetheelements.Fromthemostremoteregionsof

theworldtomajormetropolitancentres,wehavesuccessfullybroadenedourreachbeyondourarcticheritagetooutdoorenthusiasts,urbanexplorers
anddiscerningconsumersglobally.Ourdeepconnectionwithourcustomersisevidencedbytheirbrandloyalty.Consumersurveysconductedonour
behalfin2016showthat82%ofcustomerssaytheylovetheirCanadaGoosejacketsand84%ofcustomersindicatethat,whenmakingtheirnext
premiumouterwearpurchase,theywouldlikelyrepurchaseCanadaGoose.Theseresultsareamongthehighestinourindustrybasedonthissurvey.
Proudly made in Canada. OurCanadianheritageandcommitmenttolocalmanufacturingareattheheartofourbusinessandbrand.Whilemany
companiesinourindustryoutsourcetooffshoremanufacturers,wearecommittedtoaggressivelyinvestinginproducingpremium,highquality
productsinCanada,thecountryfromwhichwedrawourinspiration.WebelieveourCanadianproductionfacilitiesandcraftspeoplehavesetusapart
ontheinternationalstageandinthemindsofourcustomers.
Flexible supply chain. Wedirectlycontrolthedesign,innovation,development,engineeringandtestingofourproducts,whichwebelieveallowsusto
achievegreateroperatingefficienciesanddeliversuperiorqualityproducts.Wemanageourproductionthroughacombinationofin-house
manufacturingfacilitiesandlong-standingrelationshipswithCanadianthirdpartysub-contractors.Ourflexiblesupplychaingivesusdistinct
advantagesincludingtheabilitytoscaleouroperations,adapttocustomerdemand,shortenproductdevelopmentcyclesandachievehighermargins.
Multi-channel distribution. Ourglobaldistributionstrategyallowsustoreachcustomersthroughtwodistinct,brand-enhancingchannels.Inour
wholesalechannel,whichasofDecember31,2016extendsinto36countries,wecarefullyselectthebestretailpartnersanddistributorstorepresentour
brandinamannerconsistentwithourheritageandgrowthstrategy.Asaresult,ourretailpartnershipsincludebest-in-classoutdoor,luxuryandonline
retailers.Throughourfastgrowingdirecttoconsumer(DTC)channel,whichincludesoure-commercesitesinfourcountriesandtworecentlyopened
retailstores,weareabletomoredirectlycontrolthecustomerexperience,drivingdeeperbrandengagementandloyalty,whilealsorealizingmore
favorablemargins.Weemployproductsupplydisciplineacrossbothofourchannelstomanagescarcity,preservebrandstrengthandoptimizeprofitable
growthforusandourretailpartners.
Passionate and committed management team. Throughsteadybranddisciplineandafocusonsustainablegrowth,ourmanagementteamhas
transformedasmallfamilybusinessintoaglobalbrand.DaniReiss,ourCEO,hasworkedinalmosteveryareaofourcompanyandsuccessfully
developedourinternationalsaleschannelspriortoassumingtheroleofCEOin2001.Danihasassembledateamofseasonedexecutivesfromdiverse
andrelevantbackgrounds,whodrawonanaverageofover15yearsexperienceworkingwithawiderangeofleadingglobalcompaniesincludingMarc
Jacobs,NewBalance,Nike,Patagonia,RalphLauren,McKinsey,UFCandRedBull.Theirleadershipandpassionhaveacceleratedourevolutionintoa
threeseasonlifestylebrandandtherolloutofourDTCchannel.

Our Growth Strategies

WehavebuiltastrongfoundationasCanadaGoosehasevolvedintoahighlycovetedglobalouterwearbrand.Overthepastthreefiscalyears,wehavegrown
ourrevenueata38.3%CAGR,netincomeata196.0%CAGRandAdjustedEBITDAatan85.0%CAGR.Wehavealsoexpandedourgrossmarginfrom
38.6%to50.1%andourAdjustedEBITDAMarginfrom10.4%to18.7%,overthesameperiodwhileconcurrentlymakingsignificantlong-terminvestments
inourhumancapital,productioncapacity,brandbuildinganddistributionchannels.Leveragingtheseinvestmentsandourprovengrowthstrategies,wewill
continuetoaggressivelypursueoursubstantialglobalmarketopportunity.

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Execute our proven market development strategy. Aswehavegrownourbusiness,wehavedevelopedasuccessfulframeworkforenteringanddevelopingour

marketsbyincreasingawarenessandbroadeningcustomeraccess.Weintendtocontinueexecutingonthefollowingtacticsaswefurtherpenetrateour
marketsglobally:
Introduce and strengthen our brand. Buildingbrandawarenessamongpotentialnewcustomersandstrengtheningourconnectionswiththosewho
alreadyknowuswillbeakeydriverofourgrowth.Whileourbrandhasachievedsubstantialtractiongloballyandthosewhohaveexperiencedour
productsdemonstratestrongloyalty,ourpresenceisrelativelynascentinmanyofourmarkets.AccordingtoanAugust2016consumersurvey
conductedonourbehalf,thevastmajorityofconsumersoutsideofCanadaarenotawareofCanadaGoose.Throughacombinationoftheorganicword-
of-mouthbrandbuildingthathasdrivenmuchofoursuccesstodateandamoreproactiveapproachtoreachingnewaudiencesthroughtraditional
channels,wewillcontinuetointroducetheCanadaGoosebrandtotheworld.
Enhance our wholesale network. Weintendtocontinuebroadeningcustomeraccessandstrengtheningourglobalfootholdinnewandexisting
marketsbystrategicallyexpandingourwholesalenetworkanddeepeningcurrentrelationships.Inallofourmarkets,wehaveanopportunitytoincrease
salesbyaddingnewwholesaledoorsandincreasingvolumewithexistingretailpartners.Additionally,wearefocusedonstrengtheningrelationships
withourretailpartnersthroughbroaderofferings,exclusiveproductsandshop-in-shopformats.Webelieveourretailpartnershaveastrongincentiveto
showcaseourbrandasourproductsdrivecustomertrafficandconsistentfull-pricesell-throughintheirstores.
Accelerate our e-commerce-led Direct to Consumer rollout. OurDTCchannelservesasanunfilteredwindowintoourbrand,whichcreates
meaningfulrelationshipsanddirectengagementwithourcustomers.Thisdrivesopportunitiestogenerateincrementalrevenuegrowthandcapturefull
retailmargin.Wehaverapidlygrownouronlinesalesto$33.0millioninfiscal2016,whichrepresented11.4%ofourconsolidatedrevenue.Wehave
subsequentlylaunchednewonlinestorefrontsintheUnitedKingdomandFranceandplantocontinueintroducingonlinestoresinnewmarkets.Oure-
commerceplatformiscomplementedbyourtworecentlyopenedretailstoresinTorontoandNewYorkCity.Weintendtoopenaselectnumberof
additionalretaillocationsinmajormetropolitancentresandpremiumoutdoordestinationswherewebelievetheycanoperateprofitably.

Strengthen and expand our geographic footprint. Webelievethereisanopportunitytogrowpenetrationacrossourexistingmarketsandselectivelyenternew

regions.AlthoughtheCanadaGoosebrandisrecognizedglobally,ourrecentinvestmentshavebeenfocusedonNorthAmericaandhavedrivenexceptional
growthinCanadaandtheUnitedStates.OutsideofCanadaandtheUnitedStates(RestofWorld),wehaveidentifiedanopportunitytoaccelerateour
momentumutilizingourprovengrowthframework.Thefollowingtablepresentsourrevenueineachofourgeographicsegmentsoverthepastthreefiscal
years:

(inmillions) fiscal year ended March 31, 14 16
2014 2015 2016 CAGR
Canada $ 72.5 $ 75.7 $ 95.2 14.6%
UnitedStates $ 33.6 $ 57.0 $103.4 75.5%
RestofWorld

$ 46.0



$ 85.7



$ 92.2





41.6%

Total

$152.1



$218.4



$290.8



38.3%

Canada. WhilewehaveachievedhighbrandawarenessinCanada,wecontinuetoexperiencestrongpenetrationandrevenuegrowthdrivenprimarily
byexpandingaccessandproductofferings.After
developingastrongwholesalefootprint,wesuccessfullylaunchedourCanadiane-commerceplatforminAugust2014andopenedourfirstretailstore
inTorontoinOctober2016.Weexpecttofurtherdevelopourpresencethroughincreasedstrategicmarketingactivities,deeperrelationshipswithour
retailpartnersandcontinuedfocusonourDTCchannel.Additionally,weintendtocontinuebroadeningourproductofferingtomakeCanadaGoosea
biggerpartofourcustomerslives.

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United States. AswecontinuetocapturethesignificantmarketopportunityintheUnitedStates,ourfocusisonincreasingbrandawarenesstoalevel

thatapproacheswhatwehaveachievedinCanada.AccordingtoanAugust2016consumersurveyconductedonourbehalf,aidedbrandawarenessin
theUnitedStatesis16%ascomparedto76%inCanada.Ourmarketentryhasbeenstagedonaregionalbasis,withthebulkofourinvestmentsand
wholesalepenetrationconcentratedintheNortheast.ThishasbeentheprimarydriverofourhistoricalgrowthandmomentumintheU.S.andwe
continuetogeneratestronggrowthintheregion.Buildingonthissuccess,welaunchedournationale-commerceplatforminSeptember2015and
openedourfirstretailstoreinNewYorkCityinNovember2016.WebelievethereisalargewhitespaceopportunityinotherregionssuchastheMid-
Atlantic,MidwestandWest.Aswesequentiallyintroduceourbrandtotherestofthecountry,wearefocusedonexpandingourwholesalefootprint,
includingexecutingourshop-in-shopstrategyandcontinuingtodeliverabroaderthreeseasonproductassortmenttoourpartners.
Rest of World. WecurrentlygeneratesalesineverymajorWesternEuropeanmarketand,whilethisiswherethebrandfirstachievedcommercial
success,webelievetherearesignificantopportunitiestoacceleratethesemarketstotheirfullpotential.IntheUnitedKingdomandFranceinparticular,
wehaveachievedstrongtractionthroughourretailpartnerships,buthaveyettofullyextendourwholesalenetworkandareonlyintheinitialphaseof
executingonourshop-in-shopstrategy.Inbothmarkets,welaunchedoure-commerceplatformsinSeptember2016andintendtoestablishourowned
retailpresenceinthenearfuture.WhiletheUnitedKingdomandFranceareourmostdevelopedEuropeanmarkets,wehaveidentifiedanumberof
marketswithsignificantnear-termdevelopmentpotential,suchasGermany,ItalyandScandinavia.
OutsideofEurope,ourmostestablishedmarketsareJapanandKorea.Overthepastdecade,wehavegrownsuccessfullyinJapan,andinbothJapan
andKorea,werecentlypartneredwithworld-classdistributors.Thesepartnerswillhelpuscontinuetobuildawarenessandaccesstothebrandwhile
ensuringitslongtermsustainability.Additionally,wecurrentlyhaveaminimalpresenceinChinaandotherlargemarketswhichrepresentsignificant
futureopportunities.

Enhance and expand our product offering .ContinuingtoenhanceandexpandourproductofferingrepresentsameaningfulgrowthdriverforCanadaGoose.

BroadeningourproductlinewillallowustostrengthenbrandloyaltywiththosecustomerswhoalreadyloveCanadaGoose,drivehigherpenetrationinour
existingmarketsandexpandourappealacrossnewgeographiesandclimates.Drawingonourdecadesofexperienceandcustomerdemandforinspiringnew
functionalproducts,weintendtocontinuedevelopingourofferingthroughthefollowing:
Elevate Winter. Recognizingthatpeoplewanttobringthefunctionalityofourjacketsintotheireverydaylives,wehavedevelopedawiderangeof
exceptionalwinterproductsforanyoccasion.Whilestayingtruetoourarcticheritage,weintendtocontinuerefreshingandbroadeningouroffering
withnewstylisticvariations,refinedfitsandexclusivelimitededitioncollaborations.
Expand Spring and Fall. WeintendtocontinuebuildingoutoursuccessfulSpringandFallcollectionsincategoriessuchaslightweightandultra-
lightweightdown,rainwear,windwearandsoftshelljackets.Whilekeepingourcustomerswarm,comfortableandprotectedacrossthreeseasons,these
extensionsalsoincreaseourappealinmarketswithmoretemperateclimates.
Extend beyond outerwear. Ourstrategyistoselectivelyrespondtocustomerdemandforfunctionalproductsinadjacentcategories.Consumersurveys
conductedonourbehalfindicatethatourcustomersarelookingforadditionalCanadaGooseproducts,particularlyinkeycategoriessuchasknitwear,
fleece,footwear,travelgearandbedding.Webelieveofferinginspiringnewproductsthatareconsistentwithourheritage,functionalityandquality
representsanopportunitytodevelopacloserrelationshipwithourcustomersandexpandouraddressablemarket.

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Continue to drive operational excellence .Aswescaleourbusiness,weplantocontinueleveragingourbrandandpowerfulbusinessmodeltodrive

operationalefficienciesandhighermarginsinthefollowingways:
Channel mix. WeintendtoexpandourDTCchannelinmarketsthatcansupporttheprofitablerolloutofe-commerceandselectretailstores.Asour
distributionchannelmixshiftstowardoure-commerce-ledDTCchannel,weexpecttocaptureincrementalgrossprofit.AjacketsaleinourDTC
channelprovidestwo-to-fourtimesgreatercontributiontosegmentoperatingincomeperjacketascomparedtoasaleofthesameproductinour
wholesalechannel.
Price optimization .Weintendtocontinueoptimizingourpricingtocapturethefullvalueofourproductsandthesuperiorfunctionalitytheyprovide
toourcustomers.Additionally,weactivelybalancecustomerdemandwithscarcityofsupplytoavoidthepromotionalactivitythatiscommoninthe
apparelindustry.Thisallowsusandourretailpartnerstosellourproductsatfullprice,avoidmarkdownsandrealizefullmarginpotential.
Manufacturing capabilities. Approximatelyone-thirdofCanadaGooseproductsarecurrentlymanufacturedinourownCanadianfacilities.Weintend
tooptimizeourdomesticmanufacturingmixbyopportunisticallybringingadditionalmanufacturingcapacityin-housetocaptureincrementalgross
profit.
Operating leverage. Wehaveinvestedaheadofourgrowthinallareasofthebusinessincludingdesignandmanufacturing,multi-channeldistribution
andcorporateinfrastructure.Aswecontinueourgrowthtrajectory,wehavetheopportunitytoleveragetheseinvestmentsandrealizeeconomiesof
scale.

Corporate Information
OurcompanywasfoundedinToronto,Canadain1957.InDecember2013,wepartneredwithBainCapitalthroughasaleofa70%equityinterestinour
businesstoaccelerateourgrowth.Inconnectionwithsuchsale,CanadaGooseHoldingsInc.wasincorporatedundertheBusinessCorporationsAct(British
Columbia)onNovember21,2013.

Ourprincipalofficeislocatedat250BowieAvenue,Toronto,Ontario,CanadaM6E4Y2andourtelephonenumberis(416)780-9850.Ourregisteredoffice
islocatedatSuite1700,ParkPlace,666BurrardStreet,Vancouver,BritishColumbia,Canada,V6C2X8.Ourwebsiteaddressiswww.canadagoose.com.
Informationcontainedon,oraccessiblethrough,ourwebsiteisnotapartofthisprospectusandtheinclusionofourwebsiteaddressinthisprospectusisan
inactivetextualreference.

Sponsor Overview
BainCapitalL.P.isoneoftheworldsleadingprivate,multi-assetalternativeinvestmentfirmswithoverUS$75billionofassetsundermanagement.Bain
Capitalinvestsacrossassetclassesincludingprivateequity,credit,publicequityandventurecapital,andleveragesitssharedplatformtocaptureopportunities
initsstrategicareasoffocus.Currently,BainCapitalhasateamofnearly400investmentprofessionalssupportingitsvariousassetclasses.Headquarteredin
Boston,BainCapitalhasofficesinNewYork,Chicago,PaloAlto,SanFrancisco,London,Dublin,Munich,HongKong,Tokyo,Shanghai,Mumbai,Sydney
andMelbourne.

Since1984,BainCapitalPrivateEquityhasmadenearly300investmentsinavarietyofindustriesaroundtheworld.Thefirmhasalongandsuccessful
historyofinvestinginconsumerproductsandretailbusinessesandhasadedicatedgroupofinvestmentprofessionalsfocusedonthesector.BainCapital
PrivateEquityhashelpedtobuildandscalemanyleadingbrands,includingBurlingtonStores,Samsonite,Staples,SundialBrandsandTOMSintheU.S.and
EuropeaswellasDollarama,BRPandShoppersDrugMartinCanada.

Aftergivingeffecttothesaleofsubordinatevotingsharesofferedhereby,BainCapitalwillcontrolapproximately70%ofourmultiplevotingshares,or
approximately68%ofthecombinedvotingpowerofour

5
Table of Contents

multiplevotingsharesandsubordinatevotingsharesoutstandingafterthisoffering(68%iftheunderwritersover-allotmentoptionisexercisedinfull).Asa
result,weexpecttobeacontrolledcompanywithinthemeaningofthecorporategovernancestandardsoftheNewYorkStockExchange(theNYSE)on
whichoursubordinatevotingshareshavebeenapprovedforlisting.SeeRiskFactorsRisksRelatedtoThisOfferingandOurSubordinateVotingShares.

Risk Factors
Investinginoursubordinatevotingsharesinvolvesahighdegreeofrisk.YoushouldcarefullyconsidertherisksdescribedinRiskFactorsbeforemakinga
decisiontoinvestinoursubordinatevotingshares.Ifanyoftheserisksactuallyoccur,ourbusiness,financialconditionandresultsofoperationswouldlikely
bemateriallyadverselyaffected.Insuchcase,thetradingpriceofoursubordinatevotingshareswouldlikelydeclineandyoumaylosepartorallofyour
investment.Belowisasummaryofsomeoftheprincipalrisksweface:

wemaybeunabletomaintainthestrengthofourbrand;

wemaynotbeabletomanageourgrowtheffectively;

ourbrandexpansionplansmaybeunsuccessful;

fluctuationsinrawmaterialscostsorcurrencyexchangeratesmayimpactouroperatingresults;and

ourdual-classsharestructureconcentratesvotingcontrolwithourprincipalshareholdersandasaresultourprincipalshareholderswillhavethe
abilitytocontroltheoutcomeofmatterssubmittedforshareholderapprovalandmayhaveintereststhatdifferfromthoseofourother
shareholders.

Implications of Being an Emerging Growth Company and a Foreign Private Issuer

WequalifyasanemerginggrowthcompanypursuanttotheJumpstartOurBusinessStartupsActof2012,ortheJOBSAct,asamended.Anemerging
growthcompanymaytakeadvantageofspecifiedexemptionsfromvariousrequirementsthatareotherwiseapplicablegenerallytopubliccompaniesinthe
UnitedStates.Theseprovisionsinclude:

anexemptiontoincludeinaninitialpublicofferingregistrationstatementlessthanfiveyearsofselectedfinancialdata;

reducedexecutivecompensationdisclosure;and

anexemptionfromtheauditorattestationrequirementintheassessmentoftheemerginggrowthcompanysinternalcontroloverfinancial

reporting.

TheJOBSActalsopermitsanemerginggrowthcompanysuchasustotakeadvantageofanextendedtransitionperiodtocomplywithneworrevised
accountingstandardsapplicabletopubliccompanies.WewillnottakeadvantageofthisprovisionbecauseIFRSstandardsmakenodistinctionbetweenpublic
andprivatecompaniesforpurposesofcompliancewithneworrevisedaccountingstandards.

Wewillremainanemerginggrowthcompanyuntiltheearliestof:

thelastdayofourfiscalyearduringwhichwehavetotalannualgrossrevenueofatleastUS$1.0billion;

thelastdayofourfiscalyearfollowingthefifthanniversaryofthecompletionofthisoffering;

thedateonwhichwehave,duringthepreviousthree-yearperiod,issuedmorethanUS$1.0billioninnon-convertibledebtsecurities;or

6
Table of Contents

thedateonwhichwearedeemedtobealargeacceleratedfilerundertheU.S.SecuritiesExchangeActof1934,asamended,ortheExchange
Act,whichwouldoccurifthemarketvalueofoursharesthatareheldbynon-affiliatesexceedsUS$700millionasofthelastbusinessdayofour
mostrecentlycompletedsecondfiscalquarter.

Inaddition,uponconsummationofthisoffering,wewillreportundertheExchangeAct,asanon-U.S.companywithforeignprivateissuerstatus.Asa
foreignprivateissuer,wemaytakeadvantageofcertainprovisionsintheNYSEListingRulesthatallowustofollowCanadianlawforcertaincorporate
governancematters.SeeManagementForeignPrivateIssuerStatus.Evenafterwenolongerqualifyasanemerginggrowthcompany,aslongaswe
qualifyasaforeignprivateissuerundertheExchangeAct,wewillbeexemptfromcertainprovisionsoftheExchangeActthatareapplicabletoU.S.domestic
publiccompanies,including:

thesectionsoftheExchangeActregulatingthesolicitationofproxies,consentsorauthorizationsinrespectofasecurityregisteredunderthe

ExchangeAct;

thesectionsoftheExchangeActrequiringinsiderstofilepublicreportsoftheirstockownershipandtradingactivitiesandliabilityforinsiders

whoprofitfromtradesmadeinashortperiodoftime;

therulesundertheExchangeActrequiringthefilingwiththeSecuritiesandExchangeCommissionofquarterlyreportsonForm10-Qcontaining

unauditedfinancialandotherspecifiedinformation,orcurrentreportsonForm8-K,upontheoccurrenceofspecifiedsignificantevents;and

RegulationFairDisclosure,orRegulationFD,whichregulatesselectivedisclosuresofmaterialinformationbyissuers.

7
Table of Contents

The Offering

Subordinate Voting Shares Offered by us 6,308,154subordinatevotingshares.

Subordinate Voting Shares Offered by the Selling 13,691,846subordinatevotingshares(or16,691,846subordinatevotingsharesiftheunderwriters
Shareholders exercisetheirover-allotmentoptioninfull).

Subordinate Voting Shares to be Outstanding After This 20,000,000subordinatevotingshares(or23,000,000subordinatevotingsharesiftheunderwriters
Offering exercisetheirover-allotmentoptioninfull).

Multiple Voting Shares to be Outstanding After This 86,308,154multiplevotingshares(or83,308,154multiplevotingsharesiftheunderwriters
Offering exercisetheirover-allotmentoptioninfull).

Offering Price $17.00persubordinatevotingshare.

Option to Purchase Additional Subordinate Voting Theunderwritershaveanoptionforaperiodof30daysfromthedateofthisprospectusto
Shares purchaseupto3,000,000additionalsubordinatevotingsharesfromcertainoftheselling
shareholderstocoverover-allotments.

Voting Rights
Followingthesaleofsubordinatevotingsharesofferedhereby,wewillhavetwoclassesofsharesoutstanding:multiplevotingsharesandsubordinatevoting
shares.Therightsoftheholdersofourmultiplevotingsharesandsubordinatevotingsharesaresubstantiallyidentical,exceptwithrespecttovotingand
conversion.

Thesubordinatevotingshareswillhaveonevotepershareandthemultiplevotingshareswillhave10votespershare.SeeDescriptionofShareCapital
AuthorizedShareCapital.

Aftergivingeffecttothisoffering,thesubordinatevotingshareswillcollectivelyrepresentapproximately19%ofourtotalissuedandoutstandingsharesand
approximately2%ofthevotingpowerattachedtoallofourissuedandoutstandingshares(22%and3%,respectively,iftheunderwritersover-allotment
optionisexercisedinfull)andthemultiplevotingshareswillcollectivelyrepresentapproximately81%ofourtotalissuedandoutstandingsharesand
approximately98%ofthevotingpowerattachedtoallofourissuedandoutstandingshares(78%and97%,respectively,iftheunderwritersover-allotment
optionisexercisedinfull).

Conversion Rights Thesubordinatevotingsharesarenotconvertibleintoanyotherclassofshares.Themultiple
votingsharesareconvertibleintosubordinatevotingsharesonaone-for-onebasisattheoptionof
theholderoruponthesaleofmultiplevotingsharestoanunaffiliatedthirdparty.

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Table of Contents

Inaddition,ourarticlesprovidethatmultiplevotingshareswillautomaticallyconvertinto
subordinatevotingsharesincertainothercircumstances.SeeDescriptionofShareCapital
AuthorizedShareCapitalConversion.

Take-Over Bid Protection Inaccordancewithapplicableregulatoryrequirementsdesignedtoensurethat,intheeventofa
take-overbid,theholdersofsubordinatevotingshareswillbeentitledtoparticipateonanequal
footingwithholdersofmultiplevotingshares,wewillenterintoacoattailagreementwithholders
ofmultiplevotingshares.Thecoattailagreementwillcontainprovisionscustomaryfordual-class
corporationslistedontheTorontoStockExchange,ortheTSX,designedtopreventtransactions
thatotherwisewoulddeprivetheholdersofsubordinatevotingsharesofrightsunderapplicable
take-overbidlegislationinCanadatowhichtheywouldhavebeenentitledifthemultiplevoting
shareshadbeensubordinatevotingshares.SeeDescriptionofShareCapitalCertainImportant
ProvisionsofourArticlesandtheBCBCATake-OverBidProtection.

Use of Proceeds Weexpecttoreceivenetproceedsfromthisofferingofapproximately$100.0million,after
deductingunderwritingcommissions,baseduponaninitialpublicofferingpriceof$17.00per
subordinatevotingshare.Wewillnotreceiveanyproceedsfromthesaleofsubordinatevoting
sharesinthisofferingbythesellingshareholders,includinguponthesaleofsubordinatevoting
sharesiftheunderwritersexercisetheiroptiontopurchaseadditionalsubordinatevotingshares
fromcertainofthesellingshareholdersinthisoffering,tocoverover-allotments.

Weintendtousetheproceedsfromthisofferingtorepayaportionofouroutstanding
indebtedness,including$35.0millionunderourRevolvingFacilityand$65.0millionunderour

TermLoanFacilityincurredinconnectionwiththeRecapitalization.SeeUseofProceedsand
Recapitalization.

Directed Share Program Atourrequest,theunderwritershavereservedforsaleuptofivepercentofthesubordinatevoting
sharestobesoldbyusandthesellingshareholders,atthepublicofferingpricetocertain
individualsthroughadirectedshareprogram,includingemployees,directorsandotherpersons
associatedwithuswhohaveexpressedinterestinpurchasingsharesinthisoffering.Thenumber
ofsubordinatevotingsharesavailableforsaletothegeneralpublicwillbereducedbythenumber
ofreservedsharessoldtotheseindividuals.Anyreservedsharesnotpurchasedbythese
individualswillbeofferedbytheunderwriterstothegeneralpubliconthesamebasisastheother
subordinatevotingsharesofferedunderthisprospectus.SeeUnderwriting.

Dividend Policy Wedonotexpecttopayanydividendsonoursubordinatevotingsharesintheforeseeablefuture.
SeeDividendPolicy.

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Table of Contents

Principal Shareholder Uponcompletionofthisoffering,BainCapitalwillcontinuetoownacontrollinginterestinus.

Accordingly,wecurrentlyintendtoavailourselvesofthecontrolledcompanyexemptionunder
theNYSEListingRules.SeeManagementDirectorIndependenceandPrincipalandSelling
Shareholders.

Risk Factors YoushouldreadtheRiskFactorssectionofthisprospectusforadiscussionoffactorsto
considercarefullybeforedecidingtoinvestinoursubordinatevotingshares.

NYSE and TSX Trading Symbol GOOS.

Thetotalnumberofsubordinatevotingsharesandmultiplevotingsharestobeoutstandingafterthisofferingisbasedonnosubordinatevotingsharesand
100,000,000multiplevotingsharesoutstandingasofDecember31,2016onaproformabasisaftergivingeffecttothetransactionsdescribedbelow,and
excludes:

5,899,660subordinatevotingsharesissuableuponexerciseofoptionsoutstandingunderourequityincentiveplansasofMarch1,2017ata

weightedaverageexercisepriceof$1.63persubordinatevotingshare;and

5,100,340additionalsubordinatevotingsharesreservedforfutureissuanceunderourequityincentiveplans.

Exceptasotherwiseindicated,theinformationinthisprospectusreflectsorassumes:

thefilingofamendedarticles,whichoccurredpriortotheconsummationofthisoffering,to,amongotherthings,amendandredesignateour
ClassACommonSharesasmultiplevotingshares,eliminateourremainingseriesofcommonandpreferredsharesandcreateoursubordinate
votingshares;

noexercisebytheunderwritersoftheiroptiontopurchaseadditionalsubordinatevotingsharesfromcertainofthesellingshareholdersidentified

inthisprospectustocoverover-allotments;and

noexerciseofstockoptionsoutstanding(providedthatoptionsexercisedasofthedateofthisprospectusarereflectedunderDescriptionof

ShareCapitalPriorSales).

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Table of Contents

Summary Historical Consolidated Financial and Other Data

Thefollowingtablessetforthoursummaryhistoricalconsolidatedfinancialdata.Youshouldreadthefollowingsummaryhistoricalconsolidatedfinancial
datainconjunctionwithManagementsDiscussionandAnalysisofFinancialConditionandResultsofOperationsandourconsolidatedfinancialstatements
andrelatednotesincludedelsewhereinthisprospectus.

WehavederivedthesummaryhistoricalconsolidatedinformationfortheyearsendedMarch31,2016andMarch31,2015andtheperiodsfromDecember9,
2013toMarch31,2014andApril1,2013toDecember8,2013andthesummaryconsolidatedfinancialpositioninformationasofMarch31,2015and2016
fromourauditedconsolidatedfinancialstatementsincludedelsewhereinthisprospectus.Wehavederivedthesummaryconsolidatedstatementofoperations
informationfortheninemonthsendedDecember31,2015and2016andthesummaryconsolidatedfinancialpositioninformationasofDecember31,2016
fromourunauditedinterimconsolidatedfinancialstatementsincludedelsewhereinthisprospectus.Ourconsolidatedfinancialstatementshavebeenprepared
inaccordancewithIFRSandarepresentedinthousandsofCanadiandollarsexceptwhereotherwiseindicated.Ourhistoricalresultsarenotnecessarily
indicativeoftheresultsthatshouldbeexpectedinanyfutureperiod.

OnDecember9,2013,BainCapitalacquiredamajorityequityinterestinourbusinessaspartoftheAcquisition.Accordingly,thefinancialstatements
presentedelsewhereinthisprospectusasofandforfiscal2014reflecttheperiodsbothpriorandsubsequenttotheAcquisition.Theconsolidatedfinancial
statementsforMarch31,2014arepresentedseparatelyforthepredecessorperiodfromApril1,2013throughDecember8,2013,whichwerefertoasthe
Predecessor2014Period,andthesuccessorperiodfromDecember9,2013throughMarch31,2014,whichwerefertoastheSuccessor2014Period,withthe
periodspriortotheAcquisitionbeinglabeledaspredecessorandtheperiodssubsequenttotheAcquisitionlabeledassuccessor.Forthepurposeofperforming
acomparisontofiscal2015,wehavepreparedUnauditedProFormaCombinedSupplementalFinancialInformationforfiscal2014,whichgiveseffecttothe
AcquisitionasifithadoccurredonApril1,2013,andwhichwerefertoastheUnauditedProFormaCombined2014Period.SeeManagementsDiscussion
andAnalysisofFinancialConditionandResultsofOperationsBasisofPresentation.

Successor Predecessor
Period from
Nine months Nine months December 9, Period from
ended ended Fiscal Year Fiscal Year 2013 to April 1, 2013
CAD$000s December 31, December 31, ended March ended March March 31, to December 8,
(except per share data) 2016 2015 31, 2016 31, 2015 2014 2013
Statement of Operations Data:
Revenue $ 352,681 $ 248,909 $ 290,830 $ 218,414 $ 17,263 $ 134,822
Costofsales



168,403




122,107




145,206




129,805




14,708






81,613

Grossprofit 184,278 126,802 145,624 88,609 2,555 53,209

Selling,generalandadministrativeexpenses 110,270 72,851 100,103 59,317 20,494 30,119
Depreciationandamortization



4,901




3,585




4,567




2,623




804






447

Operatingincome(loss) 69,107 50,366 40,954 26,669 (18,743) 22,643

Netinterestandotherfinancecosts(1)



8,620




6,017




7,996




7,537




1,788






1,815

Income(loss)beforeincometaxexpense 60,487 44,349 32,958 19,132 (20,531) 20,828

Incometaxexpense(recovery)



15,416




8,662




6,473




4,707




(5,054)






5,550

Netincome(loss) 45,071 35,687 26,485 14,425 (15,477) 15,278

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Table of Contents

Successor Predecessor
Period from
Nine months Nine months Fiscal Year Fiscal Year December 9, Period from
ended ended ended ended 2013 to April 1, 2013
CAD$000s December 31, December 31, March 31, March 31, March 31, to December 8,
(except per share data) 2016 2015 2016 2015 2014 2013
Earnings(loss)pershare
basic 0.45 0.36 0.26 0.14 (0.15) 157,505.15
diluted 0.44 0.35 0.26 0.14 (0.15) 157,505.15
Weightedaveragenumberofshares
outstanding
basic 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 97
diluted 101,751,470 101,622,219 101,680,207 101,211,134 100,000,000 97

Pro forma statement of operations

data (2):
Proformanetincome 46,334 25,775
Proformaearningspershare
Basic 0.44 0.24
Diluted 0.43 0.24
Proformaweightedaveragenumber
ofsharesoutstanding
Basic 106,308,154 106,308,154
Diluted 108,059,624 107,988,361

Other Data:
EBITDA(3) $ 75,578 $ 55,009 $ 46,870 $ 30,063 $ (17,714) $ 23,609
AdjustedEBITDA(3) 92,443 61,913 54,307 37,191 (8,113) 23,984
AdjustedEBITDAMargin(4) 26.2% 24.9% 18.7% 17.0% (47.0)% 17.8%
AdjustedNetIncome(loss)(3) 58,851 38,520 30,122 21,374 (7,691) 15,554
GrossMargin 52.3% 50.9% 50.1% 40.6% 14.8% 39.5%

As of As of As of
December 31, March 31, March 31,
2016 2016 2015
Financial Position Information:
Cash $ 30,180 $ 7,226 $ 5,918
Totalassets 442,062 353,018 274,825
Totalliabilities 373,963 210,316 160,392
Shareholdersequity 68,099 142,702 114,433

(1) Netinterestandotherfinancecostsconsistofinterestexpenserelatingtooursubordinateddebt,whichwasrefinancedinconnectionwiththe
Recapitalization,aswellasourRevolvingFacilityandpriorcreditfacility.Interestexpenseassociatedwiththesubordinateddebtrepresented$3,822in
theninemonthsendedDecember31,2016,$5,598infiscal2016,$5,398infiscal2015and$4,809intheUnauditedProFormaPeriodendedMarch31,
2014.SeeManagementsDiscussionandAnalysisofFinancialConditionandResultsofOperationsBasisofPresentationforapresentationofthe
UnauditedProFormaCombined2014Period.
(2) TheproformastatementofcomprehensiveincomedataforthefiscalyearendedMarch31,2016andtheninemonthsendedDecember31,2016give
effectto(a)theRecapitalization,includingtheincurrenceofindebtednessundertheTermLoanFacilityandtherepaymentoftheBainCapital
subordinateddebt,(b)theissuanceof6,308,154subordinatevotingsharesintheofferingataninitialpublicofferingpriceof$17.00per

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subordinatevotingshareandtheapplicationofthenetproceedstherefromasdescribedinUseofProceeds,and(c)theterminationofour
managementagreementwithBainCapitalinconnectionwiththecompletionofthisoffering,asifeachhadoccurredonthefirstdayoftherespective
periodpresented.SeeRelatedPartyTransactionsManagementAgreementandRecapitalization.

ThefollowingisareconciliationofhistoricalnetincometoproformanetincomeforthefiscalyearendedMarch31,2016andtheninemonthsended
December31,2016:
Nine months ended Fiscal year ended
December 31, 2016 March 31, 2016
Netincomeasreported $ 45,071 $ 26,485
Decreaseinmanagementfees(a) 1,560 1,092
Net(increase)decreaseininterestexpense(b) 135 (2,042)
(Increase)inincometaxexpense(c)



(432)




240

Proformanetincome $ 46,334

$ 25,775

Proformaweightedaveragesharesoutstanding(d)
Basic 106,308,154 106,308,154
Diluted 108,059,624 107,988,361
Proformabasicnetincomepershare $ 0.44 $ 0.24
Proformadilutednetincomepershare $ 0.43 $ 0.24

(a) Reflectsthetermination,inconnectionwiththeoffering,ofthemanagementfeespaidtoBainCapitalpursuanttothemanagementagreementfor

theperiodspresented.SeeRelatedPartyTransactionsManagementAgreement.

(b) ReflectsthenetadjustmenttointerestexpenseresultingfromtheincurrenceofindebtednessunderthenewTermLoanFacility,therepaymentof
thesubordinateddebtandtherepayment,withthenetproceedsofthisoffering,of$65millionaggregateprincipalamountofoutstandingloans
underourTermLoanFacilityandtherepaymentof$35millionunderourRevolvingFacility.SeeDescriptionofIndebtedness,andUseof
Proceeds.ProformapresentationdoesnotgiveeffecttotherefinancingofourpriorcreditfacilitycompletedonJune3,2016.SeeNotes16and
22totheauditedconsolidatedfinancialstatementsincludedinthisprospectus.

(c) Reflectsadjustmentstohistoricalincometaxexpensetoreflectthenetincreasesinincometaxexpenseduetohigherincomebeforeincometaxes
resultingfromthedecreaseinmanagementfeesasaresultoftheterminationofthemanagementagreementwithBainCapitaldescribedin(a)

aboveandanet(increase)decreaseininterestexpenseasaresultofournewTermLoanFacilityandRevolvingFacilityasdescribedin(b)above,
assumingataxrateof25.5%and25.3%foreachrespectiveperiodpresented.

(d) Reflects6,308,154additionalsubordinatevotingsharestobeissuedbyusinthisoffering.

ThefollowingisareconciliationofhistoricalinterestexpensetoproformainterestexpenseforthefiscalyearendedMarch31,2016andthenine
monthsendedDecember31,2016:
Nine months ended Fiscal year ended
December 31, 2016 March 31, 2016
Interestexpenseasreported 7,541 7,834
IncreaseresultingfromRecapitalizationTransactions(e) 3,507 6,898
Decreaseresultingfromapplicationofnetproceeds(f)



(3,642)




(4,856)

Proformainterestexpense 7,406

9,876

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(e) ReflectstheinterestexpenseresultingfromtheincreaseinouroutstandingborrowingspursuanttotheTermLoanoffsetbytherepaymentof
subordinateddebtdescribedinfootnote(b)aboveasifthesetransactionshadoccurredonApril1,2015andwereineffectduringtheentire
periodspresented.TheinterestexpensefortheTermLoanFacilityiscalculatedbyassumingthebaseLIBORrateof1%plustheapplicable
marginof5.00%andisnotcalculatedusingtheeffectiveinterestmethodandthereforeexcludestheimpactofapproximatelyCAD$6.5millionof
originalissuediscountandtransactioncostsofCAD$3.4millionincurredinconnectionwiththeissuanceoftheTermLoanFacility.

(f) Reflectstheapplicationof$65.0millionofnetproceedstotherepaymentofindebtednessunderourTermLoanFacilityand$35.0millionofnet
proceedstotherepaymentofindebtednessunderourRevolvingFacility,attheassumedinterestrateof2.73%.Thisdecreaseexcludestheitems
describedundernote(e).

(3) EBITDA,AdjustedEBITDA,AdjustedEBITDAMarginandAdjustedNetIncomearefinancialmeasuresthatarenotdefinedunderIFRS.Weuse
thesenon-IFRSfinancialmeasures,andbelievetheyenhanceaninvestorsunderstandingofourfinancialandoperatingperformancefromperiodto
period,becausetheyexcludecertainmaterialnon-cashitemsandcertainotheradjustmentswebelievearenotreflectiveofourongoingoperationsand
ourperformance.Inparticular,followingtheAcquisition,wehavemadechangestoourlegalandoperatingstructuretobetterpositionourorganization
toachieveourstrategicgrowthobjectives,whichhaveresultedinoutflowsofeconomicresources.Accordingly,weusethesemetricstomeasureour
corefinancialandoperatingperformanceforbusinessplanningpurposesandasacomponentinthedeterminationofincentivecompensationfor
managementemployees.Inaddition,webelieveEBITDA,AdjustedEBITDA,AdjustedEBITDAMarginandAdjustedNetIncomearemeasures
commonlyusedbyinvestorstoevaluatecompaniesintheapparelindustry.However,theyarenotpresentationsmadeinaccordancewithIFRSandthe
useofthetermsEBITDA,AdjustedEBITDA,AdjustedEBITDAMarginandAdjustedNetIncomevaryfromothersinourindustry.Thesefinancial
measuresarenotintendedtorepresentandshouldnotbeconsideredasalternativestonetincome,operatingincomeoranyotherperformancemeasures
derivedinaccordancewithIFRSasmeasuresofoperatingperformanceoroperatingcashflowsorasmeasuresofliquidity.
EBITDA,AdjustedEBITDA,AdjustedEBITDAMarginandAdjustedNetIncomehaveimportantlimitationsasanalyticaltoolsandyoushouldnot
considertheminisolationorassubstitutesforanalysisofourresultsasreportedunderIFRS.Forexample,thesefinancialmeasures:

excludecertaintaxpaymentsthatmayreducecashavailabletous;

donotreflectanycashcapitalexpenditurerequirementsfortheassetsbeingdepreciatedandamortizedthatmayhavetobereplacedinthefuture;

donotreflectchangesin,orcashrequirementsfor,ourworkingcapitalneeds;

donotreflecttheinterestexpense,orthecashrequirementsnecessarytoserviceinterestorprincipalpayments,onourdebt;and

othercompaniesinourindustrymaycalculatethesemeasuresdifferentlythanwedo,limitingtheirusefulnessascomparativemeasures.

14
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ThetablesbelowillustrateareconciliationofnetincometoEBITDA,AdjustedEBITDAandAdjustedNetIncomefortheperiodspresented:

Period from Period from
Nine months Nine months April 1, December 9, Unaudited Pro
ended ended Year ended 2013 to 2013 to Forma Period
December 31, December 31, Year ended March 31, December 8, March 31, ended March 31,
CAD$000s 2016 2015 March 31, 2016 2015 2013 2014 2014 (l)
Net income (loss) $ 45,071 $ 35,687 $ 26,485 $ 14,425 $ 15,278 $ (15,477) $ 3,023
Add the impact of:
Incometaxexpense(recovery) 15,416 8,662 6,473 4,707 5,550 (5,054) 1,024
Interestexpense 8,620 6,017 7,996 7,537 1,815 1,788 7,136
Depreciationandamortization



6,471



4,643



5,916



3,394



966



1,029





3,146

EBITDA 75,578 55,009 46,870 30,063 23,609 (17,714) 14,329

Add the impact of:
BainCapitalmanagementfees(a) 1,560 647 1,092 894 277 539
Transactioncosts(b) 5,624 8 299 5,791
Purchaseaccountingadjustments(c) 2,861 2,906
Unrealized(gain)/lossonderivatives(d) 4,422 (4,422) (138)
Unrealizedforeignexchangelossontermloan(e) 1,561
Internationalrestructuringcosts(f) 175 2,877 6,879 1,038
Share-basedcompensation(g) 2,536 375 500 300
Agentterminationsandother(h) 2,997 3,089 2,173 375 627 1,002
Non-cashrentexpense(i)



987

Adjusted EBITDA $ 92,443

$ 61,913
$ 54,307
$ 37,191
$ 23,984
$ (8,113)
$ 15,870

Period from Period from
Nine months Nine months April 1, December 9, Unaudited Pro
ended ended 2013 to 2013 to Forma Period
December 31, December 31, Year ended Year ended December 8, March 31, ended March 31,
CAD$000s 2016 2015 March 31, 2016 March 31, 2015 2013 2014 2014 (l)
Net income (loss) $ 45,071 $ 35,687 $ 26,485 $ 14,425 $ 15,278 $ (15,477) $ 3,023
Add the impact of:
BainCapitalmanagementfees(a) 1,560 647 1,092 894 277 539
Transactioncosts(b) 5,624 8 299 5,791
Purchaseaccountingadjustments(c) 2,861 2,906
Unrealized(gain)/lossonderivatives(d) 4,422 (4,422) (138)
Unrealizedforeignexchangelossontermloan(e) 1,561
Internationalrestructuringcosts(f) 175 2,877 6,879 1,038
Share-basedcompensation(g) 2,536 375 500 300
Agentterminationsandother(h) 2,997 3,089 2,173 375 627 1,002
Non-cashrentexpense(i) 987
AmortizationonintangibleassetsacquiredbyBainCapital(j)

1,632


1,632


2,175


2,175





725



2,175

Totaladjustments 18,497 8,536 9,612 9,303 375 10,326 3,716

Taxeffectofadjustments (4,717) (2,159) (2,431) (2,354) (99) (2,540) (940)
Taxeffectofone-timeintercompanytransaction(k)




(3,544)


(3,544)

Adjusted Net income (loss) $ 58,851 $

38,520 $

30,122 $

21,374 $

15,554 $ (7,691) $

5,799

(a) RepresentstheamountpaidpursuanttothemanagementagreementwithBainCapitalforongoingconsultingandotherservices.Inconnection
withthisoffering,themanagementagreementwillbeterminated,andBainCapitalwillnolongerreceivemanagementfeesfromus.SeeCertain
RelationshipsandRelatedPartyTransactionsManagementAgreement.
(b) InconnectionwiththeAcquisitionandthefilingofthisprospectus,weincurredexpensesrelatedtoprofessionalfees,consulting,legal,and
accountingthatwouldotherwisenothavebeenincurredandweredirectlyrelatedtothesetwomatters.Thesefeesarenotindicativeofthe
companysongoingcostsandweexpecttheywilldiscontinuefollowingthecompletionofthisoffering.
(c) InconnectionwiththeAcquisition,werecognizedacquiredinventoryatfairvalue,whichincludedamark-upforprofit.Recordinginventoryat

fairvalueinpurchaseaccountinghadtheeffectofincreasinginventory

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andtherebyincreasingthecostofsalesinsubsequentperiodsascomparedtotheamountswewouldhaverecognizediftheinventorywassold
throughatcost.Thewrite-upofacquiredinventorysoldrepresentstheincrementalcostofsalesthatwasrecognizedasaresultofpurchase
accounting.Thisinventorywassoldinfiscal2014andfiscal2015andhasimpactednetincomeinbothperiods.
(d) Representsunrealizedgainsonforeignexchangeforwardcontractsrecordedinfiscal2016thatrelatetofiscal2017.Wemanageourexposureto
foreigncurrencyriskbyenteringintoforeignexchangeforwardcontracts.Managementforecastsitsnetcashflowsinforeigncurrencyusing
expectedrevenuefromordersitreceivesforfutureperiods.Theunrealizedgainsandlossesonthesecontractsarerecognizedinnetincomefrom
thedateofinceptionofthecontract,whilethecashflowstowhichthederivativesrelatedarenotrealizeduntilthecontractsettles.Management
believesthatreflectingtheseadjustmentsintheperiodinwhichthenetcashflowswilloccurismoreappropriate.
(e) Representsanon-cashchargeforunrealizedlossesonthetranslationoftheTermLoanFacilityfromUSDtoCAD$.
(f) RepresentsexpensesincurredtoestablishourEuropeanheadquartersinZug,Switzerland,includingclosingseveralsmallerofficesacrossEurope,

relocatingpersonnelandincurringtemporaryofficecosts.
(g) Representsnon-cashshare-basedcompensationexpense.Adjustmentsinfiscal2017reflectmanagementsestimatesthatcertaintranchesof

outstandingoptionawardswillvest.
(h) Representsaccruedexpensesinrespectofterminationpaymentstobemadetoourthirdpartysalesagents.Aspartofastrategytotransition
certainsalesfunctionsin-house,weterminatedthemajorityofourthirdpartysalesagentsandcertaindistributors,primarilyduringfiscal2015

and2016,whichresultedinindemnitiesandotherterminationpayments.Assalesagentshavenowlargelybeeneliminatedfromthesales
structure,managementdoesnotexpectthesechargestorecurinfuturefiscalperiods.
(i) Representsnon-cashamortizationchargesduringpre-openingperiodsfornewstoreleases.
(j) AsaresultoftheAcquisition,werecognizedanintangibleassetforcustomerlistsintheamountof$8.7million,whichhasausefullifeoffour

years.
(k) Duringfiscal2016,weenteredintoaseriesoftransactionswherebyourwholly-ownedsubsidiary,CanadaGooseInternationalAG,acquiredthe

globaldistributionrightstoourproducts.Asaresult,therewasaone-timetaxbenefitof$3.5millionrecordedduringtheyear.
(l) SeeManagementsDiscussionandAnalysisofFinancialConditionandResultsofOperationsBasisofPresentationforapresentationofour

UnauditedProFormaCombinedSupplementalFinancialInformationfortheyearendedMarch31,2014.
(4) AdjustedEBITDAMarginisequaltoAdjustedEBITDAfortheperiodpresentedasapercentageofrevenueforthesameperiod.

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Risk Factors

This offering and investing in our subordinate voting shares involves a high degree of risk. You should carefully consider the risks and uncertainties described
below together with all of the other information contained in this prospectus, including our consolidated financial statements and the related notes appearing at the
end of this prospectus, before deciding to invest in our subordinate voting shares. If any of the following risks actually occurs, our business, prospects, operating
results and financial condition could suffer materially, the trading price of our subordinate voting shares could decline and you could lose all or part of your
investment. Please also see Cautionary Note Regarding Forward-Looking Statements.

Risks Related to our Business

Our business depends on a strong brand, and if we are not able to maintain and enhance our brand we may be unable to sell our products, which would
adversely affect our business.
TheCanadaGoosenameandpremiumbrandimageareintegraltothegrowthofourbusiness,andtotheimplementationofourstrategiesforexpandingour
business.Webelievethatthebrandimagewehavedevelopedhassignificantlycontributedtothesuccessofourbusinessandiscriticaltomaintainingand
expandingourcustomerbase.Maintainingandenhancingourbrandmayrequireustomakesubstantialinvestmentsinareassuchasproductdesign,storeopenings
andoperations,marketing,e-commerce,communityrelationsandemployeetraining,andtheseinvestmentsmaynotbesuccessful.

Weanticipatethat,asourbusinessexpandsintonewmarketsandnewproductcategoriesandasthemarketbecomesincreasinglycompetitive,maintainingand
enhancingourbrandmaybecomedifficultandexpensive.Conversely,aswepenetratethesenewmarketsandourbrandbecomesmorewidelyavailable,itcould
potentiallydetractfromtheappealstemmingfromthescarcityofourbrand.Ourbrandmayalsobeadverselyaffectedifourpublicimageorreputationistarnished
bynegativepublicity.Inaddition,ineffectivemarketing,productdiversiontounauthorizeddistributionchannels,productdefects,counterfeitproducts,unfair
labourpractices,andfailuretoprotecttheintellectualpropertyrightsinourbrandaresomeofthepotentialthreatstothestrengthofourbrand,andthoseandother
factorscouldrapidlyandseverelydiminishconsumerconfidenceinus.Maintainingandenhancingourbrandwilldependlargelyonourabilitytobealeaderinthe
premiumouterwearindustryandtocontinuetoofferarangeofhighqualityproductstoourcustomers,whichwemaynotexecutesuccessfully.Anyofthese
factorscouldharmoursales,profitabilityorfinancialcondition.

Akeyelementofourgrowthstrategyisexpansionofourproductofferingsintonewproductcategories.Wemaybeunsuccessfulindesigningproductsthatmeet
ourcustomersexpectationsforourbrandorthatareattractivetonewcustomers.Ifweareunabletoanticipatecustomerpreferencesorindustrychanges,orifwe
areunabletomodifyourproductsonatimelybasisorexpandeffectivelyintonewproductcategories,wemaylosecustomers.AsofDecember31,2016,ourbrand
issoldin36countriesthroughnearly2,500pointsofdistribution.Asweexpandintonewgeographicmarkets,consumersinthesenewmarketsmaybeless
compelledbyourbrandimageandmaynotbewillingtopayahigherpricetopurchaseourpremiumfunctionalproductsascomparedtotraditionalouterwear.Our
operatingresultswouldalsosufferifourinvestmentsandinnovationsdonotanticipatetheneedsofourcustomers,arenotappropriatelytimedwithmarket
opportunitiesorarenoteffectivelybroughttomarket.

Because our business is highly concentrated on a single, discretionary product category, premium outerwear, we are vulnerable to changes in consumer
preferences that could harm our sales, profitability and financial condition.
Ourbusinessisnotcurrentlydiversifiedandconsistsprimarilyofdesigning,manufacturinganddistributingpremiumouterwearandaccessories.Infiscal2016,our
mainproductcategoryacrossallseasons,ourjackets,wasmadeupofover100stylesandcomprisedthemajorityofoursales.Consumerpreferencesoftenchange

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rapidly.Therefore,ourbusinessissubstantiallydependentonourabilitytoattractcustomerswhoarewillingtopayapremiumforourproducts.Anyfutureshifts
inconsumerpreferencesawayfromretailspendingforpremiumouterwearandaccessorieswouldalsohaveamaterialadverseeffectonourresultsofoperations.

Inaddition,webelievethatcontinuedincreasesinsalesofpremiumouterwearwilllargelydependoncustomerscontinuingtodemandtechnicalsuperiorityfrom
theirluxuryproducts.Ifthenumberofcustomersdemandingpremiumouterweardoesnotcontinuetoincrease,orifourcustomersarenotconvincedthatour
premiumouterwearismorefunctionalorstylishthanotherouterwearalternatives,wemaynotachievethelevelofsalesnecessarytosupportnewgrowthplatforms
andourabilitytogrowourbusinesswillbeseverelyimpaired.

A downturn in the economy may affect customer purchases of discretionary items, which could materially harm our sales, profitability and financial condition.
Manyfactorsaffectthelevelofconsumerspendingfordiscretionaryitemssuchasourpremiumouterwearandrelatedproducts.Thesefactorsincludegeneral
economicconditions,interestandtaxrates,theavailabilityofconsumercredit,disposableconsumerincome,unemploymentandconsumerconfidenceinfuture
economicconditions.Consumerpurchasesofdiscretionaryitems,suchasourpremiumouterwear,tendtodeclineduringrecessionaryperiodswhendisposable
incomeislower.Duringour60-yearhistory,wehaveexperiencedrecessionaryperiods,butwecannotpredicttheeffectonoursalesandprofitability.Adownturn
intheeconomyinmarketsinwhichwesellourproductsmaymateriallyharmoursales,profitabilityandfinancialcondition.

We operate in a highly competitive market and the size and resources of some of our competitors may allow them to compete more effectively than we can,
resulting in a loss of our market share and a decrease in our revenue and profitability.
Themarketforouterwearishighlyfragmented.Wecompetedirectlyagainstotherwholesalersanddirectretailersofpremiumfunctionalouterwearandluxury
apparel.Becauseofthefragmentednatureofthemarketplace,wealsocompetewithotherapparelsellers,includingthosewhodonotspecializeinouterwear.
Manyofourcompetitorshavesignificantcompetitiveadvantages,includinglongeroperatinghistories,largerandbroadercustomerbases,moreestablished
relationshipswithabroadersetofsuppliers,greaterbrandrecognitionandgreaterfinancial,researchanddevelopment,storedevelopment,marketing,distribution,
andotherresourcesthanwedo.

Ourcompetitorsmaybeabletoachieveandmaintainbrandawarenessandmarketsharemorequicklyandeffectivelythanwecan.Manyofourcompetitorshave
moreestablishedanddiversifiedmarketingprograms,includingwithrespecttopromotionoftheirbrandsthroughtraditionalformsofadvertising,suchasprint
mediaandtelevisioncommercials,andthroughcelebrityendorsements,andhavesubstantialresourcestodevotetosuchefforts.Ourcompetitorsmayalsocreate
andmaintainbrandawarenessusingtraditionalformsofadvertisingmorequicklythanwecan.Ourcompetitorsmayalsobeabletoincreasesalesintheirnewand
existingmarketsfasterthanwecanbyemphasizingdifferentdistributionchannelsthanwecan,suchascatalogsalesoranextensiveretailnetwork,andmanyof
ourcompetitorshavesubstantialresourcestodevotetowardincreasingsalesinsuchways.

If we fail to attract new customers, we may not be able to increase sales.

Oursuccessdepends,inpart,onourabilitytoattractnewcustomers.Inordertoexpandourcustomerbase,wemustappealtoandattractconsumerswhoidentify
withourproducts.Wehavemadesignificantinvestmentsinenhancingourbrandandattractingnewcustomers.Weexpecttocontinuetomakesignificant
investmentstopromoteourcurrentproductstonewcustomersandnewproductstocurrentandnewcustomers,includingthroughourDTCe-commerceplatforms
andretailstorepresence.Suchcampaignscanbeexpensiveandmaynotresultinincreasedsales.Further,asourbrandbecomesmorewidelyknown,wemaynot
attractnewcustomersaswehaveinthepast.Ifweareunabletoattractnewcustomers,wemaynotbeabletoincreaseoursales.

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We have grown rapidly in recent years. If we are unable to manage our operations at our current size or to manage any future growth effectively, the pace of
our growth may slow.
Wehaveexpandedouroperationsrapidlysince2013andhavebeendevelopingaDTCchannelwiththelaunchofourfoure-commercestoresinCanadaandthe
UnitedStatesaswellastheUnitedKingdomandFranceinAugust2014,September2015andSeptember2016,respectively,andtheopeningofourfirsttworetail
storesinOctoberandNovemberof2016inTorontoandNewYorkCity,respectively.Ourrevenueincreasedfrom$152.1millionforfiscal2014to$290.8million
forfiscal2016,aCAGRofapproximately38.3%,including$33.0millionofrevenuegeneratedfromourDTCchannelinfiscal2016.

Ifouroperationscontinuetogrow,ofwhichtherecanbenoassurance,wewillberequiredtocontinuetoexpandoursalesandmarketing,productdevelopment,
manufacturinganddistributionfunctions,toupgradeourmanagementinformationsystemsandotherprocesses,andtoobtainmorespaceforourexpanding
administrativesupportandotherpersonnel.Ourcontinuedgrowthcouldincreasethestrainonourresources,andwecouldexperienceoperatingdifficulties,
includingdifficultiesinhiring,trainingandmanaginganincreasingnumberofemployeesandmanufacturingcapacitytoproduceourproducts,anddelaysin
productionandshipments.Thesedifficultiesmayresultintheerosionofourbrandimage,diverttheattentionofmanagementandkeyemployeesandimpact
financialandoperationalresults.Inaddition,inordertocontinuetoexpandourDTCchannel,weexpecttocontinuetoaddselling,general&administrative
expensestoouroperatingprofile.Thesecosts,whichincludeleasecommitments,headcountandcapitalassets,couldresultindecreasedmarginsifweareunable
todrivecommensurategrowth.

Our growth strategy involves expansion of our DTC channel, including retail stores and on-line, which may present risks and challenges that we have not yet
experienced.
Ourbusinesshasonlyrecentlyevolvedfromoneinwhichweonlydistributedproductsonawholesalebasisforresalebyotherstoonethatalsoincludesamulti-
channelexperience,whichincludesretailphysicalandonlinestoresoperatedbyus.Growingoure-commerceplatformsandnumberofphysicalstoresisessential
toourgrowthstrategy,asisexpandingourproductofferingsavailablethroughthesechannels.However,wehavelimitedoperatingexperienceexecutingthis
strategy,whichwelaunchedwithourfirste-commercestoreinAugust2014andourfirstretailstoreinOctober2016.Thisstrategyhasandwillcontinuetorequire
significantinvestmentincross-functionaloperationsandmanagementfocus,alongwithinvestmentinsupportingtechnologiesandretailstorespaces.Ifweare
unabletoprovideaconvenientandconsistentexperienceforourcustomers,ourabilitytocompeteandourresultsofoperationscouldbeadverselyaffected.In
addition,ifoure-commercestoredesigndoesnotappealtoourcustomers,reliablyfunctionasdesigned,ormaintaintheprivacyofcustomerdata,orifweare
unabletoconsistentlymeetourbrandpromisetoourcustomers,wemayexperiencealossofcustomerconfidenceorlostsales,orbeexposedtofraudulent
purchases,whichcouldadverselyaffectourreputationandresultsofoperations.

WecurrentlyoperateouronlinestoresinCanada,theUnitedStates,theUnitedKingdomandFrance,andareplanningtoexpandoure-commerceplatformtoother
geographies.Thesecountriesmayimposedifferentandevolvinglawsgoverningtheoperationandmarketingofe-commercewebsites,aswellasthecollection,
storageanduseofinformationonconsumersinteractingwiththosewebsites.Wemayincuradditionalcostsandoperationalchallengesincomplyingwiththese
laws,anddifferencesintheselawsmaycauseustooperateourbusinessesdifferentlyindifferentterritories.Ifso,wemayincuradditionalcostsandmaynotfully
realizetheinvestmentinourinternationalexpansion.

Our operating results are subject to seasonal and quarterly variations in our revenue and operating income, which could cause the price of our subordinate
voting shares to decline.
Ourbusinessisseasonaland,historically,wehaverealizedapproximatelythreequartersofourrevenueandearningsforthefiscalyearinthesecondandthird
fiscalquarters,duetotheimpactofwholesaleordersin

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anticipationoftheWinterandholidaysellingseason.Manyoftheseordersarenotsubjecttocontractsand,ifcancelledforanyreason,couldresultinharmtoour
salesandfinancialresults.Anyfactorsthatharmoursecondandthirdfiscalquarteroperatingresults,includingdisruptionsinoursupplychain,unseasonablywarm
weatherorunfavourableeconomicconditions,couldhaveadisproportionateeffectonourresultsofoperationsfortheentirefiscalyear.Inaddition,wetypically
experiencenetlossesinourfirstandfourthfiscalquartersasweinvestaheadofourmostactiveseason.Disruptedsalesinoursecondandthirdfiscalquarters
couldupsetourseasonalbalanceleadingtoanadverseeffectonourfinancialandoperatingresults.

Inordertoprepareforourpeakshoppingseason,wemustmaintainhigherquantitiesoffinishedgoods.Asaresult,ourworkingcapitalrequirementsalsofluctuate
duringtheyear,increasinginthefirstandsecondfiscalquartersanddecliningsignificantlyinthefourthfiscalquarter.

Ourquarterlyresultsofoperationsmayalsofluctuatesignificantlyasaresultofavarietyofotherfactors,includingthesalescontributedbyourDTCchannel.Asa
result,historicalperiod-to-periodcomparisonsofoursalesandoperatingresultsarenotnecessarilyindicativeoffutureperiod-to-periodresults.Youshouldnot
relyontheresultsofasinglefiscalquarterasanindicationofourannualresultsorourfutureperformance.

Our indebtedness could adversely affect our financial condition.

AsofDecember31,2016,wehad$59.8millionofborrowingsoutstandingunderourRevolvingFacility,and$82.1millionofunusedcommitmentsunderour
RevolvingFacility$218.3millionoftermloansunderourTermLoanFacility,andtotalindebtednessof$278.1millionasofsuchdate.SeeDescriptionof
IndebtednessandRecapitalization.Uponthecompletionofthisoffering,aftergivingeffecttotheuseofproceedsdescribedinthisprospectus,weexpectto
havetotalindebtednessof$178.1million.Ourdebtcouldhaveimportantconsequences,including:

limitingourabilitytoobtainadditionalfinancingtofundfutureworkingcapital,capitalexpenditures,acquisitionsorothergeneralcorporate

requirementsandincreasingourcostofborrowing;

requiringaportionofourcashflowtobededicatedtodebtservicepaymentsinsteadofotherpurposes,therebyreducingtheamountofcashflow

availableforworkingcapital,capitalexpenditures,acquisitionsandothergeneralcorporatepurposes;

requiringthenetcashproceedsofcertainequityofferingstobeusedtoprepayourdebtasopposedtootherpurposes;

exposingustotheriskofincreasedinterestratesascertainofourborrowings,includingborrowingsunderourseniorsecuredcreditfacilities,areat

variableratesofinterest;and

limitingourflexibilityinplanningforandreactingtochangesintheindustryinwhichwecompete.

Thecreditagreementsgoverningourseniorsecuredcreditfacilitiescontainanumberofrestrictivecovenantsthatimposeoperatingandfinancialrestrictionsonus,
includingrestrictionsonourabilitytoincurcertainliens,makeinvestmentsandacquisitions,incurorguaranteeadditionalindebtedness,paydividendsormake
otherdistributionsinrespectof,orrepurchaseorredeemourcommonorpreferredshares,orenterintocertainothertypesofcontractualarrangementsaffectingour
subsidiariesorindebtedness.Inaddition,therestrictivecovenantsinthecreditagreementgoverningourRevolvingFacilityrequireustomaintainaminimumfixed
chargecoverageratioifexcessavailabilityunderourRevolvingFacilityfallsbelowaspecifiedthreshold.

Althoughthecreditagreementsgoverningourseniorsecuredcreditfacilitiescontainrestrictionsontheincurrenceofadditionalindebtedness,thoserestrictionsare
subjecttoanumberofqualificationsandexceptionsandtheadditionalindebtednessincurredincompliancewiththoserestrictionscouldbesubstantial.Wemay
alsoseektoamendorrefinanceoneormoreofourdebtinstrumentstopermitustofinanceourgrowthstrategyorimprovethetermsofourindebtedness.

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Our plans to improve and expand our product offerings may not be successful, and implementation of these plans may divert our operational, managerial and
administrative resources, which could harm our competitive position and reduce our revenue and profitability.
InadditiontoourDTCstrategyandtheexpansionofourgeographicfootprint,weplantogrowourbusinessbyexpandingourproductofferings.Theprincipal
riskstoourabilitytosuccessfullycarryoutourplanstoexpandourproductofferinginclude:

ifourexpandedproductofferingsfailtomaintainandenhanceourdistinctivebrandidentity,ourbrandimagemaybediminishedandoursalesmay

decrease;

implementationoftheseplansmaydivertmanagementsattentionfromotheraspectsofourbusinessandplaceastrainonourmanagement,

operationalandfinancialresources,aswellasourinformationsystems;and

incorporationofnovelmaterialsorfeaturesintoourproductsmaynotbeacceptedbyourcustomersormaybeconsideredinferiortosimilarproducts

offeredbyourcompetitors.

Inaddition,ourabilitytosuccessfullycarryoutourplanstoexpandourproductofferingsmaybeaffectedbyeconomicandcompetitiveconditions,changesin
consumerspendingpatternsandchangesinconsumerpreferencesandstyles.Theseplanscouldbeabandoned,couldcostmorethananticipatedandcoulddivert
resourcesfromotherareasofourbusiness,anyofwhichcouldnegativelyimpactourcompetitivepositionandreduceourrevenueandprofitability.

We rely on a limited number of third-party suppliers to provide high quality raw materials.
Ourproductsrequirehighqualityrawmaterials,includingcotton,polyester,downandcoyotefur.Thepriceofrawmaterialsdependsonawidevarietyoffactors
largelybeyondthecontrolofCanadaGoose.Ashortage,delayorinterruptionofsupplyforanyreasoncouldnegativelyimpactourabilitytofulfillordersandhave
anadverseimpactonourfinancialresults.

Inaddition,werelyonaverysmallnumberofdirectsuppliersforourrawmaterials.Asaresult,anydisruptiontotheserelationshipscouldhaveamaterialadverse
effectonourbusiness.Eventsthatadverselyaffectoursupplierscouldimpairourabilitytoobtaininventoryinthequantitiesandatthequalitythatwedesire.Such
eventsincludedifficultiesorproblemswithoursuppliersbusinesses,finances,labourrelations,abilitytoimportrawmaterials,costs,production,insuranceand
reputation,aswellasnaturaldisastersorothercatastrophicoccurrences.Furthermore,therecanbenoassurancethatoursupplierswillcontinuetoprovidefabrics
andrawmaterialsorprovideproductsthatareconsistentwithourstandards.

Moregenerally,ifweneedtoreplaceanexistingsupplier,additionalsuppliesoradditionalmanufacturingcapacitymaynotbeavailablewhenrequiredonterms
thatareacceptabletous,oratall,andanynewsuppliermaynotmeetourstrictqualityrequirements.Intheeventwearerequiredtofindnewsourcesofsupply,we
mayencounterdelaysinproduction,inconsistenciesinqualityandaddedcostsasaresultofthetimeittakestotrainoursuppliersandmanufacturersinour
methods,productsandqualitycontrolstandards.Anydelays,interruptionorincreasedcostsinthesupplyofourrawmaterialscouldhaveanadverseeffectonour
abilitytomeetcustomerdemandforourproductsandresultinlowersalesandprofitabilitybothintheshortandlong-term.

We could experience significant disruptions in supply from our current sources.

Wegenerallydonotenterintolong-termformalwrittenagreementswithoursuppliers,andtypicallytransactbusinesswithoursuppliersonanorder-by-order
basis.Therecanbenoassurancethattherewillnotbeadisruptioninthesupplyoffabricsorrawmaterialsfromcurrentsourcesor,intheeventofadisruption,that
wewouldbeabletolocatealternativesuppliersofmaterialsofcomparablequalityatanacceptableprice,oratall.Identifyingasuitablesupplierisaninvolved
processthatrequiresustobecomesatisfiedwiththeirquality

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control,responsivenessandservice,financialstabilityandlabourandotherethicalpractices.Anydelays,interruptionorincreasedcostsinthesupplyoffabricor
manufactureofourproductscouldhaveanadverseeffectonourabilitytomeetcustomerdemandforourproductsandresultinlowerrevenueandoperating
incomebothintheshortandlong-term.

Our business or our results of operations could be harmed if we are unable to accurately forecast demand for our products.
Toensureadequateinventorysupply,weandourretailpartnersforecastinventoryneeds,whicharesubjecttoseasonalandquarterlyvariations.Ifwefailto
accuratelyforecastretailerdemand,wemayexperienceexcessinventorylevelsorashortageofproducttodelivertoourretailpartnersandthroughourDTC
channel.

Ifweunderestimatethedemandforourproducts,wemaynotbeabletoproduceproductstomeetourretailpartnerrequirements,andthiscouldresultindelaysin
theshipmentofourproductsandourfailuretosatisfydemand,aswellasdamagetoourreputationandretailpartnerrelationships.Ifweoverestimatethedemand
forourproducts,wecouldfaceinventorylevelsinexcessofdemand,whichcouldresultininventorywrite-downsorwrite-offsandthesaleofexcessinventoryat
discountedprices,whichwouldharmourgrossmarginsandourbrandmanagementefforts.Inaddition,failurestoaccuratelypredictthelevelofdemandforour
productscouldcauseadeclineinrevenueandharmourprofitabilityandfinancialcondition.

If we are unable to establish and protect our trademarks and other intellectual property rights, counterfeiters may produce copies of our products and such
counterfeit products could damage our brand image.
Giventheincreasedpopularityofourbrand,webelievethereisahighlikelihoodthatcounterfeitproductsorotherproductsinfringingonourintellectualproperty
rightswillcontinuetoemerge,seekingtobenefitfromtheconsumerdemandforCanadaGooseouterwear.Thesecounterfeitproductsdonotprovidethe
functionalityofourproductsandwebelievetheyareofsubstantiallylowerquality,andifcustomersarenotabletodifferentiatebetweenourproductsand
counterfeitproducts,thiscoulddamageourbrandimage.Inordertoprotectourbrand,wedevotesignificantresourcestotheregistrationandprotectionofour
trademarksandtoanti-counterfeitingeffortsworldwide.Weactivelypursueentitiesinvolvedinthetraffickingandsaleofcounterfeitmerchandisethroughlegal
actionorotherappropriatemeasures.Inspiteofourefforts,counterfeitingstilloccursand,ifweareunsuccessfulinchallengingathird-partysrightsrelatedto
trademark,copyrightorotherintellectualpropertyrights,thiscouldadverselyaffectourfuturesales,financialconditionandresultsofoperations.Wecannot
guaranteethattheactionswehavetakentocurbcounterfeitingandprotectourintellectualpropertywillbeadequatetoprotectthebrandandpreventcounterfeiting
inthefutureorthatwewillbeabletoidentifyandpursueallcounterfeiterswhomayseektobenefitfromourbrand.

Competitors have and will likely continue to attempt to imitate our products and technology and divert sales. If we are unable to protect or preserve our
intellectual property rights, brand image and proprietary rights, our business may be harmed.
Asourbusinesshasexpanded,ourcompetitorshaveimitated,andwilllikelycontinuetoimitate,ourproductdesignsandbranding,whichcouldharmourbusiness
andresultsofoperations.Competitorswhofloodthemarketwithproductsseekingtoimitateourproductscoulddivertsalesanddilutethevalueofourbrand.We
believeourtrademarks,copyrightsandotherintellectualpropertyrightsareextremelyimportanttooursuccessandourcompetitiveposition.

However,enforcingrightstoourintellectualpropertymaybedifficultandcostly,andwemaynotbesuccessfulinstoppinginfringementofourintellectual
propertyrights,particularlyinsomeforeigncountries,whichcouldmakeiteasierforcompetitorstocapturemarketshare.Intellectualpropertyrightsnecessaryto
protectourproductsandbrandmayalsobeunavailableorlimitedincertaincountries.Furthermore,oureffortstoenforceourtrademarks,copyrightsandother
intellectualpropertyrightsmaybemetwithdefenses,counterclaimsand

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countersuitsattackingthevalidityandenforceabilityofourtrademarkandotherintellectualpropertyrights.Continuedsalesofcompetingproductsbyour
competitorscouldharmourbrandandadverselyimpactourbusiness,financialconditionandresultsofoperations.

Labour-related matters, including labour disputes, may adversely affect our operations.
AsofMarch1,2017,lessthan25%ofouremployeesaremembersoflabourunions,andadditionalmembersofourworkforcemaybecomerepresentedbyunions
inthefuture.Theexposuretounionizedlabourinourworkforcenonethelesspresentsanincreasedriskofstrikesandotherlabourdisputes,andourabilitytoalter
labourcostswillbesubjecttocollectivebargaining,whichcouldadverselyaffectourresultsofoperations.Inaddition,potentiallabourdisputesatindependent
factorieswhereourgoodsareproduced,shippingports,ortransportationcarrierscreaterisksforourbusiness,particularlyifadisputeresultsinworkslowdowns,
lockouts,strikesorotherdisruptionsduringourpeakmanufacturing,shippingandsellingseasons.Anypotentiallabourdispute,eitherinourownoperationsorin
thoseofthirdparties,onwhomwerely,couldmateriallyaffectourcosts,decreaseoursales,harmourreputationorotherwisenegativelyaffectoursales,
profitabilityorfinancialcondition.

We rely significantly on information technology systems for our distribution systems and other critical business functions, and are increasing our reliance on
these functions as our DTC channel expands. Any failure, inadequacy, or interruption of those systems could harm our ability to operate our business
effectively.
Werelyoninformationsystemstoeffectivelymanageallaspectsofourbusiness,includingmerchandiseplanning,manufacturing,allocation,distributionand
sales.Ourrelianceonthesesystems,andtheirimportancetoourbusiness,willincreaseasweexpandourDTCchannelandglobaloperations.Werelyonanumber
ofthirdpartiestohelpuseffectivelymanagethesesystems.Ifinformationsystemswerelyonfailtoperformasexpected,ourbusinesscouldbedisrupted.The
failureofusorourvendorstomanageandoperateourinformationtechnologysystemsasexpectedcoulddisruptourbusiness,resultinournotprovidingadequate
product,losingsalesormarketshare,andreputationalharm,causingourbusinesstosuffer.Anysuchfailureordisruptioncouldhaveamaterialadverseeffecton
ourbusiness.

Ourinformationtechnologysystemsandvendorsalsomaybevulnerabletodamageorinterruptionfromcircumstancesbeyondourortheircontrol,includingfire,
flood,naturaldisasters,systemsfailures,networkorcommunicationsfailures,poweroutages,viruses,securitybreaches,cyber-attacksandterrorism.Wemaintain
disasterrecoveryproceduresintendedtomitigatetherisksassociatedwithsuchevents,butthereisnoguaranteethattheseprocedureswillbeadequateinany
particularcircumstance.Asaresult,suchaneventcouldmateriallydisrupt,andhaveamaterialadverseeffecton,ourbusiness.

We depend on our retail partners to display and present our products to customers, and our failure to maintain and further develop our relationships with our
retail partners could harm our business.
Wesellourproductsthroughknowledgeablelocal,regional,andnationalretailpartners.Ourretailpartnersservicecustomersbystockinganddisplayingour
products,andexplainingourproductattributes.Ourrelationshipswiththeseretailpartnersareimportanttotheauthenticityofourbrandandthemarketing
programswecontinuetodeploy.Ourfailuretomaintaintheserelationshipswithourretailpartnersorfinancialdifficultiesexperiencedbytheseretailpartners
couldharmourbusiness.

Wealsohavekeyrelationshipswithnationalretailpartners.Forfiscal2016,ourlargestCanadianwholesalecustomeraccountedfor17%ofourwholesalerevenue
inCanada,andourlargestU.S.wholesalecustomeraccountedfor18%ofourwholesalerevenueintheUnitedStates.Ifweloseanyofourkeyretailpartners,orif
anykeyretailpartnerreducestheirpurchasesofourexistingornewproducts,ortheirnumberofstoresoroperationsorpromotesproductsofourcompetitorsover
ours,orsuffersfinancialdifficultyorinsolvency,oursaleswouldbeharmed.Oursalesdepend,inpart,onretailerpartnerseffectivelydisplayingourproducts,

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includingprovidingattractivespaceintheirstores,includingshop-in-shops,andtrainingtheirsalespersonneltosellourproducts.Ifourretailpartnersreduceor
terminatethoseactivities,wemayexperiencereducedsalesofourproducts,resultinginlowerrevenueandgrossmargins,whichwouldharmourprofitabilityand
financialcondition.

The majority of our sales are to retail partners.

Themajorityofoursalesaremadetoretailpartnerswhomaydecidetoemphasizeproductsfromourcompetitors,toredeploytheirretailfloorspacetoother
productcategories,ortotakeotheractionsthatreducetheirpurchasesofourproducts.Wedonotreceivelong-termpurchasecommitmentsfromourretailpartners,
andconfirmedordersreceivedfromourretailpartnersmaybedifficulttoenforce.Factorsthatcouldaffectourabilitytomaintainorexpandoursalestotheseretail
partnersinclude:(a)failuretoaccuratelyidentifytheneedsofourcustomers;(b)lackofcustomeracceptanceofnewproductsorproductexpansions;(c)
unwillingnessofourretailpartnersandcustomerstoattributepremiumvaluetoourneworexistingproductsorproductexpansionsrelativetocompetingproducts;
(d)failuretoobtainshelfspacefromourretailpartners;and(e)new,well-receivedproductintroductionsbycompetitors.

Wecannotassureyouthatourretailpartnerswillcontinuetocarryourproductsinaccordancewithcurrentpracticesorcarryanynewproductsthatwedevelop.If
theserisksoccur,theycouldharmourbrandaswellasourresultsofoperationsandfinancialcondition.

Our marketing programs, e-commerce initiatives and use of customer information are governed by an evolving set of laws and enforcement trends and
unfavorable changes in those laws or trends, or our failure to comply with existing or future laws, could substantially harm our business and results of
operations.
Wecollect,process,maintainandusedata,includingsensitiveinformationonindividuals,availabletousthroughonlineactivitiesandothercustomerinteractions
inourbusiness.Ourcurrentandfuturemarketingprogramsmaydependonourabilitytocollect,maintainandusethisinformation,andourabilitytodosois
subjecttoevolvinginternational,U.S.,Canadian,Europeanandotherlawsandenforcementtrends.Westrivetocomplywithallapplicablelawsandotherlegal
obligationsrelatingtoprivacy,dataprotectionandcustomerprotection,includingthoserelatingtotheuseofdataformarketingpurposes.Itispossible,however,
thattheserequirementsmaybeinterpretedandappliedinamannerthatisinconsistentfromonejurisdictiontoanother,mayconflictwithotherrules,mayconflict
withourpracticesorfailtobeobservedbyouremployeesorbusinesspartners.Ifso,wemaysufferdamagetoourreputationandbesubjecttoproceedingsor
actionsagainstusbygovernmentalentitiesorothers.Anysuchproceedingoractioncouldhurtourreputation,forceustospendsignificantamountstodefendour
practices,distractourmanagementorotherwisehaveanadverseeffectonourbusiness.

Certainofourmarketingpracticesrelyupone-mailtocommunicatewithconsumersonourbehalf.Wemayfaceriskifouruseofe-mailisfoundtoviolatethe
applicablelaw.Wepostourprivacypolicyandpracticesconcerningtheuseanddisclosureofuserdataonourwebsites.Anyfailurebyustocomplywithour
postedprivacypolicyorotherprivacy-relatedlawsandregulationscouldresultinproceedingswhichcouldpotentiallyharmourbusiness.Inaddition,asdata
privacyandmarketinglawschange,wemayincuradditionalcoststoensureweremainincompliance.Ifapplicabledataprivacyandmarketinglawsbecomemore
restrictiveattheinternational,federal,provincialorstatelevels,ourcompliancecostsmayincrease,ourabilitytoeffectivelyengagecustomersviapersonalized
marketingmaydecrease,ourinvestmentinoure-commerceplatformmaynotbefullyrealized,ouropportunitiesforgrowthmaybecurtailedbyourcompliance
burdenandourpotentialreputationalharmorliabilityforsecuritybreachesmayincrease.

Data security breaches and other cyber security events could negatively affect our reputation, credibility and business.
Wecollect,process,maintainandusesensitivepersonalinformationrelatingtoourcustomersandemployees,includingtheirpersonallyidentifiableinformation,
andrelyonthirdpartiesfortheoperationofoure-commerce

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siteandforthevarioussocialmediatoolsandwebsitesweuseaspartofourmarketingstrategy.Anyperceived,attemptedoractualunauthorizeddisclosureof
personallyidentifiableinformationregardingouremployees,customersorwebsitevisitorscouldharmourreputationandcredibility,reduceoure-commercesales,
impairourabilitytoattractwebsitevisitors,reduceourabilitytoattractandretaincustomersandcouldresultinlitigationagainstusortheimpositionofsignificant
finesorpenalties.

Recently,datasecuritybreachessufferedbywell-knowncompaniesandinstitutionshaveattractedasubstantialamountofmediaattention,promptingnewforeign,
federal,provincialandstatelawsandlegislativeproposalsaddressingdataprivacyandsecurity,aswellasincreaseddataprotectionobligationsimposedon
merchantsbycreditcardissuers.Asaresult,wemaybecomesubjecttomoreextensiverequirementstoprotectthecustomerinformationthatweprocessin
connectionwiththepurchaseofourproducts,resultinginincreasedcompliancecosts.

Ouron-lineactivities,includingoure-commercewebsites,alsomaybesubjecttodenialofserviceorotherformsofcyberattacks.Whilewehavetakenmeasures
webelievereasonabletoprotectagainstthosetypesofattacks,thosemeasuresmaynotadequatelyprotectouron-lineactivitiesfromsuchattacks.Ifadenialof
serviceattackorothercybereventweretoaffectoure-commercesitesorotherinformationtechnologysystems,ourbusinesscouldbedisrupted,wemaylosesales
orvaluabledata,andourreputationmaybeadverselyaffected.

A significant portion of our business functions operate out of our headquarters in Toronto. As a result, our business is vulnerable to disruptions due to local
weather, economics and other factors.
AllofoursignificantbusinessfunctionsresideatourheadquartersinToronto,Canada.Eventssuchasextremelocalweather,naturaldisasters,transportation
strikes,actsofterrorism,significanteconomicdisruptionsorunexpecteddamagetothefacilitycouldresultinanunexpecteddisruptiontoourbusinessasa
whole.Althoughwecarrybusinessinterruptioninsurance,ifadisruptionofthistypeshouldoccur,ourabilitytoconductourbusinesscouldbeadverselyaffected
orinterruptedentirelyandadverselyaffectourfinancialandoperatingresults.

Our success is substantially dependent on the continued service of our senior management.
Oursuccessissubstantiallydependentonthecontinuedserviceofourseniormanagement,includingDaniReiss,whoisourthird-generationPresidentandChief
ExecutiveOfficer.Thelossoftheservicesofourseniormanagementcouldmakeitmoredifficulttosuccessfullyoperateourbusinessandachieveourbusiness
goals.Wealsomaybeunabletoretainexistingmanagement,technical,salesandclientsupportpersonnelthatarecriticaltooursuccess,whichcouldresultin
harmtoourcustomerandemployeerelationships,lossofkeyinformation,expertiseorknow-howandunanticipatedrecruitmentandtrainingcosts.

Wehavenotobtainedkeymanlifeinsurancepoliciesonanymembersofourseniormanagementteam.Asaresult,wewouldnotbeprotectedagainstthe
associatedfinanciallossifweweretolosetheservicesofmembersofourseniormanagementteam.

We rely on payment cards to receive payments, and are subject to payment-related risks.
ForourDTCsales,aswellasforsalestocertainretailpartners,weacceptavarietyofpaymentmethods,includingcreditcards,debitcardsandelectronicfunds
transfers.Accordingly,weare,andwillcontinuetobe,subjecttosignificantandevolvingregulationsandcompliancerequirementsrelatingtopaymentcard
processing.Thisincludeslawsgoverningthecollection,processingandstorageofsensitiveconsumerinformation,aswellasindustryrequirementssuchasthe
PaymentCardIndustryDataSecurityStandard,orPCI-DSS.Theselawsandobligationsmayrequireustoimplementenhancedauthenticationandpayment
processesthatcouldresultinincreasedcostsandliability,andreducetheeaseofuseofcertainpaymentmethods.Forcertainpaymentmethods,includingcredit
anddebitcards,wepayinterchangeandotherfees,whichmay

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increaseovertime.Werelyonindependentserviceprovidersforpaymentprocessing,includingcreditanddebitcards.Iftheseindependentserviceproviders
becomeunwillingorunabletoprovidetheseservicestousorifthecostofusingtheseprovidersincreases,ourbusinesscouldbeharmed.Wearealsosubjectto
paymentcardassociationoperatingrulesandagreements,includingPCI-DSS,certificationrequirementsandrulesgoverningelectronicfundstransfers,which
couldchangeorbereinterpretedtomakeitdifficultorimpossibleforustocomply.Ifwefailtocomplywiththeserulesorrequirements,orifourdatasecurity
systemsarebreachedorcompromised,wemaybeliableforlossesincurredbycardissuingbanksorconsumers,subjecttofinesandhighertransactionfees,lose
ourabilitytoacceptcreditordebitcardpaymentsfromourconsumers,orprocesselectronicfundtransfersorfacilitateothertypesofpayments.Anyfailureto
complycouldsignificantlyharmourbrand,reputation,business,andresultsofoperations.

If our independent manufacturers or our suppliers fail to use ethical business practices and fail to comply with changing laws and regulations or our
applicable guidelines, our brand image could be harmed due to negative publicity.
Ourcorevalues,whichincludedevelopingthehighestqualityproductswhileoperatingwithintegrity,areanimportantcomponentofourbrandimage,which
makesourreputationsensitivetoallegationsofunethicalorimproperbusinesspractices,whetherrealorperceived.Wedonotcontroloursuppliersand
manufacturersortheirbusinesspractices.Accordingly,wecannotguaranteetheircompliancewithourguidelinesorthelaw.Alackofcompliancecouldleadto
reducedsalesorrecallsordamagetoourbrandorcauseustoseekalternativesuppliers,whichcouldincreaseourcostsandresultindelayeddeliveryofour
products,productshortagesorotherdisruptionsofouroperations.

Inaddition,manyofourproductsincludematerialsthatareheavilyregulatedinmanyjurisdictions.Certainjurisdictionsinwhichwesellhavevariousregulations
relatedtomanufacturingprocessesandthechemicalcontentofourproducts,includingtheircomponentparts.Monitoringcompliancebyourmanufacturersand
suppliersiscomplicated,andwearereliantontheircompliancereportinginordertocomplywithregulationsapplicabletoourproducts.Thisisfurther
complicatedbythefactthatexpectationsofethicalbusinesspracticescontinuallyevolveandmaybesubstantiallymoredemandingthanapplicablelegal
requirements.Ethicalbusinesspracticesarealsodriveninpartbylegaldevelopmentsandbydiversegroupsactiveinpublicizingandorganizingpublicresponses
toperceivedethicalshortcomings.Accordingly,wecannotpredicthowsuchregulationsorexpectationsmightdevelopinthefutureandcannotbecertainthatour
guidelinesorcurrentpracticeswouldsatisfyallpartieswhoareactiveinmonitoringourproductsorotherbusinesspracticesworldwide.

Our current and future products may experience quality problems from time to time that can result in negative publicity, litigation, product recalls and
warranty claims, which could result in decreased revenue and operating margin, and harm to our brand.
Therecanbenoassurancewewillbeabletodetect,prevent,orfixalldefectsthatmayaffectourproducts.Failuretodetect,prevent,orfixdefects,orthe
occurrenceofrealorperceivedquality,healthorsafetyproblemsormaterialdefectsinourcurrentandfutureproducts,couldresultinavarietyofconsequences,
includingagreaternumberofproductreturnsthanexpectedfromcustomersandourretailpartners,litigation,productrecalls,andcredit,warrantyorotherclaims,
amongothers,whichcouldharmourbrand,sales,profitabilityandfinancialcondition.WestandbehindeveryCanadaGooseproductwithafulllifetimewarranty
againstdefects.Becauseofthiscomprehensivewarranty,qualityproblemscouldleadtoincreasedwarrantycosts,anddiverttheattentionofourmanufacturing
facilities.Suchproblemscouldhurtourpremiumbrandimage,whichiscriticaltomaintainingandexpandingourbusiness.Anynegativepublicityorlawsuitsfiled
againstusrelatedtotheperceivedqualityandsafetyofourproductscouldharmourbrandanddecreasedemandforourproducts.

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Our business could be adversely affected by protestors or activists.

Wehavebeenthetargetofactivistsinthepast,andmaycontinuetobeinthefuture.Ourproductsincludecertainanimalproducts,includinggooseandduck
feathersinallofourdown-filledparkasandcoyotefuronthehoodsofsomeofourparkas,whichhasdrawntheattentionofanimalwelfareactivists.Inaddition,
protestorscandisruptsalesatourstores,orusesocialmediaorothercampaignstoswaypublicopinionagainstourproducts.Ifanysuchactivistsaresuccessfulat
eitheroftheseoursalesandresultsofoperationsmaybeadverselyaffected.

The cost of raw materials could increase our cost of goods sold and cause our results of operations and financial condition to suffer.
Thefabricsusedbyoursuppliersandmanufacturersincludesyntheticfabricsandnaturalproducts,includingcotton,polyester,downandcoyotefur.Significant
pricefluctuationsorshortagesinthecostoftheserawmaterialsmayincreaseourcostofgoodssoldandcauseourresultsofoperationsandfinancialconditionto
suffer.Inparticular,inourexperience,pricingforfurproductstendstobeunpredictable.Ifweareunabletosecurecoyotefurforourjacketsatareasonableprice,
wemayhavetoalterordiscontinuesellingsomeofourdesigns,orattempttopassalongthecosttoourcustomers,anyofwhichcouldadverselyaffectourresults
ofoperationsandfinancialcondition.

Additionally,increasingcostsoflabour,freightandenergycouldincreaseourandoursupplierscostofgoods.Ifoursuppliersareaffectedbyincreasesintheir
costsoflabour,freightandenergy,theymayattempttopassthesecostincreasesontous.Ifwepaysuchincreases,wemaynotbeabletooffsetthemthrough
increasesinourpricing,whichcouldadverselyaffectourresultsofoperationandfinancialcondition.

Fluctuations in foreign currency exchange rates could harm our results of operations as well as the price of our subordinate voting shares.
ThepresentationcurrencyforourconsolidatedfinancialstatementsistheCanadiandollar.BecausewerecognizesalesintheUnitedStatesinU.S.dollars,ifthe
U.S.dollarweakensagainsttheCanadiandollaritwouldhaveanegativeimpactonourU.S.operatingresultsupontranslationofthoseresultsintoCanadian
dollarsforthepurposesoffinancialstatementconsolidation.Wemayfacesimilarrisksinotherforeignjurisdictionswheresalesarerecognizedinforeign
currencies.Althoughweengageinshort-termhedgingtransactionsforalargeportionofourforeigncurrencydenominatedcashflowstomitigateforeignexchange
risks,dependinguponchangesinfuturecurrencyrates,suchgainsorlossescouldhaveasignificant,andpotentiallyadverse,effectonourresultsof
operations.Foreignexchangevariations(includingthevalueoftheCanadiandollarrelativetotheU.S.dollar)havebeensignificantinthepastandcurrentforeign
exchangeratesmaynotbeindicativeoffutureexchangerates.

OurearningspersharearereportedinCanadiandollars,andaccordinglymaybetranslatedintoU.S.dollarsbyanalystsorourinvestors.Asaresult,thevalueofan
investmentinoursubordinatevotingsharestoaU.S.shareholderwillfluctuateastheU.S.dollarrisesandfallsagainsttheCanadiandollar.Ourdecisiontodeclare
adividenddependsonresultsofoperationsreportedinCanadiandollars.Asaresult,U.S.andothershareholdersseekingU.S.dollartotalreturns,including
increasesinthesharepriceanddividendspaid,aresubjecttoforeignexchangeriskastheU.S.dollarrisesandfallsagainsttheCanadiandollar.

Unexpected obstacles in new markets may limit our expansion opportunities and cause our business and growth to suffer.
OurfuturegrowthdependsinpartonourexpansioneffortsoutsideofNorthAmerica.Wehavelimitedexperiencewithregulatoryenvironmentsandmarket
practicesoutsideofthisregion,andwemaynotbeabletopenetrateorsuccessfullyoperateinanynewmarket,asaresultofunfamiliarregulationorother
unexpected

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barrierstoentry.Inconnectionwithourexpansioneffortswemayencounterobstacles,includingculturalandlinguisticdifferences,differencesinregulatory
environments,economicorgovernmentalinstability,labourpracticesandmarketpractices,difficultiesinkeepingabreastofmarket,businessandtechnical
developments,andforeigncustomerstastesandpreferences.Wemayalsoencounterdifficultyexpandingintonewinternationalmarketsbecauseoflimitedbrand
recognitionleadingtodelayedacceptanceofourouterwearbycustomersinthesenewinternationalmarkets.Ourfailuretodevelopourbusinessinnew
internationalmarketsorexperiencingdisappointinggrowthoutsideofexistingmarketscouldharmourbusinessandresultsofoperations.

We may become involved in legal or regulatory proceedings and audits.

Ourbusinessrequirescompliancewithmanylawsandregulations,includinglabourandemployment,salesandothertaxes,customs,andconsumerprotectionlaws
andordinancesthatregulateretailersgenerallyand/orgoverntheimportation,promotionandsaleofmerchandise,andtheoperationofstoresandwarehouse
facilities.Failuretocomplywiththeselawsandregulationscouldsubjectustolawsuitsandotherproceedings,andcouldalsoleadtodamageawards,finesand
penalties.Wemaybecomeinvolvedinanumberoflegalproceedingsandaudits,includinggovernmentandagencyinvestigations,andconsumer,employment,tort
andotherlitigation.Theoutcomeofsomeoftheselegalproceedings,audits,andothercontingenciescouldrequireustotake,orrefrainfromtaking,actionsthat
couldharmouroperationsorrequireustopaysubstantialamountsofmoney,harmingourfinancialcondition.Additionally,defendingagainsttheselawsuitsand
proceedingsmaybenecessary,whichcouldresultinsubstantialcostsanddiversionofmanagementsattentionandresources,harmingourfinancialcondition.
Therecanbenoassurancethatanypendingorfuturelegalorregulatoryproceedingsandauditswillnotharmourbusiness,financialconditionandresultsof
operations.

We are subject to many hazards and operational risks that can disrupt our business, some of which may not be insured or fully covered by insurance.
Ouroperationsaresubjecttomanyhazardsandoperationalrisksinherenttoourbusiness,including:generalbusinessrisks,productliability,productrecalland
damagetothirdparties,ourinfrastructureorpropertiescausedbyfires,floodsandothernaturaldisasters,powerlosses,telecommunicationsfailures,terrorist
attacks,humanerrorsandsimilarevents.

Ourinsurancecoveragemaybeinadequatetocoverourliabilitiesrelatedtosuchhazardsoroperationalrisks.Inaddition,wemaynotbeabletomaintainadequate
insuranceinthefutureatratesweconsiderreasonableandcommerciallyjustifiable,andinsurancemaynotcontinuetobeavailableontermsasfavorableasour
currentarrangements.Theoccurrenceofasignificantuninsuredclaim,oraclaiminexcessoftheinsurancecoveragelimitsmaintainedbyuscouldharmour
business,resultsofoperationsandfinancialcondition.

We will incur significant expenses and devote other significant resources and management time as a result of being a public company, which may negatively
impact our financial performance and could cause our results of operations and financial condition to suffer.
Wewillincursignificantlegal,accounting,insuranceandotherexpensesasaresultofbeingapubliccompany.TherulesimplementedbytheSecuritiesand
ExchangeCommission,orSEC,andbytheNYSE,andthesecuritiesregulatorsineachoftheprovincesandterritoriesofCanadaandbytheTSXhaverequired
changesincorporategovernancepracticesofpubliccompanies.Weexpectthatcompliancewiththeselaws,rulesandregulationswillsubstantiallyincreaseour
expenses,includingourlegalandaccountingcosts,andmakesomeactivitiesmoretime-consumingandcostly,andthesenewobligationswillrequireattention
fromourseniormanagementandcoulddiverttheirattentionawayfromtheday-to-daymanagementofourbusiness.Wealsoexpecttheselaws,rulesand
regulationstomakeitmoreexpensiveforustoobtaindirectorandofficerliabilityinsurance,andwemayberequiredtoacceptreducedpolicylimitsandcoverage
orincursubstantiallyhighercoststoobtainthesameorsimilarcoverage.Asaresult,itmaybemoredifficultforustoattractandretainqualifiedpersonstoserve
onourboardofdirectorsorasofficers.Asaresultoftheforegoing,weexpecta

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substantialincreaseinlegal,accounting,insuranceandcertainotherexpensesinthefuture,whichwillnegativelyimpactourfinancialperformanceandcouldcause
ourresultsofoperationsandfinancialconditiontosuffer.Furthermore,ifweareunabletosatisfyourobligationsasapubliccompany,wecouldbesubjectto
delistingofoursubordinatevotingshares,fines,sanctionsandotherregulatoryactionandpotentiallycivillitigation.

We have identified material weaknesses in our internal control over financial reporting and if we fail to remediate these weaknesses and maintain proper and
effective internal controls, our ability to produce accurate and timely financial statements could be impaired, which could harm our operating results, our
ability to operate our business and investors views of us.
Ensuringthatwehaveadequateinternalfinancialandaccountingcontrolsandproceduresinplacesothatwecanproduceaccuratefinancialstatementsonatimely
basisisacostlyandtime-consumingeffortthatneedstobeevaluatedfrequently.Asaprivatecompany,wehavenothistoricallypreparedpubliccompanyfinancial
statements.Inconnectionwiththeauditofourconsolidatedfinancialstatements,wehaveidentifiedmaterialweaknessesinourinternalcontroloverfinancial
reporting.Amaterialweaknessisadeficiency,oracombinationofdeficiencies,ininternalcontroloverfinancialreporting,suchthatthereisareasonable
possibilitythatamaterialmisstatementofthecompanysannualorinterimconsolidatedfinancialstatementswillnotbepreventedordetectedonatimelybasis.

Wedidnothaveinplaceaneffectivecontrolenvironmentwithformalprocessesandproceduresoranadequatenumberofaccountingpersonnelwiththe
appropriatetechnicaltrainingin,andexperiencewith,IFRStoallowforadetailedreviewofcomplexaccountingtransactionsthatwouldidentifyerrorsinatimely
manner,includinginventorycostingandbusinesscombinations.Wedidnotdesignormaintaineffectivecontrolsoverthefinancialstatementcloseandreporting
processinordertoensuretheaccurateandtimelypreparationoffinancialstatementsinaccordancewithIFRS.Inaddition,informationtechnologycontrols,
includingenduserandprivilegedaccessrightsandappropriatesegregationofduties,includingforcertainuserstheabilitytocreateandpostjournalentries,were
notdesignedoroperatingeffectively.

Wehavetakenstepstoaddressthesematerialweaknessesandcontinuetoimplementourremediationplan,whichwebelievewilladdresstheirunderlyingcauses.
Wehavehiredpersonnelwithrequisiteskillsinbothtechnicalaccountingandinternalcontroloverfinancialreporting.Inaddition,wehaveengagedexternal
advisorstoprovidefinancialaccountingassistanceintheshorttermandtoevaluateanddocumentthedesignandoperatingeffectivenessofourinternalcontrols
andassistwiththeremediationandimplementationofourinternalcontrolsasrequired.Weareevaluatingthelongertermresourceneedsofourvariousfinancial
functions.

Implementinganyappropriatechangestoourinternalcontrolsandcontinuingtoupdateandmaintainourinternalcontrolsmaydistractourofficersandemployees,
entailsubstantialcoststoimplementnewprocessesandmodifyourexistingprocessesandtakesignificanttimetocomplete.Ifwefailtoenhanceourinternal
controloverfinancialreportingtomeetthedemandsthatwillbeplaceduponusasapubliccompany,includingtherequirementsoftheSarbanes-OxleyActof
2002ortheSarbanes-OxleyAct,wemaybeunabletoreportourfinancialresultsaccurately,whichcouldincreaseoperatingcostsandharmourbusiness,including
ourinvestorsperceptionofourbusinessandourshareprice.Theactionsweplantotakearesubjecttocontinuedmanagementreviewsupportedbyconfirmation
andtesting,aswellasauditcommitteeoversight.Whileweexpecttofullyremediatethesematerialweaknesses,wecannotassureyouthatwewillbeabletodoso
inatimelymanner,whichcouldimpairourabilitytoreportourfinancialposition.Foramoredetaileddiscussionofourmaterialweaknesses,seeManagements
DiscussionandAnalysisofFinancialConditionandResultsofOperationsInternalControlOverFinancialReporting.

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Failure to maintain adequate financial and management processes and controls could lead to errors in our financial reporting, which could harm our business
and cause a decline in our share price.
Reportingobligationsasapubliccompanyandouranticipatedgrowthhaveplacedandarelikelytocontinuetoplaceaconsiderablestrainonourfinancialand
managementsystems,processesandcontrols,aswellasonourpersonnel.Inaddition,followingourfirstyearasapubliccompanywewillberequiredto
documentandtestourinternalcontrolsoverfinancialreportingpursuanttoSection404oftheSarbanes-OxleyActsothatourmanagementcancertifythe
effectivenessofourinternalcontrols.Asaresult,wewillberequiredtocontinuetoimproveourfinancialandmanagerialcontrols,reportingsystemsand
procedures,toincursubstantialexpensestotestoursystemsandtomakesuchimprovementsandtohireadditionalpersonnel.Ifourmanagementisunableto
certifytheeffectivenessofourinternalcontrolsorifadditionalmaterialweaknessesinourinternalcontrolsareidentified,wecouldbesubjecttoregulatory
scrutinyandalossofpublicconfidence,whichcouldharmourbusinessandcauseadeclineinourshareprice.Inaddition,ifwedonotmaintainadequatefinancial
andmanagementpersonnel,processesandcontrols,wemaynotbeabletoaccuratelyreportourfinancialperformanceonatimelybasis,whichcouldcausea
declineinoursharepriceandharmourabilitytoraisecapital.Failuretoaccuratelyreportourfinancialperformanceonatimelybasiscouldalsojeopardizeour
continuedlistingontheTSX,theNYSEoranyotherexchangeonwhichoursubordinatevotingsharesmaybelisted.Delistingofoursubordinatevotingshares
fromanyexchangewouldreducetheliquidityofthemarketforoursubordinatevotingshares,whichwouldreducethepriceofoursubordinatevotingsharesand
increasethevolatilityofourshareprice.

Wedonotexpectthatourdisclosurecontrolsandproceduresandinternalcontrolsoverfinancialreportingwillpreventallerrororfraud.Acontrolsystem,no
matterhowwell-designedandimplemented,canprovideonlyreasonable,notabsolute,assurancethatthecontrolsystemsobjectiveswillbemet.Further,the
designofacontrolsystemmustreflectthefactthatthereareresourceconstraints,andthebenefitsofcontrolsmustbeconsideredrelativetotheircosts.Duetothe
inherentlimitationsinallcontrolsystems,noevaluationofcontrolscanprovideabsoluteassurancethatallcontrolissueswithinanorganizationaredetected.Due
totheinherentlimitationsinacost-effectivecontrolsystem,misstatementsduetoerrororfraudmayoccurandmaynotbedetectedinatimelymanneroratall.If
wecannotprovidereliablefinancialreportsorpreventfraud,ourreputationandoperatingresultscouldbemateriallyadverselyaffected,whichcouldalsocause
investorstoloseconfidenceinourreportedfinancialinformation,whichinturncouldresultinareductioninthetradingpriceofthesubordinatevotingshares.

Risks Related to This Offering and Our Subordinate Voting Shares

The dual-class structure contained in our articles has the effect of concentrating voting control and the ability to influence corporate matters with Bain Capital
and our President and Chief Executive Officer, who held our shares prior to our initial public offering.
Ourmultiplevotingshareshave10votespershareandoursubordinatevotingshares,whicharethesharesweandthesellingshareholdersaresellinginthis
offering,have1votepershare.Shareholderswhoholdmultiplevotingshares(BainCapitalandourPresidentandChiefExecutiveOfficer(includingtheir
respectiveaffiliates)),willtogetherholdapproximately98%ofthevotingpowerofouroutstandingvotingsharesfollowingthisoffering(or,iftheunderwriters
over-allotmentoptionisexercisedinfull,97%ofthevotingpowerofouroutstandingvotingsharesfollowingthisoffering)andwillthereforehavesignificant
influenceoverourmanagementandaffairsandoverallmattersrequiringshareholderapproval,includingtheelectionofdirectorsandsignificantcorporate
transactions.Inaddition,inconnectionwiththisoffering,theprincipalshareholdersexpecttoenterintoaninvestorrightsagreementprovidingforcertaindirector
nominationrightsandregistrationrights.SeeCertainRelationshipsandRelatedPartyTransactionsInvestorRightsAgreement.

Inaddition,becauseofthe10-to-1votingratiobetweenourmultiplevotingsharesandsubordinatevotingshares,theholdersofourmultiplevotingshareswill
continuetocontrolamajorityofthecombinedvotingpowerofourvotingsharesevenwherethemultiplevotingsharesrepresentasubstantiallyreduced
percentageofourtotal

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outstandingshares.Theconcentratedvotingcontrolofholdersofourmultiplevotingshareswilllimittheabilityofoursubordinatevotingshareholdersto
influencecorporatemattersfortheforeseeablefuture,includingtheelectionofdirectorsaswellaswithrespecttodecisionsregardingamendingofourshare
capital,creatingandissuingadditionalclassesofshares,makingsignificantacquisitions,sellingsignificantassetsorpartsofourbusiness,mergingwithother
companiesandundertakingothersignificanttransactions.Asaresult,holdersofmultiplevotingshareswillhavetheabilitytoinfluenceorcontrolmanymatters
affectingusandactionsmaybetakenthatoursubordinatevotingshareholdersmaynotviewasbeneficial.Themarketpriceofoursubordinatevotingsharescould
beadverselyaffectedduetothesignificantinfluenceandvotingpoweroftheholdersofmultiplevotingshares.Additionally,thesignificantvotinginterestof
holdersofmultiplevotingsharesmaydiscouragetransactionsinvolvingachangeofcontrol,includingtransactionsinwhichaninvestor,asaholderofthe
subordinatevotingshares,mightotherwisereceiveapremiumforthesubordinatevotingsharesoverthethen-currentmarketprice,ordiscouragecompeting
proposalsifagoingprivatetransactionisproposedbyoneormoreholdersofmultiplevotingshares.

Futuretransfersbyholdersofmultiplevotingshares,otherthanpermittedtransferstosuchholdersrespectiveaffiliatesordirectfamilymembersortoother
permittedholders,willresultinthosesharesautomaticallyconvertingtosubordinatevotingshares,whichwillhavetheeffect,overtime,ofincreasingtherelative
votingpowerofthoseholdersofmultiplevotingshareswhoretaintheirmultiplevotingshares.SeeDescriptionofShareCapitalAuthorizedShareCapital
Conversion.

Bain Capital will continue to have significant influence over us after this offering, including control over decisions that require the approval of shareholders,
which could limit your ability to influence the outcome of matters submitted to shareholders for a vote.
Wearecurrentlycontrolled,andafterthisofferingiscompletedwillcontinuetobecontrolled,byBainCapital.Uponcompletionofthisoffering,BainCapitalwill
beneficiallyownapproximately70%ofouroutstandingmultiplevotingshares,orapproximately68%ofthecombinedvotingpowerofourmultiplevotingand
subordinatevotingsharesoutstandingafterthisoffering.Iftheunderwritersover-allotmentoptionisexercisedinfull,BainCapitalwillbeneficiallyown
approximately68%ofthecombinedvotingpowerofourmultiplevotingsharesandsubordinatevotingsharesoutstandingafterthisoffering.Inaddition,our
PresidentandChiefExecutiveOfficerwillbeneficiallyownapproximately30%ofouroutstandingmultiplevotingsharesorapproximately29%ofthecombined
votingpowerofouroutstandingvotingshares.AslongasBainCapitalownsorcontrolsatleastamajorityofouroutstandingvotingpower,itwillhavetheability
toexercisesubstantialcontroloverallcorporateactionsrequiringshareholderapproval,irrespectiveofhowourothershareholdersmayvote,includingtheelection
andremovalofdirectorsandthesizeofourboardofdirectors,anyamendmentofourcertificateofincorporation,noticeofarticlesandarticles,ortheapprovalof
anymergerorothersignificantcorporatetransaction,includingasaleofsubstantiallyallofourassets.Evenifitsownershipfallsbelow50%ofthevotingpowerof
ouroutstandingvotingshares,BainCapitalwillcontinuetobeabletostronglyinfluenceoreffectivelycontrolourdecisions.BainCapitalsmultiplevotingshares
convertautomaticallytosubordinatevotingsharesatthetimethatBainCapitalanditsaffiliatesnolongerbeneficiallyownatleast15%oftheoutstanding
subordinatesharesandmultiplevotingsharesonanon-dilutedbasis.EvenonceBainCapitalsmultiplevotingsharesconvertintosubordinatevotingshareswe
maycontinuetobeacontrolledcompanysolongasanentitycontrolledbyourPresidentandChiefExecutiveOfficercontinuestoholdmultiplevotingshares.See
DescriptionofShareCapital.

Additionally,BainCapitalsinterestsmaynotalignwiththeinterestsofourothershareholders.BainCapitalisinthebusinessofmakinginvestmentsincompanies
andmayacquireandholdinterestsinbusinessesthatcompetedirectlyorindirectlywithus.BainCapitalmayalsopursueacquisitionopportunitiesthatmaybe
complementarytoourbusiness,and,asaresult,thoseacquisitionopportunitiesmaynotbeavailabletous.

Followingthisoffering,ourauditcommitteewillberesponsibleforreviewingallrelatedpartytransactionsforpotentialconflictofinterestsituationsandapproving
allsuchtransactions.SeeCertainRelationshipsand

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RelatedPartyTransactionsReview,ApprovalorRatificationofTransactionswithRelatedParties.Ourauditcommitteewillconsistofdirectorswhoare
independentasrequiredbySECandtheNYSEListingRules,subjecttothepermittedphase-inperiodaffordedbysuchrules.Inaddition,ourcodeofethics,
followingthisoffering,willcontainprovisionsdesignedtoaddressconflictsofinterest.However,suchprovisionsmaynotbeeffectiveinlimitingBainCapitals
significantinfluenceoverus.

Upon the listing of our subordinate voting shares, we will be a controlled company within the meaning of the rules of the NYSE and, as a result, will qualify
for, and intend to rely on, exemptions from certain corporate governance requirements; you will not have the same protections afforded to shareholders of
companies that are subject to such requirements.
BecauseBainCapitalwillcontinuetocontrolamajorityofthecombinedvotingpowerofouroutstandingmultiplevotingsharesandsubordinatevotingshares
aftercompletionofthisoffering,wewillbeacontrolledcompanywithinthemeaningofthecorporategovernancestandardsoftheNYSE.Undertheserules,a
companyofwhichmorethan50%ofthevotingpowerfortheelectionofdirectorsisheldbyanindividual,grouporanothercompanyisacontrolledcompanyand
mayelectnottocomplywithcertaincorporategovernancerequirements,includingtherequirementsthat,withinoneyearofthedateofthelistingofour
subordinatevotingshares:

wehaveaboardofdirectorsthatiscomposedofamajorityofindependentdirectors,asdefinedundertheNYSEListingRules;

wehaveacompensationcommitteethatiscomposedentirelyofindependentdirectors;and

wehaveanominatingandgovernancecommitteethatiscomposedentirelyofindependentdirectors.

We are eligible to be treated as an emerging growth company, as defined in the Securities Act, and we cannot be certain if the reduced disclosure requirements
applicable to emerging growth companies will make our subordinate voting shares less attractive to investors.
Weareeligibletobetreatedasanemerginggrowthcompany,asdefinedinSection2(a)oftheSecuritiesAct,asmodifiedbytheJOBSAct,andwemaytake
advantageofcertainexemptionsfromvariousreportingrequirementsthatareapplicabletootherpubliccompaniesthatarenotemerginggrowthcompanies,
includingnotbeingrequiredtocomplywiththeauditorattestationrequirementsofSection404oftheSarbanes-OxleyAct,reduceddisclosureobligations
regardingexecutivecompensationandexemptionsfromtherequirementsofholdinganon-bindingshareholderadvisoryvoteonexecutivecompensationand
shareholderapprovalofanygoldenparachutepaymentsnotpreviouslyapproved.Asaresult,ourshareholdersmaynothaveaccesstocertaininformationthatthey
maydeemimportant.Wecouldbeanemerginggrowthcompanyforuptofiveyears,althoughcircumstancescouldcauseustolosethatstatusearlier,includingif
ourtotalannualgrossrevenuesexceedUS$1.0billion,ifweissuemorethanUS$1.0billioninnon-convertibledebtsecuritiesduringanythree-yearperiod,orifwe
arealargeacceleratedfilerandthemarketvalueofoursharesheldbynon-affiliatesexceedsUS$700millionasoftheendofanysecondquarterbeforethattime.
Wecannotpredictifinvestorswillfindoursubordinatevotingshareslessattractivebecausewemayrelyontheseexemptions.Ifsomeinvestorsfindour
subordinatevotingshareslessattractiveasaresult,theremaybealessactivetradingmarketforoursubordinatevotingsharesandoursharepricemaybemore
volatile.

As a foreign private issuer, we are not subject to certain U.S. securities law disclosure requirements that apply to a domestic U.S. issuer, which may limit the
information publicly available to our shareholders.
AsaforeignprivateissuerwearenotrequiredtocomplywithalloftheperiodicdisclosureandcurrentreportingrequirementsoftheExchangeActandtherefore
theremaybelesspubliclyavailableinformationaboutusthanifwewereaU.S.domesticissuer.Forexample,wearenotsubjecttotheproxyrulesintheUnited
StatesanddisclosurewithrespecttoourannualmeetingswillbegovernedbyCanadianrequirements.Inaddition,our

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officers,directorsandprincipalshareholdersareexemptfromthereportingandshort-swingprofitrecoveryprovisionsofSection16oftheExchangeActandthe
rulesthereunder.Therefore,ourshareholdersmaynotknowonatimelybasiswhenourofficers,directorsandprincipalshareholderspurchaseorsellour
subordinatevotingshares.Furthermore,asaforeignprivateissuer,wemaytakeadvantageofcertainprovisionsintheNYSEListingRulesthatallowustofollow
Canadianlawforcertaingovernancematters.

If you purchase subordinate voting shares in this offering, you will suffer immediate and substantial dilution of your investment.
Theinitialpublicofferingpriceofoursubordinatevotingsharesissubstantiallyhigherthanthenettangiblebookdeficitpersubordinatevotingshare.Therefore,if
youpurchaseoursubordinatevotingsharesinthisoffering,youwillpayapricepersharethatsubstantiallyexceedsourproformanettangiblebookdeficitper
shareafterthisoffering.Basedontheinitialpublicofferingpriceof$17.00pershare,youwillexperienceimmediatedilutionof$17.19persubordinatevoting
share,representingthedifferencebetweenourproformanettangiblebookdeficitpersubordinatevotingshareaftergivingeffecttothisofferingandtheinitial
publicofferingprice.

Wealsohaveanumberofoutstandingoptionstopurchasesubordinatevotingshareswithexercisepricesthatarebelowtheinitialpublicofferingpriceofour
subordinatevotingshares.Totheextentthattheseoptionsareexercised,youwillexperiencefurtherdilution.SeeDilutionformoredetail.

We cannot assure you that a market will develop for our subordinate voting shares or what the price of our subordinate voting shares will be. Investors may not
be able to resell their subordinate voting shares at or above the initial public offering price.
Beforethisoffering,therewasnopublictradingmarketforoursubordinatevotingshares,andwecannotassureyouthatonewilldeveloporbesustainedafterthis
offering.Ifamarketdoesnotdeveloporisnotsustained,itmaybedifficultforyoutosellyoursubordinatevotingshares.Thismayaffectthepricingofthe
subordinatevotingsharesinthesecondarymarket,thetransparencyandavailabilityoftradingprices,theliquidityofthesubordinatevotingsharesandtheextent
ofregulationapplicabletous.Wecannotpredictthepricesatwhichoursubordinatevotingshareswilltrade.Theinitialpublicofferingpriceforoursubordinate
votingshareswillbedeterminedthroughournegotiationswiththeunderwritersandmaynotbearanyrelationshiptothemarketpriceatwhichoursubordinate
votingshareswilltradeafterthisofferingortoanyotherestablishedcriteriaofthevalueofourbusiness.Itispossiblethat,infuturequarters,ouroperatingresults
maybebelowtheexpectationsofsecuritiesanalystsandinvestors.Asaresultoftheseandotherfactors,thepriceofoursubordinatevotingsharesmaydecline,
possiblymaterially.

Our operating results and share price may be volatile, and the market price of our subordinate voting shares after this offering may drop below the price you
pay.
Ourquarterlyoperatingresultsarelikelytofluctuateinthefutureinresponsetonumerousfactors,manyofwhicharebeyondourcontrol,includingeachofthe
factorssetforthabove.

Inaddition,securitiesmarketsworldwidehaveexperienced,andarelikelytocontinuetoexperience,significantpriceandvolumefluctuations.Thismarket
volatility,aswellasgeneraleconomic,marketorpoliticalconditions,couldsubjectthemarketpriceofoursubordinatevotingsharestowidepricefluctuations
regardlessofouroperatingperformance.Ouroperatingresultsandthetradingpriceofoursubordinatevotingsharesmayfluctuateinresponsetovariousfactors,
includingtherisksdescribedabove.

Theseandotherfactors,manyofwhicharebeyondourcontrol,maycauseouroperatingresultsandthemarketpriceanddemandforoursubordinatevotingshares
tofluctuatesubstantially.Fluctuationsinourquarterly

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operatingresultscouldlimitorpreventinvestorsfromreadilysellingtheirsubordinatevotingsharesandmayotherwisenegativelyaffectthemarketpriceand
liquidityofsubordinatevotingshares.Inaddition,inthepast,whenthemarketpriceofastockhasbeenvolatile,holdersofthatstockhavesometimesinstituted
securitiesclassactionlitigationagainstthecompanythatissuedtheshares.Ifanyofourshareholdersbroughtalawsuitagainstus,wecouldincursubstantialcosts
defendingthelawsuit.Suchalawsuitcouldalsodivertthetimeandattentionofourmanagementfromourbusiness,whichcouldsignificantlyharmour
profitabilityandreputation.

A significant portion of our total outstanding shares are restricted from immediate resale but may be sold into the market in the near future. This could cause
the market price of our subordinate voting shares to drop significantly, even if our business is doing well.
Salesofasubstantialnumberofoursubordinatevotingsharesinthepublicmarketcouldoccuratanytime.Thesesales,ortheperceptioninthemarketthatthe
holdersofalargenumberofsubordinatevotingsharesorsecuritiesconvertibleintosubordinatevotingsharesintendtosellsubordinatevotingshares,couldreduce
themarketpriceofoursubordinatevotingshares.Aftergivingeffecttothisoffering,wewillhaveoutstanding20,000,000subordinatevotingshares(23,000,000if
theunderwritersexercisetheirover-allotmentoption),whichmayberesoldinthepublicmarketimmediately,andassumesnoexercisesofoutstandingoptions.

Followingtheconsummationofthisoffering,sharesthatarenotbeingsoldinthisofferingwillbesubjecttoa180daylock-upperiodprovidedunderlock-up
agreementsexecutedinconnectionwiththisofferingdescribedinUnderwritingandrestrictedfromimmediateresaleunderU.S.federalsecuritieslawsand,in
certaincases,CanadiansecuritieslawsasdescribedinSharesEligibleforFutureSale.Alloftheseshareswill,however,beabletoberesoldaftertheexpiration
ofthelock-upperiod,aswellaspursuanttocustomaryexceptionstheretooruponthewaiverofthelock-upagreementbycertainoftheunderwriters.Wealso
intendtoregister11,000,000subordinatevotingsharesthatwemayissueunderourequitycompensationplans.Onceweregisterthesesubordinatevotingshares,
theycanbefreelysoldinthepublicmarketuponissuance,subjecttothelock-upagreements.Asrestrictionsonresaleend,themarketpriceofoursubordinate
votingsharescoulddeclineiftheholdersofcurrentlyrestrictedsubordinatevotingsharessellthemorareperceivedbythemarketasintendingtosellthem.

Because we have no current plans to pay regular cash dividends on our subordinate voting shares following this offering, you may not receive any return on
investment unless you sell your subordinate voting shares for a price greater than that which you paid for it.
Wedonotanticipatepayinganyregularcashdividendsonoursubordinatevotingsharesfollowingthisoffering.Anydecisiontodeclareandpaydividendsinthe
futurewillbemadeatthediscretionofourboardofdirectorsandwilldependon,amongotherthings,ourresultsofoperations,financialcondition,cash
requirements,contractualrestrictionsandotherfactorsthatourboardofdirectorsmaydeemrelevant.Inaddition,ourabilitytopaydividendsis,andmaybe,
limitedbycovenantsofexistingandanyfutureoutstandingindebtednessweoroursubsidiariesincur.Therefore,anyreturnoninvestmentinoursubordinate
votingsharesissolelydependentupontheappreciationofthepriceofoursubordinatevotingsharesontheopenmarket,whichmaynotoccur.SeeDividend
Policyformoredetail.

Our articles, and certain Canadian legislation contain provisions that may have the effect of delaying or preventing a change in control.
Certainprovisionsofourarticles,togetherorseparately,coulddiscouragepotentialacquisitionproposals,delayorpreventachangeincontrolandlimittheprice
thatcertaininvestorsmaybewillingtopayforoursubordinatevotingshares.Forinstance,ourarticlescontainprovisionsthatestablishcertainadvancenotice
proceduresfornominationofcandidatesforelectionasdirectorsatshareholdersmeetings.Anon-CanadianmustfileanapplicationforreviewwiththeMinister
responsiblefortheInvestment Canada Act andobtainapprovaloftheMinisterpriortoacquiringcontrolofaCanadianbusinesswithinthemeaningofthe
Investment Canada Act ,

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whereprescribedfinancialthresholdsareexceeded.Furthermore,limitationsontheabilitytoacquireandholdoursubordinatevotingsharesandmultiplevoting
sharesmaybeimposedbytheCompetition Act (Canada).ThislegislationpermitstheCommissionerofCompetition,orCommissioner,toreviewanyacquisitionor
establishment,directlyorindirectly,includingthroughtheacquisitionofshares,ofcontroloverorofasignificantinterestinus.Otherwise,therearenolimitations
eitherunderthelawsofCanadaorBritishColumbia,orinourarticlesontherightsofnon-Canadianstoholdorvoteoursubordinatevotingsharesandmultiple
votingshares.Anyoftheseprovisionsmaydiscourageapotentialacquirerfromproposingorcompletingatransactionthatmayhaveotherwisepresenteda
premiumtoourshareholders.SeeDescriptionofShareCapitalCertainImportantProvisionsofOurArticlesandtheBCBCA.

Because we are a corporation incorporated in British Columbia and some of our directors and officers are resident in Canada, it may be difficult for investors
in the United States to enforce civil liabilities against us based solely upon the federal securities laws of the United States. Similarly, it may be difficult for
Canadian investors to enforce civil liabilities against our directors and officers residing outside of Canada.
WeareacorporationincorporatedunderthelawsofBritishColumbiawithourprincipalplaceofbusinessinToronto,Canada.Someofourdirectorsandofficers
andtheauditorsorotherexpertsnamedhereinareresidentsofCanadaandallorasubstantialportionofourassetsandthoseofsuchpersonsarelocatedoutsidethe
UnitedStates.Consequently,itmaybedifficultforU.S.investorstoeffectserviceofprocesswithintheUnitedStatesuponusorourdirectorsorofficersorsuch
auditorswhoarenotresidentsoftheUnitedStates,ortorealizeintheUnitedStatesuponjudgmentsofcourtsoftheUnitedStatespredicateduponcivilliabilities
undertheSecuritiesAct.InvestorsshouldnotassumethatCanadiancourts:(1)wouldenforcejudgmentsofU.S.courtsobtainedinactionsagainstusorsuch
personspredicateduponthecivilliabilityprovisionsoftheU.S.federalsecuritieslawsorthesecuritiesorblueskylawsofanystatewithintheUnitedStatesor(2)
wouldenforce,inoriginalactions,liabilitiesagainstusorsuchpersonspredicatedupontheU.S.federalsecuritieslawsoranysuchstatesecuritiesorblueskylaws.

Similarly,someofourdirectorsandofficersareresidentsofcountriesotherthanCanadaandallorasubstantialportionoftheassetsofsuchpersonsarelocated
outsideCanada.Asaresult,itmaybedifficultforCanadianinvestorstoinitiatealawsuitwithinCanadaagainstthesenon-Canadianresidents.Inaddition,itmay
notbepossibleforCanadianinvestorstocollectfromthesenon-CanadianresidentsjudgmentsobtainedincourtsinCanadapredicatedonthecivilliability
provisionsofsecuritieslegislationofcertainoftheprovincesandterritoriesofCanada.ItmayalsobedifficultforCanadianinvestorstosucceedinalawsuitinthe
UnitedStates,basedsolelyonviolationsofCanadiansecuritieslaws.

Changes in U.S. tax laws and regulations or trade rules may impact our effective tax rate and may adversely affect our business, financial condition and
operating results.
Changesintaxlawsinanyofthemultiplejurisdictionsinwhichweoperate,oradverseoutcomesfromtaxauditsthatwemaybesubjecttoinanyofthe
jurisdictionsinwhichweoperate,couldresultinanunfavorablechangeinoureffectivetaxrate,whichcouldadverselyaffectourbusiness,financialconditionand
operatingresults.Additionally,resultsoftheNovember2016U.S.electionshaveintroducedgreateruncertaintywithrespecttotaxandtradepolicies,tariffsand
governmentregulationsaffectingtradebetweentheUnitedStatesandothercountries.Majordevelopmentsintaxpolicyortraderelations,suchastherenegotiation
oftheNorthAmericanFreeTradeAgreementortheimpositionofunilateraltariffsonimportedproducts,couldhaveamaterialadverseeffectonourgrowth
opportunities,businessandresultsofoperations.

There could be adverse tax consequence for our shareholders in the United States if we are a passive foreign investment company.
UnderUnitedStatesfederalincometaxlaws,ifacompanyis,orforanypastperiodwas,apassiveforeigninvestmentcompany,orPFIC,itcouldhaveadverse
UnitedStatesfederalincometaxconsequencestoU.S.

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shareholdersevenifthecompanyisnolongeraPFIC.ThedeterminationofwhetherweareaPFICisafactualdeterminationmadeannuallybasedonallthefacts
andcircumstancesandthusissubjecttochange,andtheprinciplesandmethodologyusedindeterminingwhetheracompanyisaPFICaresubjecttointerpretation.
WedonotbelievethatwecurrentlyareorhavebeenaPFIC,andwedonotexpecttobeaPFICinthefuture,butwecannotassureyouthatwewillnotbeaPFIC
inthefuture.UnitedStatespurchasersofoursubordinatevotingsharesareurgedtoconsulttheirtaxadvisorsconcerningUnitedStatesfederalincometax
consequencesofholdingoursubordinatevotingsharesifweareconsideredtobeaPFIC.SeethediscussionunderMaterialUnitedStatesFederalIncomeTax
ConsiderationsforU.S.Holders.

IfweareaPFIC,U.S.holderswouldbesubjecttoadverseU.S.federalincometaxconsequences,suchasineligibilityforanypreferredtaxratesoncapitalgainsor
onactualordeemeddividends,interestchargesoncertaintaxestreatedasdeferred,andadditionalreportingrequirementsunderU.S.federalincometaxlawsor
regulations.WhetherornotU.S.holdersmakeatimelyqualifiedelectingfund,orQEF,electionormark-to-marketelectionmayaffecttheU.S.federalincometax
consequencestoU.S.holderswithrespecttotheacquisition,ownershipanddispositionofoursubordinatevotingsharesandanydistributionssuchU.S.holders
mayreceive.InvestorsshouldconsulttheirowntaxadvisorsregardingallaspectsoftheapplicationofthePFICrulestooursubordinatevotingshares.

Canada Goose Holdings Inc. is a holding company with no operations of its own and, as such, it depends on its subsidiary for cash to fund its operations and
expenses, including future dividend payments, if any.
Asaholdingcompany,ourprincipalsourceofcashflowwillbedistributionsfromouroperatingsubsidiary,CanadaGoose,Inc.Therefore,ourabilitytofundand
conductourbusiness,serviceourdebtandpaydividends,ifany,inthefuturewilldependontheabilityofoursubsidiarytogeneratesufficientcashflowtomake
upstreamcashdistributionstous.Oursubsidiaryisaseparatelegalentity,andalthoughitiswholly-ownedandcontrolledbyus,ithasnoobligationtomakeany
fundsavailabletous,whetherintheformofloans,dividendsorotherwise.Theabilityofoursubsidiarytodistributecashtouswillalsobesubjectto,amongother
things,restrictionsthatmaybecontainedinoursubsidiaryagreements(asenteredintofromtimetotime),availabilityofsufficientfundsinsuchsubsidiaryand
applicablelawsandregulatoryrestrictions.Claimsofanycreditorsofoursubsidiarygenerallywillhavepriorityastotheassetsofsuchsubsidiaryoverourclaims
andclaimsofourcreditorsandshareholders.Totheextenttheabilityofoursubsidiarytodistributedividendsorotherpaymentstousislimitedinanyway,our
abilitytofundandconductourbusiness,serviceourdebtandpaydividends,ifany,couldbeharmed.

If securities or industry analysts do not publish or cease publishing research or reports about us, our business or our market, or if they change their
recommendations regarding our subordinate voting shares adversely, the price and trading volume of our subordinate voting shares could decline.
Thetradingmarketforoursubordinatevotingsharesisinfluencedbytheresearchandreportsthatindustryorsecuritiesanalystspublishaboutus,ourbusiness,our
marketorourcompetitors.Ifanyoftheanalystswhocoverusormaycoverusinthefuturechangetheirrecommendationregardingoursubordinatevotingshares
adversely,orprovidemorefavorablerelativerecommendationsaboutourcompetitors,thepriceofoursubordinatevotingshareswouldlikelydecline.Ifany
analystwhocoversusormaycoverusinthefutureweretoceasecoverageofourcompanyorfailtoregularlypublishreportsonus,wecouldlosevisibilityinthe
financialmarkets,whichinturncouldcausethepriceortradingvolumeofoursubordinatevotingsharestodecline.

Our constating documents permit us to issue an unlimited number of subordinate voting shares and multiple voting shares without additional shareholder
approval.
Ourarticlespermitustoissueanunlimitednumberofsubordinatevotingsharesandmultiplevotingshares.Weanticipatethatwewill,fromtimetotime,issue
additionalsubordinatevotingsharesinthefuture.SubjecttotherequirementsoftheNYSEandtheTSX,wewillnotberequiredtoobtaintheapprovalof
shareholdersforthe

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issuanceofadditionalsubordinatevotingshares.AlthoughtherulesoftheTSXgenerallyprohibitusfromissuingadditionalmultiplevotingshares,theremaybe
certaincircumstanceswhereadditionalmultiplevotingsharesmaybeissued,includinguponreceivingshareholderapproval.Anyfurtherissuancesofsubordinate
votingsharesormultiplevotingshareswillresultinimmediatedilutiontoexistingshareholdersandmayhaveanadverseeffectonthevalueoftheirshareholdings.
Additionally,anyfurtherissuancesofmultiplevotingsharesmaysignificantlylessenthecombinedvotingpowerofoursubordinatevotingsharesduetothe
10-to-1votingratiobetweenourmultiplevotingsharesandsubordinatevotingshares.

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Cautionary Note Regarding Forward-Looking Statements

Thisprospectuscontainsforward-lookingstatements.Forward-lookingstatementsareneitherhistoricalfactsnorassurancesoffutureperformance.Instead,they
arebasedonourcurrentbeliefs,expectationsandassumptionsregardingthefutureofourbusiness,futureplansandstrategies,andotherfutureconditions.
Forward-lookingstatementscanbeidentifiedbywordssuchasanticipate,believe,envision,estimate,expect,intend,may,plan,predict,
project,target,potential,will,would,could,should,continue,contemplateandothersimilarexpressions,althoughnotallforward-looking
statementscontaintheseidentifyingwords.Theseforward-lookingstatementsincludeallmattersthatarenothistoricalfacts.Theyappearinanumberofplaces
throughoutthisprospectusandincludestatementsregardingourintentions,beliefsorcurrentexpectationconcerning,amongotherthings,ourresultsofoperations,
financialcondition,liquidity,prospects,growth,strategiesandtheindustryinwhichweoperate.Forward-lookingstatementscontainedinthisprospectusinclude,
amongotherthings,statementsrelatingto:

expectationsregardingindustrytrendsandthesizeandgrowthratesofaddressablemarkets;

ourbusinessplanandourgrowthstrategies,includingplansforexpansiontonewmarketsandnewproducts;

expectationsforseasonaltrends;and

theproposeduseofproceedsfromthisoffering.

Althoughwebasetheforward-lookingstatementscontainedinthisprospectusonassumptionsthatwebelievearereasonable,wecautionyouthatactualresultsand
developments(includingourresultsofoperations,financialconditionandliquidity,andthedevelopmentoftheindustryinwhichweoperate)maydiffermaterially
fromthosemadeinorsuggestedbytheforward-lookingstatementscontainedinthisprospectus.Inaddition,evenifresultsanddevelopmentsareconsistentwith
theforward-lookingstatementscontainedinthisprospectus,thoseresultsanddevelopmentsmaynotbeindicativeofresultsordevelopmentsinsubsequent
periods.Certainassumptionsmadeinpreparingtheforward-lookingstatementscontainedinthisprospectusinclude:

ourabilitytoimplementourgrowthstrategies;

ourabilitytomaintaingoodbusinessrelationshipswithoursuppliers,wholesalersanddistributors;

ourabilitytokeeppacewithchangingconsumerpreferences;

ourabilitytoprotectourintellectualproperty;and

theabsenceofmaterialadversechangesinourindustryortheglobaleconomy.

Bytheirnature,forward-lookingstatementsinvolverisksanduncertaintiesbecausetheyrelatetoeventsanddependoncircumstancesthatmayormaynotoccurin
thefuture.Webelievethattheserisksanduncertaintiesinclude,butarenotlimitedto,thosedescribedintheRiskFactorssectionofthisprospectusbeginningon
page17,whichinclude,butarenotlimitedto,thefollowingrisks:

wemaybeunabletomaintainthestrengthofourbrandortoexpandourbrandtonewproductsandgeographies;

wemaybeunabletoprotectorpreserveourbrandimageandproprietaryrights;

wemaynotbeabletosatisfychangingconsumerpreferences;

aneconomicdownturnmayaffectdiscretionaryconsumerspending;

wemaynotbeabletocompeteinourmarketseffectively;

wemaynotbeabletomanageourgrowtheffectively;

poorperformanceduringourpeakseasonmayaffectouroperatingresultsforthefullyear;

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ourindebtednessmayadverselyaffectourfinancialcondition;

ourabilitytomaintainrelationshipswithourselectnumberofsuppliers;

ourabilitytomanageourproductdistributionthroughourretailpartnersandinternationaldistributors;

thesuccessofourmarketingprograms;

theriskourbusinessisinterruptedbecauseofadisruptionatourheadquarters;and

fluctuationsinrawmaterialscostsorcurrencyexchangerates.

Thesefactorsshouldnotbeconstruedasexhaustiveandshouldbereadwiththeothercautionarystatementsinthisprospectus.Althoughwehaveattemptedto
identifyimportantriskfactors,theremaybeotherriskfactorsnotpresentlyknowntousorthatwepresentlybelievearenotmaterialthatcouldalsocauseactual
resultsanddevelopmentstodiffermateriallyfromthosemadeinorsuggestedbytheforward-lookingstatementscontainedinthisprospectus.Ifanyofthethese
risksmaterialize,orifanyoftheaboveassumptionsunderlyingforward-lookingstatementsproveincorrect,actualresultsanddevelopmentsmaydiffermaterially
fromthosemadeinorsuggestedbytheforward-lookingstatementscontainedinthisprospectus.

Giventheserisksanduncertainties,youarecautionednottoplacesubstantialweightorunduerelianceontheseforward-lookingstatementswhenmakingan
investmentdecision.Anyforward-lookingstatementthatwemakeinthisprospectusspeaksonlyasofthedateofthisprospectus,and,exceptasrequiredbylaw,
weundertakenoobligationtoupdateanyforward-lookingstatementsortopubliclyannouncetheresultsofanyrevisionstoanyofthosestatementstoreflectfuture
eventsordevelopments.Comparisonsofresultsforcurrentandanypriorperiodsarenotintendedtoexpressanyfuturetrendsorindicationsoffutureperformance,
unlessspecificallyexpressedassuch,andshouldonlybeviewedashistoricaldata.

Anyreferencestoforward-lookingstatementsinthisprospectusincludeforward-lookinginformationwithinthemeaningofapplicableCanadiansecuritieslaws.

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Exchange Rate Information

Thefollowingtablesetsforth,foreachperiodindicated,thehighandlowexchangerateforU.S.dollarsexpressedinCanadiandollars,andtheaverageexchange
ratefortheperiodsindicated.Averagesforyear-endperiodsarecalculatedbyusingtheexchangeratesonthelastdayofeachfullmonthduringtherelevantperiod
andthelastavailableexchangerateinMarchduringtherelevantfiscalyear.Theseratesarebasedonthenoonbuyingratecertifiedforcustompurposesbythe
U.S.FederalReserveBankofNewYorksetforthintheH.10statisticalreleaseoftheFederalReserveBoard.Theseratesareprovidedsolelyforyourconvenience
andarenotnecessarilytheexchangeratesthatweusedinpreparationofourconsolidatedfinancialstatementsorelsewhereinthisprospectusorwilluseinthe
preparationofourperiodicreportsoranyotherinformationtobeprovidedtoyou.WemakenorepresentationthatanyCanadiandollarorU.S.dollaramounts
referredtointhisprospectuscouldhavebeenorcouldbeconvertedintoU.S.dollarsorCanadiandollars,asthecasemaybe,atanyparticularrateoratall.

OnMarch3,2017,thenoonbuyingratewasUS$1.00=$1.3419.

Year Ended Period End Period Average Rate High Rate Low Rate
March31,2014 $ 1.1053 $ 1.0580 $ 1.1251 $ 1.0023
March31,2015 $ 1.2681 $ 1.1471 $ 1.2803 $ 1.0633
March31,2016 $ 1.2969 $ 1.3128 $ 1.4592 $ 1.1950

Last Six Months

September2016 $ 1.3115 $ 1.3108 $ 1.3247 $ 1.2843
October2016 $ 1.3403 $ 1.3251 $ 1.3403 $ 1.3105
November2016 $ 1.3425 $ 1.3434 $ 1.3581 $ 1.3335
December2016 $ 1.3426 $ 1.3339 $ 1.3555 $ 1.3119
January2017 $ 1.3030 $ 1.3183 $ 1.3437 $ 1.3030
February2017 $ 1.3247 $ 1.3109 $ 1.3247 $ 1.3003

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Use of Proceeds

Weestimatethatthenetproceedstousfromourissuanceandsaleof6,308,154subordinatevotingsharesinthisofferingwillbeapproximately$100million,after
deductingunderwritingcommissions,basedonaninitialpublicofferingpriceof$17.00pershare.

Wewillnotreceiveanyproceedsfromthesaleofsubordinatevotingsharesbythesellingshareholders.Afterdeductingunderwritingcommissions,theselling
shareholderswillreceiveapproximately$217.0millionofnetproceedsfromthisoffering(orapproximately$264.6millioniftheunderwritersexercisetheirover-
allotmentoptioninfull).

Weintendtousetheproceedsfromthisofferingtorepay$65.0millionofouroutstandingindebtednessunderourTermLoanFacilityand$35.0millionof
outstandingindebtednessunderourRevolvingFacility.TheloanscurrentlyoutstandingundertheRevolvingFacility,whichmaturesinJune2021,areLIBOR
Loans,bearinginterestat2.73%.TheRevolvingFacilitywasinitiallyusedtorepayandextinguishourpriorsecuredcreditfacility.WeuseourRevolvingFacility
inthenormalcourseasasourceofliquidityforshort-termworkingcapitalneedsandgeneralcorporatepurposes.ThetermloansundertheTermLoanFacility,
whichmatureinDecember2021,currentlybearinterestattheLIBORRate(subjecttoaminimumrateof1.00%perannum)plusanApplicableMarginof5.00%.
TheproceedsofthetermloansborrowedundertheTermLoanFacilitywereusedtoeffectthestepsdescribedinthisprospectusunderRecapitalization,topay
transactionexpensesinconnectionwiththeclosingoftheTermLoanFacilityandforothergeneralcorporatepurposes.SeeDescriptionofIndebtedness,
RecapitalizationandCertainRelationshipsandRelatedPartyTransactions.

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Dividend Policy

Priortothecompletionofthisoffering,inconnectionwiththeRecapitalization,wemadecertaindistributionsonourthenoutstandingclassesofcommonshares.
SeeRecapitalization.Followingcompletionoftheoffering,ourboardofdirectorsdoesnotcurrentlyintendtopaydividendsonoursubordinatevotingsharesor
multiplevotingshares.Wecurrentlyintendtoretainanyfutureearningstofundbusinessdevelopmentandgrowth,andwedonotexpecttopayanydividendsin
theforeseeablefuture.Anyfuturedeterminationtodeclarecashdividendswillbemadeatthediscretionofourboardofdirectors,subjecttoapplicablelaws,and
willdependonanumberoffactors,includingourfinancialcondition,resultsofoperations,capitalrequirements,contractualrestrictions,generalbusiness
conditionsandotherfactorsthatourboardofdirectorsmaydeemrelevant.Currently,theprovisionsofourseniorsecuredcreditfacilitiesplacecertainlimitations
ontheamountofcashdividendsthatouroperatingsubsidiarycanpay.SeeDescriptionofIndebtedness.

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Recapitalization

OnDecember2,2016wecompletedaseriesoftransactions,whichwecollectivelyrefertoastheRecapitalization,includingthefollowingsequentialstepsin
whichwe:

enteredintotermloansundertheTermLoanFacilityofapproximately$216.7million,thetermsofwhicharedescribedunderDescriptionof

IndebtednessTermLoanFacility;

repaidallamountsoutstanding,includingallaccruedinterest,underourSeniorConvertibleSubordinatedNoteandourJuniorConvertible

SubordinatedNote,eachdatedDecember9,2013,totalingapproximately$91.0million;

redeemedallofourissuedandoutstandingClassASeniorPreferredSharesinexchangeforapaymentofapproximately$53.1million;

redeemedallofourissuedandoutstandingClassAJuniorPreferredSharesinexchangeforapaymentofapproximately$4.1million;

effecteda1-for-10,000,000splitofourClassACommonShares,anda1-for-10,000,000splitofourClassBCommonShares;

effectedareturnofcapitaltotheholdersofourClassACommonSharesintheamountofapproximately$0.7million;

exchangedalloftheissuedandoutstandingClassBSeniorPreferredShares,ClassBJuniorPreferredSharesandClassBCommonSharesintoClass

DPreferredShareswithafixedredemptionvalueofapproximately$63.6millionand30,000,000ClassACommonShares;

issuedasecured,non-interestbearingloanofapproximately$63.6milliontoDTRLLC,anentityindirectlycontrolledbyourPresidentandChief
ExecutiveOfficer,asevidencedbytheDTRPromissoryNote,forwhichDTRLLCpledgedalloftheClassDPreferredSharesheldbyDTRLLCin
favorofCGHI;and

madeadjustmentsinaccordancewiththeCanadaGooseHoldingsInc.StockOptionPlan,whichwasestablishedin2013,to(i)convertalloutstanding
optionstopurchaseClassBCommonSharesandClassAJuniorPreferredSharesintooptionstopurchaseClassACommonShares,and(ii)reduce
theexercisepriceofcertainoptionsand/orissuenewoptionstocertainoptionholders.

OnJanuary31,2017,allofourClassDPreferredShareswereredeemedbythecompanyforcancellationandtheDTRPromissoryNotewasextinguishedin
exchangefortheredemptionoftheClassDPreferredShares.SeeCertainRelationshipsandRelatedPartyTransactions.

Inconnectionwiththisofferingweamendedourarticlesinorderto,amongotherthings:

amendandredesignateourClassACommonSharesasmultiplevotingshares;

eliminateourClassBCommonShares,ClassASeniorPreferredShares,ClassBSeniorPreferredShares,ClassAJuniorPreferredShares,ClassB

JuniorPreferredShares,ClassCJuniorPreferredSharesandtheClassDPreferredSharesfromoursharecapital;and

createoursubordinatevotingshares.SeeDescriptionofShareCapital.

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Capitalization

ThefollowingtablesetsforthourcashandcapitalizationatDecember31,2016:

onanactualbasis;and

onaproformaasadjustedbasistogiveeffectto(1)theredesignationofourClassACommonSharesasmultiplevotingsharesandcreationofour
subordinatevotingshares,(2)theissuanceofsubordinatevotingsharesbyusinthisofferingbasedupontheinitialpublicofferingpriceof$17.00per
subordinatevotingshareandtheapplicationoftheestimatednetproceedsfromtheofferingasdescribedinUseofProceedsand(3)thepaymentof
approximately$9.6millionoutofavailablecashinfeesunderourmanagementagreementinconnectionwiththeofferingandterminationofthe
managementagreement,asdescribedunderCertainRelationshipsandRelatedPartyTransactionsManagementAgreement.

YoushouldreadthistableinconjunctionwiththeinformationcontainedinUseofProceeds,SelectedHistoricalConsolidatedFinancialDataand
ManagementsDiscussionandAnalysisofFinancialConditionandResultsofOperations,aswellasourconsolidatedfinancialstatementsandtherelatednotes
includedelsewhereinthisprospectus.

As of December 31, 2016

Pro Forma
CAD$000s Actual As Adjusted
Cash $ 30,180
$ 15,380(1)

Long-term debt, including current portions:

RevolvingFacility 59,825 24,825
TermLoan

218,298





153,298

Total debt 278,123 178,123

Shareholders equity:
ClassACommonShares,noparvalue;unlimitedsharesauthorized,100,000,000sharesissuedandoutstandingonanactualbasis;
nilsharesissuedandoutstandingonaproformaasadjustedbasis 2,652
Multiplevotingshares,noparvalue;nilsharesauthorized,issuedandoutstandingonanactualbasis;unlimitedsharesauthorized
and86,308,154sharesissuedandoutstandingonaproformaasadjustedbasis 2,289
Subordinatevotingshares,noparvalue;nilsharesauthorized,issuedandoutstandingonanactualbasis;unlimitedshares
authorizedand20,000,000sharesissuedandoutstandingonaproformaasadjustedbasis 100,363
Contributedsurplus 3,336 3,336
Retainedearnings 63,532 48,782
Accumulatedothercomprehensiveloss

(1,421)





(1,421)

Total shareholders equity (1)

68,099





153,299

Total capitalization $346,222

$ 331,422

(1) Giveseffecttothepaymentofapproximately$5.2millionintransactionexpensesincurredsinceDecember31,2016inconnectionwiththisoffering.

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Dilution

Ifyouinvestinoursubordinatevotingsharesinthisoffering,yourinterestwillbedilutedtotheextentofthedifferencebetweentheinitialpublicofferingpriceper
subordinatevotingshareinthisofferingandtheproformaasadjustednettangiblebookvaluepersubordinatevotingshareafterthisoffering.Dilutionresultsfrom
thefactthattheinitialpublicofferingpricepersubordinatevotingshareissubstantiallyinexcessofthenettangiblebookdeficitpershareattributabletothe
existingshareholdersforourpresentlyoutstandingshares.Ournettangiblebookdeficitpersharerepresentstheamountofourtotaltangibleassets(totalassetsless
intangibleassets)lesstotalliabilities,dividedbythenumberofsharesissuedandoutstanding.

AsofDecember31,2016,wehadahistoricalnettangiblebookdeficitof$105.2million,or$(1.05)pershare,basedon100,000,000proformamultiplevoting
sharesandsubordinatevotingsharesoutstandingasofsuchdate.Dilutioniscalculatedbysubtractingnettangiblebookdeficitpersharefromtheinitialpublic
offeringpriceof$17.00pershare.

Investorsparticipatinginthisofferingwillincurimmediateandsubstantialdilution.Withouttakingintoaccountanyotherchangesinsuchnettangiblebookdeficit
afterDecember31,2016,aftergivingeffecttothesaleofsubordinatevotingsharesinthisofferingattheinitialpublicofferingpriceof$17.00persubordinate
votingshare,lesstheunderwritingcommissionsandestimatedofferingexpensespayablebyus,ourproformanettangiblebookvaluedeficitasofDecember31,
2016wouldhavebeenapproximately$(20.0)million,or$(0.19)pershare.Thisamountrepresentsanimmediatedecreaseinnettangiblebookdeficitof$0.86per
sharetotheexistingshareholdersandimmediatedilutionof$17.19persharetoinvestorspurchasingoursubordinatevotingsharesinthisoffering.Thefollowing
tableillustratesthisdilutiononapersharebasis:

$ US$
Initialpublicofferingpricepersubordinatevotingshare(1) $17.00 $12.97
NettangiblebookdeficitpersubordinatevotingshareasofDecember31,2016,beforegivingeffecttothis
offering $ (1.05) $ (0.80)
Decreaseinnettangiblebookdeficitpersubordinatevotingshareattributabletoinvestorspurchasing
sharesinthisoffering
0.86




0.66

Proformanettangiblebookvaluepersubordinatevotingshare,aftergivingeffecttothisoffering (0.19) (0.14)

Dilutioninasadjustednettangiblebookdeficitpersubordinatevotingsharetoinvestorsinthisoffering 17.19

13.11

(1) TranslatedforconvenienceonlyusingthenoonbuyingrateforCanadiandollarsinNewYorkCity,ascertifiedforcustomspurposesbytheFederalReserve
BankofNewYork,onFebruary24,2017of$1.00=US$0.76.

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Thefollowingtablesummarizes,asofDecember31,2016,ontheproformabasisdescribedabove,theaggregatenumberofsharespurchasedfromus,thetotal
considerationpaidtous,andtheaveragepricepersharepaidbypurchasersofsuchsharesandbynewinvestorspurchasingsubordinatevotingsharesinthis
offering.

Shares purchased Total consideration Average price

Number Percent Amount Percent per share
Existingshareholders(1) 100,000,000 94% $ 3,350,408 3% $ 0.03
Newinvestors

6,308,154





6%


107,238,618





97%


$ 17.00
Total 106,308,154
100%

110,589,026
100%

(1) Doesnotgiveeffecttothesaleof13,691,846subordinatevotingsharesbythesellingshareholdersinthisoffering.

Aftergivingeffecttothesaleof13,691,846subordinatevotingsharesbythesellingshareholdersinthisoffering,thepercentageofoursharesheldbyexisting
shareholderswouldbe81%andthepercentageofoursharesheldbynewinvestorswouldbe19%.Iftheunderwritersweretofullyexercisetheirover-allotment
optiontopurchaseadditionalsubordinatevotingsharesfromcertainofthesellingshareholders,thepercentageofoursharesheldbyexistingshareholderswouldbe
78%,andthepercentageofoursharesheldbynewinvestorswouldbe22%.

Thenumberofsharestobeoutstandingafterthisofferingisbasedonnosubordinatevotingsharesand100,000,000multiplevotingsharesoutstandingonapro
formabasisasofDecember31,2016andexcludes11,000,000subordinatevotingsharesreservedforfutureissuanceunderourequityincentiveplansasof
March1,2017,ofwhich5,899,660subordinatevotingshareswereissuableuponexerciseofstockoptionsataweightedaverageexercisepriceof$1.63pershare.

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Selected Historical Consolidated Financial Data

Thefollowingtablessetforthourselectedhistoricalconsolidatedfinancialdata.Youshouldreadthefollowingselectedhistoricalconsolidatedfinancialdatain
conjunctionwithManagementsDiscussionandAnalysisofFinancialConditionandResultsofOperationsandourconsolidatedfinancialstatementsandrelated
notesincludedelsewhereinthisprospectus.

WehavederivedtheselectedhistoricalconsolidatedinformationfortheyearsendedMarch31,2016andMarch31,2015andtheperiodsfromDecember9,2013
toMarch31,2014andApril1,2013toDecember8,2013andtheselectedconsolidatedfinancialpositioninformationasofMarch31,2015and2016fromour
auditedconsolidatedfinancialstatementsincludedelsewhereinthisprospectus.Wehavederivedtheselectedconsolidatedstatementofoperationsinformationfor
theninemonthsendedDecember31,2015and2016andtheselectedconsolidatedfinancialpositioninformationasofDecember31,2016fromourunaudited
interimconsolidatedfinancialstatementsincludedelsewhereinthisprospectus.OurconsolidatedfinancialstatementshavebeenpreparedinaccordancewithIFRS
andarepresentedinthousandsofCanadiandollarsexceptwhereotherwiseindicated.Ourhistoricalresultsarenotnecessarilyindicativeoftheresultsthatshould
beexpectedinanyfutureperiod.

OnDecember9,2013,BainCapitalacquiredamajorityequityinterestinourbusinessaspartoftheAcquisition.Accordingly,thefinancialstatementspresented
elsewhereinthisprospectusasofandforfiscal2014reflecttheperiodsbothpriorandsubsequenttotheAcquisition.Theconsolidatedfinancialstatementsfor
March31,2014arepresentedseparatelyforthepredecessorperiodfromApril1,2013throughDecember8,2013,whichwerefertoasthePredecessor2014
Period,andthesuccessorperiodfromDecember9,2013throughMarch31,2014,whichwerefertoastheSuccessor2014Period,withtheperiodspriortothe
AcquisitionbeinglabeledaspredecessorandtheperiodssubsequenttotheAcquisitionlabeledassuccessor.Forthepurposeofperformingacomparisontofiscal
2015,wehavepreparedUnauditedProFormaCombinedSupplementalFinancialInformationforfiscal2014,whichgiveseffecttotheAcquisitionasifithad
occurredonApril1,2013,andwhichwerefertoastheUnauditedProFormaCombined2014Period.SeeManagementsDiscussionandAnalysisofFinancial
ConditionandResultsofOperationsBasisofPresentation.

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Successor Predecessor
Period from
Nine months Nine months Fiscal Year Fiscal Year December 9, Period from
ended ended ended ended 2013 to April 1, 2013
CAD$000s December 31, December 31, March 31, March 31, March 31, to December 8,
(except per share data) 2016 2015 2016 2015 2014 2013
Statement of Operations Data:
Revenue 352,681 248,909 290,830 218,414 17,263 134,822
Costofsales



168,403





122,107





145,206




129,805





14,708







81,613

Grossprofit 184,278 126,802 145,624 88,609 2,555 53,209

Selling,general&administrativeexpenses 110,270 72,851 100,103 59,317 20,494 30,119
Depreciationandamortization



4,901





3,585





4,567




2,623





804







447

Operatingincome(loss) 69,107 50,366 40,954 26,669 (18,743) 22,643

Netinterestandotherfinancecosts(1)



8,620





6,017





7,996




7,537





1,788







1,815

Incomebeforeincometaxexpense(recovery) 60,487 44,349 32,958 19,132 (20,531) 20,828

Incometaxexpense(recovery)



15,416





8,662





6,473




4,707





(5,054)







5,550

Netincome(loss) 45,071

35,687

26,485
14,425

(15,477)

15,278

Othercomprehensiveloss



(729)









(692)

Totalcomprehensiveincome(loss) 44,342

35,687

25,793

14,425

(15,477)

15,278

Earnings(loss)pershare
Basic 0.45 0.36 0.26 0.14 (0.15) 157,505.15
Diluted 0.44 0.35 0.26 0.14 (0.15) 157,505.15
Weightedaveragenumberofshares
outstanding
Basic 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 97
Diluted 101,751,470 101,622,219 101,680,207 101,211,134 100,000,000 97

Other Data:
EBITDA(2) $ 75,578 $ 55,009 $ 46,870 $ 30,063 $ (17,714) $ 23,609
AdjustedEBITDA(2) 92,443 61,913 54,307 37,191 (8,113) 23,984
AdjustedEBITDAMargin(3) 26.2% 24.9% 18.7% 17.0% (47.0)% 17.8%
AdjustedNetIncome(loss)(2) 58,851 38,520 30,122 21,374 (7,691) 15,554
GrossMargin 52.3% 50.9% 50.1% 40.6% 14.8% 39.5%

(1) Netinterestandotherfinancecostsconsistofinterestexpenserelatingtooursubordinateddebt,whichwasrefinancedinconnectionwiththeRecapitalization,aswellasourRevolving
Facilityandpriorcreditfacility.Interestexpenseassociatedwiththesubordinateddebtrepresented$3,822intheninemonthsendedDecember31,2016,$5,598infiscal2016,$5,398in
fiscal2015and$4,809intheUnauditedProFormaPeriodendedMarch31,2014.SeeManagementsDiscussionandAnalysisofFinancialConditionandResultsofOperationsBasisof
PresentationforapresentationoftheUnauditedProFormaCombined2014Period.

(2) SeeManagementsDiscussionandAnalysisofFinancialConditionandResultsofOperationsNon-IFRSMeasuresforareconciliationtothenearestIFRSmeasure.

(3) Seenote4inProspectusSummarySummaryHistoricalConsolidatedFinancialandOtherData.

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As of As of As of
December 31, March 31, March 31,
2016 2016 2015
Financial Position Information:
Cash 30,180 7,226 5,918
Totalassets 442,062 353,018 274,825
Totalliabilities 373,963 210,316 160,392
Shareholdersequity 68,099 142,702 114,433

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Managements Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and
the related notes and the other financial information included elsewhere in this prospectus. This discussion contains forward-looking statements that involve risks
and uncertainties. Our actual results, performance and achievements could differ materially from those implied by these forward-looking statements as a result of
various factors, including those discussed below and elsewhere in this prospectus, particularly under Risk Factors. See Cautionary Note Regarding Forward-
Looking Statements.

Our consolidated financial statements have been prepared in accordance with IFRS. All amounts are in Canadian dollars except where otherwise indicated. See
Basis of Presentation. All references to fiscal 2014 refer to our Unaudited Pro Forma Combined Supplemental Financial Information for the year ended
March 31, 2014.

Overview
Founded60yearsagoinasmallTorontowarehouse,CanadaGoosehasgrownintoahighlycovetedglobalouterwearbrand.Wearerecognizedforauthentic
heritage,uncompromisedcraftsmanshipandquality,exceptionalwarmthandsuperiorfunctionality.Thisreputationisdecadesinthemakingandisrootedinour
commitmenttocreatingpremiumproductsthatdeliverunrivaledfunctionalitywhereandwhenitisneededmost.BeitCanadianArcticRangersservingtheir
countryoranexplorertrekkingtotheSouthPole,peoplewholive,workandplayintheharshestenvironmentsonEarthhaveturnedtoCanadaGoose.Throughout
ourhistory,wehavefoundinspirationinthesetechnicalchallengesandparlayedthatexpertiseintocreatingexceptionalproductsforanyoccasion.Fromresearch
facilitiesinAntarcticaandtheCanadianHighArctictothestreetsofToronto,NewYorkCity,London,Paris,Tokyoandbeyond,peoplehavefalleninlovewith
ourbrandandmadeitapartoftheireverydaylives.

Wearedeeplyinvolvedineverystageofourbusinessasadesigner,manufacturer,distributorandretailerofpremiumouterwearformen,womenandchildren.
Thisverticallyintegratedbusinessmodelallowsustodirectlycontrolthedesignanddevelopmentofourproductswhilecapturinghighermargins.AsofDecember
31,2016,ourproductsaresoldthroughselectoutdoor,luxuryandonlineretailersanddistributorsin36countries,oure-commercesitesinCanada,theUnited
States,theUnitedKingdomandFranceandtworecentlyopenedretailstoresinTorontoandNewYorkCity.

Factors Affecting our Performance

Webelievethatourperformanceandfuturesuccessdependonanumberoffactorsthatpresentsignificantopportunitiesforusandmayposerisksandchallenges,
includingthosediscussedbelowandintheRiskFactorssectionofthisprospectus.

Market Expansion. Ourmarketexpansionstrategyhasbeenakeydriverofourrecentrevenuegrowthandwehaveidentifiedanumberofadditional

highpotentialmarketswhereweplantocontinuetoexecuteourexpansionstrategy.Acrossallofourmarkets,weplantofocusonincreasingbrand

awareness,deepeningourwholesalepresenceandrollingoutourDTCchannelasmarketconditionspermit.Weexpectthatmarketingandselling
expensestosupporttheseinitiativeswillcontinuetogrowinproportiontoanticipatedrevenuegrowth.

Growth in our DTC Channel. WeintroducedourDTCchannelinfiscal2015withthelaunchofourCanadiane-commercestoreandhavesince

establishede-commercestoresintheUnitedStates,theUnitedKingdomandFrance.AjacketsaleinourDTCchannelprovidestwo-to-fourtimes
greatercontributiontosegmentoperatingincomeperjacketascomparedtoasaleofthesameproductinourwholesalechannel.Inthefallof2016,we
openedourfirsttworetailstoresinTorontoandinNewYorkCityandanticipateopeningaselectnumberofadditionalretaillocationswherewe
believe

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theycanoperateprofitably.Infiscal2018wearetargetingopeningbetween4and6e-commercestores,withalong-termtargetof15to20e-
commercestores.Inaddition,infiscal2018wearetargetingopening3retailstoresinnewgeographieswithalongtermtargetof15to20retail
stores.AswecontinuetoincreasethepercentageofsalesfromourDTCchannel,weexpecttomaintainabalancedmulti-channeldistributionmodel.
GrowthinourDTCchannelisalsoexpectedtoreducethecurrentseasonalconcentrationofourrevenuebyallowingustorecognizerevenuewhen
customersmakepurchasesinsteadofwhenproductsareshippedtoourretailpartners.Asaresult,weexpectarelativelyhigherpercentageofour
DTCsalestoberecognizedinourfiscalfourthquarter.Finally,asweexpandourDTCchannel,includingopeningadditionalretailstores,weexpect
ourcapitalexpenditurestocontinuetorepresent6.0to8.0%ofrevenue.

New Products. TheevolutionofourheritagelineofwinterproductsandexpansionofourproductassortmentacrossSpring,Fallandnewproduct

categorieshascontributedmeaningfullytoourperformanceandweintendtocontinueinvestinginthedevelopmentandintroductionofnewproducts.
WeexpecttointroduceanewSpringcollectioninstoresinearlycalendar2017andweexpectournewknitwearcollectiontoberolledoutgradually
overfiscal2018and2019.Asweintroduceadditionalproducts,weexpectthattheywillhelpmitigatetheseasonalnatureofourbusinessandexpand
ouraddressablegeographicmarket.

Seasonality. Weexperienceseasonalfluctuationsinourrevenueandoperatingresultsandwehistoricallyhaverealizedasignificantportionofour
revenueandearningsforthefiscalyearduringoursecondandthirdfiscalquarters.Wegenerated77.4%,78.1%and78.3%ofourrevenuesinthe
secondandthirdfiscalquartersoffiscal2016,fiscal2015andfiscal2014,respectively.Ourbusinessmodelalsoprovidesmeaningfulvisibilityinto
expectedfuturerevenues,withasignificantmajorityofwholesaleorderssecuredduringthethirdandfourthquartersofthepriorfiscalyear.In

addition,wetypicallyexperiencenetlossesinthefirstandfourthquartersasweinvestaheadofourmostactiveseason.Workingcapitalrequirements
typicallyincreasethroughoutourfirstandsecondfiscalquartersasinventorybuildstosupportourpeakshippingandsellingperiodwhichtypically
occursfromAugusttoNovember.Cashprovidedbyoperatingactivitiesistypicallyhighestinourthirdfiscalquarterduetothesignificantinflows
associatedwithourpeaksellingseason.

Foreign Exchange .WesellasignificantportionofourproductstocustomersoutsideofCanada,whichexposesustofluctuationsinforeigncurrency

exchangerates.Infiscal2016,2015and2014,wegenerated54.6%,49.3%and32.5%,respectively,ofourrevenueincurrenciesotherthanCanadian
dollars.OursalesoutsideofCanadaalsopresentanopportunitytostrategicallypriceourproductstoimproveourprofitability.Inaddition,the
majorityofourrawmaterialsaresourcedoutsideofCanada,primarilyinU.S.dollars.Asthemajorityofourwholesalerevenueisderivedfrom
retailerordersmadepriortothebeginningofthefiscalyear,wehaveahighdegreeofvisibilityintoouranticipatedfuturecashflowsfromoperations.
SG&Acostsaretypicallydenominatedinthecurrencyofthecountryinwhichtheyareincurred.Thisextendedvisibilityallowsustoenterinto
hedgingcontractswithrespecttoourforeigncurrencyexposure.

Segments
Wereportourresultsintwosegmentswhicharealignedwithoursaleschannels:WholesaleandDTC.Wemeasureeachreportableoperatingsegments
performancebasedonrevenueandsegmentoperatingincome.Throughourwholesalesegmentweselltoretailpartnersanddistributorsin36countries,asof
December31,2016.OurDTCsegmentiscomprisedofsalesthroughoure-commercesitesandretailstores.ThroughourDTCsegment,wesellonlineto
customersinCanada,theUnitedStates,theUnitedKingdomandFranceandinretailstoresasofthethirdquarteroffiscal2017tocustomersinTorontoandNew
YorkCity.

OurwholesalesegmentandDTCsegmentcontributed88.6%and11.4%ofourrevenue,respectively,infiscal2016.FortheninemonthsendedDecember31,
2016,thewholesalesegmentandDTCsegmentcontributed77.7%and22.3%,respectively.

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Components of Our Results of Operations and Trends Affecting Our Business

Revenue
Revenueinourwholesalechanneliscomprisedofsalestoretailpartnersanddistributorsofourproducts.Wholesalerevenuefromthesaleofgoods,netofan
estimateforsalesreturns,discountsandallowances,isrecognizedwhenthesignificantrisksandrewardsofownershipofthegoodshavepassedtotheretailpartner
ordistributorwhich,dependingonthetermsoftheagreementwiththereseller,iseitheratthetimeofshipmentfromourthird-partywarehouseoruponarrivalat
theresellersfacilities.

RevenueinourDTCchannelconsistsofsalesthroughoure-commerceoperationsand,beginninginthethirdquarteroffiscal2017,inourretailstores.Revenue
throughe-commerceoperationsandretailstoresarerecognizedupondeliveryofthegoodstothecustomerandwhencollectionisreasonablyassured,netofan
estimatedallowanceforsalesreturns.

Gross Profit
Grossprofitisourrevenuelesscostofsales.Costofsalesincludesthecostofmanufacturingourproducts,includingrawmaterials,directlabourandoverhead,
plusin-boundfreight,dutyandnon-refundabletaxesincurredindeliveringthegoodstodistributioncentresmanagedbythirdparties.Italsoincludesallcosts
incurredintheproduction,design,distributionandmerchandisedepartments,aswellasinventoryprovisionexpense.Theprimarydriversofourcostofsalesare
thecostsofrawmaterials,whicharesourcedbothinCanadiandollarsandU.S.dollars,labourinCanadaandtheallocationofoverhead.Grossmarginmeasures
ourgrossprofitasapercentageofrevenue.

Overthepasttwofiscalyears,ourgrossmarginhasimprovedasaresultofanincreaseinsalesattributabletoourDTCchannel,executiononourgeographic
expansionstrategy,anincreaseintheaverageeffectivepriceofourproductsandfavourableforeignexchangeimpacts.Weexpecttocontinuetoimprovegross
margininfutureperiodsasaresultofexpandingDTCsalesandstrategicallyincreasingthepricingofourproductsataratethatexceedstheexpectedincreasesin
productioncosts.

Selling, General and Administrative Expenses (SG&A)

SG&Aexpensesconsistofsellingcoststosupportourcustomerrelationshipsandtodeliverourproducttoourretailpartners,e-commercecustomersandretail
stores.Italsoincludesourmarketingandbrandinvestmentactivitiesandthecorporateinfrastructurerequiredtosupportourongoingbusiness.

Sellingcostsgenerallycorrelatetorevenuetimingandthereforeexperiencesimilarseasonaltrends.Asapercentageofsales,weexpectthesesellingcoststo
increaseasourbusinessevolves.ThisincreaseisexpectedtobedrivenprimarilybythegrowthofourDTCchannel,includingtheinvestmentrequiredtosupport
additionale-commercesitesandretailstores.ThegrowthofourDTCchannelisexpectedtobeaccretivetonetincomegiventhehighergrossprofitmarginofour
DTCchannelwhichresultsfromtheopportunitytocapturethefullretailvalueofourproducts.

Generalandadministrativeexpensesrepresentcostsincurredinourcorporateoffices,primarilyrelatedtopersonnelcosts,includingsalaries,variableincentive
compensation,benefits,share-basedcompensationandotherprofessionalservicecosts.Wehaveinvestedconsiderablyinthisareatosupportthegrowingvolume
andcomplexityofourbusinessandanticipatecontinuingtodosointhefuture.Inaddition,inconnectionwiththisoffering,weexpecttoincurtransactioncosts
andstockcompensationexpensesand,followingthisoffering,weanticipateasignificantincreaseinaccounting,legalandprofessionalfeesassociatedwithbeinga
publiccompany.ForeignexchangegainsandlossesarerecordedinSG&Aandcomprisetranslationofassetsandliabilitiesdenominatedincurrenciesotherthan
thefunctionalcurrencyoftheentity,includingthetermloan,mark-to-marketadjustmentsonderivatives,foreignexchangeforwardcontracts,andrealizedgainson
settlementofassetsandliabilities.

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Income Taxes
Wearesubjecttoincometaxesinthejurisdictionsinwhichweoperateand,consequently,incometaxexpenseisafunctionoftheallocationoftaxableincomeby
jurisdictionandthevariousactivitiesthatimpactthetimingoftaxableevents.TheprimaryregionsthatdeterminetheeffectivetaxrateareCanada,theUnited
States,SwitzerlandandtheUnitedKingdom.Overthelong-term,wetargetourannualeffectiveincometaxratetobeapproximately25%.

Basis of Presentation
OnNovember21,2013,BainCapitalincorporatedCanadaGooseHoldingsInc.underthelawsofBritishColumbia.Pursuanttothepurchaseandsaleagreement
datedDecember9,2013,awholly-ownedsubsidiaryoftheSuccessoracquiredalltheoperatingassetsoftheformerCanadaGooseInc.andsalesanddistribution
companiesownedbytheformerCanadaGooseInc.whichconsistedofCanadaGooseEuropeAB,CanadaGooseUS,Inc.andCanadaGooseTradingInc.

TheAcquisitionwasaccountedforasabusinesscombinationusingtheacquisitionmethodofaccountingandtheSuccessorfinancialstatementsreflectanewbasis
ofaccountingthatisbasedonthefairvalueofassetsacquiredandliabilitiesassumedasoftheeffectivetimeoftheagreement.Periodspresentedpriorto
December9,2013representtheoperationsofthePredecessorandtheperiodpresentedasofDecember9,2013representstheoperationsoftheSuccessor.

ThefiscalyearendedMarch31,2014includesthe252dayPredecessor2014PeriodfromApril1,2013throughDecember8,2013andthe113daySuccessor2014
PeriodfromDecember9,2013throughMarch31,2014.Accordingly,thecompanysaccumulateddeficitasofMarch31,2014,andthecompanysretained
earningsasatMarch31,2015andMarch31,2016representonlytheresultsofoperationssubsequenttoandincludingDecember9,2013,thedateofthe
Acquisition.ThePredecessorandSuccessorperiodshavebeenseparatedbyablacklineontheconsolidatedfinancialstatementstohighlightthefactthatthe
financialinformationforsuchperiodshasbeenpreparedundertwodifferentcostbasesofaccounting.Allintercompanytransactionshavebeeneliminated.

ForthepurposeofperformingacomparisontothefiscalyearendedMarch31,2015,wehavepreparedUnauditedProFormaCombinedSupplementalFinancial
InformationfortheyearendedMarch31,2014,whichgiveseffecttotheAcquisitionasifithadoccurredonApril1,2013,andwhichwerefertoastheUnaudited
ProFormaCombined2014Period.TheUnauditedProFormaCombined2014PerioddiscussedhereinhasbeenpreparedinaccordancewithArticle11of
RegulationS-XpromulgatedundertheUnitedStatesSecuritiesActof1933,asamended,anddoesnotpurporttorepresentwhatouractualconsolidatedresultsof
operationswouldhavebeenhadtheAcquisitionactuallyoccurredonApril1,2013,norisitnecessarilyindicativeoffutureconsolidatedresultsofoperations.The
UnauditedProFormaCombined2014Periodisbeingdiscussedhereinforinformationalpurposesonlyanddoesnotreflectanyoperatingefficienciesorpotential
costsavingsthatmayresultfromtheconsolidationofoperations.

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TheproformaadjustmentsmadetogiveeffecttotheAcquisition,asifithadoccurredonApril1,2013,aresummarizedinthetablebelow:

Unaudited
Period from Period from pro forma
April 1, December 9, combined
2013 to 2013 to year ended
December 8, March 31, Pro Forma March 31,
CAD$000s 2013 2014 Adjustments 2014
Revenue 134,822 17,263 152,085
Costofsales 81,613 14,708 (2,906)(a) 93,415

Grossprofit 53,209 2,555 2,906 58,670
Selling,generalandadministrativeexpenses 30,119 20,494 (5,528)(b)(e) 45,085
Depreciationandamortization 447 804 1,151(c) 2,402

Operatingincome(loss) 22,643 (18,743) 7,283 11,183
Netinterestandotherfinancecosts 1,815 1,788 3,533(d)(f) 7,136

Income(loss)beforeincometaxes 20,828 (20,531) 3,750 4,047
Incometaxexpense(recovery) 5,550 (5,054) 528(g) 1,024

Netincome(loss) 15,278

(15,477)

3,222
3,023

Notestounauditedproformapresentation:

(a) Representsfairvaluestep-upofinventoryon-handatthetimeofAcquisition.TheamountsoldthroughintheperiodfromDecember9,2013through
March31,2014hasbeenremovedfromcostofsales.
(b) TheseamountsreflectthetransactioncostsincurredbythecompanyasaresultoftheAcquisition.Theseincludecoststhatweredirectlyattributabletothe
transaction,suchaslegal,duediligence,tax,audit,consulting,andotherprofessionalservices.Theseamountswouldnothavebeenincurredintheyearhad
thetransactionoccurredonApril1,2013andthereforehavebeenremovedfromSG&Aonaproformabasis.
(c) AtthetimeoftheAcquisition,acustomerlistintangibleassetintheamountof$8.7millionwasrecognizedwithausefullifeoffouryears.Hadthe
AcquisitionoccurredonApril1,2013,afullyearofamortizationwouldhavebeenrecorded.
(d) AsaresultoftheAcquisition,therevolvingdebtthatexistedinthePredecessorentitywasreplaced.HadtheAcquisitionoccurredonApril1,2013,this
interestwouldnothavebeenincurred.InconnectionwiththeAcquisition,thecompanyextinguishedtheexistinglong-termdebtandenteredacreditfacility
for$19.5million.Aproformaadjustmentforafullyearofinterestonthecreditfacilityhasbeenrecorded.
(e) BainmanagementfeeforthefullyearasifthetransactionwouldhaveoccurredonApril1,2013.
(f) Subordinateddebtintheamountof$79.7millionwasissuedonthedateofAcquisition.Thisadjustmentreflectstheinterestcostassociatedwiththe
subordinateddebthadthetransactionoccurredonApril1,2013.
(g) Incometaxexpensecalculatedattheannualeffectivetaxrateof25.3%ofproformaincomebeforetaxes.

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Results of Operations

Successor Predecessor
Period from Period from
Nine months Nine months Fiscal Year Fiscal Year December 9, April 1,
ended ended ended ended 2013 to 2013 to
December 31, December 31, March 31, March 31, March 31, December
CAD$000s 2016 2015 2016 2015 2014 8, 2013
Revenue $ 352,681 $ 248,909 290,830 218,414 17,263 134,822
Costofsales



168,403




122,107




145,206




129,805


14,708





81,613

Grossprofit 184,278 126,802 145,624 88,609 2,555 53,209

Selling,generalandadministrativeexpenses 110,270 72,851 100,103 59,317 20,494 30,119
Depreciationandamortization



4,901




3,585




4,567




2,623


804





447

Operatingincome(loss) 69,107 50,366 40,954 26,669 (18,743) 22,643

Netinterestandotherfinancecosts



8,620




6,017




7,996




7,537


1,788





1,815

Income(loss)beforeincometax(recovery) 60,487 44,349 32,958 19,132 (20,531) 20,828

Incometaxexpense(recovery)



15,416




8,662




6,473




4,707


(5,054)





5,550

Netincome(loss)



45,071




35,687




26,485




14,425


(15,477)





15,278

Othercomprehensiveloss



(729)









(692)

Comprehensiveincome(loss) 44,342

35,687

25,793

14,425

(15,477)

15,278

Three Months Ended December 31, 2016 Compared to Three Months Ended December 31, 2015
Revenue
RevenueforthethreemonthsendedDecember31,2016increasedby$93.5million,or81.0%,comparedtothethreemonthsendedDecember31,2015,whichwas
drivenbyanincreaseinrevenueinbothourwholesaleandDTCchannels.Onaconstantcurrencybasis,revenueincreasedby85.8%forthethreemonthsended
December31,2016comparedtothreemonthsendedDecember31,2015.

Revenueinourwholesalechannelwas$137.0million,anincreaseof$38.4million,comparedtothethreemonthsendedDecember31,2015.Theincreasein
revenueinourwholesalechannelwasdrivenprimarilybysalesofnewproductsfromourSpringandFallcollectionstoourretailpartners,stronggrowthoutside
NorthAmericaand,toalesserextent,bypriceincreasesofourproductsincertaingeographies.

RevenueinourDTCchannelwas$72.0million,anincreaseof$55.1million,comparedtothethreemonthsendedDecember31,2015,reflectingstrong
performancefromourCanadian,U.S.,FranceandU.K.e-commercesitessincelaunchinginAugustof2014,Septemberof2015andSeptemberof2016,
respectivelyandincrementalrevenuegeneratedfromretailstoresopenedinTorontoandNewYorkinthethirdquarteroffiscal2017.

Cost of Sales and Gross Profit

CostofsalesforthethreemonthsendedDecember31,2016increasedby$37.2million,or72.1%,comparedtothethreemonthsendedDecember31,2015.Gross
profitwas$120.3million,representingagrossmarginof

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57.5%,comparedwith$63.9millionforthethreemonthsendedDecember31,2015,representingagrossmarginof55.3%.Theincreaseingrossprofitand220
basispointincreaseingrossmarginwasattributabletohigherrevenue,particularlyinourDTCchannel.

CostofsalesinourwholesalechannelforthethreemonthsendedDecember31,2016was$71.5million,anincreaseof$23.8million,comparedtothethree
monthsendedDecember31,2015.Grossprofitwas$65.5million,representingagrossmarginof47.8%,comparedwith$50.9millionforthethreemonthsended
December31,2015,representingagrossmarginof51.6%.Thedeclineingrossmarginof380basispointswasattributableprimarilytotheshiftofsalestolower
margingeographies,foreignexchangeheadwindsonproportionatelyhigherEuropeansalesand,toalesserextent,higherrawmaterialscostssourcedinU.S.
dollars.TheincreaseingrossprofitwasattributabletohighersalesandlowerproductcostsinCanadiandollars.

CostofsalesinourDTCchannelforthethreemonthsendedDecember31,2016was$17.2million,anincreaseof$13.4million,comparedtothethreemonths
endedDecember31,2015.Grossprofitwas$54.8million,representingagrossmarginof76.1%,comparedwith$13.0millionofgrossprofitforthethreemonths
endedDecember31,2015,representingagrossmarginof77.2%.Theincreaseingrossprofitwasattributabletohigherrevenueasaresultofincrementalretail
storerevenuegeneratedduringthethreemonthperiod,growthine-commercebusinessandlowerproductcostsinCanadiandollars,partiallyoffsetbyhigherraw
materialscostsinU.S.dollars.

Selling, General and Administrative Expenses

SG&AexpensesforthethreemonthsendedDecember31,2016increasedby$30.1million,or94.2%,comparedtothethreemonthsendedDecember31,2015,
whichrepresents29.7%ofrevenueforthethreemonthsendedDecember31,2016comparedto27.6%ofrevenueforthethreemonthsendedDecember31,2015.
Theincreaseincostswasattributabletoanincreaseinheadcountandbrandinvestmenttosupportne wmarketinginitiatives,transactioncostsrelatedtothis
publicoffering,entryintonewmarkets,aswellasinvestmentinourDTCchannelassociatedwithestablishingoure-commercesitesandopeningourretailstores
intheUnitedStatesandCanada.

SG&AexpensesinourwholesalechannelforthethreemonthsendedDecember31,2016was$10.5million,adecreaseof$0.3million,comparedtothethree
monthsendedDecember31,2015,whichrepresents7.7%ofsegmentrevenueforthethreemonthsendedDecember31,2016comparedto11.0%ofsegment
revenueforthethreemonthsendedDecember31,2015.Thedecreaseincostswasattributabletoexpensesincurredinthecomparableprioryearperiod
restructuringourinternationaloperationstoZug,SwitzerlandwhichencompassedclosingseveralofficesacrossEurope,relocatingpersonnelandincurring
temporaryofficecostsandterminationofthirdpartysalesagents.Theseaforementionedpriorperiodcostsmorethanoffsetanincreaseinheadcountand
operationalandsellingexpenditurestosupportnewmarketinginitiativesandentryintonewmarkets.

SG&AexpensesinourDTCchannelforthethreemonthsendedDecember31,2016was$13.1million,anincreaseof$7.9million,comparedtothethreemonths
endedDecember31,2015,whichrepresents18.2%ofsegmentrevenueforthethreemonthsendedDecember31,2016comparedto30.6%ofsegmentrevenuefor
thethreemonthsendedDecember31,2015.Theincreaseinsegmentcostswasattributabletoestablishingournewe-commercesitesinFranceandtheUnited
Kingdom,maintainingourexistinge-commercesitesandopeningourtworetailstoresintheUnitedStatesandCanada.

Net Interest and Other Finance Costs

FinancecostsforthethreemonthsendedDecember31,2016increasedby$0.9million,or39.4%,comparedtothethreemonthsendedDecember31,2015
primarilyasaresultofhigheraverageborrowingsof$236.0millioncomparedto$169.3millioninthesameperiodinfiscal2016usedtofinanceworkingcapital,
partiallyoffsetbyalowereffectiveinterestrate.

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Income Taxes
IncometaxexpenseforthethreemonthsendedDecember31,2016was$14.1millioncomparedto$7.2millionforthethreemonthsendedDecember31,2015.
ForthethreemonthsendedDecember31,2016,theeffectivetaxratewas26.6%andvariedfromthestatutorytaxrateof25.3%.Forthethreemonthsended
December31,2015,theeffectivetaxratewas25.2%andvariedimmateriallyfromthestatutorytaxrateof25.3%.

Net Income
NetincomeforthethreemonthsendedDecember31,2016was$39.1millioncomparedwith$21.4millionforthethreemonthsendedDecember31,2015.The
increaseof$17.6million,or82.3%,wasdrivenbythefactorsdescribedabove.

Nine Months Ended December 31, 2016 Compared to Nine Months Ended December 31, 2015
Revenue
RevenuefortheninemonthsendedDecember31,2016increasedby$103.8million,or41.7%,comparedtotheninemonthsendedDecember31,2015,whichwas
drivenbyanincreaseinrevenueinbothourwholesaleandDTCchannels.Onaconstantcurrencybasis,revenueincreasedby43.9%fortheninemonthsended
December31,2016comparedtotheninemonthsendedDecember31,2015.

Revenueinourwholesalechannelwas$273.9million,anincreaseof$44.8million,comparedtotheninemonthsendedDecember31,2015.Theincreasein
revenueinourwholesalechannelwasdrivenprimarilybysalesofnewproductsfromourSpringandFallcollectionstoourretailpartners,stronggrowthoutsideof
NorthAmericaand,toalesserextent,bypriceincreasesofourproductsincertaingeographies.

RevenueinourDTCchannelwas$78.8million,anincreaseof$59.0million,comparedtotheninemonthsendedDecember31,2015,reflectingstrong
performancefromtheCanadian,U.K.,andFrancee-commercesitessincelaunchinginAugustof2014,andSeptemberof2016,respectively,afullninemonthsof
activityonourU.S.e-commercesitewhichlaunchedinSeptemberof2015andincrementalrevenuegeneratedfromretailstoresopenedinTorontoandNewYork
inthethirdquarteroffiscal2017.

Cost of Sales and Gross Profit

CostofsalesfortheninemonthsendedDecember31,2016increasedby$46.3million,or37.9%,comparedtotheninemonthsendedDecember31,2015.Gross
profitwas$184.3million,representingagrossmarginof52.3%,comparedwith$126.8millionfortheninemonthsendedDecember31,2015,representingagross
marginof50.9%.TheincreaseingrossmarginwasattributabletoasignificantincreaseinDTCchannelrevenuespartiallyoffsetbyhigherinventoryprovisionson
rawmaterialstakeninfiscal2017,write-offsrelatedtodamagedproductsand,toalesserextent,higherrawmaterialcostsfromproductssourcedinU.S.dollars
andashiftofsalesmixtolowermargingeographies.

CostofsalesinourwholesalechannelfortheninemonthsendedDecember31,2016was$149.0million,anincreaseof$31.6million,comparedtothenine
monthsendedDecember31,2015.Segmentgrossprofitwas$124.9million,representingasegmentgrossmarginof45.6%,comparedwith$111.8millionforthe
ninemonthsendedDecember31,2015,representingasegmentgrossmarginof48.8%.Thedeclineinsegmentgrossmarginof320basispointswasattributable
primarilytoforeignexchangeimpactresultingfromgeographicalsalesmix,ahigherproportionofsalesinlowermargingeographies,thetimingofinventory
provisionstakeninfirstquarteroffiscal2017and,toalesserextent,higherrawmaterialscostsfromproductssourcedinU.S.dollars.Combined,theseincreases
morethanoffsetlowerCanadiandollardenominatedproductioncosts.

CostofsalesinourDTCchannelfortheninemonthsendedDecember31,2016was$19.4million,anincreaseof$14.7million,comparedtotheninemonths
endedDecember31,2015.Segmentgrossprofitwas

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$59.3million,representingasegmentgrossmarginof75.3%,comparedwith$15.0millionfortheninemonthsendedDecember31,2015,representingasegment
grossmarginof76.2%.Theincreaseinsegmentgrossprofitwasattributabletohighersegmentrevenuedrivenbyincrementalretailstorerevenue,afullnine
monthperiodofe-commercestoresintheUnitedStates,thelaunchofe-commercewebsitesinFranceandtheU.K.inSeptember2016,lowerproductcostsin
Canadiandollars,partiallyoffsetbyhigherrawmaterialscostssourcedinU.S.dollars.

Selling, General and Administrative Expenses

SG&AexpensesfortheninemonthsendedDecember31,2016increasedby$37.4millionoverthesameperiodinfiscal2015,or51.4%,representing31.3%of
revenuefortheninemonthsendedDecember31,2016comparedto29.3%ofrevenuefortheninemonthsendedDecember31,2015.Theincreaseincostswas
attributabletoanincreaseinheadcountandbrandinvestmenttosupportnewmarketinginitiativesandentryintonewmarkets,$8.6millionoftransactioncosts
relatedtothisoffering,$2.5millionofshare-basedcompensationcosts,aswellasinvestmentinourDTCchannelassociatedwithestablishingoure-commerce
sitesandopeningourretailstores.

SG&AexpensesinourwholesalechannelfortheninemonthsendedDecember31,2016was$24.0million,anincreaseof$1.7million,comparedtothenine
monthsendedDecember31,2015,whichrepresents8.8%ofsegmentrevenuefortheninemonthsendedDecember31,2016comparedto9.7%ofsegment
revenuefortheninemonthsendedDecember31,2015.Theincreaseinsegmentcostswasattributabletoanincreaseinheadcount,sellingandoperational
expenditurestosupportgrowthinitiativesandentryintonewmarkets.Theincreasewaspartiallyoffsetby$5.9millionofexpensesincurredinthecomparable
prioryearperiod;comprisingof$2.9millionforrestructuringourinternationaloperationstoZug,Switzerlandwhichencompassedclosingseveralofficesacross
Europe,relocatingpersonnelandincurringtemporaryofficecostsaswellas$3.0millionincurredforterminationofthirdpartysalesagents.

SG&AexpensesinourDTCchannelfortheninemonthsendedDecember31,2016was$17.8million,anincreaseof$10.8millioncomparedtotheninemonths
endedDecember31,2015,whichrepresents22.6%ofsegmentrevenuefortheninemonthsendedDecember31,2016comparedto35.6%ofsegmentrevenuefor
theninemonthsendedDecember31,2015.TheincreaseinsegmentcostswasattributabletoestablishingournewsitesinFranceandtheU.K.,maintainingour
existinge-commercesitesandopeningourtworetailstoresintheUnitedStatesandCanada.

Net Interest and Other Finance Costs

FinancecostsfortheninemonthsendedDecember31,2016increasedby$2.6million,or43.3%,comparedtotheninemonthsendedDecember31,2015,
primarilyasaresultofhigheraverageborrowingsof$206.2million,comparedto$146.7millioninthecomparableprioryearperiodanda$0.9millionwriteoffof
deferredfinancingcostsresultingfromrefinancingofthepreviouscreditfacilitypartiallyoffsetbyalowerinterestrate.

Income Taxes
IncometaxexpensefortheninemonthsendedDecember31,2016was$15.4millioncomparedto$8.7millionfortheninemonthsendedDecember31,2015.For
theninemonthsendedDecember31,2016,theeffectivetaxratewas25.5%andvariedmarginallyfromthestatutorytaxrateof25.3%.Fortheninemonthsended
December31,2015,theeffectivetaxratewas19.5%versusthestatutorytaxrateof25.3%.

ThedifferencebetweentheeffectivetaxrateandthestatutorytaxratefortheninemonthsendedDecember31,2015relatesprimarilytothebenefitofaone-time
reversalofadeferredtaxliabilityof$3.5millionrelatingtointercompanytransactionsduringtheninemonthsendedDecember31,2015.

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Net Income
NetincomefortheninemonthsendedDecember31,2016was$45.1millioncomparedwith$35.7millionfortheninemonthsendedDecember31,2015.The
increaseof$9.4million,or26.3%,wasprimarilytheresultofthefactorsdescribedabove.

Fiscal Year Ended March 31, 2016 Compared to Fiscal Year Ended March 31, 2015
Revenue
Revenueforfiscal2016increasedby$72.4million,or33.2%,comparedtofiscal2015,drivenbyanincreaseinrevenueinourwholesalechannelandbygrowthin
ourDTCchannel.Onaconstantcurrencybasis,revenueincreased25.2%forfiscal2016comparedtofiscal2015.

Revenueinourwholesalechannelincreased$47.4million,or22.5%,comparedtofiscal2015.Theincreaseinrevenueinourwholesalechannelwasprimarily
drivenbyadditionalproductsales,salesofnewproductsfromourSpringandFallcollectionstoourretailpartnersand,toalesserextent,bypriceincreasesonour
productsincertaingeographies.

ThisincreaseinrevenuewasalsodueinparttotheinclusionofafullyearofperformancefromourCanadiane-commercesiteandthelaunchofourU.S.e-
commercesiteinourDTCsegment,representinga$25.0millionincreaseoverfiscal2015.

Cost of Sales and Gross Profit

Costofsalesforfiscal2016increasedby$15.4million,or11.9%,comparedtofiscal2015,whilegrossprofitwas$145.6million,representingagrossmarginof
50.1%,comparedwith$88.6millioninfiscal2015,representingagrossmarginof40.6%.Theincreaseingrossprofitwasattributabletothegrowthine-
commercerevenueinourDTCchannelaswellasoverallhigherrevenueinfiscal2016.Additionally,grossprofitwaspositivelyimpactedbylowerproduction
costs,partiallyoffsetbyanincreaseinrawmaterialscostssourcedinU.S.dollars.

Costofsalesinourwholesalechannelforfiscal2016increasedby$8.7million,or6.8%,comparedtofiscal2015,whilesegmentgrossprofitwas$121.4million,
representingasegmentgrossmarginof47.1%,comparedwith$82.7millioninfiscal2015,representingasegmentgrossmarginof39.3%.Theincreaseinsegment
grossprofitwasattributabletotheoverallhigherrevenueinfiscal2016.Additionally,segmentgrossprofitwaspositivelyimpactedbylowerproductioncosts,
partiallyoffsetbyanincreaseinrawmaterialscostssourcedinU.S.dollars.

CostofsalesinourDTCchannelforfiscal2016increasedby$6.7million,or313.6%,comparedtofiscal2015,whilesegmentgrossprofitwas$24.2million,
representingasegmentgrossmarginof73.3%,comparedwith$5.9millioninfiscal2015,representingasegmentgrossmarginof73.4%.Theincreaseinsegment
grossprofitwasattributabletothegrowthine-commercerevenueinourDTCchannel,includingtheimpactofhavingtheU.S.e-commercestoreopenbeginning
inSeptemberof2015,aswellasoverallhigherrevenueinfiscal2016.

Selling, General and Administrative Expenses

SG&Aexpensesforfiscal2016increasedby$40.8millionoverfiscal2015,or68.8%,representing34.4%ofrevenueinfiscal2016,comparedto27.2%of
revenueinfiscal2015.Theincreaseinexpenseswasattributabletoanincreaseinheadcountinbothsegmentsandourcorporateoffice,andanincreasein
marketingexpensesthatwerenotallocatedtoasegmentandweredesignedtosupportanoverallinvestmentinourbrandandentryintonewmarkets.Theincrease
wasalsopartiallyattributabletoinvestmentsinourDTCchannelassociatedwithestablishingoure-commercesitesandopeningourretailstores.Inaddition,we
incurredcostsof$3.1millionin

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ourwholesalesegmentassociatedwithterminatingthirdpartysalesagentswhichresultedinindemnitiesandotherterminationpayments.Alsoincludedwas$6.9
millionofexpensesrelatingtorestructuringourinternationaloperationstoZug,Switzerland,includingclosingseveralofficesacrossEurope,relocatingpersonnel
andincurringtemporaryofficecosts.

SG&Aexpensesinourwholesalechannelforfiscal2016decreasedby$10.1millionoverfiscal2015,or27.2%,representing10.5%ofsegmentrevenueinfiscal
2016comparedto17.7%ofsegmentrevenueinfiscal2015.Thedecreasewasattributabletotheincreaseincentralizedmarketinginitiativesdescribedabove,
offsetbyindemnitiesandterminationpaymentsforthirdpartysalesagents.

SG&AexpensesinourDTCchannelforfiscal2016increasedby$12.7millionoverfiscal2015,or920.4%,representing42.8%ofsegmentrevenueinfiscal2016
comparedto17.3%ofsegmentrevenueinfiscal2015.TheincreaseinexpenseswasattributabletoanincreaseinheadcountandbrandinvestmentinourDTC
channelassociatedwithestablishingoure-commercesitesandopeningourretailstores.

Net Interest and Other Finance Costs

Financecostsincreasedby$0.5million,or6.1%,duringfiscal2016primarilyasaresultofhigherborrowingsof$25.9millionusedtofinanceworkingcapital,
partiallyoffsetbyalowerinterestrate.

Income Taxes
Incometaxexpenseincreasedby$1.8millionduringfiscalyear2016whilethenetincomebeforetaxesincreasedascomparedtofiscal2015.Thisisprimarilyasa
resultofadecreaseintheeffectivetaxratefrom24.6%forfiscalyear2015to19.6%forfiscalyear2016,togetherwiththebenefitofaone-timereversalofa
deferredtaxliabilityof$3.5millionrelatingtointercompanytransactionsduringthethreemonthsendedSeptember30,2015.

Net Income
Netincomeforfiscal2016was$26.5millioncomparedwith$14.4millioninfiscal2015.Theincreaseof$12.1million,or83.6%,wastheresultofthefactors
describedabove.

Comparison of the fiscal year ended March 31, 2015 to the Predecessor 2014 Period and the Successor 2014 Period, as well as a comparison of the fiscal year
ended March 31, 2015 to the Unaudited Pro Forma Combined Period for the fiscal year ended March 31, 2014
TheAcquisitionwasaccountedforasabusinesscombinationinaccordancewithIFRS3Business Combinations andtheresultingnewbasisofaccountingis
reflectedintheCompanysconsolidatedfinancialstatementsforallperiodsbeginningonorafterDecember9,2013.Asaresultandinordertoprovideamore
meaningfulcomparison,wearealsosupplementallypresentingacomparisonoffiscal2015withtheUnauditedProFormaCombinedPeriodforthefiscalyear
endedMarch31,2014.ExceptforthespecificproformaadjustmentsmadetoarriveattheUnauditedProFormaCombined2014Period,theunderlyingdriversfor
thechangeinfiscal2015ascomparedtofiscal2014,bothactual2014resultsandtheUnauditedProFormaCombined2014Periodresults,arethesame.

Revenue
Revenuewas$218.4millionforfiscal2015,ascomparedto$134.8millionforthePredecessor2014Periodand$17.3millionfortheSuccessor2014Period,or
$152.1millionfortheUnauditedProFormaCombined2014Period.Thisrepresentsa43.6%increaseinfiscal2015,ascomparedtotheUnauditedProForma
Combined2014Period.Theincreaseinrevenuewasdrivenprimarilybyanincreaseinproductsalestoourretailpartnersandtoalesserextentbypriceincreases
onourproductsincertaingeographies.Onaconstantcurrencybasis,revenueincreasedby39.0%forfiscal2015comparedtotheUnauditedProFormaCombined
2014Period.

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Cost of Sales and Gross Profit

Costofsaleswas$129.8millionforfiscal2015,ascomparedto$81.6millionforthePredecessor2014Periodand$14.7millionfortheSuccessor2014Period,or
$93.4millionfortheUnauditedProFormaCombined2014Period.Grossprofitwas$88.6millionforfiscal2015,ascomparedto$53.2millionforthePredecessor
2014Periodand$2.6millionfortheSuccessor2014Period,or$58.7millionfortheUnauditedProFormaCombined2014Period.AscomparedtotheUnaudited
ProFormaCombined2014Period,grossprofitincreased$29.9million,or51.0%,to$88.6millionforfiscal2015.Theincreaseingrossprofitwasprimarily
attributabletohigherrevenueasaresultofincreasedsalesintheU.S.marketduringthewinterseason.

Selling, General and Administrative Expenses

SG&Aexpenseswere$59.3millionforfiscal2015,ascomparedto$30.1millionforthePredecessor2014Periodand$20.5millionfortheSuccessor2014Period,
or$45.1millionfortheUnauditedProFormaCombined2014Period.SG&Aexpensesincreasedby31.6%infiscal2015,ascomparedtotheUnauditedProForma
Combined2014Period.Asapercentageofrevenue,SG&Aexpenseswere22.3%inthePredecessor2014Periodand118.7%intheSuccessor2014Period,and
decreasedfrom29.6%intheUnauditedProFormaCombined2014Periodto27.2%infiscal2015.Theincreaseincostswereattributabletoanincreasein
headcountandbrandinvestmenttosupportnewmarketinginitiativesandentryintonewmarkets,aswellasinvestmentinourDTCchannelassociatedwith
establishingoure-commercesitesandopeningourretailstores.

Net Interest and Other Finance Costs

Financecostswere$7.5millionforfiscal2015,ascomparedto$1.8millionforthePredecessor2014Period,and$1.8millionfortheSuccessor2014Period,or
$7.1millionfortheUnauditedProFormaCombined2014Period.Financecostsincreasedby$0.4millioninfiscal2015or5.6%ascomparedtotheUnauditedPro
FormaCombined2014Periodprimarilyasaresultofhigherborrowingsusedtofinanceworkingcapitaltosupportthegrowthinthebusinessbetweenthe
comparableperiodsandonsubordinateddebtheldbyBainCapitalinaccordancewiththetermsofinterestpayments.

Income Taxes
Incometaxexpensewas$4.7millionforfiscal2015,ascomparedto$5.6millionforthePredecessor2014Period,representinganeffectivetaxrateof26.6%and
wasarecoveryof$5.1millionforSuccessor2014Period,representinganeffectivetaxrateof24.6%,and$1.0millionfortheUnauditedProFormaCombined
2014Period,representinganeffectivetaxrateof25.3%.Incometaxexpenseincreasedby$3.7millioninfiscal2015comparedtotheUnauditedProForma
Combined2014Periodasaresultofhighertaxableincomefromimprovedoperatingperformanceinfiscal2015andhighernon-deductibleexpensesinthe
comparableperiod.

Net Income
Netincomewas$14.4millionforfiscal2015,ascomparedto$15.3millionforthePredecessor2014Period,andalossof$15.5millionforSuccessor2014Period,
or$3.0millionfortheUnauditedProFormaCombined2014Period.Netincomeinfiscal2015representsa377.2%increaseascomparedtotheUnauditedPro
FormaCombined2014Period.Theincreaseinnetincomeinfiscal2015wasdrivenprimarilybytheunderlyingperformanceofthebusiness,andtheimpactof
transactioncostsaswellasbytheimpactof$2.6millionofamortizationexpenseinfiscal2015relatingtoastep-upofintangibleassets,bothrelatingtothe
AcquisitiononDecember9,2013.

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Quarterly Financial Information

CAD$000s (except per share data) Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015
Revenue 209,051 127,935 15,695 41,921 115,504 109,694 23,711 18,778
Net Income (Loss) 39,088 20,019 (14,036) (9,202) 21,446 18,475 (4,234) (7,390)
Basic Earnings (Loss) per Share 0.39 0.20 (0.14) (0.09) 0.21 0.18 (0.04) (0.08)
Diluted Earnings (Loss) per Share 0.38 0.20 (0.14) (0.09) 0.21 0.18 (0.04) (0.08)

Eight Quarter Commentary on Trends

Netrevenueishighestinthesecondandthirdquartersaswefulfillcustomerordersintimeforthefallandwinterretailseasons.Inaddition,ournetincomeis
typicallyreducedornegativeinthefirstandfourthquartersasweinvestaheadofourpeaksellingseason.

Revenue
Overthelasteightquarters,revenuehasbeenimpactedbythefollowing:

rolloutofe-commerceinCanadainthesecondquarteroffiscal2015,UnitedStatesinthesecondquarteroffiscal2016andintheUnitedKingdom

andFranceinthethirdquarteroffiscal2017;

openingofretailstoresinTorontoandNewYorkCityinthethirdquarteroffiscal2017;

successfulexecutionofpricingstrategyacrossallsegments;

shiftinmixofrevenuefromwholesaletoDTC;

shiftingeographicmixofsalestoincreasesalesoutsideofCanada;

fluctuationofforeignexchangeratesbetweentheUSD,GBPandEuroversusCAD;and

timingofshipmentstowholesalecustomers.

Net Income (loss)

Netincomehasbeenaffectedbythefollowingfactorsoverthelasteightquarters:

impactoftheitemsnotedinrevenueabove;

increaseandtimingofourinvestmentinbrand,marketing,andadministrativesupporttosupportourwholesaleexpansionandDTCchannelaswellas

increasedinvestmentinproperty,plant,andequipmentandintangibleassetstosupportgrowthinitiatives;

impactofforeignexchangeonproductioncosts;

higheraverageborrowingstoaddressthegrowingmagnitudeofinventoryneedsandhigherseasonalborrowingsinthefirstandfourthquartersofeach

fiscalyeartoaddressseasonalnatureofrevenue.

transactioncostsinrelationtothisoffering;and

consolidationofourinternationaloperationstoZug,SwitzerlandwhichincludedclosingofficesacrossEuropeandterminatingthirdpartysales

agents.

Non-IFRS Measures
InadditiontoourresultsdeterminedinaccordancewithIFRS,webelievethefollowingnon-IFRSmeasuresprovideusefulinformationbothtomanagementand
investorsinmeasuringthefinancialperformanceand

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financialconditionoftheCompanyforthereasonsoutlinedbelow.ThesemeasuresdonothaveastandardizedmeaningprescribedbyIFRSandthereforetheymay
notbecomparabletosimilarlytitledmeasurespresentedbyotherpubliclytradedcompanies,andtheyshouldnotbeconstruedasanalternativetootherfinancial
measuresdeterminedinaccordancewithIFRS.

Unaudited
Period from Period from Pro Forma
Nine months Nine months Year Year April 1, December 9, period
ended ended ended ended 2013 to 2013 to ended
December 31, December 31, March 31, March 31, December 8, March 31, March 31,
CAD$000s 2016 2015 2016 2015 2013 2014 2014
EBITDA 75,578 55,009 46,870 30,063 23,609 (17,714) 14,329
AdjustedEBITDA 92,443 61,913 54,307 37,191 23,984 (8,113) 15,870
AdjustedEBITDAMargin 26.2% 24.9% 18.7% 17.0% 17.8% (47.0)% 10.4%
AdjustedNetIncome 58,851 38,520 30,122 21,374 15,554 (7,691) 5,799
ConstantCurrencyRevenue 358,147 233,325 273,410 211,361

Managementusesthesenon-IFRSfinancialmeasures(otherthanConstantCurrencyRevenue)toexcludetheimpactofcertainexpensesandincomethat
managementdoesnotbelievearereflectiveofthecompanysunderlyingoperatingperformanceandmakecomparisonsofunderlyingfinancialperformance
betweenperiodsdifficult.Fromtimetotime,thecompanymayexcludeadditionalitemsifitbelievesdoingsowouldresultinamoreeffectiveanalysisof
underlyingoperatingperformance.

EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Net Income arefinancialmeasuresthatarenotdefinedunderIFRS.Weusethesenon-
IFRSfinancialmeasures,andbelievetheyenhanceaninvestorsunderstandingofourfinancialandoperatingperformancefromperiodtoperiod,becausethey
excludecertainmaterialnon-cashitemsandcertainotheradjustmentswebelievearenotreflectiveofourongoingoperationsandourperformance.Inparticular,
followingtheAcquisition,wehavemadechangestoourlegalandoperatingstructuretobetterpositionourorganizationtoachieveourstrategicgrowthobjectives
whichhaveresultedinoutflowsofeconomicresources.Accordingly,weusethesemetricstomeasureourcorefinancialandoperatingperformanceforbusiness
planningpurposesandasacomponentinthedeterminationofincentivecompensationforsalariedemployees.Inaddition,webelieveEBITDA,Adjusted
EBITDA,AdjustedEBITDAMarginandAdjustedNetIncomearemeasurescommonlyusedbyinvestorstoevaluatecompaniesintheapparelindustry.However,
theyarenotpresentationsmadeinaccordancewithIFRSandtheuseofthetermsEBITDA,AdjustedEBITDA,AdjustedEBITDAMarginandAdjustedNet
Incomevaryfromothersinourindustry.Thesefinancialmeasuresarenotintendedtorepresentandshouldnotbeconsideredasalternativestonetincome,
operatingincomeoranyotherperformancemeasuresderivedinaccordancewithIFRSasmeasuresofoperatingperformanceoroperatingcashflowsoras
measuresofliquidity.

EBITDA,AdjustedEBITDA,AdjustedEBITDAMarginandAdjustedNetIncomehaveimportantlimitationsasanalyticaltoolsandyoushouldnotconsiderthem
inisolationorassubstitutesforanalysisofourresultsasreportedunderIFRS.Forexample,thesefinancialmeasures:

excludecertaintaxpaymentsthatmayreducecashavailabletous;

donotreflectanycashcapitalexpenditurerequirementsfortheassetsbeingdepreciatedandamortizedthatmayhavetobereplacedinthefuture;

donotreflectchangesin,orcashrequirementsfor,ourworkingcapitalneeds;

donotreflecttheinterestexpense,orthecashrequirementsnecessarytoserviceinterestorprincipalpayments,onourdebt;and

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othercompaniesinourindustrymaycalculatethesemeasuresdifferentlythanwedo,limitingtheirusefulnessascomparativemeasures.

ThetablesbelowillustrateareconciliationofnetincometoEBITDA,AdjustedEBITDAandAdjustedNetIncomefortheperiodspresented:

Nine Nine Period from Period from

April 1, December 9, Unaudited Pro
months ended months ended Year ended 2013 to 2013 to Forma Period
December 31, December 31, Year ended March 31, December 8, March 31, ended March 31,
CAD$000s 2016 2015 March 31, 2016 2015 2013 2014 2014 (l)
Net income (loss) $ 45,071 $ 35,687 $ 26,485 $ 14,425 $ 15,278 $ (15,477) $ 3,023
Add the impact of:
Incometaxexpense(recovery) 15,416 8,662 6,473 4,707 5,550 (5,054) 1,024
Interestexpense 8,620 6,017 7,996 7,537 1,815 1,788 7,136
Depreciationandamortization

6,471 4,643


5,916

3,394


966

1,029


3,146

EBITDA 75,578 55,009 46,870 30,063 23,609 (17,714) 14,329

Add the impact of:
BainCapitalmanagementfees(a) 1,560 647 1,092 894 277 539
Transactioncosts(b) 5,624 8 299 5,791
Purchaseaccountingadjustments(c) 2,861 2,906
Unrealized(gain)/lossonderivatives(d) 4,422 (4,422) (138)
Unrealizedforeignexchangelossontermloan(e) 1,561
Internationalrestructuringcosts(f) 175 2,877 6,879 1,038
Share-basedcompensation(g) 2,536 375 500 300
Agentterminationsandother(h) 2,997 3,089 2,173 375 627 1,002
Non-cashrentexpense(i)

987

Adjusted EBITDA $ 92,443 $ 61,913 $

54,307 $ 37,191 $ 23,984 $ (8,113) $

15,870

Nine Nine Period from Period from

April 1, December 9, Unaudited Pro
months ended months ended Year ended 2013 to 2013 to Forma Period
December 31, December 31, Year ended March 31, December 8, March 31, ended March 31,
CAD$000s 2016 2015 March 31, 2016 2015 2013 2014 2014 (l)
Net income (loss) $ 45,071 $ 35,687 $ 26,485 $ 14,425 $ 15,278 $ (15,477) $ 3,023
Add the impact of:
BainCapitalmanagementfees(a) 1,560 647 1,092 894 277 539
Transactioncosts(b) 5,624 8 299 5,791
Purchaseaccountingadjustments(c) 2,861 2,906
Unrealized(gain)/lossonderivatives(d) 4,422 (4,422) (138)
Unrealizedforeignexchangelossontermloan(e) 1,561
Internationalrestructuringcosts(f) 175 2,877 6,879 1,038
Share-basedcompensation(g) 2,536 375 500 300
Agentterminationsandother(h) 2,997 3,089 2,173 375 627 1,002
Non-cashrentexpense(i) 987
AmortizationonintangibleassetsacquiredbyBainCapital(j)

1,632 1,632


2,175

2,175





725

2,175

Totaladjustments 18,497 8,536 9,612 9,303 375 10,326 3,716

Taxeffectofadjustments (4,717) (2,159) (2,431) (2,354) (99) (2,540) (940)
Taxeffectofone-timeintercompanytransaction(k)

(3,544)


(3,544)

Adjusted Net income (loss) $ 58,851 $ 38,520 $

30,122 $ 21,374 $ 15,554 $ (7,691) $

5,799

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(a) RepresentstheamountpaidpursuanttothemanagementagreementwithBainCapitalforongoingconsultingandotherservices.Inconnectionwiththis
offering,themanagementagreementwillbeterminated,andBainCapitalwillnolongerreceivemanagementfeesfromus.SeeCertainRelationshipsand
RelatedPartyTransactionsManagementAgreement.
(b) InconnectionwiththeAcquisitionandthefilingofthisprospectus,thecompanyincurredexpensesrelatedtoprofessionalfees,consulting,legal,and
accountingthatwouldotherwisenothavebeenincurredandweredirectlyrelatedtothesetwomatters.Thesefeesarenotindicativeofthecompanys
ongoingcostsandweexpecttheywilldiscontinuefollowingthecompletionofthisoffering.
(c) InconnectionwiththeAcquisition,werecognizedacquiredinventoryatfairvalue,whichincludedamark-upforprofit.Recordinginventoryatfairvaluein
purchaseaccountinghadtheeffectofincreasinginventoryandtherebyincreasingthecostofsalesinsubsequentperiodsascomparedtotheamountswe
wouldhaverecognizediftheinventorywassoldthroughatcost.Thewrite-upofacquiredinventorysoldrepresentstheincrementalcostofsalesthatwas
recognizedasaresultofpurchaseaccounting.Thisinventorywassoldinfiscal2014andfiscal2015andhasimpactednetincomeinbothperiods.
(d) Representsunrealizedgainsonforeignexchangeforwardcontractsrecordedinfiscal2016thatrelatetofiscal2017.Wemanageourexposuretoforeign
currencyriskbyenteringintoforeignexchangeforwardcontracts.Managementforecastsitsnetcashflowsinforeigncurrencyusingexpectedrevenuefrom
ordersitreceivesforfutureperiods.Theunrealizedgainsandlossesonthesecontractsarerecognizedinnetincomefromthedateofinceptionofthe
contract,whilethecashflowstowhichthederivativesrelatedarenotrealizeduntilthecontractsettles.Managementbelievesthatreflectingthese
adjustmentsintheperiodinwhichthenetcashflowswilloccurismoreappropriate.
(e) Representsnon-cashchargeforunrealizedlossesonthetranslationoftheTermLoanFacilityfromUSDtoCAD$.
(f) RepresentsexpensesincurredtoestablishourEuropeanheadquartersinZug,Switzerland,includingclosingseveralsmallerofficesacrossEurope,relocating
personnel,andincurringtemporaryofficecosts.
(g) Representsnon-cashshare-basedcompensationexpense.Adjustmentsinfiscal2017reflectmanagementsestimatethatcertaintranchesofoutstanding
optionawardswillvest.
(h) Representsaccruedexpensesrelatedtoterminationpaymentstobemadetoourthirdpartysalesagents.Aspartofastrategytotransitioncertainsales
functionsin-house,weterminatedthemajorityofourthirdpartysalesagentsandcertaindistributors,primarilyduringfiscal2015and2016,whichresulted
inindemnitiesandotherterminationpayments.Assalesagentshavenowlargelybeeneliminatedfromthesalesstructure,managementdoesnotexpectthese
chargestorecurinfuturefiscalperiods.
(i) Representsnon-cashamortizationchargesduringpre-openingperiodsfornewstoreleases.
(j) AsaresultoftheAcquisition,thecompanyrecognizedanintangibleassetforcustomerlistsintheamountof$8.7million,whichhasausefullifeoffour
years.
(k) Duringfiscal2016,weenteredintoaseriesoftransactionswherebyourwholly-ownedsubsidiary,CanadaGooseInternationalAG,acquiredtheglobal
distributionrightstoourproducts.Asaresult,therewasaone-timetaxbenefitof$3.5millionrecordedduringtheyear.
(l) SeeBasisofPresentationforapresentationofourUnauditedProFormaCombinedSupplementalFinancialInformationfortheyearendedMarch31,
2014.

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Constant Currency Revenue. Becauseweareaglobalcompany,thecomparabilityofourrevenuereportedinCanadianDollarsisalsoaffectedbyforeign

currencyexchangeratefluctuationsbecausetheunderlyingcurrenciesinwhichwetransactchangeinvalueovertimecomparedtotheCanadianDollar.Theserate
fluctuationscanhaveasignificanteffectonourreportedresults.Assuch,inadditiontofinancialmeasurespreparedinaccordancewithIFRS,ourrevenue
discussionsoftencontainreferencestoconstantcurrencymeasures,whicharecalculatedbytranslatingthecurrentyearandprioryearreportedamountsinto
comparableamountsusingasingleforeignexchangerateforeachcurrencycalculatedbasedontheaverageexchangerateovertheperiodasmeasuredbytheBank
ofCanada.Wepresentconstantcurrencyfinancialinformation,whichisanon-IFRSfinancialmeasure,asasupplementtoourreportedoperatingresults.Weuse
constantcurrencyinformationtoprovideaframeworktoassesshowourbusinesssegmentsperformedexcludingtheeffectsofforeigncurrencyexchangerate
fluctuations.Webelievethisinformationisusefultoinvestorstofacilitatecomparisonsofoperatingresultsandbetteridentifytrendsinourbusinesses.

CAD$000s Actual In Constant Currency

Revenue % Change % Change
For the fiscal years ended March 31:

2016



2015




2016

290,830 218,414 33.2% 273,410 25.2%

2015



2014*




2015

218,414 152,085 43.6% 211,361 39.0%

For the nine months ended December 31:

2016



2015




2016

352,681 248,909 41.7% 358,147 43.9%

2015



2014




2015

248,909 199,636 24.7% 233,325 16.9%

For the three months ended December 31:

2016



2015




2016

209,051 115,504 81.0% 214,621 85.8%

2015



2014




2015

115,504 82,258 40.4% 108,238 31.6%

* UnauditedproformacombinedyearendedMarch31,2014.

Financial Condition, Liquidity and Capital Resources

Overview

Successor Predecessor
Period from Period from
Nine months Nine months Year Year December 9, April 1,
ended ended ended ended 2013 to 2013 to
December 31, December 31, March 31, March 31, March 31, December 8,
CAD$000s 2016 2015 2016 2015 2014 2013
Totalcashprovidedby(usedin):
Operatingactivities 36,704 (9,946) (6,442) 4,960 (11,593) 15,202
Investingactivities (21,762) (20,017) (21,842) (7,263) (149,431) (6,361)
Financingactivities 8,012 47,638 29,592 4,951 164,294 (5,715)
Increase(decrease)incash 22,954 17,675 1,308 2,648 3,270 3,126
Cash,endofperiod 30,180 23,593 7,226 5,918 3,270 4,477

Ourprimaryneedforliquidityistofundworkingcapitalrequirementsofourbusiness,capitalexpenditures,debtserviceandforgeneralcorporatepurposes.Our
primarysourceofliquidityisfundsgeneratedbyoperatingactivities.WealsouseourassetbasedRevolvingFacilityasasourceofliquidityforshort-termworking
capitalneedsandgeneralcorporatepurposes.Ourabilitytofundouroperations,tomakeplannedcapitalexpenditures,

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tomakescheduleddebtpaymentsandtorepayorrefinanceindebtednessdependsonourfutureoperatingperformanceandcashflows,whicharesubjectto
prevailingeconomicconditionsandfinancial,businessandotherfactors,someofwhicharebeyondourcontrol.Cashgeneratedfromoperationsaresignificantly
impactedbytheseasonalityofourbusiness,withadisproportionateamountofouroperatingcashgenerallycominginthesecondandthirdfiscalquartersofeach
year.Asaresult,historically,wehavehadhigherbalancesunderourrevolvingcreditfacilitiesinthefirstandfourthquartersandlowerbalancesinthesecondand
thirdquarters.

AsofDecember31,2016,wehad$30.2millionofcashand$144.5millionofworkingcapital,whichiscurrentassetsminuscurrentliabilities,comparedwith
$7.2millionofcashand$104.8millionofworkingcapitalasofMarch31,2016.The$39.7millionincreaseinourworkingcapitalwasprimarilyduetoa$23.0
millionincreaseincash,a$71.5millionincreaseinaccountsreceivable,primarilyoffsetbya$22.8milliondecreaseininventory,a$25.8millionincreasein
accountspayableandaccruedliabilitiesanda$9.3millionincreaseinprovisions.Workingcapitalissignificantlyimpactedbytheseasonaltrendsofourbusiness
andhasbeenfurtherimpactedinthecurrentquartersbytheopeningofourretailstores.

Weexpectthatourcashonhandandcashflowsfromoperations,alongwithourRevolvingFacility,willbeadequatetomeetourcapitalrequirementsand
operationalneedsforthenext12months.

Cash Flows
Cash flows from operating activities
Cashflowsgeneratedinoperatingactivitiesincreasedfrom$9.9millionusedintheninemonthsendedDecember31,2015to$36.7milliongeneratedfromthe
ninemonthsendedDecember31,2016.Thisperiod-over-periodincreaseincashgeneratedfromoperatingactivitiesof$46.7millionwasprimarilyduetoan
increaseinnetincomeof$9.4millionanda$38.0millionloweruseofcashinworkingcapitalitems,includingdifferencesintimingofpaymentsonaccounts
payableandaccruedliabilitiesinthecomparableperiodsandseasonaldecreaseininventorypartiallyoffsetbylowerpaymentsofprovisionsandothercurrent
assetsinthecurrentperiodandhigherincometaxinstallmentsof$13.7millionduetohighertaxableincome.

Cashusedinoperatingactivitieswas$6.4millioninfiscal2016comparedtocashflowsprovidedbyoperatingactivitiesof$5.0millioninfiscal2015.Theyear-
over-yeardecreaseof$11.4millionincashinflowswasprimarilyduetoanincreaseininventoryof$49.7millionasaresultofpreparationforthelaunchofoure-
commercestoreintheUnitedStates,partiallyoffsetbyanincreaseinnetincomeof$12.1million,aswellasincreasesinaccountspayableandaccruedliabilities.

Cashprovidedbyoperatingactivitieswas$5.0millioninfiscal2015comparedtocashflowsusedinoperatingactivitiesof$11.6millionduringtheperiodfrom
December9,2013toMarch31,2014andcashprovidedbyoperatingactivitiesof$15.2millionduringtheperiodfromApril1,2013toDecember8,2013.The
period-over-periodincreaseincashinflowswasprimarilyduetoanincreaseinnetincome,partiallyoffsetbyincreasesinaccountsreceivableof$9.2millionand
increasesininventoryof$10.6millionduetohighersalesvolumes.

Cash flows from investing activities

Theyear-over-yearincreaseincashoutflowsfrominvestingactivitiesduringtheninemonthsendedDecember31,2016of$1.7millionwasprimarilydueto
increasedactivityintheDTCchannelasthecompanypreparedforretailstoreopeningsinTorontoandNewYorkCityandopenede-commercesitesintheUnited
KingdomandFrance.Investmentsinthecomparableperiodinfiscal2016consistedofexpendituresrelatedtooperatingcapacityatourmanufacturingfacilities.
WeanticipatethattheseinvestmentswillremainconsistentasapercentageofrevenueasweexpandourDTCchannel.

Theyear-over-yearincreaseincashoutflowsof$14.6millioninfiscal2016comparedtofiscal2015wasprimarilyduetoincreasedinvestmentsinpropertyand
equipmenttoincreaseproductioncapacityandinretailstoreande-commerceassets,aswellasinvestmentsinintangibleassetsrelatedtoERPsoftware.

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Theyear-over-yeardecreaseincashoutflowsof$142.2millioninfiscal2015comparedtotheUnauditedProFormaCombined2014Periodwasprimarilydueto
outflowsrelatedtotheAcquisition.

Cash flows from financing activities

Cashinflowsfromfinancingactivitiesdecreasedby$39.6millionyear-over-yearintheninemonthsendedDecember31,2016.Thehigherlevelofcashflows
fromfinancingactivitiesintheperiodendedDecember31,2015resultsfromtheseasonalincreaseintherevolvingcreditfacility,netofcontractualquarterly
repayments.IntheninemonthperiodendedDecember31,2016,the$212.5millionnetproceedsfromtheTermLoanwereusedtorepaysubordinateddebtand
redeemshareholdersequity,foranetincreaseincashof$8.0million.

The$24.6millionincreaseinfiscal2016comparedtofiscal2015wasprimarilydrivenbyanincreaseinborrowingsunderourcreditfacilityusedtofinance
workingcapital.

Theyear-over-yeardecreaseincashinflowsof$159.3millioninfiscal2015comparedtotheperiodfromDecember9,2013toMarch31,2014wasprimarilydue
totheproceedsfromBainCapitalsinitialinvestmentinthecompanyinexchangeforsubordinateddebtandClassASeniorPreferredSharesforthepurposeofthe
Acquisition.

Indebtedness
Revolving Facility
OnJune3,2016,CanadaGooseHoldingsInc.anditswholly-ownedsubsidiaries,CanadaGooseInc.andCanadaGooseInternationalAG,enteredintoasenior
securedasset-basedrevolvingcreditfacility,whichwerefertoastheRevolvingFacility,withCanadianImperialBankofCommerce,asadministrativeagent,and
certainfinancialinstitutionsaslenders,whichmaturesin2021.TheRevolvingFacilityhascommitmentsof$150.0millionwithaseasonalincreaseofupto
$200.0millionduringpeakseason(June1throughNovember30).Inaddition,theRevolvingFacilityincludesaletterofcreditsub-facilityof$25.0million.All
obligationsundertheRevolvingFacilityareunconditionallyguaranteedbyCanadaGooseHoldingsInc.and,subjecttocertainexceptions,ourU.S.,Swiss,U.K.
andCanadiansubsidiaries.TheRevolvingFacilityprovidesforcustomaryeventsofdefault.

LoansundertheRevolvingFacility,atouroptionmaybemaintainedfromtimetotimeas(a)PrimeRateLoans,whichbearinterestatarateperannumequalto
theApplicableMarginforPrimeRateLoansplusthePrimeRate,(b)BankersAcceptancesfundedonadiscountedproceedsbasisgiventhepublisheddiscount
rateplusarateperannumequaltotheApplicableMarginforstampingfees,(c)ABRLoans,whichbearinterestatarateperannumequaltotheApplicableMargin
forABRLoansplustheABR,(d)EuropeanBaseRateLoans,whichbearinterestatarateperannumequaltotheApplicableMarginforEuropeanBaseRate
LoansplustheEuropeanBaseRate,(e)LIBORLoans,whichbearinterestatarateperannumequaltotheApplicableMarginforLIBORLoansplustheLIBO
Rateor(f)EURIBORLoans,whichbearinterestatarateperannumequaltotheApplicableMarginforEURIBORLoansplustheapplicableEURIBOR.

AcommitmentfeewillbechargedontheaveragedailyunusedportionoftheRevolvingFacilityof0.25%perannumifaverageutilizationundertheRevolving
Facilityisgreaterthan50%or0.375%ifaverageutilizationundertheRevolvingFacilityislessthan50%.Aletterofcreditfee,withrespecttostandbylettersof
creditwillaccrueontheaggregatefaceamountofoutstandinglettersofcreditundertheRevolvingFacilityequaltotheApplicableMarginforLIBORLoans,and,
withrespecttotradeorcommerciallettersofcredit,50%ofthethenapplicableApplicableMarginonLIBORLoans.Afrontingfeewillbechargedonthe
aggregatefaceamountofoutstandinglettersofcreditequalto0.125%perannum.Inaddition,wepaytheadministrativeagentundertheRevolvingFacilitya
monitoringfeeof$1,000permonth.

AsofDecember31,2016wehad$59.8millionoutstandingundertheRevolvingFacility.AmountsundertheRevolvingFacilitymaybeborrowed,repaidandre-
borrowedtofundourgeneralcorporatepurposesandare

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availableinCanadiandollars,U.S.dollars,andEurosand,subjecttoanaggregatecapof$40.0million,suchothercurrenciesasareapprovedinaccordancewith
thecreditagreementgoverningtheRevolvingFacility.

Term Loan Facility

General
OnDecember2,2016,whichisreferredtoastheTermLoanClosingDate,inconnectionwiththeRecapitalization,CanadaGooseHoldingsInc.andCanada
GooseInc.(theBorrower)enteredintoaseniorsecuredtermloanfacilitywhichwerefertoastheTermLoanFacility,withCreditSuisseAG,CaymanIslands
Branch,asadministrativeagentandcollateralagent,andcertainfinancialinstitutionsaslenders,whichmaturesin2021.AllobligationsundertheTermLoan
FacilityareunconditionallyguaranteedbyCanadaGooseHoldingsInc.and,subjecttocertainexceptions,ourU.S.,U.K.andCanadiansubsidiaries.TheTerm
LoanFacilityprovidesforcustomaryeventsofdefault.

TheinitialinterestrateonthetermloansoutstandingundertheTermLoanFacilityistheLIBORRate(subjecttoaminimumrateof1.00%perannum)plusan
ApplicableMarginof5.00%.ThetermloanscanalsobemaintainedasABRLoanswhichbearinterestatABRplusanApplicableMarginwhichis1.00%lessthan
thatforLIBORloans.Effectiveonthefirstdayimmediatelyfollowingthe180-dayanniversaryoftheTermLoanClosingDateand,thelastdayofeachthree-
monthperiodthereafter,theApplicableMarginshallincreaseby0.50%,if,uponthecompletionofthisofferingandaftergivingeffecttotheprepaymentofterm
loansundertheTermLoanFacilitywiththenetcashproceedsfromthisoffering,theBorrowersconsolidatedtotalnetleverageratioisnotequaltoorlessthan
2.50to1.00;provided,however,thattheApplicableMarginshallnot,atanytime,exceedfortermloansthatareLIBORLoans,7.00%,andforInitialTermLoans
thatareABRLoans,6.00%.Ifuponthecompletionofthisoffering(oranyotherunderwrittenprimarypublicofferingofcommonequitybytheBorrowerorany
directorindirectparentthereof)andaftergivingeffecttotheprepaymentoftermloansundertheTermLoanFacilitywiththenetcashproceedsfromthisoffering,
theBorrowerhasaconsolidatedtotalnetleverageratiooflessthanorequalto2.50to1.00,theApplicableMarginthenineffectshallbepermanentlyreducedby
1.00%.WehavenotyetdeterminedwhattheconsolidatedtotalnetleverageratiooftheBorrowerwillbefollowingthecompletionofthisoffering.

TheproceedsofthetermloansborrowedundertheTermLoanFacilitywereusedtoeffectthestepsdescribedinthisprospectusunderTheRecapitalization,to
paytransactionexpensesinconnectionwiththeclosingoftheTermLoanFacilityandforothergeneralcorporatepurposes.

AsofDecember31,2016wehadapproximately$218.3millionaggregateprincipalamountoftermloansoutstandingundertheTermLoanFacility.Amounts
prepaidorrepaidundertheTermLoanFacilitymaynotbere-borrowed.

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Contractual Obligations
ThefollowingtablesummarizescertainofoursignificantcontractualobligationsandotherobligationsasatDecember31,2016:

CAD $000s Q4 2017 FY2018 FY2019 FY2020 FY2021 Thereafter Total

Revolvingfacility 59,825 59,825
Termloan 2,183 2,183 2,183 2,183 209,566 218,298
Interestcommitmentsrelatingtolong-termdebt 4,907 14,687 14,556 14,425 13,069 8,383 70,027
Accountspayableandaccruedliabilities 64,242 64,242
Foreignexchangeforwardcontracts 31,009 31,009
Operatingleases 2,414 10,154 10,448 10,386 10,646 52,259 96,307
Otherlong-termliability


















1,059


1,059

Total contractual obligations 102,572 27,024 27,187 26,994 85,723 271,267 540,767

AsatDecember31,2016,thecompanyhadadditionallongtermliabilitieswhichincludedprovisions,includingwarranty,agentterminationfees,salesreturns,and
assetretirementobligation,anddeferredincometaxliabilities.Theselongtermliabilitieshavenotbeenincludedinthetableaboveasthetimingandamountof
futurepaymentsareuncertain.

Quantitative and Qualitative Disclosures about Market Risk

Weareexposedtocertainmarketrisksarisingfromtransactionsinthenormalcourseofourbusiness.Suchriskisprincipallyassociatedwithforeignexchange.

Foreign currency exchange risk

OurconsolidatedfinancialstatementsareexpressedinCanadiandollars,howeveraportionofthecompanysnetassetsaredenominatedinU.S.dollars,Euro,
GBP,SEK,andCHF,throughitsforeignoperationsintheU.S.andSwitzerland.ThenetmonetaryassetsaretranslatedintoCanadiandollarsattheforeign
currencyexchangerateineffectatthebalancesheetdate.Asaresult,weareexposedtoforeigncurrencytranslationgainsandlosses.Revenuesandexpensesofall
foreignoperationsaretranslatedintoCanadiandollarsattheforeigncurrencyexchangeratesthatapproximatetheratesineffectatthedateswhensuchitemsare
recognized.AppreciatingforeigncurrenciesrelativetotheCanadiandollarwillpositivelyimpactoperatingincomeandnetearningsbyincreasingourrevenue,
whiledepreciatingforeigncurrenciesrelativetotheCanadiandollarwillhavetheoppositeimpact.

WearealsoexposedtofluctuationsinthepricesofU.S.dollardenominatedpurchasesasaresultofchangesinU.S.dollarexchangerates.Adepreciating
CanadiandollarrelativetotheU.S.dollarwillnegativelyimpactoperatingincomeandnetearningsbyincreasingourcostsofrawmaterials,whileanappreciating
CanadiandollarrelativetotheU.S.dollarwillhavetheoppositeimpact.DuringtheninemonthsendedDecember31,2016andfiscal2016,2015,and2014we
enteredintoderivativeinstrumentsintheformofforwardcontractstomanagethemajorityofourcurrentandanticipatedexposuretofluctuationsinU.S.dollar,
GBP,Euro,andCHFexchangerates.

AmountsborrowedundertheTermLoanFacilityaredenominatedinU.S.dollars.Basedonouroutstandingbalanceof$218.3millionundertheTermLoan
FacilityasofDecember31,2016,a10%depreciationinthevalueoftheCanadiandollarcomparedtotheU.S.dollarwouldresultinadecreaseinournetincome
(loss)of$21.8millionsolelyasaresultofthatexchangeratefluctuationseffectonsuchdebt.Weintendtousetheproceedsfromthisofferingtorepayaportion
oftheTermLoanFacility.Inadditionweintendtouseforeigncurrencyhedgingcontractstoreducetheforeigncurrencyexchangeriskduetosuchdebt.

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Wemayenterintoforeigncurrencyforwardexchangecontractsandoptionstoreducefluctuationsinourlongorshortcurrencypositionsrelatingprimarilyto
purchasecommitments,rawmaterialsandfinishedgoodsdenominatedinforeigncurrencies.

AsummaryofforeigncurrencyforwardexchangecontractsandthecorrespondingamountsasatDecember31,2016contractedforwardratesisasfollows:

Contract Primary
($000s) Amount Currencies
Forwardexchangecontracttopurchasecurrency CHF1,000 SwissFrancs
Forwardexchangecontracttosellcurrency US$11,500 USdollars
5,000 Euros
4,500 PoundsSterling

Interest rate risk

WeareexposedtointerestrateriskprimarilyrelatedtotheeffectofinterestratechangesonborrowingsoutstandingunderourRevolvingFacilityandTermLoan.
AsofDecember31,2016,wehad$59.8millionoutstandingunderourRevolvingFacilitywithaweightedaverageinterestrateof2.73%andTermLoandebtof
$218.3millionwhichwasadvancedonDecember2,2016,andcurrentlybearsinterestat6.00%.BasedontheoutstandingborrowingsundertheRevolvingFacility
duringFiscal2016,weestimatethata1.00%increaseintheaverageinterestrateonourborrowingswouldhaveincreasedinterestexpenseby$0.9millioninthe
ninemonthsendedDecember31,2016.Correspondingly,a1.00%increaseintheTermLoanratewouldhaveincreasedinterestexpensebyanadditional$0.2
million.Theimpactonfutureinterestexpenseasaresultoffuturechangesininterestrateswilldependlargelyonthegrossamountofourborrowingsatthattime.

Critical Accounting Policies and Estimates

OurconsolidatedfinancialstatementsincludedelsewhereinthisprospectushavebeenpreparedinaccordancewithIFRS.Thepreparationofourfinancial
statementsrequiresustomakeestimatesandjudgmentsthataffectthereportedamountsofassets,liabilities,revenuesandexpenses.Webaseourestimateson
historicalexperienceandonvariousotherassumptionsthatwebelievearereasonableunderthecircumstances.Actualresultsmaydifferfromtheseestimatesunder
differentassumptionsorconditions.Whileoursignificantaccountingpoliciesaremorefullydescribedinthenotestoourconsolidatedfinancialstatements
includedelsewhereinthisprospectus,webelievethatthefollowingaccountingpoliciesandestimatesarecriticaltoourbusinessoperationsandunderstandingour
financialresults.

Thefollowingaretheaccountingpoliciessubjecttojudgmentsandkeysourcesofestimationuncertaintythatthecompanybelievescouldhavethemostsignificant
impactontheamountsrecognizedintheconsolidatedfinancialstatements.

Revenue recognition. Wholesalerevenuefromthesaleofgoodstothirdpartyresellers,netofanestimatedallowanceforsalesreturns,isrecognizedwhenthe

significantrisksandrewardsofownershipofthegoodshavepassedtothereseller,whichisassoonastheproductshavebeenshippedtotheresellerandthereisno
continuingmanagementinvolvementorobligationaffectingtheacceptanceofthegoods.Revenuethroughe-commerceoperationsandretailstoresarerecognized
upondeliveryofthegoodstothecustomerandwhencollectionisreasonablyassured,netofanestimatedallowanceforsalesreturns.Managementbasesits
estimatesonhistoricalresults,takingintoconsiderationthetypeofcustomer,transaction,andspecificsofeacharrangement.

Inventories. Inventoriesarecarriedatthelowerofcostandnetrealizablevaluewhichrequiresthecompanytoutilizeestimatesrelatedtofluctuationsin
obsolescence,shrinkage,futureretailprices,seasonalityandcostsnecessarytoselltheinventory.

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Weperiodicallyreviewourinventoriesandmakeprovisionsasnecessarytoappropriatelyvalueobsoleteordamagedgoods.Inaddition,aspartofinventory
valuations,weaccrueforinventoryshrinkageforlostorstolenitemsbasedonhistoricaltrendsfromactualphysicalinventorycounts.

Impairment of non-financial assets (goodwill, intangible assets, and property and equipment). Managementisrequiredtousejudgmentindeterminingthe
groupingofassetstoidentifytheircashgeneratingunits(CGU)forthepurposesoftestingfixedassetsforimpairment.Judgmentisfurtherrequiredtodetermine
appropriategroupingsofCGUsforthelevelatwhichgoodwillandintangibleassetsaretestedforimpairment.Forthepurposeofgoodwillandintangibleassets
impairmenttesting,CGUsaregroupedatthelowestlevelatwhichgoodwillandintangibleassetsaremonitoredforinternalmanagementpurposes.Inaddition,
judgmentisusedtodeterminewhetheratriggeringeventhasoccurredrequiringanimpairmenttesttobecompleted.

IndeterminingtherecoverableamountofaCGUoragroupofCGUs,variousestimatesareemployed.Thecompanydeterminesvalueinusebyusingestimates
includingprojectedfuturerevenues,earningsandcapitalinvestmentconsistentwithstrategicplanspresentedtotheBoard.Discountratesareconsistentwith
externalindustryinformationreflectingtheriskassociatedwiththespecificcashflows.

Income and other taxes. Currentanddeferredincometaxesarerecognizedintheconsolidatedstatementsincome(loss)andcomprehensiveincome(loss),except

whenitrelatestoabusinesscombination,oritemsrecognizedinequityorinothercomprehensiveincome.Applicationofjudgmentisrequiredregardingthe
classificationoftransactionsandinassessingprobableoutcomesofclaimeddeductionsincludingexpectationsaboutfutureoperatingresults,thetimingand
reversaloftemporarydifferencesandpossibleauditsofincometaxandothertaxfilingsbythetaxauthoritiesinthevariousjurisdictionsinwhichthecompany
operates.

Functional currency. Itemsincludedintheconsolidatedfinancialstatementsofthecompanyssubsidiariesaremeasuredusingthecurrencyoftheprimary

economicenvironmentinwhicheachentityoperates(thefunctionalcurrency).TheconsolidatedfinancialstatementsarepresentedinCanadiandollars,whichis
thecompanysfunctionalcurrencyandthepresentationcurrency.

Financial instruments. Financialassetsandfinancialliabilitiesarerecognizedwhenthecompanybecomesapartytothecontractualprovisionsofthefinancial

instrument.Financialassetsandfinancialliabilitiesareinitiallymeasuredatfairvalue.Thecriticalassumptionsandestimatesusedindeterminingthefairvalueof
financialinstrumentsare:equityprices;futureinterestrates;therelativecreditworthinessoftheCompanytoitscounterparties;estimatedfuturecashflows;
discountrates;andvolatilityutilizedinoptionvaluations.

Thecompanyentersintofinancialinstrumentswithhighly-ratedcreditworthyinstitutionsandinstrumentswithliquidmarketsandreadily-availablepricing
information.

Share-based payment sarevaluedbasedonthegrantdatefairvalueoftheseawardsandthecompanyrecordscompensationexpenseoverthecorresponding

serviceperiod.Thefairvalueoftheshare-basedpaymentsisdeterminedusingtheMonteCarlomodel,whichincorporatestheBoardsbestestimateofthefair
valueofourcommonequity,whichincorporatemanagementsdiscountedcashflowestimatesandothermarketassumptions.FollowingtheAcquisition,we
adoptedourStockOptionPlan,whichallowsstockoptionstobegrantedtoselectedexecutiveswithvestingcontingentuponmeetingtheservice,performance
goalsandexiteventconditionsofthePlan.Therearethreetypesofstockoptions:TrancheAoptionsaretimebasedwhichgenerallyvestover5yearsofservice,
with40%onthesecondanniversary,and20%oneachofthethird,fourth,andfifthanniversary.TrancheBandTrancheCoptionsareperformancebasedawards
thatvestuponattainmentofperformanceconditionsandtheoccurrenceofanexitevent.TheexpenserelatedtotheTrancheBandTrancheCoptionsisrecognized
rateablyovertherequisiteserviceperiod,provideditisprobablethatthevestingconditionswillbeachievedandtheoccurrenceofsuchexitevent,suchasour
initialpublicoffering,isprobable.Followingourinitialpublicoffering,weexpectthatthegrantdatefairvalueoftheseawardstobebasedupontheclosingprice
ofoursubordinatevotingsharesonthegrantdate.

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Warranty. Thecriticalassumptionsandestimatesusedindeterminingthewarrantyprovisionatthebalancesheetdateare:numberofjacketsexpectedtorequire
repairorreplacement;proportiontoberepairedversusreplaced;periodinwhichthewarrantyclaimisexpectedtooccur;costofrepair;costofjacketreplacement;
risk-freerateusedtodiscounttheprovisiontopresentvalue.Weupdateourinputstothisestimateonaquarterlybasistoensuretheprovisionreflectsthemost
currentinformationregardingourproducts.

Trade receivables. Thecompanydoesnothaveanycustomerswhichaccountformorethan10%ofsalesoraccountsreceivable.Wemakeongoingestimates

relatingtotheabilitytocollectouraccountsreceivableandmaintainanallowanceforestimatedlossesresultingfromtheinabilityofourcustomerstomake
requiredpayments.Indeterminingtheamountoftheallowance,weconsiderourhistoricallevelofcreditlossesandmakejudgmentsaboutthecreditworthinessof
significantcustomersbasedonongoingcreditevaluations.Creditriskarisesfromthepossibilitythatcertainpartieswillbeunabletodischargetheirobligations.To
mitigatethisrisk,managementhasenteredintoanagreementwithathirdpartywhohasinsuredtheriskoflossforupto90%ofaccountsreceivablefromcertain
designatedcustomersbasedonatotaldeductibleof$50,000.Sincewecannotpredictfuturechangesinthefinancialstabilityofourcustomers,actualfuturelosses
fromuncollectibleaccountsmaydifferfromourestimates.Ifthefinancialconditionofourcustomersweretodeteriorate,resultingintheirinabilitytomake
payments,alargerallowancemightberequired.Intheeventwedeterminethatasmallerorlargerallowanceisappropriate,wewouldrecordacreditorachargeto
selling,generalandadministrativeexpenseintheperiodinwhichsuchadeterminationismade.

Internal Control Over Financial Reporting

Wehaveidentifiedmaterialweaknessesinourinternalcontrolsoverfinancialreporting.Amaterialweaknessisadeficiency,oracombinationofdeficiencies,in
internalcontroloverfinancialreporting,suchthatthereisareasonablepossibilitythatamaterialmisstatementofthecompanysannualorinterimconsolidated
financialstatementsmaynotbepreventedordetectedonatimelybasis.

Wedidnothaveinplaceaneffectivecontrolenvironmentwithformalprocessesandproceduresoranadequatenumberofaccountingpersonnelwiththe
appropriatetechnicaltrainingin,andexperiencewith,IFRStoallowforadetailedreviewofcomplexaccountingtransactionsthatwouldidentifyerrorsinatimely
manner,includinginventorycostingandbusinesscombinations.Wedidnotdesignormaintaineffectivecontrolsoverthefinancialstatementcloseandreporting
processinordertoensuretheaccurateandtimelypreparationoffinancialstatementsinaccordancewithIFRS.Inaddition,informationtechnologycontrols,
includingenduserandprivilegedaccessrightsandappropriatesegregationofduties,includingforcertainuserstheabilitytocreateandpostjournalentries,were
notdesignedoroperatingeffectively.

Wehavetakenstepstoaddressthesematerialweaknessesandcontinuetoimplementourremediationplan,whichwebelievewilladdresstheirunderlyingcauses.
Wehaveengagedexternaladvisorstoprovideassistanceintheareasofinformationtechnology,internalcontrolsoverfinancialreporting,andfinancialaccounting
intheshorttermandtoevaluateanddocumentthedesignandoperatingeffectivenessofourinternalcontrolsandassistwiththeremediationandimplementationof
ourinternalcontrolsasrequired.Weareevaluatingthelongertermresourceneedsofourvariousfinancialfunctions.Theseremediationmeasuresmaybetime
consuming,costly,andmightplacesignificantdemandsonourfinancialandoperationalresources.Althoughwehavemadeenhancementstoourcontrol
proceduresinthisarea,thematerialweaknesseswillnotberemediateduntilthenecessarycontrolshavebeenimplementedandareoperatingeffectively.Wedo
notknowthespecifictimeframeneededtofullyremediatethematerialweaknessesidentified.SeeRiskFactors.

Standards issued but not yet effective

Certainnewstandards,amendments,andinterpretationstoexistingIFRSstandardshavebeenpublishedbutarenotyeteffectiveandhavenotbeenadoptedearly
bythecompany.Managementanticipatesthatallofthepronouncementswillbeadoptedinthecompanysaccountingpolicyforthefirstperiodbeginningafterthe

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effectivedateofthepronouncement.Informationonnewstandards,amendments,andinterpretationsareprovidedbelow.

In2016,theIASBissuedIFRS16,Leases(IFRS16),replacingIAS17,Leasesandrelatedinterpretations.Thestandardintroducesasingleon-statementof
financialpositionrecognitionandmeasurementmodelforlessees,eliminatingthedistinctionbetweenoperatingandfinanceleases.Lessorscontinuetoclassify
leasesasfinanceandoperatingleases.IFRS16becomeseffectiveforannualperiodsbeginningonorafterJanuary1,2019,andistobeappliedretrospectively.
EarlyadoptionispermittedifIFRS15,RevenuefromContractswithCustomers(IFRS15)hasbeenadopted.Thecompanyiscurrentlyassessingtheimpactof
thenewstandardonitsconsolidatedfinancialstatements.

In2014,theIASBissuedIFRS15,replacingIAS18,Revenue,IAS11,ConstructionContracts,andrelatedinterpretations.Thenewstandardprovidesa
comprehensiveframeworkfortherecognition,measurementanddisclosureofrevenuefromcontractswithcustomers,excludingcontractswithinthescopeofthe
accountingstandardsonleases,insurancecontractsandfinancialinstruments.IFRS15becomeseffectiveforannualperiodsbeginningonorafterJanuary1,2018,
andistobeappliedretrospectively.Earlyadoptionispermitted.Thecompanyiscurrentlyassessingtheimpactofthenewstandardonitsconsolidatedfinancial
statements.

InJuly2014,theIASBissuedthefinalversionofIFRS9,whichreflectsallphasesofthefinancialinstrumentsprojectandreplacesIAS39,Financial
Instruments:RecognitionandMeasurement,andallpreviousversionsofIFRS9.Thestandardintroducesnewrequirementsforclassificationandmeasurement,
impairment,andhedgeaccounting.IFRS9ismandatorilyeffectiveforannualperiodsbeginningonorafterJanuary1,2018.Earlyadoptionispermitted.The
companyiscurrentlyassessingtheimpactofthenewstandardonitsconsolidatedfinancialstatements.

AmendmentstoIAS7,StatementofCashFlows(IAS7)wereissuedbytheIASBinJanuary2016.Theamendmentclarifiesthatentitiesshallprovide
disclosuresthatenableusersoffinancialstatementstoevaluatechangesinliabilitiesarisingfromfinancingactivities.TheamendmenttoIAS7iseffectivefor
annualperiodsbeginningonorafterJanuary1,2017.Thecompanyiscurrentlyassessingtheimpactofthenewstandardonitsconsolidatedfinancialstatements.

InJanuary2016,theInternationalAccountingStandardsBoard(IASB)issuedamendmentstoclarifytherequirementsforrecognizingdeferredtaxassetson
unrealizedlosses.Theamendmentsclarifytheaccountingfordeferredtaxwhereanassetismeasuredatfairvalueandthatfairvalueisbelowtheassetstaxbase.
Theyalsoclarifycertainotheraspectsofaccountingfordeferredtaxassets.TheamendmentsareeffectivefortheyearbeginningonorafterJanuary1,2017.The
companyiscurrentlyassessingtheimpactoftheseamendmentsonitsfinancialstatements.

InJune2016,theIASBissuedanamendmenttoIFRS2,Share-basedPayment,clarifyingtheaccountingforcertaintypesofshare-basedpaymenttransactions.The
amendmentsproviderequirementsonaccountingfortheeffectsofvestingandnon-vestingconditionsofcash-settledshare-basedpayments,withholdingtax
obligationsforshare-basedpaymentswithanetsettlementfeature,andwhenamodificationtothetermsofashare-basedpaymentchangestheclassificationofthe
transactionfromcash-settledtoequity-settled.TheamendmentsareeffectivefortheyearbeginningonorafterJanuary1,2018.Thecompanyiscurrently
assessingtheimpactofthisamendmentonitsfinancialstatements.

AmendmentstoIAS1,PresentationofFinancialStatements(IAS1)wereissuedbytheIASBinDecember2014.Theamendmentsclarifyprinciplesforthe
presentationandmaterialityconsiderationsforthefinancialstatementsandnotestoimproveunderstandabilityandcomparability.TheamendmentstoIAS1are
effectiveforannualperiodsbeginningonorafterJanuary1,2016.Thecompanyisevaluatingtheimpactofthisstandardonitsconsolidatedfinancialstatements.

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JOBS Act
WewillnottakeadvantageoftheextendedtransitionperiodprovidedunderSection7(a)(2)(B)oftheSecuritiesActforcomplyingwithneworrevisedaccounting
standards.BecauseIFRSstandardsmakenodistinctionbetweenpublicandprivatecompaniesforpurposesofcompliancewithneworrevisedaccounting
standards,therequirementsforourcomplianceasaprivatecompanyandasapubliccompanyarethesame.

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ToourShareholders,
Whenmygrandfatherstartedthiscompany60yearsago,Idontknowifheeverdreamedthatthisiswherewewouldbetoday,butIamsurehewouldbeproud.
ThatpridehasbeenacornerstonethroughoutthreegenerationsofCanadaGooseand,today,Iambothhumbledandexcitedtobewritingthisletter.

I believe Canada Goose is a brand like no other.

Since1957,wehavegoneagainstthegrain,stayedtruetowhoweareandsurpassedourexpectationsatalmosteveryturn.Wehaveturnedbusinesschallengesinto
leadershipopportunitiesandintuitionintoinsight,investedheavilywhenothersonlychasedmarginsandwehavedemonstratedthatdoinggoodisgoodfor
business.Inaworldoffabricatedstories,wehavegivenpeoplesomethingrealtoexperience.

Forthreegenerations,CanadaGoosehashelpedpeoplefromallcornersoftheglobeembracetheelementsandmaketheiradventurespossible.WeoutfittedLaurie
Skreslet,thefirstCanadiantosummitMountEverestin1982,andhelpedaformertwo-packs-a-daysmoker,RayZahab,breaktheworldspeedrecordforan
unsupportedexpeditionbyateamtotheSouthPole.WehelpedanursewhowasplungedintotheicywatersofHudsonBaykeephercoretemperaturewarm
enoughtokeepherheartbeating.WehelpedLanceMackey,championdog-musherandcancersurvivor,staywarmashewontheIditarodandYukonQuest,two
yearsinarow.WehelpprotectFirstAircrewsfromtheelementswhentheyreflyingnorthof60-degreesandwehelpresearchersinAntarcticaandPolarBears
Internationalscientistsworkoutsideforhoursinfreezingtemperatures.Andalongthewaywehavefoundahomeinurbancentrestoo.Wevebroughtthesame
function,qualityandcraftsmanshipintogreatcitiesaroundtheworldincludingToronto,NewYork,London,Paris,Tokyoandmanyothersinbetween.

Indoingso,wehaveplayedaleadingroleinthecreationofanewcategory,premiumouterwear,andestablishedCanadaGooseasaniconicbrand.Wehavealso
inventednewtechnologies,challengedtraditionalthinking,soldintoleadingretailersaroundtheworldandopenedexperientialstoresofourown.Wehavemade
award-winningproductsandaward-winningmarketingcampaigns,beenembracedbyworld-renownedartists,athletesandadventurers,helpedreinvigoratethe
decliningapparelindustryinCanadabycreatingthousandsofjobsandplayedtheroleofambassadorforourcountryinternationally.Intheprocess,wevebecome
abrandtowatchandonethatothercompaniestrytoemulateanauthenticleaderonaglobalstage.
Authenticityiseverythingtous.Itiswovenintoeveryaspectofourbusinessfromhowwedesignandbuildourproductstohowweengagewithourcustomers.
Thatcommitmentdoesnotcomewithoutitschallenges,butwebelieveitistheonlywayforustobuildanenduringbrandthatwillcontinueforgenerations.
Farfromthiscompanyshumblebeginnings,wenowproudlysellin36countries.Today,CanadaGooseisabrandthatisknownaroundtheworld.Weareproud
tobeachampionofMade-in-CanadamanufacturingandexportthebrandofCanadaaroundtheworld.WebelievethatCanadaGooseisgoodforCanadaandfor
theworld.
Fueledbystrongperformance,aboldvisionthatsunderpinnedbyworld-classtalentwhohaveexperiencegarneredfromsomeoftheworldsbestbrands,a
relentlessfocusonexecutionandaninspiringculture,Ibelievewehaveanextraordinaryopportunityahead.Wehavealltherightpiecesinplacetobuildthis
companytobetheenduringlegacyIknowitcanbe.
Butwewillbecareful.Wearenotinterestedintradingshorttermrevenueopportunitiesforbadlongtermbusinessdecisions.Wearefocusedonbuildingan
enduringbrand,alegacyforouremployeesandourcountryandlong-termvalueforourshareholders.Wehavebeencarefulstewardsofthisbrandfor60yearsand
wewilldothesameasapublicly-tradedcompanyintheyearsahead.

Thatmaymeanwewontalwayschoosetheobviouspathordowhattraditionalthinkingwoulddictate.Wewouldnotbewherewearetodayifwehaddonewhat
everyoneelsewasdoingorwhatwaseasy.Wehavetakenrisksthatwebelievedinandwehavesucceededindoingso.Weintendtocontinueonourpathof
swimmingupstream.Itscertainlymorechallenging,butmorefunandmorerewarding.

Weareonaremarkablejourney,onethatIfeelincrediblyprivilegedtoleadandonethatIhopeyouwillbeproudtobeapartof.Thisisyourinvitation.

DaniReiss,C.M.
President&CEO

250BOWIEAVENUETORONTO,ONTARIOM6E4Y2CANADA

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Business

Canada Goose
Founded60yearsagoinasmallTorontowarehouse,CanadaGoosehasgrownintoahighlycovetedglobalouterwearbrand.Wearerecognizedforauthentic
heritage,uncompromisedcraftsmanshipandquality,exceptionalwarmthandsuperiorfunctionality.Thisreputationisdecadesinthemakingandisrootedinour
commitmenttocreatingpremiumproductsthatdeliverunrivaledfunctionalitywhereandwhenitisneededmost.BeitCanadianArcticRangersservingtheir
countryoranexplorertrekkingtotheSouthPole,peoplewholive,workandplayintheharshestenvironmentsonEarthhaveturnedtoCanadaGoose.Throughout
ourhistory,wehavefoundinspirationinthesetechnicalchallengesandparlayedthatexpertiseintocreatingexceptionalproductsforanyoccasion.Fromresearch
facilitiesinAntarcticaandtheCanadianHighArctictothestreetsofToronto,NewYorkCity,London,Paris,Tokyoandbeyond,peoplehavefalleninlovewith
ourbrandandmadeitapartoftheireverydaylives.

Wearedeeplyinvolvedineverystageofourbusinessasadesigner,manufacturer,distributorandretailerofpremiumouterwearformen,womenandchildren.
Thisverticallyintegratedbusinessmodelallowsustodirectlycontrolthedesignanddevelopmentofourproductswhilecapturinghighermargins.AsofDecember
31,2016,ourproductsaresoldthroughselectoutdoor,luxuryandonlineretailersanddistributorsin36countries,oure-commercesitesinCanada,theUnited
States,theUnitedKingdomandFrance,andtworecentlyopenedretailstoresinTorontoandNewYorkCity.

Thepowerofourbusinessmodelandourabilitytoprofitablyscaleouroperationsarereflectedinourfinancialperformance.Infiscal2016,wehadrevenueof
$290.8million,grossprofitof$145.6million,whichrepresentedgrossmarginof50.1%,netincomeof$26.5million,AdjustedEBITDAof$54.3million,
AdjustedEBITDAMarginof18.7%andAdjustedNetIncomeof$30.1million.Wegrewourrevenueata38.3%CAGR,netincomeata196.0%CAGRand
AdjustedEBITDAatan85.0%CAGRfromfiscal2014tofiscal2016,whileexpandingourgrossmarginfrom38.6%to50.1%andourAdjustedEBITDAMargin
from10.4%to18.7%overthesameperiod.ForadditionalinformationregardingAdjustedEBITDA,AdjustedEBITDAMarginandAdjustedNetIncome,which
arenon-IFRSmeasures,includingareconciliationofthesenon-IFRSmeasurestonetincome,seeManagementsDiscussionandAnalysisofFinancialCondition
andResultsofOperationsNon-IFRSMeasures.

Our Competitive Strengths

Webelievethatthefollowingstrengthsarecentraltothepowerofourbrandandbusinessmodel.
Authentic brand. Fordecades,wehavehelpedexplorers,scientists,athletesandfilmcrewsembracetheelementsinsomeoftheharshestenvironmentsin
theworld.OurstoriesarerealandarebesttoldthroughtheunfilteredlensofGoosePeople,ourbrandambassadors.Thejourneys,achievementsand
attitudesoftheseincredibleadventurersembodyourcorebeliefthatgreatnessisoutthereandinspireourcustomerstocharttheirowncourse.
Uncompromised craftsmanship. Leveragingdecadesofexperience,fieldtestingandobsessiveattentiontodetail,wedevelopsuperiorfunctionalproducts.
Ourexpertiseinmatchingourtechnicalfabricswiththeoptimalblendsofdownenablesustocreatewarmer,lighterandmoredurableproductsacross
seasonsandapplications.Thecommitmenttosuperiorqualityandlastingperformancethatinitiallymadeusrenownedforwarmthnowextendsinto
breathabilityandprotectionfromwindandrain.
Beloved and coveted globally. Weofferouterwearwithtimelessstyleforanyonewhowantstoembracetheelements.Fromthemostremoteregionsofthe
worldtomajormetropolitancentres,wehavesuccessfullybroadenedourreachbeyondourarcticheritagetooutdoorenthusiasts,urbanexplorersand
discerningconsumersglobally.Ourdeepconnectionwithourcustomersisevidencedbytheirbrandloyalty.Consumersurveysconductedonourbehalfin
2016showthat82%ofcustomerssaytheylovetheirCanada

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Goosejacketsand84%ofcustomersindicatethat,whenmakingtheirnextpremiumouterwearpurchase,theywouldlikelyrepurchaseCanadaGoose.These
resultsareamongthehighestinourindustrybasedonthissurvey.
Proudly made in Canada. OurCanadianheritageandcommitmenttolocalmanufacturingareattheheartofourbusinessandbrand.Whilemany
companiesinourindustryoutsourcetooffshoremanufacturers,wearecommittedtoaggressivelyinvestinginproducingpremium,highqualityproductsin
Canada,thecountryfromwhichwedrawourinspiration.WebelieveourCanadianproductionfacilitiesandcraftspeoplehavesetusapartonthe
internationalstageandinthemindsofourcustomers.
Flexible supply chain. Wedirectlycontrolthedesign,innovation,development,engineeringandtestingofourproducts,whichwebelieveallowsusto
achievegreateroperatingefficienciesanddeliversuperiorqualityproducts.Wemanageourproductionthroughacombinationofin-housemanufacturing
facilitiesandlong-standingrelationshipswithCanadianthirdpartysub-contractors.Ourflexiblesupplychaingivesusdistinctadvantagesincludingthe
abilitytoscaleouroperations,adapttocustomerdemand,shortenproductdevelopmentcyclesandachievehighermargins.
Multi-channel distribution. Ourglobaldistributionstrategyallowsustoreachcustomersthroughtwodistinct,brand-enhancingchannels.Inourwholesale
channel,whichasofDecember31,2016extendsinto36countries,wecarefullyselectthebestretailpartnersanddistributorstorepresentourbrandina
mannerconsistentwithourheritageandgrowthstrategy.Asaresult,ourretailpartnershipsincludebest-in-classoutdoor,luxuryandonlineretailers.
ThroughourfastgrowingDTCchannel,whichincludesoure-commercesitesinfourcountriesandtworecentlyopenedretailstores,weareabletomore
directlycontrolthecustomerexperience,drivingdeeperbrandengagementandloyalty,whilealsorealizingmorefavorablemargins.Weemployproduct
supplydisciplineacrossbothofourchannelstomanagescarcity,preservebrandstrengthandoptimizeprofitablegrowthforusandourretailpartners.
Passionate and committed management team. Throughsteadybranddisciplineandafocusonsustainablegrowth,ourmanagementteamhastransformed
asmallfamilybusinessintoaglobalbrand.DaniReiss,ourCEO,hasworkedinalmosteveryareaofourcompanyandsuccessfullydevelopedour
internationalsaleschannelspriortoassumingtheroleofCEOin2001.Danihasassembledateamofseasonedexecutivesfromdiverseandrelevant
backgroundswhodrawonanaverageofover15yearsexperienceworkingwithawiderangeofleadingglobalcompaniesincludingMarcJacobs,New
Balance,Nike,Patagonia,RalphLauren,McKinsey,UFCandRedBull.Theirleadershipandpassionhaveacceleratedourevolutionintoathreeseason
lifestylebrandandtherolloutofourDTCchannel.

Our Growth Strategies

WehavebuiltastrongfoundationasCanadaGoosehasevolvedintoahighlycovetedglobalouterwearbrand.Overthepastthreefiscalyears,wehavegrownour
revenueata38.3%CAGR,netincomeata196.0%CAGRandAdjustedEBITDAatan85.0%CAGR.Wehavealsoexpandedourgrossmarginfrom38.6%to
50.1%andourAdjustedEBITDAMarginfrom10.4%to18.7%overthesameperiodwhileconcurrentlymakingsignificantlong-terminvestmentsinourhuman
capital,productioncapacity,brandbuildinganddistributionchannels.Leveragingtheseinvestmentsandourprovengrowthstrategies,wewillcontinueto
aggressivelypursueoursubstantialglobalmarketopportunity.

Execute our proven market development strategy. Aswehavegrownourbusiness,wehavedevelopedasuccessfulframeworkforenteringanddevelopingour

marketsbyincreasingawarenessandbroadeningcustomeraccess.Weintendtocontinueexecutingonthefollowingtacticsaswefurtherpenetrateourmarkets
globally:
Introduce and strengthen our brand. Buildingbrandawarenessamongpotentialnewcustomersandstrengtheningourconnectionswiththosewhoalready
knowuswillbeakeydriverofourgrowth.Whileourbrandhasachievedsubstantialtractiongloballyandthosewhohaveexperiencedourproducts
demonstratestrongloyalty,ourpresenceisrelativelynascentinmanyofourmarkets.AccordingtoanAugust2016consumersurveyconductedonour
behalf,thevastmajorityofconsumersoutsideofCanadaarenotaware

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ofCanadaGoose.Throughacombinationoftheorganic,word-of-mouthbrandbuildingthathasdrivenmuchofoursuccesstodateandamoreproactive
approachtoreachingnewaudiencesthroughtraditionalchannels,wewillcontinuetointroducetheCanadaGoosebrandtotheworld.
Enhance our wholesale network. Weintendtocontinuebroadeningcustomeraccessandstrengtheningourglobalfootholdinnewandexistingmarketsby
strategicallyexpandingourwholesalenetworkanddeepeningcurrentrelationships.Inallofourmarkets,wehaveanopportunitytoincreasesalesbyadding
newwholesaledoorsandincreasingvolumeinexistingretailers.Additionally,wearefocusedonstrengtheningrelationshipswithourretailpartnersthrough
broaderofferings,exclusiveproductsandshop-in-shopformats.Webelieveourretailpartnershaveastrongincentivetoshowcaseourbrandasourproducts
drivecustomertrafficandconsistentfull-pricesell-throughintheirstores.
Accelerate our e-commerce-led Direct to Consumer rollout. OurDTCchannelservesasanunfilteredwindowintoourbrandwhichcreatesmeaningful
relationshipsanddirectengagementwithourcustomers.Thisdrivesopportunitiestogenerateincrementalrevenuegrowthandcapturefullretailmargin.We
haverapidlygrownouronlinesalesto$33.0millioninfiscal2016,whichrepresented11.4%ofourconsolidatedrevenue.Wehavesubsequentlylaunched
newonlinestorefrontsintheUnitedKingdomandFranceandplantocontinueintroducingonlinestoresinnewmarkets.Oure-commerceplatformis
complementedbyourtworecentlyopenedretailstoresinTorontoandNewYorkCity.Weintendtoopenaselectnumberofadditionalretaillocationsin
majormetropolitancentresandpremiumoutdoordestinationswherewebelievetheycanoperateprofitably.

Strengthen and expand our geographic footprint. Webelievethereisanopportunitytoincreasepenetrationacrossourexistingmarketsandselectivelyenternew

regions.AlthoughtheCanadaGoosebrandisrecognizedglobally,ourrecentinvestmentshavebeenfocusedonNorthAmericaandhavedrivenexceptionalgrowth
inCanadaandtheUnitedStates.OutsideofCanadaandtheUnitedStates(RestofWorld),wehaveidentifiedanopportunitytoaccelerateourmomentum
utilizingourprovengrowthframework.Thefollowingtablepresentsourrevenueineachofourgeographicsegmentsoverthepastthreefiscalyears:

(inmillions) Fiscal year ended March 31, 14 16

2014 2015 2016 CAGR
Canada $ 72.5 $ 75.7 $ 95.2 14.6%
UnitedStates 33.6 57.0 103.4 75.5%
RestofWorld

46.0



85.7



92.2





41.6%

Total

$152.1



$218.4



$290.8



38.3%

Canada. WhilewehaveachievedhighbrandawarenessinCanada,wecontinuetoexperiencestrongpenetrationandrevenuegrowthdrivenprimarilyby
expandingaccessandproductofferings.Afterdevelopingastrongwholesalefootprint,wesuccessfullylaunchedourCanadiane-commerceplatformin
August2014andopenedourfirstretailstoreinTorontoinOctober2016.Weexpecttofurtherdevelopourpresencethroughincreasedstrategicmarketing
activities,deeperrelationshipswithourretailpartnersandcontinuedfocusonourDTCchannel.Additionally,weintendtocontinuebroadeningourproduct
offering,tomakeCanadaGooseabiggerpartofourcustomerslives.
United States. AswecontinuetocapturethesignificantmarketopportunityintheUnitedStates,ourfocusisonincreasingbrandawarenesstoalevelthat
approacheswhatwehaveachievedinCanada.AccordingtoanAugust2016consumersurveyconductedonourbehalf,aidedbrandawarenessintheUnited
Statesis16%ascomparedto76%inCanada.Ourmarketentryhasbeenstagedonaregionalbasis,withthebulkofourinvestmentsandwholesale
penetrationconcentratedintheNortheast,whereouraidedbrandawarenessis25%andashighas46%inBostonandNewYorkCity.Thishasbeenthe
primarydriverofourhistoricalgrowthandmomentumintheU.S.andwecontinuetogeneratestronggrowthintheregion.Buildingonthissuccess,we
launchedournationale-commerceplatforminSeptember2015andopenedourfirstretailstoreinNewYorkCityinNovember2016.Webelievethereisa
largewhitespaceopportunityinotherregionssuchasthe

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Mid-AtlanticaswellastheMidwest,whereouraidedbrandawarenessiscurrently18%,andWest,whereouraidedbrandawarenessis14%andashighas
26%inmetropolitanmarketssuchasDenverandSanFrancisco.Aswesequentiallyintroduceourbrandtotherestofthecountry,wearefocusedon
expandingourwholesalefootprint,includingexecutingourshop-in-shopstrategyandcontinuingtodeliverabroaderthreeseasonproductassortmenttoour
partners.
Rest of World. WecurrentlygeneratesalesineverymajorWesternEuropeanmarketand,whilethisiswherethebrandfirstachievedcommercialsuccess,
webelievetherearesignificantopportunitiestoacceleratethesemarketstotheirfullpotential.IntheUnitedKingdomandFranceinparticular,wehave
achievedstrongtractionthroughourretailpartnerships,buthaveyettofullyextendourwholesalenetworkandareonlyintheinitialphaseofexecutingon
ourshop-in-shopstrategy.Inbothmarkets,welaunchedoure-commerceplatformsinSeptember2016andintendtoestablishourownedretailpresencein
thenearfuture.WhiletheUnitedKingdomandFranceareourmostdevelopedEuropeanmarkets,wehaveidentifiedanumberofmarketswithsignificant
near-termdevelopmentpotential,suchasGermany,ItalyandScandinavia.
OutsideofEurope,ourmostestablishedmarketsareJapanandKorea.Overthepastdecade,wehavegrownsuccessfullyinJapanand,inbothJapanand
Korea,recentlypartneredwithworld-classdistributors.Thesepartnerswillhelpuscontinuetobuildawarenessandaccesstothebrandwhileensuringits
longtermsustainability.Additionally,wecurrentlyhaveaminimalpresenceinChinaandotherlargemarketswhichrepresentsignificantfuture
opportunities.
Overthepastthreefiscalyears,wehavenearlydoubledourmarketpenetrationinCanadatoreachapproximately35unitsalesper1,000addressable
customers(peoplelivingabovethe37thParallelandwithannualhouseholdincomeofgreaterthan$100,000).Wehavebeensimilarlysuccessfulinthe
UnitedStates,WesternEurope,ScandinaviaandAsiawithunitssalesper1,000addressablecustomersreachingbetween3.5and10units,butwestillhave
roomtogrowinourcurrentmarkets.Evenwithoutexpandingourgeographicfootprintorourproductlines,webelievewehavesignificantopportunityto
furtherincreasepenetrationintheUnitedStates,WesternEurope(Sweden,Denmark,Norway,Finland,France,UnitedKingdom,theNetherlands,Spain,
Germany,Austria,BelgiumandItaly),ScandinaviaandAsia(JapanandSouthKorea);ifweweretoachieve50%ofcurrentpenetrationinCanadainthese
othergeographies,thiswouldresultintripledunitdemandwithinourFallandWinterproductcategories.

Enhance and expand our product offering .ContinuingtoenhanceandexpandourproductofferingrepresentsameaningfulgrowthdriverforCanadaGoose.

BroadeningourproductlinewillallowustostrengthenbrandloyaltywiththosecustomerswhoalreadyloveCanadaGoose,drivehigherpenetrationinour
existingmarketsandexpandourappealacrossnewgeographiesandclimates.Drawingonourdecadesofexperienceandcustomerdemandforinspiringnew
functionalproducts,weintendtocontinuedevelopingourofferingthroughthefollowing:
Elevate Winter. Recognizingthatpeoplewanttobringthefunctionalityofourjacketsintotheireverydaylives,wehavedevelopedawiderangeof
exceptionalwinterproductsforanyoccasion.Whilestayingtruetoourtacticalindustrialheritage,weintendtocontinuerefreshingandbroadeningour
offeringwithnewstylisticvariations,refinedfitsandexclusivelimitededitioncollaborations.
Expand Spring and Fall. WeintendtocontinuebuildingoutoursuccessfulSpringandFallcollectionsincategoriessuchaslightweightandultra-
lightweightdown,rainwear,windwearandsoftshelljackets.Whilekeepingourcustomerswarm,comfortableandprotectedacrossthreeseasons,these
extensionsalsoincreaseourappealinmarketswithmoretemperateclimates.
Extend beyond outerwear. Ourstrategyistoselectivelyrespondtocustomerdemandforfunctionalproductsinadjacentcategories.Consumersurveys
conductedonourbehalfindicatethatourcustomersarelookingforadditionalCanadaGooseproducts,particularlyinkeycategoriessuchasknitwear,
fleece,footwear,travelgearandbedding.Webelieveofferinginspiringnewproductsthatareconsistentwithourheritage,functionalityandquality
representsanopportunitytodevelopacloserrelationshipwithourcustomersandexpandouraddressablemarket.

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Continue to drive operational excellence .Aswescaleourbusiness,weplantocontinueleveragingourbrandandpowerfulbusinessmodeltodriveoperational

efficienciesandhighermarginsinthefollowingways:
Channel mix. WeintendtoexpandourDTCchannelinmarketsthatcansupporttheprofitablerolloutofe-commerceandselectretailstores.Asour
distributionchannelmixshiftstowardoure-commerce-ledDTCchannel,weexpecttocaptureincrementalgrossmargin.AjacketsaleinourDTCchannel
providestwo-to-fourtimesgreatercontributiontosegmentoperatingincomeperjacketascomparedtoasaleofthesameproductinourwholesalechannel.
Price optimization .Weintendtocontinueoptimizingourpricingtocapturethefullvalueofourproductsandthesuperiorfunctionalitytheyprovidetoour
customers.Additionally,weactivelybalancecustomerdemandwithscarcityofsupplytoavoidthepromotionalactivitythatiscommonintheapparel
industry.Thisallowsusandourretailpartnerstosellourproductsatfullprice,avoidmarkdownsandrealizefullmarginpotential.
Manufacturing capabilities. Approximatelyone-thirdofCanadaGooseproductsarecurrentlymanufacturedinourownfacilitiesinCanada.Weintendto
optimizeourdomesticmanufacturingmixbyopportunisticallybringingadditionalmanufacturingcapacityin-housetocaptureincrementalgrossmargin.
Operating leverage. Wehaveinvestedaheadofourgrowthinallareasofthebusinessincludingdesignandmanufacturing,multi-channeldistributionand
corporateinfrastructure.Forexample,ourcurrentmanufacturingfootprintissufficienttoallowustodoubleourcurrentheadcount.Aswecontinueour
growthtrajectory,wehavetheopportunitytoleveragetheseinvestmentsandrealizeeconomiesofscale.

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History
Overthelast60years,wehavegrownfromamanufacturerofprivatelabelparkasintooneoftheworldsmostdesiredouterwearbrands.Fueledbyourcorebelief
thatgreatnessisoutthereandbuildingonourstrengthofcreatingpremiumfunctionaljackets,wehaveextendedourbrandintothreeseasonsandnewcategories
beyondtheparka.Withthesamediscipline,wehaveexpandedoursaleschannelsbeyonddistributorstoincludeaselectgroupofoutdoor,luxuryandonline
retailersaswellas,morerecently,ourownDTCchannel.Ateverystep,wehavestayedtruetoourheritage,whichwebelievehassetusapart.

Our Products
Our arctic heritage .AuthenticityiseverythingtoCanadaGoose.Webeganasanouterwearmanufacturerfocusedprimarilyonprovidingparkastopeople
workingintheharshestenvironmentonEarththeArctic.From

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thecrewofanorthernCanadianairline,FirstAir,toCanadianArcticRangers,wehavebeentrustedtohelpkeeppeoplewarm.Fordecades,thisutilitarian,
functionalhistoryhasbeencoretoourheritage.Toensurewedeliveraproductthatperformswhenandwhereitisneededmost,westrivetomakethebest
productsoftheirkindbyusingthehighestqualityrawmaterialsandcraftsmanship.

Theprecisionofeverycut,foldandstitchinourproductsisguidedbydecadesofexperience.Fromzippertobuttonandstitchtostitch,everyelementiscarefully
chosenandmeticulouslyputintoplacebyhand.EveryCanadaGoosejacketpassesthroughthehandsofmultiplecraftspeople,allunitedbyourcommitmentto
uncompromisingquality.Ourqualityassuranceteaminspectseveryjackettoensurenodetailisoverlooked.Webelieveourbest-in-classCanadianmanufacturing
capabilitiesandpartnershipsaffordusincreasedqualitycontrolanddirectinvolvementinallstagesoftheprocess,enablingustostandbehindourouterwearwitha
lifetimewarrantyagainstdefectsinmaterialsandworkmanship.

Our evolution. Asaglobalthree-seasonouterwearbrand,ourproductofferinghasevolvedsignificantlysincethedaysofsolelymakingspecialtyjacketssuchas

theSnowMantraandExpeditionparkasforthesevereArcticenvironment.Weleveragedourtacticalindustrialheritage,includingourlongrelationshipwiththe
Canadianmilitaryandlawenforcement,toinspire,developandrefinefunctionallysuperiorin-linecollectionsforextremeconditionsandbeyond.

Recognizingourcustomerswanttobringthefunctionalityofourjacketsintotheireverydaylives,weexpandedourofferingtoincludeproductsforoutdoor
enthusiasts,urbanexplorersanddiscerningconsumerseverywhere.Truetoourheritage,wepartneredwithextraordinaryGoosePeopleasasourceofinspiration
andreal-worldtesting.WhetherdevelopingnovelHyBridgeproductsforRayZahabtoruntheSaharaorcustom-designingLaurieSkresletscoattosummit
Everest,whichinspiredourAltitudeline,CanadaGoosehasfoundinspirationineverytechnicalchallengeandparlayedthatexpertiseintocreatingexceptional
productsforanyoccasion.

TheuncompromisedcraftsmanshipandqualityoftheCanadaGoosebrandispreservedinnewproductsandhighperformancematerialstokeepourcustomers
warmandcomfortablenomatterhowlowthetemperaturedrops.Accordingtoourcustomerswhorespondedtoourconsumersurveyourjacketsarethewarmestas
comparedtootherouterwearbrands.Asweevolvedandexpandedourwinterassortmenttosuitnewuses,climatesandgeographies,wealsorefreshedourcore
offeringswiththeintroductionofourBlackLabelcollection,enhancingourclassicproductswithafocusonelevatedstyle,luxuriousfabricsandrefinedfits.

OurbroadsetofmanufacturingcapabilitiesandaccesstoinnovativematerialsrangingfromArcticTechandTri-DurancefabricstoluxuryLoroPianawoolenable
ustomeetcustomersneedsintheArctic,ondesignerrunwaysandnearlyeverywhereinbetween.AtthesametimeasourcoatskeepCanadianlawenforcement
warmandequipGoosePeopleonepicadventures,ourcollaborationswithMarcJacobs,Levis,musicianDrakesOctobersVeryOwn(OVO)fashionbrand,
professionalbaseballplayerJosBautistaandothershavebeenmetwithstrongacclaim.Thesecollaborationshelpextendourbrandtonewaudiencesand
introduceinspiringnewstylestothosewhoalreadyloveCanadaGoose.

Expansion into three seasons. Asourheritagelinehasexpandedsignificantly,CanadaGoosehasalsodevelopedareputationforsuperiorqualityandexceptional

functionalityacrossSpringandFall.Nomattertheseason,peopletrustCanadaGoosetokeepthemwarm,comfortableandprotected.OurSpringandFallproducts
enableconsumerstoembracetheelementsineveryseason,withawideselectionoflightweightandultra-lightweightdown,rainwear,windwearandotherdown
hybridandsoftshelljackets.

OurSpringandFallcollectionshavedemonstratedmeaningfultractionwithconsumers,achievinga60%increaseinsalesbetweenfiscal2015andfiscal2016.
Theyhavealsobeenmetwithgreatcriticalacclaim:HyBridgeLitewontheGearofTheYearAwardfromOutsideMagazinein2011andourSpring2017
collectionwasnamedEditorsPickbyWorldsGlobalStyleNetwork(WGSN),aleadingtrendforecaster.

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Beyond outerwear. CanadaGoosehaslaunchedarefinedlineofaccessoriesinresponsetocustomerdemandforproductstocomplementtheirouterwear.Our

accessoriesfocusonhandwear,headwearandneckwear,andofferunparalleledwarmth,functionandtimelessstyletoourcustomers,consistentwiththeheritage
ofourcoreproducts.Beyondaccessories,wecontinuetoselectivelyrespondtocustomerdemandfornewproductcategories.Ourcustomershaveshown
meaningfulinterestinkeynewproductcategoriesincludingknitwearandfleece,whichwearedeveloping,aswellasfootwear,travelgearandbedding,whichwe
maypursueinthefuture.AsweexpandtheCanadaGoosebrandtoservenewuses,wearingoccasions,geographiesandconsumers,wewillalwaysstaytrueto
whoweareandwhattheCanadaGoosebrandstandsfor:authenticheritage,uncompromisedcraftsmanshipandquality,exceptionalwarmthandsuperior
functionality.

Sourcing and Manufacturing

Uncompromisedcraftsmanshipbeginswithsourcingtherightrawmaterials.Weusepremiumfabricsandfinishingsthatarebuilttolast.Ourblendsofdownand
fabricsenableustocreatewarmer,lighterandmore

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durableproductsacrossseasonsandapplications.Ourproductsaremadewithdownbecauseitisrecognizedastheworldsbestnaturalinsulator,providing
approximatelythreetimesthewarmthperounceassyntheticalternativesand,whennecessary,trimmedwithrealfurtoprotecttheskinfromfrostbiteinharsh
conditions.

Wearecommittedtothesustainableandethicalsourcingofourrawmaterials.Wehaveintroducedcomprehensivetraceabilityprogramsforfuranddown
throughoutoursupplychainwhichweexpectwillbefullyineffectduringthespringof2017.Weonlyusedownthatisabyproductofthepoultryindustryandwe
onlypurchasedownandfurfromsupplierswhoadheretoourstringentstandardsregardingfairpracticesandhumanetreatmentofanimals.

AsofMarch1,2017,weoperatefiveproductionfacilitiesinToronto,WinnipegandMontreal,manufacturingapproximatelyone-thirdofourproductsin-house.
Wealsoworkwith32Canadianand6internationalhighlyqualifiedsubcontractorswhoofferspecializedexpertise,whichprovidesuswithflexibilitytoscaleour
productionofparkasandnon-coreproducts,respectively.Weemploy1,275manufacturingemployeesasofMarch1,2017,andhavebeenrecognizedbythe
GovernmentofCanadaforsupportingtheapparelmanufacturingindustryinCanada.Wehaveinvestedaheadofourgrowthandmorethandoubledourin-house
andcontractmanufacturingunitproductioncapacity,respectively,inthepastfiveyears.

Multi-Channel Distribution Network

WesellourproductsthroughourwholesaleandDTCchannels.Infiscal2016,ourwholesalechannelaccountedfor88.6%ofourrevenueandourDTCchannel
contributed11.4%torevenue.Acrossbothchannelsweareveryselectivewiththedistributionandsupplyofourproducts.

Wholesale. Thewholesalechannelallowsustoenteranddevelopnewmarkets,maintainaleadingpositionwithinourgeographiesandmakeinformedinvestments
inourDTCinfrastructure.Aswehavegrown,wehaveevolvedwhatwasoriginallyageneralistapproachtoaccountmanagementthroughspecialistcapabilities
thatarebetteralignedwiththeneedsofspecificmarketsandretailformats.Thesecapabilitiesallowustodevelopstrategicrelationshipsdirectlywithretailersand
distributors.Weworkwithaselectsetofpartnerswhorespectourheritage,shareourvaluesandstrengthenourmarketpresence.AsofDecember31,2016,
throughourglobalnetworkofnearly2,500pointsofdistributionwithretailerssuchasSportingLife,HarryRosen,Gorsuch,SaksFifthAvenue,Nordstrom,
SelfridgesandLaneCrawfordwereachcustomersacross36countries.Ourwholesaledistributionincludesamixofoutdoor,luxuryandonlineretailers.Wedrive
trafficforourretailpartnersandleverageourmutuallybeneficialrelationshipstoreceiveprimeplacementwithintheirstores,showcaseabroaderproductoffering
andestablishCanadaGooseshops-in-shops.Carefulplanningwithourwholesalenetworkallowsustomanagescarcityandmaintainhighlevelsoffull-pricesell-
through.Overthepastthreeyears,wehavebeenintheprocessofenhancingourwholesalenetworktobringallofouraccountsin-housewithenhanced
management.Thisallowsustodeepentherelationshipswithourretailersbystrategizingonproductassortment,shop-in-shoppresentationandrollout,andcreates
opportunitiestoincreaseourthreeseasonpenetrationandtooffernewproductsthroughourretailpartners.

Direct to Consumer. Weoperateane-commerce-ledDTCchannel,whichhasgrownrapidlysinceitslaunchinfiscal2015.Ouronlinestorefeaturesourfull

productofferingandgrantsustheabilitytobuildvaluableintelligencethroughadirectconversationwithourcustomers.Werolledoutoure-commerceplatforms
inCanadaandtheUnitedStatesaswellastheUnitedKingdomandFranceinAugust2014,September2015andSeptember2016,respectively.Oure-commerce
platformisrapidlygainingpenetration,withCanadaandtheU.S.onlinestorescontributing11.4%ofourtotalrevenueinfiscal2016,approximatelytwoyears
afterthelaunchofourfirstonlinestore.Weintendtocontinuebuildingoutoure-commerceinfrastructureinnewmarketswherewehaveanestablishedwholesale
presence.

Oure-commercerolloutiscomplementedbyourretailstoresinpremiumhightrafficlocations.WeopenedourfirsttworetailstoresinTorontoandNewYorkCity
inthefallof2016.Goingforward,weplantoopenalimited

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numberofadditionalretailstoresinothermajormetropolitancentresaswellaspremiumoutdoordestinationswherewebelievetheycanoperateprofitably.This
unfilteredwindowintoourbrandwillallowustodevelopacloserrelationshipwithourcustomersthroughuniqueexperiences,featureourfullproductofferingand
driverevenuegrowthacrossbothchannels.

Marketing
Wehavenevertakenatraditionalmarketingapproachtodrivingconsumerawareness.Wehavetoldrealstoriesinauthenticways,fuelingbrandawarenessand
affinitythroughcreativemarketinginitiativesanddevelopingstrategicrelationshipsinrelevantindustries.Oursuccesshasbeendrivenorganicallybyword-of-
mouthmarketing.WehavefoundthattheexperiencepeoplehavewithCanadaGooseproductsissomethingtheyeagerlyandpassionatelysharewithothers,which
webelievegeneratesexceptionaldemandforourproducts.

Powerful and creative storytelling .Tous,marketingisabouttellingstoriesinterestingstorieswithgenuineimpact.Asaresultoftheloveforourproductsand

thedeeprelationshipswehavedeveloped,ourbrandhasbeenfeaturedextensivelyinawiderangeofmediaaroundtheworldincludingdocumentaries,feature
films,commercialsandmagazines.

WealsocreateoriginalcontenttodriveawarenessandunderstandingofCanadaGoose.Incelebrationofour50thanniversary,wepublishedGoose People ,a
coffeetablebookhighlighting50peoplefromaroundtheworldwhoembodyourvalues.ThiscementedoneofourkeymarketinginitiativesasGoosePeople
continuetobeanimportantwayforustoauthenticallytellourstories.In2015,webroughtsomeofthesestoriestolifeonthebigscreenthroughourcollaboration
withOscar-winningdirector,PaulHaggis,andourproductionofthefilm,Out There ,whichwasawardedtwoCannesGoldLions.

Goose People. GoosePeopleareadiversegroupofglobalbrandambassadorsadventurers,athletes,scientistsandartistswhoembodyourvaluesandlifestyle,

standforsomethingbiggerthanthemselvesandinspireothersthroughepicadventuresandaccomplishments.Weconsiderthemtheepitomeofourcorebeliefthat
greatnessisoutthere.Theyhavebecomeaplatformtoshowcaseourbrandsheritage,authenticstoryanduncompromisedcraftsmanship.

Film and entertainment. Formorethanthreedecades,ourjacketshavebeenastapleonfilmsetsaroundtheworldandareknownastheunofficialjacketoffilm

crewsanywhereitiscold.Ourjacketsoffercrewandtalent

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thewarmthandfunctionalitytheyneedtosurvivelongshootsinthemostdemandingenvironments.Duetothislong-standingandorganicseedingrelationship,we
havenotpaidforproductplacement,butourproductshavenaturallytransitionedfrombehindthescenestoon-cameraasawaytoauthenticatecoldweather
scenes.Wealsosupporttheindustryasanofficialsponsorofanumberofinternationalfilmfestivals,includingtheSundanceFilmFestivalandToronto
InternationalFilmFestival.

Investing for the future. Movingforward,ourmarketingfocusisoncontinuingtotellourstoriesinunique,creativeandauthenticwaysthatengageandinspire

customers.Asourdistributionmodelhasshiftedfrompurewholesaletomulti-channel,ourbusinessneedshaveevolved.Wehavesupportedthisshiftthrough
digitalfirstmarketingthatscalesquicklyandgloballywhilemaintainingaconsistentandauthenticbrandexperienceforourcustomers.Wehavealsotakenamore
proactiveandsophisticatedapproachtounderstandingourcustomersandutilizinginsightstoinformhowwedelivernewproducts.Thisallowsustobepresentin
theirpreferreddigitalplatformsandtoengageourfansandmaintaintheirloyaltyforyearstocome.Wewillcontinuetostrategicallyinvestinreachingnew
audiencesindevelopingmarketsandboostingaffinityaroundtheworld.Ourmarketingefforts,likeourproducts,willalwaysbesubjecttothebranddisciplineand
stewardshipthathaveguidedusthroughoutourhistory.

Our Market
Strongly positioned in large and growing apparel market segment. Ourfocusonfunctionalityandqualitybroadensourreachbeyondpeopleworkinginthecoldest
placesonearthtooutdoorenthusiasts,urbanexplorersanddiscerningconsumersglobally.Ouruncompromisedcraftsmanshippositionsourproductsaspremium
technicalgarmentsandcovetedluxuryitemsintheeyesofourcustomer.Webelievethestayingpowerofourbrandstronglypositionsustocompeteinthe
growingouterwearandluxuryapparelmarkets.

Weintendtoexecuteonourprovengrowthstrategiestofurtherdevelopallofourmarketsalongthematuritycurve.ThefollowingtablesummarizesEuromonitor
International2016retailvaluemarketsizedataandanticipated20162020compoundannualgrowthratesforkeyglobalgeographies.

(US$ in billions) Outerwear Luxury Apparel

1620 1620
2016 CAGR 2016 CAGR
Canada $ 18 3.8% $ 2 3.2%
UnitedStates $192 3.2% $ 17 3.0%
Europe $250 2.6% $ 40 3.7%
AsiaPacific $313 4.5% $ 22 4.0%

Source:EuromonitorApparelandFootwear2017edition,EuromonitorLuxuryGoods2017edition,RetailValueRSPincludingSalesTax,CurrentPrices.Outerwearcovers
mensandwomensclothingforoutdoor/out-of-the-housewearincludingshortsandtrousers,jeans,jacketsandcoats,suits,shirtsandblouses,jumpers,tops,dresses,skirts,
leggings.LuxuryApparelisequivalenttoDesignerApparel(Ready-to-Wear)whichistheaggregationofMensDesignerApparel,WomensDesignerApparel,Designer
Childrenswear,DesignerApparelAccessories,andDesignerHosiery.However,designerhautecoutureisexcludedfromEuromonitorInternationalscoverage.

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Current Global Market Penetration

Proven growth framework to further penetrate geographic markets. Whilewehaveaglobaldistributionnetworkinplace,werecognizethepotentialforsignificant

penetrationupsideacrossallofourmarkets.Ourtailoredapproachtomarketdevelopmentisinformedbyprevailingawarenessanddistribution.Wecost-
effectivelydevelopinitialawarenessinnewmarketsbybuildingstrongrelationshipswithcarefullyselectedpartnerswithinourwholesalechannel.Wholesale
momentuminformsourincrementalbrandbuildinginvestmentsineachregion.Asourmarketpresencegrows,weevaluatetheopportunitytorolloutourDTC
channel.Thefirststepinthisprocessistheintroductionofoure-commerceplatformwhichisfollowedbytheevaluationofselectretailstoreopportunities.With
increasedcustomerawarenessandaccess,webegintointroduceabroaderproductoffering.

Forexample,aswecontinuetocapturethesignificantmarketopportunityintheUnitedStates,wearepursuingastagedregionalexpansion.Ourinitialentryinto
theU.S.marketwasconcentratedintheNortheastwherewegrewourwholesalenetworkto125doorsasofDecember31,2016and,accordingtoasurvey
conductedonourbehalfinAugust2016ofconsumersthathavepurchasedpremiumouterwear,achievedaidedbrandawarenessof46%inBostonandNewYork
City.Buildingonthis,wehavebeguntofocusonexpandingcustomeraccessviaoure-commercesiteandretailstoreinNewYorkCity.Oursuccessfulexecution
inthisregionhasbeentheprimarydriverofour75.5%revenueCAGRintheUnitedStatesfromfiscal2014tofiscal2016.

MovingbeyondoursuccessintheNortheast,werecognizeasignificantwhitespaceopportunityacrosstheUnitedStates.Wecontinuetofocusonintroducingand
strengtheningtheCanadaGoosebrandgivenrelativelylowaidedbrandawarenesslevelsof26%inkeymetropolitanmarketssuchasDenverandSanFrancisco.In
theserapidlydevelopingmarkets,weremainfocusedonexpandingourwholesalefootprint,includingexecutingourshop-in-shopstrategyandcontinuingtodrivea
broaderproductassortmenttoourpartners.Ournationale-commercepresenceoffersusadirectconnectiontoourcustomersandinformsoureffortsinhigh
potentialregionssuchastheMid-Atlantic,MidwestandPacificNorthwest.Aswecontinuetoexpandtoregionswithdiverseandtemperateclimates,ourproduct
offeringwillincludeastrongeremphasisonourexpandingSpringandFallcollections.

ThesuccesswehaveachievedinNorthAmericahasallowedustorefineandstrengthenourframeworkformarketdevelopment.Wewillcontinuetoaggressively
pursueoursubstantialglobalmarketopportunityusingourprovengrowthstrategies.

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Competition
Themarketforouterwearishighlyfragmented.Weprincipallyoperateinthemarketforpremiumouterwear,whichispartofthebroaderapparelindustry.We
competedirectlyagainstothermanufacturers,wholesalersanddirectretailersofouterwear,premiumfunctionalouterwearandluxuryouterwear.Wecompeteboth
withglobalbrandsandwithregionalbrandsoperatingonlyinselectmarkets.Becauseofthefragmentednatureofourmarketplace,wealsocompetewithother
apparelsellers,includingthosewhodonotspecializeinouterwear.Whileweoperateinahighlycompetitivemarket,webelievetherearemanyfactorsthat
differentiateusfromothermanufacturers,wholesalersandretailersofouterwear,includingourbrand,ourheritageandhistory,ourfocusonfunctionalityand
craftsmanshipandthefactthatourcoreproductsaremadeinCanada.

Intellectual Property
Weownthetrademarksusedinconnectionwiththemarketing,distributionandsaleofallofourproductsintheUnitedStates,Canadaandintheothercountriesin
whichourproductsaresold.OurmajortrademarksincludetheCANADAGOOSEwordmarkandtheARCTICPROGRAM&DESIGNtrademark(ourdisclogo
consistingofthecolour-inversedesignoftheNorthPoleandArcticOcean).InadditiontotheregistrationsinCanadaandtheUnitedStates,ourwordmarkand
designareregisteredinotherjurisdictionswhichcoverapproximately37jurisdictions.Furthermore,incertainjurisdictionsweregisterastrademarkscertain
elementsofourproducts,suchasfabric,warmthcategorizationandstylenamessuchasourSnowMantraparka.

Weenforceourtrademarksandwehavetakenseveralmeasurestoprotectourcustomersfromcounterfeitingactivities.Since2011wehavesewnaunique
hologram,designedexclusivelyforus,intoeveryjacketandaccessoryasproofofauthenticity.Additionally,ourwebsitehasatoolforpotentialonlinecustomers
toverifytheintegrityofthirdpartyretailersthatpurporttosellourproducts.Wearealsoactiveinenforcingrightsonaglobalbasistoourtrademarksandtaking
actionagainstcounterfeiters,onlineandinphysicalstores.

Government Regulation
InCanadaandintheotherjurisdictionsinwhichweoperate,wearesubjecttolabourandemploymentlaws,lawsgoverningadvertising,privacyanddatasecurity
laws,safetyregulationsandotherlaws,includingconsumerprotectionregulationsthatapplytoretailersand/orthepromotionandsaleofmerchandiseandthe
operationofstoresandwarehousefacilities.OurproductssoldoutsideofCanadaaresubjecttotariffs,treatiesandvarioustradeagreementsaswellaslaws
affectingtheimportationofconsumergoods.Wemonitorchangesintheselaws,regulations,treatiesandagreements,andbelievethatweareinmaterial
compliancewithapplicablelaws.

Our Employees
AsofMarch1,2017,weemployed1,688people,includingbothfull-timeandpart-timeemployees.Oftheseemployees,1,275wereemployedinCanadian
manufacturingpositionsand125wereemployedinNorthAmericansellingandretailpositions.Theremainingemployeeswereengagedinotheraspectsofour
business.AsofMarch1,2017,377ofouremployeesarerepresentedbyunions.Webelievethatrelationswithouremployeesaresatisfactoryandwehavenever
encounteredastrikeorsignificantworkstoppage.

Corporate Information and Structure

OurcompanywasfoundedinToronto,Canadain1957.InDecember2013,wepartneredwithBainCapitalthroughasaleofa70%equityinterestinourbusiness,
toaccelerateourgrowthandinternationalexpansion.Inconnectionwithsuchsale,CanadaGooseHoldingsInc.wasincorporatedundertheBusinessCorporations
Act(BritishColumbia)onNovember21,2013.

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Ourprincipalofficeislocatedat250BowieAvenue,Toronto,Ontario,CanadaM6E4Y2andourtelephonenumberis(416)780-9850.Ourregisteredofficeis
locatedatSuite1700,ParkPlace,666BurrardStreet,Vancouver,BritishColumbia,Canada,V6C2X8.

Thefollowingchartreflectsourorganizationalstructure(includingthejurisdictionofformationorincorporationofthevariousentities),aftergivingeffecttothe
Recapitalizationandthecompletionofthisofferingandassumingnoexerciseoftheunderwritersover-allotmentoption:

Inconnectionwiththisofferingweamendedourarticlesinorderto,amongotherthings,amendandredesignateourClassACommonSharesasmultiplevoting
shares;eliminateourClassBCommonShares,ClassASeniorPreferredShares,ClassBSeniorPreferredShares,ClassAJuniorPreferredShares,ClassBJunior
PreferredShares,ClassCJuniorPreferredSharesandtheClassDPreferredSharesfromoursharecapital;andcreateoursubordinatevotingshares.Ourshare
capitalconsistsofanunlimitednumberofmultiplevotingsharesandsubordinatevotingsharesandanunlimitednumberofpreferredshares,issuableinseries
(noneoutstanding).SeeDescriptionofShareCapital.

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Leased Properties
Wemaintainthefollowingleasedfacilitiesforourcorporateheadquartersandtoconductourprincipalmanufacturingandretailactivities,whichwebelievearein
goodconditionandworkingorder:

Location Principal Activity Square Feet Lease Expiration Date

Toronto,Ontario CorporateHeadquarters,showroom 190,978squarefeet June30,2023
andmanufacturing
Scarborough,Ontario Manufacturing 84,800squarefeet May31,2020
Scarborough,Ontario Logistics 117,179squarefeet August31,2027
YorkdaleShoppingCentre, RetailStore 4,503squarefeet October31,2026
Toronto,Ontario
Winnipeg,Manitoba Manufacturing 82,920squarefeet November12,2022
Winnipeg,Manitoba Manufacturing 94,541squarefeet September30,2025
Boisbriand,Qubec Manufacturing 23,637squarefeet July31,2023
NewYork,NY Officeandshowroom 4,040squarefeet December31,2024
NewYork,NY RetailStore 6,970squarefeet March31,2027
Chicago,IL Inactive 10,188squarefeet June24,2027
Paris,France Officeandshowroom 4,090squarefeet March15,2018
Zug,Switzerland Officeandshowroom 7,545squarefeet January31,2021

Seasonality
Ourbusinessisseasonalinnature.SeeManagementsDiscussionandAnalysisofFinancialConditionandResultsofOperationsFactorsAffectingPerformance
Seasonality.

Legal Proceedings and Regulatory Matters

Fromtimetotime,wemaybesubjecttolegalorregulatoryproceedingsandclaimsintheordinarycourseofbusiness,includingproceedingstoprotectour
intellectualpropertyrights.Aspartofourmonitoringprogramforourintellectualpropertyrights,fromtimetotimewefilelawsuitsforactsoftrademark
counterfeiting,trademarkinfringement,trademarkdilution,patentinfringementorbreachofotherstateorforeignlaws.Theseactionsoftenresultinseizureof
counterfeitmerchandiseandnegotiatedsettlementswithdefendants.Defendantssometimeraisetheinvalidityorunenforceabilityofourproprietaryrightsas
affirmativedefensesorcounterclaims.Wecurrentlyhavenomateriallegalorregulatoryproceedingspending.

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Management

Executive Officers and Directors

Thefollowingtablesetsforthcertaininformationrelatingtoourdirectorsandexecutiveofficersasofthedateofthisprospectus.Unlessotherwisestated,the
businessaddressforourdirectorsandofficersisc/oCanadaGooseHoldingsInc.,250BowieAve,Toronto,Ontario,CanadaM6E4Y2.

Name and Province or State and

Country of Residence Age Position
DaniReiss 43 PresidentandChiefExecutiveOfficerandDirector
Ontario,Canada
JohnBlack 58 ChiefFinancialOfficer
Ontario,Canada
PatSherlock 43 SeniorVicePresident,GlobalWholesale
Ontario,Canada
AnaMihaljevic 36 VicePresident,PlanningandSalesOperations
Ontario,Canada
JacquelinePoriadjian 39 ChiefMarketingOfficer
Ontario,Canada
JacobPat 37 VicePresident,InformationTechnology
Ontario,Canada
LeeTurlington 62 ChiefProductOfficer
California,UnitedStates
KaraMacKillop 41 SeniorVicePresident,HumanResources
Ontario,Canada
ScottCameron 39 ExecutiveVicePresidente-Commerce,StoresandStrategy
Ontario,Canada
CarrieBaker 41 ChiefofStaff,SeniorVicePresident
Ontario,Canada
JohnMoran 54 SeniorVicePresident,ManufacturingandSupplyChain
Ontario,Canada
SpencerOrr 39 VicePresident,MerchandisingandProductStrategy
Ontario,Canada
KevinSpreekmeester 56 ChiefBrandOfficer
Ontario,Canada
RyanCotton 38 Director
Massachusetts,UnitedStates
JoshuaBekenstein 58 Director
Massachusetts,UnitedStates
StephenGunn 62 Director
Ontario,Canada
Jean-MarcHut 47 Director
Guildford,England

Dani Reiss C. M. (Member of the Order of Canada), President and Chief Executive Officer and Director
Thegrandsonofourfounder,Mr.Reiss,joinedthecompanyin1997andwasnamedPresidentandChiefExecutiveOfficerofthecompanyin2001.Mr.Reisshas
workedinalmosteveryareaofthecompanyandsuccessfullydevelopedourinternationalsaleschannelspriortoassumingtheroleofPresidentandChief
ExecutiveOfficer.Mr.ReissreceivedaBachelorofArtsfromUniversityofToronto.Mr.Reissisthechairmanofourboardofdirectorsandbringsleadershipand
operationalexperiencetoourboardofdirectorsasourPresidentandChiefExecutiveOfficer.

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John Black, Chief Financial Officer

Mr.BlackjoinedthecompanyinAugust2013asChiefFinancialOfficer.PriortojoiningtheCompany,Mr.BlackservedastheChiefFinancialOfficerof
ProtenergyNaturalFoodsCorp.,fromMay2011toAugust2013,andattheOntarioLotteryandGamingCorporationfromApril2005toApril2010.FromMarch
2001toApril2005Mr.BlackservedasChiefFinancialOfficerofTrimarkSportswearGroup.Mr.Blackbringstoourteamaresults-focusedapproachandstrong
negotiationskillsaswellasatrackrecordofimprovingperformanceatcompanies.Mr.BlackreceivedaBachelorofCommerce(Honours)degreeandBachelorof
AdministrationdegreefromTheUniversityofOttawa,andisaCPA-CA.

Pat Sherlock, Senior Vice President, Global Wholesale

Mr.SherlockjoinedthecompanyinNovember2012astheDirectorofCanadianSalesandwasnamedSeniorDirectorofSalesinMay2014,VicePresidentof
SalesCanadainMay2015andSeniorVicePresidentofGlobalWholesaleinApril2016.Priortojoiningthecompany,Mr.SherlockservedastheNationalSales
ManagerofNewBalanceCanadaInc.,fromJanuary2008toNovember2012andManagingDirector,CentralEasternCanadaforLotharHeinrichAgenciesLtd.
(Warsteiner)fromDecember2006toJanuary2008.Hespent10yearsatInBev(Labatt),from1997to2007mostrecentlyasNationalFieldSalesManager.Mr.
SherlockreceivedaBachelorofBusinessAdministrationandManagementfromUniversityofWinnipeg.

Ana Mihaljevic, Vice President, Planning and Sales Operations

Ms.MihaljevicjoinedthecompanyinApril2015asVicePresidentofPlanningandbecameVicePresidentofPlanningandSalesOperationsinApril2016.Prior
tojoiningthecompany,Ms.MihaljevicservedastheDirectorofBusinessPlanningatMarcJacobsInternational,adesignerapparelcompany,fromMarch2013to
March2015,theDirectorofSalesandPlanningatJonesApparelGroup,awomensapparelcompany,fromMay2011toMarch2013,andasanAccount
ExecutiveatRalphLaurenfromApril2008toMay2011.Ms.MihaljevicreceivedaBachelorinCommercefromQueensUniversity.

Jacqueline Poriadjian, Chief Marketing Officer

Ms.PoriadjianjoinedthecompanyinApril2016asChiefMarketingOfficer.Priortojoiningthecompany,Ms.PoriadjianspentnineyearsatUltimateFighting
Championship(UFC)fromFebruary2007toNovember2015andservedastheSeniorVicePresidentofGlobalBrandMarketingfromJuly2012toNovember
2015.PriortothatshespentsixyearsatiNDEMAND,LLCfromJanuary2001toFebruary2007.Ms.PoriadjianreceivedaBachelorofArtsinHistoryfrom
QueensCollege(NY)andaJurisDoctoratefromNewYorkLawSchool.

Jacob Pat, Vice President, Information Technology

Mr.PatjoinedthecompanyasDirectorofInformationTechnologyinMarch2013,andwasnamedVicePresidentofInformationTechnologyinMarch2014.Prior
tojoiningourteam,Mr.PatservedastheDirectorofEnablementatMomentumAdvancedSolutionsInc.,adivisionofOnX,fromApril2012toMarch2013,and
ManagerofQA/InformationTechnologyatTrimbleNavigationfromAugust2008toApril2012.

Lee Turlington, Chief Product Officer

Mr.TurlingtonbeganworkingwithCanadaGooseinOctober2015asanindependentconsultant,andformallyjoinedthecompanyasChiefProductOfficerin
March2016.PriortojoiningthecompanyMr.TurlingtonspentsevenyearsasindependentconsultantwithTURLINGTON,Inc.,advisingcompaniessuchas
InternationalMarketingPartnersLtd.,MissionAthleteCare,Ape&PartnersS.P.A/Parajumpers,QuiksilverInc.,IroncladPerformanceWearCorporation,Haglofs,
andLKInternationalAG/KJUS.HespentfiveyearsatPatagoniaInc.from2008-2013,mostrecentlyservingasVicePresident,GlobalProduct.FromMarch1999
toApril2007,Mr.TurlingtonservedasaGlobalDirectorandGeneralManagerforNikeInc.Priortothat,heservedatFilaSport

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sPafromMarch1994toFebruary1999,asSeniorVicePresident,FilaApparel.FromJune1977toApril1992,heservedasVicePresident,Sales,Marketing,
GlobalProductandvariousotherexecutiverolesatTheNorthFace.Mr.TurlingtonreceivedaBachelorofEconomicsfromLenoir-RhyneUniversity.

Kara MacKillop, Senior Vice President, Human Resources

Ms.MacKillopjoinedthecompanyinSeptember2014astheVicePresidentofHumanResources.ShewaspromotedtoSeniorVicePresidentofHuman
Resourcesin2016.Priortojoiningourteam,Ms.MacKillopservedastheDirectorofHumanResourcesforRedBullCanada,acompanythatproducesandsells
energydrinks,fromSeptember2010toSeptember2014,andasDirectorofHumanResourcesforIndigoBooksandMusicfromAugust2003untilSeptember
2010.Ms.MacKillopreceivedaBachelorofSciencefromtheUniversityofWesternOntario.

Scott Cameron, Executive Vice President e-Commerce, Stores and Strategy

Mr.CameronjoinedthecompanyinDecember2015asChiefStrategyandBusinessDevelopmentOfficerandhasservedasExecutiveVicePresidente-
Commerce,StoresandStrategysinceJuly2016.Priortojoiningourteam,Mr.CameronspenteightyearsfocusedonluxuryandapparelretailbrandsatMcKinsey
&Co.Toronto,amanagementconsultingfirm,mostrecentlyasaprincipal.Mr.CameronreceivedaBachelorinCommerce(Honours)degreefromQueens
UniversityandaMasterofBusinessAdministrationfromHarvardBusinessSchool,wherehewasaBakerScholar.

Carrie Baker, Chief of Staff, Senior Vice President

Ms.BakerjoinedthecompanyinMay2012astheVicePresidentofCommunicationsandnowservesasChiefofStaffandSeniorVicePresident.Priortojoining
thecompanyMs.Bakerspent12yearsatHighRoadCommunications,aNorthAmericancommunicationsagency,fromMay2000toApril2012,servingmost
recentlyasSeniorVicePresident.Ms.BakerreceivedaBachelorofArtsfromtheUniversityofWesternOntario.

John Moran, Senior Vice President Manufacturing & Supply Chain

Mr.MoranjoinedthecompanyinNovember2014asVicePresidentofManufacturingandwaspromotedinJanuary2017toSeniorVicePresident,Manufacturing
andSupplyChain.Priortojoiningthecompany,Mr.MoranservedasChiefOperatingOfficeratSmith&VandiverCorp.in2014andasVicePresident,
OperationsfromOctober2003toMarch2011andlaterChiefOperatingOfficerfromApril2011toApril2013atRobertTalbottInc.inMonterey,California,a
renownedproducerofmensandwomensluxuryapparel.ThroughouthistimewithRobertTalbottInc.,Mr.Moransresponsibilitiesrangedfromstrategic
planningandbusinessdevelopmenttosales,sourcing,manufacturing,distributionandfinance.PriortohistimewithRobertTalbottInc.,Mr.Moranwasemployed
full-timewithGitmanBrothersShirtCompany,basedinAshland,Pennsylvania,from1984toOctober2003holdingpositionsofvaryinglevelsofresponsibilityin
manufacturing,distributionandfinance.AtthetimeofhisdepartureinOctober2003heheldthepositionofChiefOperatingOfficer.

Spencer Orr, Vice President, Merchandising and Product Strategy

Mr.OrrjoinedthecompanyinJanuary2009asProductManager.HewaspromotedtoVicePresidentofDesignandMerchandisingin2012andtoVicePresident
ofMerchandisingandProductStrategyinJune2016.Priortojoiningthecompany,Mr.OrrservedastheManagerofProductDesignandDevelopmentatSierra
Designs,anindustryleadingouterwearandoutdoorequipmentbrand.Mr.OrrreceivedanhonoursBachelorsinOutdoorRecreationfromLakeheadUniversityand
aMastersinBusinessAdministrationfromIveyBusinessSchoolatUniversityofWesternOntario.

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Kevin Spreekmeester, Chief Brand Officer

Mr.SpreekmeesterjoinedthecompanyinJanuary2008astheVicePresidentofMarketing.HewaspromotedtoChiefMarketingOfficerin2014andagainto
ChiefBrandOfficerinJuly2016.Mr.Spreekmeesterhasover30yearsofexperienceinbrandbuilding,includingatYoung&Rubicam.Hewasnamedto
AdvertisingAgemagazines2015Creativity50list.Mr.SpreekmeesterreceivedaBachelorsofArtsinCommunicationStudiesfromConcordiaUniversity.

Ryan Cotton, Director

Mr.CottonhasservedasamemberofourboardofdirectorssinceDecember2013.HejoinedBainCapitalin2003,andiscurrentlyaManagingDirector.Priorto
joiningBainCapital,Mr.CottonwasaconsultantatBain&Companyfrom2001to2003.HeisadirectoratAppleLeisureGroup,TOMSShoesHoldings,LLC,
andInternationalMarketCenters,Inc.Mr.CottonreceivedabachelorsdegreefromPrincetonUniversityandaMasterofBusinessAdministrationfromthe
StanfordGraduateSchoolofBusiness.Mr.Cottonprovidesstrongexecutiveandbusinessoperationsskillstoourboardofdirectorsandvaluableexperiencegained
frompreviousandcurrentboardservice.

Joshua Bekenstein, Director

Mr.BekensteinhasservedasamemberofourboardofdirectorssinceDecember2013.HeisaManagingDirectoratBainCapital.PriortojoiningBainCapital,in
1984,Mr.BekensteinspentseveralyearsatBain&Company,Inc.,wherehewasinvolvedwithcompaniesinavarietyofindustries.Mr.Bekensteinservesasa
directorofTheMichaelsCompanies,Inc.,BRPInc.,DollaramaInc.,BrightHorizonsFamilySolutionsInc.andTheGymboreeCorporation.Mr.Bekenstein
receivedaBachelorofArtsfromYaleUniversityandaMasterofBusinessAdministrationfromHarvardBusinessSchool.Mr.Bekensteinprovidesstrong
executiveandbusinessoperationsskillstoourboardofdirectorsandvaluableexperiencegainedfrompreviousandcurrentboardservice.

Stephen Gunn, Director

Mr.GunnhasservedasamemberofourboardofdirectorssinceFebruary2017.HeservesasaCo-ChairofSleepCountryCanadaInc.(SleepCountry).Heco-
foundedSleepCountryin1994andservedasitsChairandChiefExecutiveOfficerfrom1997to2014.PriortofoundingSleepCountryMr.Gunnwasa
managementconsultantwithMcKinsey&Companyfrom1981to1987andthenco-foundedandwasPresidentofKenrickCapital,aprivateequityfirm.Mr.Gunn
alsoservesastheleaddirectorofDollaramaInc.andistheChairoftheauditcommitteeofCaraOperationsLimited,andservedasadirectorofGolfTownCanada
Inc.from2008to2016.HereceivedaBachelorofElectricalEngineeringfromQueensUniversityandaMasterofBusinessAdministrationfromtheUniversityof
WesternOntario.Mr.Gunnprovidesstrongexecutiveandbusinessoperationsskillstoourboardofdirectorsandvaluableexperiencegainedfrompreviousand
currentboardservice.

Jean-Marc Hut, Director

Mr.HuthasservedasamemberofourboardofdirectorssinceFebruary2017.HeservesasasupervisoryboardmemberofHeinekenN.V.andofSHVHoldings
N.V.Mr.HutservedasadirectorofFormulaOnefrom2012toJanuary2017,andwasanExecutiveDirectorandChiefFinancialOfficerofUnileverN.V.from
2010to2015.Mr.HutwasalsoExecutiveVicePresidentandChiefFinancialOfficerofBristol-MyersSquibbCompanyfrom2008to2009andasamemberof
theExecutiveBoardandChiefFinancialOfficerofRoyalNumicoN.V.from2003to2007.Priortothat,heworkedatGoldmanSachsInternational.Hereceiveda
BachelorofArtsfromDartmouthCollegeandaMasterofBusinessAdministrationfromINSEAD.Mr.Hutprovidesstrongexecutive,consumerandfinancial
expertisetoourboardofdirectorsandvaluableexperiencegainedfrompreviousandcurrentboardservice.

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Bankruptcies
Noneofourdirectorsorexecutiveofficersis,asatthedateofthisprospectus,orhasbeen,withinthe10yearspriortothedateofthisprospectus,adirectoror
executiveofficerofanycompany(includingCanadaGoosecompanies),that,whilethatpersonwasactinginthatcapacity,orwithinayearofthatpersonceasing
toactinthatcapacity,becamebankrupt,madeaproposalunderanylegislationrelatingtobankruptcyorinsolvencyorwassubjecttoorinstitutedanyproceedings,
arrangementorcomprisewithcreditorsorhadareceiver,receivermanagerortrusteeappointedtoholditsassets,exceptforStephenGunnwhowasadirectorof
GolfTownCanadaInc.whichfiledforprotectionundertheCompanies Creditors Arrangement Act onSeptember14,2016.

Foreign Private Issuer Status

ThelistingrulesoftheNYSE,whichwealsorefertoastheNYSEListingRules,includecertainaccommodationsinthecorporategovernancerequirementsthat
allowforeignprivateissuers,suchasus,tofollowhomecountrycorporategovernancepracticesinlieuoftheotherwiseapplicablecorporategovernance
standardsoftheNYSE.Theapplicationofsuchexceptionsrequiresthatwediscloseanysignificantwaysthatourcorporategovernancepracticesdifferfromthe
NYSEListingRulesthatwedonotfollow.WhenoursubordinatevotingsharesarelistedontheNYSE,anduponceasingtobeacontrolledcompanyunderthe
NYSEListingRules,weintendtocontinuetofollowCanadiancorporategovernancepracticesinlieuofthecorporategovernancerequirementsoftheNYSEin
respectofthefollowing:

themajorityindependentdirectorrequirementunderSection303A.01oftheNYSEListingRules;

therequirementunderSection303A.05oftheNYSEListingRulesthatacompensationcommitteebecomprisedsolelyofindependentdirectors;and

therequirementunderSection303A.04oftheNYSEListingRulesthatdirectornomineesbeselectedorrecommendedforselectionbyanominations

committeecomprisedsolelyofindependentdirectors.

Corporate Governance
Section310.00oftheNYSEListingRulesgenerallyrequiresthatalistedcompanysby-lawsprovideforaquorumforanymeetingoftheholdersofthecompanys
votingsharesthatissufficientlyhightoensurearepresentativevote.PursuanttotheNYSEListingRuleswe,asaforeignprivateissuer,haveelectedtocomply
withpracticesthatarepermittedunderCanadianlawinlieuoftheprovisionsofSection310.00.Ourarticlesprovidethataquorumofshareholdersshallbethe
holderswho,intheaggregateholdatleast25%oftheissuedsharesplusatleastamajorityofmultiplevotingsharesentitledtobevotedatthemeeting,irrespective
ofthenumberofpersonsactuallypresentatthemeeting.

Exceptasstatedabove,weintendtocomplywiththerulesgenerallyapplicabletoU.S.domesticcompanieslistedontheNYSE.Wemayinthefuturedecidetouse
otherforeignprivateissuerexemptionswithrespecttosomeoftheotherNYSElistingrequirements.Followingourhomecountrygovernancepractices,asopposed
totherequirementsthatwouldotherwiseapplytoacompanylistedontheNYSE,mayprovidelessprotectionthanisaccordedtoinvestorsundertheNYSElisting
requirementsapplicabletoU.S.domesticissuers.

TheCanadianSecuritiesAdministratorshaveissuedcorporategovernanceguidelinespursuanttoNationalPolicy58-201Corporate Governance Guidelines ,orthe

CorporateGovernanceGuidelines,togetherwithcertainrelateddisclosurerequirementspursuanttoNationalInstrument58-101Disclosure of Corporate
Governance Practices ,orNI58-101.TheCorporateGovernanceGuidelinesarerecommendedasbestpracticesforissuerstofollow.Werecognizethatgood
corporategovernanceplaysanimportantroleinouroverallsuccessandinenhancingshareholdervalueand,accordingly,wehaveadopted,orwillbeadoptingin
connectionwiththecompletionofthisoffering,certaincorporategovernancepoliciesandpracticeswhichreflectourconsiderationoftherecommendedCorporate
GovernanceGuidelines.ThedisclosuresetoutbelowincludesdisclosurerequiredbyNI58-101describingourapproachtocorporategovernanceinrelationtothe
CorporateGovernanceGuidelines.

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Composition of our Board of Directors

Underourarticles,ourboardofdirectorswillconsistofanumberofdirectorsasdeterminedfromtimetotimebythedirectors.Uponcompletionofthisoffering,
ourboardofdirectorswillbecomprisedoffivedirectors.Ourarticlesprovidethatadirectormayberemovedwithorwithoutcausebyaresolutionpassedbya
specialmajoritycomprisedof6623%ofthevotescastbyshareholderspresentinpersonorbyproxyatameetingandwhoareentitledtovote.Thedirectorswill
beelectedbytheshareholdersateachannualgeneralmeetingofshareholders,andalldirectorswillholdofficeforatermexpiringatthecloseofthenextannual
shareholdersmeetingoruntiltheirrespectivesuccessorsareelectedorappointed.UndertheBCBCAandourarticles,betweenannualgeneralmeetingsofour
shareholders,thedirectorsmayappointoneormoreadditionaldirectors,butthenumberofadditionaldirectorsmaynotatanytimeexceedone-thirdofthenumber
ofcurrentdirectorswhowereelectedorappointedotherthanasadditionaldirectors.

Certainaspectsofthecompositionandfunctioningofourboardofdirectorsmaybesubjecttotherightsofourprincipalshareholdersunderagreementswiththe
company.Forexample,inconnectionwiththisoffering,theprincipalshareholdersexpecttoenterintoaninvestorrightsagreementprovidingforcertaindirector
nominationrights.SeeCertainRelationshipsandRelatedPartyTransactionsInvestorRightsAgreement.Subjecttosuchagreements,nomineesforelectionas
directorswillberecommendedtoourboardofdirectorsbyournominatingandgovernancecommitteeinaccordancewiththeprovisionsofapplicablecorporate
lawandthecharterofournominatingandgovernancecommittee.SeeBoardCommitteesNominatingandGovernanceCommittee.

Majority Voting Policy

InaccordancewiththerequirementsoftheTSX,ourboardofdirectorswilladoptamajorityvotingpolicytotheeffectthatanomineeforelectionasadirectorof
ourcompanywhodoesnotreceiveagreaternumberofvotesforthanvoteswithheldwithrespecttotheelectionofdirectorsbyshareholderswillbeexpected
tooffertotenderhisorherresignationtothechairmanofourboardofdirectorspromptlyfollowingthemeetingofshareholdersatwhichthedirectorwaselected.
Thenominatingandgovernancecommitteewillconsidersuchofferandmakearecommendationtoourboardofdirectorswhethertoacceptitornot.Ourboardof
directorswillpromptlyaccepttheresignationunlessitdetermines,inconsultationwiththenominatingandgovernancecommittee,thatthereareexceptional
circumstancesthatshoulddelaytheacceptanceoftheoffertoresignorjustifyrejectingit.Ourboardofdirectorswillmakeitsdecisionandannounceitinapress
releasewithin90daysfollowingtheapplicablemeetingofshareholders.Adirectorwhotendersaresignationpursuanttoourmajorityvotingpolicywillnot
participateinanymeetingofourboardofdirectorsorthenominatingandgovernancecommitteeatwhichtheresignationisconsidered.Ourmajorityvotingpolicy
willapplyforuncontesteddirectorelections,beingelectionswhere(a)thenumberofnomineesforelectionasdirectoristhesameasthenumberofdirectorstobe
elected,asdeterminedbytheboardofdirectors,and(b)noproxymaterialsarecirculatedinsupportofoneormorenomineeswhoarenotpartofthedirector
nomineessupportedbytheboardofdirectors.

Director Term Limits and Other Mechanisms of Board Renewal

Ourboardofdirectorshasnotadopteddirectortermlimits,aretirementpolicyforitsdirectorsorotherautomaticmechanismsofboardrenewal.Ratherthan
adoptingformaltermlimits,mandatoryage-relatedretirementpoliciesandothermechanismsofboardrenewal,thenominatingandgovernancecommitteeofour
boardofdirectorswilldevelopappropriatequalificationsandcriteriaforourboardasawholeandforindividualdirectors.Thenominatingandgovernance
committeewillalsoconductaprocessfortheassessmentofourboardofdirectors,eachcommitteeandindividualdirectorregardinghis,heroritseffectiveness
andcontribution,andwillalsoreportevaluationresultstoourboardofdirectorsonaregularbasis.Thenominatingandgovernancecommitteewilldevelopa
successionplanfortheboardofdirectors,includingmaintainingalistofqualifiedcandidatesfordirectorpositions.

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Director Independence
Followingthecompletionofthisoffering,wewillbeacontrolledcompanyundertherulesoftheNYSEbecausemorethan50%ofthevotingpowerofour
shareswillbeheldbyBainCapital.SeePrincipalandSellingShareholders.Weintendtorelyuponthecontrolledcompanyexceptionrelatingtotheboardof
directorsandcommitteeindependencerequirementsundertheNYSEListingRules.Pursuanttothisexception,wewillbeexemptfromtherulesthatwould
otherwiserequirethatourboardofdirectorsconsistofamajorityofindependentdirectorsandthatourcompensationcommitteeandnominatingandgovernance
committeebecomposedentirelyofindependentdirectors.Thecontrolledcompanyexceptiondoesnotmodifytheindependencerequirementsfortheaudit
committee,andweintendtocomplywiththerequirementsoftheExchangeActandtherulesoftheNYSEandtheBCBCA,whichrequirethatourauditcommittee
haveamajorityofindependentdirectorsuponconsummationofthisoffering,andexclusivelyindependentdirectorswithinoneyearfollowingtheeffectivedateof
theregistrationstatementrelatingtothisoffering.

UndertheNYSEListingRules,anindependentdirectormeansapersonwho,intheopinionofourboardofdirectors,hasnomaterialrelationshipwithour
company.UnderNI58-101,adirectorisconsideredtobeindependentifheorsheisindependentwithinthemeaningofSection1.4ofNationalInstrument52-110
Audit Committees ,orNI52-110.PursuanttoNI52-110,anindependentdirectorisadirectorwhoisfreefromanydirectorindirectmaterialrelationshipwith
uswhichcould,intheviewofourboardofdirectors,bereasonablyexpectedtointerferewiththeexerciseofadirectorsindependentjudgment.

Basedoninformationprovidedbyeachdirectorconcerninghisorherbackground,employmentandaffiliations,ourboardofdirectorshasdetermined
thatMr.GunnandMr.Hut,representingtwoofthefivemembersofourboardofdirectors,areindependentasthattermisdefinedundertheNYSEListing
RulesandNI58-101.Inmakingthisdetermination,ourboardofdirectorsconsideredthecurrentandpriorrelationshipsthateachsuchnon-employeedirectorhas
withourcompanyandallotherfactsandcircumstancesourboardofdirectorsdeemedrelevantindeterminingtheirindependence.Mr.Reissisconsiderednot
independentbyreasonofthefactthatheisourPresidentandChiefExecutiveOfficer.Mr.BekensteinandMr.Cottonareconsiderednotindependentunder
NI52-110,NI58-101andtheBCBCA,byreasonoftheirrelationshipswithBainCapital.Fourofthefivemembersofourboardofdirectorsarenotmembersof
ourcompanysmanagement.

Ourcompanywilltakestepstoensurethatadequatestructuresandprocesseswillbeinplacefollowingthecompletionofthisofferingtopermitourboardof
directorstofunctionindependentlyofmanagement,includingforpurposesofencouraginganobjectiveprocessfornominatingdirectorsanddeterminingexecutive
compensation.Itiscontemplatedthattheindependentmembersofourboardofdirectorswillconsider,ontheoccasionofeachmeeting,whetheranin camera
meetingwithoutthenon-independentdirectorsandmembersofmanagementwouldbeappropriateandthattheywillholdanin camera meetingwithoutthenon-
independentdirectorsandmembersofmanagementwhereappropriate.

Membersofourboardofdirectorsarealsomembersoftheboardsofotherpubliccompanies.SeeManagementExecutiveOfficersandDirectors.Ourboardof
directorshasnotadoptedaformaldirectorinterlockpolicy,butiskeepinginformedofotherdirectorshipsheldbyitsmembers.

ThechairmanofourboarddirectorsisnotconsideredanindependentdirectorbyreasonofthefactthatheisourPresidentandChiefExecutiveOfficer.However,
followingcompletionoftheoffering,ourboardofdirectorswilltakestepsforfacilitatingtheexerciseofindependentjudgmentbytheboardofdirectors,providing
leadershipforindependentdirectorsandensuringthatthedirectorswhoareindependentofmanagementhaveopportunitiestomeetwithoutmanagementpresent,
asappropriate.

Mandate of the Board of Directors

Ourboardofdirectorsisresponsibleforsupervisingthemanagementofourbusinessandaffairs,includingprovidingguidanceandstrategicoversightto
management.Ourboardofdirectorswillholdregularlyscheduled

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meetingsaswellasadhocmeetingsfromtimetotime.Ourboardwilladoptaformalmandatefortheboardofdirectors.Theresponsibilitiesofourboardof
directorsuponcompletionofthisofferingwillinclude:

adoptingastrategicplanningprocess,approvingtheprincipalbusinessobjectivesforthecompanyandapprovingmajorbusinessdecisionsand

strategicinitiatives;

appointingthePresidentandChiefExecutiveOfficerofthecompanyanddevelopingthecorporategoalsandobjectivesthatthePresidentandChief
ExecutiveOfficerisresponsibleformeeting,andreviewingtheperformanceofthePresidentandChiefExecutiveOfficeragainstsuchgoalsand
objectives;

overseeingcommunicationswithshareholders,otherstakeholders,analystsandthepublic,includingtheadoptionofmeasuresforreceivingfeedback

fromstakeholders;and

monitoringtheimplementationofprocedures,policiesandinitiativesrelatingtocorporategovernance,riskmanagement,corporatesocial

responsibility,healthandsafety,ethicsandintegrity.

Ourboardofdirectorshasnotdevelopedatthistimewrittenpositiondescriptionsforthechairmanoftheboardofdirectorsorthechairpersonoftheboard
committees.Theirprimaryrolesaremanagingtheaffairsoftheboardofdirectorsorofsuchrelevantcommittee,includingensuringtheboardofdirectorsorsuch
committeeisorganizedproperly,functionseffectivelyandmeetsitsobligationsandresponsibilities.Eachcommitteechairpersonwillconducttheaffairsofthe
applicablecommitteeinaccordancewiththecharterofsuchcommittee.

OurboardofdirectorsandourChiefExecutiveOfficerhavenotdevelopedatthistimeawrittenpositiondescriptionfortheChiefExecutiveOfficerorforother
executiveofficers.TheroleoftheChiefExecutiveOfficerisdelineatedonthebasisofcustomarypractice.Theboardofdirectorsconsidersthattheroleand
responsibilitiesoftheChiefExecutiveOfficeraretodevelopthecompanysstrategicplansandpoliciesandrecommendingsuchplansandpoliciestotheboardof
directors;provideexecutiveleadership,overseeacomprehensiveoperationalplanningandbudgetingprocess,superviseday-to-daymanagement,reportrelevant
matterstotheboardofdirectors,facilitatecommunicationsbetweentheboardofdirectorsandtheseniormanagementteam,andidentifybusinessrisksand
opportunitiesandmanagethemaccordingly,andhascommunicatedthesametotheChiefExecutiveOfficer.

Orientation and Continuing Education

Followingthecompletionofthisoffering,wewillimplementanorientationprogramfornewdirectorsunderwhicheachnewdirectorwillmeetseparatelywiththe
chairmanofourboardofdirectors,individualdirectorsandmembersoftheseniormanagementteam.Newdirectorswillbeprovidedwithcomprehensive
orientationandeducationastoourbusiness,operationsandcorporategovernance(includingtheroleandresponsibilitiesoftheboardofdirectors,eachcommittee,
anddirectorsindividually).

Thechairmanofourboardofdirectorswillberesponsibleforoverseeingdirectorcontinuingeducationdesignedtomaintainorenhancetheskillsandabilitiesof
ourdirectorsandtoensurethattheirknowledgeandunderstandingofourbusinessremainscurrent.Thechairpersonofeachcommitteewillberesponsiblefor
coordinatingorientationandcontinuingdirectordevelopmentprogramsrelatingtothecommitteesmandate.

Business Conduct and Ethics

Priortothecompletionofthisoffering,weexpecttoadoptaCodeofBusinessConductandEthics,orCodeofConduct,applicabletoallofourdirectors,officers
andemployees.

TheCodeofConductwillsetoutourfundamentalvaluesandstandardsofbehaviorthatareexpectedfromourdirectors,officersandemployeeswithrespecttoall
aspectsofourbusiness.TheobjectiveoftheCodeof

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Conductwillbetoprovideguidelinesformaintainingourintegrity,reputationandhonestywithagoalofhonoringotherstrustinusatalltimes.TheCodeof
Conductwillsetoutguidancewithrespecttoconflictsofinterest,protectionandproperuseofcorporateassetsandopportunities,confidentialityofcorporate
information,fairdealingwiththirdparties,compliancewithlawsandreportingofanyillegalorunethicalbehaviour.

Wealsoexpecttoadoptacodeofethicsforseniormanagersandfinancialofficers,includingourChiefExecutiveOfficer,ChiefFinancialOfficer,controlleror
principalaccountingofficer,orotherpersonsperformingsimilarfunctions.

Uponthecompletionofthisoffering,thefulltextoftheCodeofConductwillbeavailableonourwebsiteatwww.canadagoose.comandourSEDARprofileat
www.sedar.com.Informationcontainedon,orthatcanbeaccessedthrough,ourwebsitedoesnotconstituteapartofthisprospectusandisnotincorporatedby
referenceherein.

Monitoring Compliance with the Code of Business Conduct and Ethics

OurauditcommitteeisresponsibleforreviewingandevaluatingtheCodeofConductperiodicallyandwillrecommendanynecessaryorappropriatechanges
theretotoourboardofdirectorsforconsideration.TheauditcommitteewillalsoassistourboardofdirectorswiththemonitoringofcompliancewiththeCodeof
Conduct,andwillberesponsibleforconsideringanywaiversoftheCodeofConduct(otherthanwaiversapplicabletoourdirectorsorexecutiveofficers,which
shallbesubjecttoreviewbyourboardofdirectorsasawhole).

Interests of Directors
Adirectorwhohasamaterialinterestinamatterbeforeourboardofdirectorsoranycommitteeonwhichheorsheservesisrequiredtodisclosesuchinterestas
soonasthedirectorbecomesawareofit.Insituationswhereadirectorhasamaterialinterestinamattertobeconsideredbyourboardofdirectorsorany
committeeonwhichheorsheserves,suchdirectormayberequiredtoexcusehimselforherselffromthemeetingwhilediscussionsandvotingwithrespecttothe
matteraretakingplace.DirectorswillalsoberequiredtocomplywiththerelevantprovisionsoftheBCBCAregardingconflictsofinterest.SeeDescriptionof
ShareCapitalCertainImportantProvisionsofOurArticlesandtheBCBCADirectors.

Complaint Reporting and Whistleblower Policy

Inordertofosteraclimateofopennessandhonestyinwhichanyconcernorcomplaintpertainingtoasuspectedviolationofthelaw,ourCodeofConductorany
ofourpolicies,oranyunethicalorquestionableactorbehavior,theboardofdirectorswilladoptawhistleblowerpolicythatrequiresthatouremployeespromptly
reportsuchviolationorsuspectedviolation.Inordertoensurethatviolationsorsuspectedviolationscanbereportedwithoutfearofretaliation,harassmentoran
adverseemploymentconsequence,ourwhistleblowerpolicywillcontainproceduresthatareaimedtofacilitateconfidential,anonymoussubmissionsbyour
employees.

Diversity
Webelievethathavingadiverseboardofdirectorscanofferabreadthanddepthofperspectivesthatenhanceourperformance.Thenominatingandgovernance
committeevaluesdiversityofabilities,experience,perspective,education,gender,background,raceandnationalorigin.Recommendationsconcerningdirector
nomineesarebasedonmeritandpastperformanceaswellasexpectedcontributiontotheboardsperformanceand,accordingly,diversityistakeninto
consideration.Atclosingofthisoffering,noneofthemembersofourboardofdirectorswillbewomen.

Wesimilarlybelievethathavingadiverseandinclusiveorganizationoverallisbeneficialtooursuccess,andwearecommittedtodiversityandinclusionatall
levelsofourorganizationtoensurethatweattract,retainand

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promotethebrightestandmosttalentedindividuals.Wehaverecruitedandselectedseniormanagementcandidatesthatrepresentadiversityofbusiness
understanding,personalattributes,abilitiesandexperience.Currently,4outof13membersofourseniormanagementteamarewomen.

Wedonotcurrentlyhaveaformalpolicyfortherepresentationofwomenonourboardofdirectorsorseniormanagement.Thenominatingandgovernance
committeeandourseniormanagementteamalreadytakesgenderandotherdiversityrepresentationintoconsiderationaspartoftheiroverallrecruitmentand
selectionprocess.Wehavenotadoptedtargetsforgenderorotherdiversityrepresentationinpartduetotheneedtoconsiderabalanceofcriteriaforeach
individualappointment.

Weanticipatethatthecompositionoftheboardofdirectorswillinthefuturebeshapedbytheselectioncriteriatobedevelopedbyourboardofdirectorsand
nominatingandgovernancecommittee,ensuringthatdiversityconsiderationsaretakenintoaccountinseniormanagement,monitoringthelevelofwomen
representationontheboardandinseniormanagementpositions,continuingtobroadenrecruitingeffortstoattractandinterviewqualifiedfemalecandidates,and
committingtoretentionandtrainingtoensurethatourmosttalentedemployeesarepromotedfromwithinourorganization,allaspartofouroverallrecruitment
andselectionprocesstofillboardorseniormanagementpositionsastheneedarisesandsubjecttotherightsofourprincipalshareholdersunderagreementswith
thecompany.

Board Committees
Uponthecompletionofthisoffering,ourboardofdirectorswillhavethreestandingcommittees:theauditcommittee;thecompensationcommittee;andthe
nominatingandgovernancecommittee.Eachofthecommitteesoperatesunderitsownwrittencharteradoptedbyourboardofdirectors,eachofwhichwillbe
availableonourwebsiteuponclosingofthisoffering.

Audit Committee
Followingthisoffering,ourauditcommitteewillbecomposedofMr.Cotton,Mr.GunnandMr.HutwithMr.Gunnservingaschairpersonofthecommittee.Our
boardofdirectorshasdeterminedthatMr.GunnandMr.HutmeettheindependencerequirementsundertherulesoftheNYSE,theBCBCAandunderRule10A-
3oftheExchangeAct.Withinoneyearfollowingtheeffectivedateoftheregistrationstatementrelatingtothisoffering,ourauditcommitteewillconsist
exclusivelyofindependentdirectors.OurboardofdirectorshasdeterminedthatMr.Gunnisanauditcommitteefinancialexpertwithinthemeaningofthe
SECsregulationsandapplicableListingRulesoftheNYSE.WewillcomplywithNI52-110andintendtorelyontheexemptionsforU.S.listedissuers
thereunder.Theauditcommitteesresponsibilitiesuponcompletionofthisofferingwillinclude:

appointing,compensating,retainingandoverseeingtheworkofanyregisteredpublicaccountingfirmengagedforthepurposeofpreparingorissuing

anauditreportorperformingotheraudit,revieworattestservicesandreviewingandappraisingtheauditeffortsofourindependentaccountants;

pre-approvingauditandpermissiblenon-auditservices,andthetermsofsuchservices,tobeprovidedbyourindependentregisteredpublicaccounting

firm;

establishingproceduresfor(i)thereceipt,retentionandtreatmentofcomplaintsregardingaccounting,internalaccountingcontrolsorauditingmatters

and(ii)confidentialandanonymoussubmissionsbyouremployeesofconcernsregardingquestionableaccountingorauditingmatters;

engagingindependentcounselandotheradvisers,asnecessaryanddeterminingfundingofvariousservicesprovidedbyaccountantsoradvisers

retainedbythecommittee;

reviewingourfinancialreportingprocessesandinternalcontrols;

establishing,overseeinganddealingwithissuesrelatedtothecompanyscodeofethicsformanagersandfinancialofficers;

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reviewingandapprovingrelated-partytransactionsorrecommendingrelated-partytransactionsforreviewbyindependentmembersofourboardof

directors;and

providinganopenavenueofcommunicationamongtheindependentaccountants,financialandseniormanagementandtheboard.

Compensation Committee
Followingthisoffering,ourcompensationcommitteewillbecomposedofMr.BekensteinandMr.Cotton,withMr.Bekensteinservingaschairpersonofthe
committee.Itsprimarypurpose,withrespecttocompensation,willbetoassistourboardofdirectorsinfulfillingitsoversightresponsibilitiesandtomake
recommendationstoourboardofdirectorswithrespecttothecompensationofourdirectorsandexecutiveofficers.Theprincipalresponsibilitiesanddutiesofthe
compensationcommitteeinclude:

evaluatingourPresidentandChiefExecutiveOfficersandotherexecutiveofficersperformanceinlightofthegoalsandobjectivesestablishedby
ourboardofdirectorsand,basedonsuchevaluation,withappropriateinputfromotherindependentmembersofourboardofdirectors,determining
thePresidentandChiefExecutiveOfficersandotherexecutiveofficerscompensation;

administeringourequity-basedplansandmanagementincentivecompensationplansandmakingrecommendationstoourboardofdirectorsabout

amendmentstosuchplansandtheadoptionofanynewemployeeincentivecompensationplans;and

engagingindependentcounselandotheradvisers,asnecessaryanddeterminingfundingofvariousservicesprovidedbyaccountantsoradvisers

retainedbythecommittee.

Nominating and Governance Committee

Followingthisoffering,ournominatingandgovernancecommitteewillbecomposedofMr.Bekenstein,Mr.CottonandMr.Reiss,withMr.Cottonservingas
chairpersonofthecommittee.Thenominatingandgovernancecommitteesresponsibilitiesuponcompletionofthisofferingwillinclude:

developingandrecommendingtotheboardofdirectorscriteriaforboardandcommitteemembership;

recommendingtotheboardofdirectorsthepersonstobenominatedforelectionasdirectorsandtoeachofthecommitteesoftheboardofdirectors;

assessingtheindependenceofdirectorswithinthemeaningofsecuritieslawsandstockexchangerulesasapplicable;

consideringresignationsbydirectorssubmittedpursuanttoourmajorityvotingpolicy,andmakingrecommendationstoourboardofdirectorsasto

whetherornottoacceptsuchresignations;

reviewingandmakingrecommendationstotheboardofdirectorsinrespectofourcorporategovernanceprinciples;

providingfornewdirectororientationandcontinuingeducationforexistingdirectorsonaperiodicbasis;

performinganevaluationoftheperformanceofthecommittee;and

overseeingtheevaluationoftheboardofdirectorsanditscommittees.

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Executive Compensation

Overview
ThefollowingtablesanddiscussionrelatetothecompensationpaidtoorearnedbyourPresidentandChiefExecutiveOfficer,DaniReiss,andourtwomosthighly
compensatedexecutiveofficers(otherthanMr.Reiss)whowereservingasexecutiveofficersonthelastdayoffiscal2016.TheyareScottCameron,whoservesas
ourExecutiveVicePresident,E-commerce,StoresandStrategy,andPaulRiddlestone,ourformerChiefOperatingOfficer.Messrs.Reiss,Cameron,and
Riddlestonearereferredtocollectivelyinthisprospectusasournamedexecutiveofficers.

Summary Compensation Table

Thefollowingtablesetsforthinformationaboutcertaincompensationawardedto,earnedby,orpaidtoournamedexecutiveofficersduringfiscal2016:

Non-equity
Option incentive plan All other
Salary Bonus awards compensation compensation Total
Name and principal position Year ($) (1) ($) ($) (2) ($) ($) (3) ($)
DaniReiss,C.M. 2016 1,020,150 150,000(4) 600,000(5) 421 1,770,571
President & Chief Executive Officer
ScottCameron 2016 79,327 137,500(6) 396,165 2,902 615,894
EVP, E-commerce, Stores & Strategy
PaulRiddlestone(7) 2016 273,946 87,696(8) 421 362,063
Former Chief Operating Officer

(1) AmountshownforMr.ReissincludessalarypaidtohimasourPresidentandChiefExecutiveOfficer($1,000,000)andfeespaidinconnectionwithhis
serviceontheboardofCanadaGooseInternationalAG,awholly-ownedsubsidiaryoftheCompany(aggregateof$20,150).Amountshownforboardfeesis
inCanadiandollars,butwaspaidtoMr.ReissinthreeequalpaymentsinSwissFrancs(CHF)andtheexchangeratewascalculatedbasedonthedailynoon
exchangerateoneachofFebruary25,2016,July25,2016andDecember23,2016;ofC$1.00=CHF0.73,C$1.00=CHF0.75andC$1.00=CHF0.76,
respectively,aspublishedbytheBankofCanada.AmountshownforMr.CameronincludescontributionsbyhimtotheGroupRetirementSavingsPlanfor
theEmployeesofCanadaGooseInc.(referredtoastheRSPanddescribedbelow).Messrs.ReissandRiddlestonedidnotcontributetotheRSPinfiscal
2016.
(2) AmountshownreflectsthegrantdatefairvalueofoptionstopurchaseClassBCommonSharesandClassAJuniorPreferredShares,grantedtoMr.
Cameroninfiscal2016.ThevaluewasdeterminedinaccordancewithIFRS2.
(3) AmountsshowninthiscolumnincludeCompany-paidlifeinsurancepremiumsof$421,$90and$421paidonbehalfofMessrs.Reiss,Cameronand
Riddlestone,respectively,and,forMr.Cameron,Companycontributionsof$2,812underourDeferredProfitSharingPlanfortheEmployeesofCanada
GooseInc.(referredtoastheDPSPanddescribedbelow).
(4) AmountshownreflectstheportionofMr.Reisssannualbonusearnedwithrespecttofiscal2016thatwasbasedontheachievementofindividual
performancegoals.
(5) AmountshownreflectstheportionofMr.Reisssannualbonusearnedwithrespecttofiscal2016thatwasbasedontheachievementofEBITDAgoals.
(6) Amountshownrepresentsacashsign-onbonusof$100,000paidtoMr.CameroninconnectionwithhiscommencementofemploymentwithusandMr.
Cameronsannualbonusof$37,500earnedwithrespecttofiscal2016.
(7) Mr.RiddlestonesemploymentwiththecompanyterminatedonJanuary10,2017.
(8) AmountshownrepresentsMr.Riddlestonesannualbonusearnedwithrespecttofiscal2016.

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2016 Base Salaries

Basesalariesprovideournamedexecutiveofficerswithafixedamountofcompensationeachyear.Basesalarylevelsreflecttheexecutivestitle,experience,level
ofresponsibility,andperformance.Initialbasesalariesforournamedexecutiveofficersweresetforthintheiremploymentagreements,asdescribedbelowunder
AgreementswithourNamedExecutiveOfficers.BasesalariesforMessrs.ReissandCameronhaveremainedthesameinfiscal2017,whileMr.Riddlestones
basesalaryincreasedto$280,000asofApril1,2016.

2016 Bonuses
Eachnamedexecutiveofficeris(orwas,inMr.Riddlestonescase)eligibletoreceiveanannualbonuspursuanttohisemploymentagreement,asdescribedbelow
underAgreementswithourNamedExecutiveOfficers.Theannualbonusamountsearnedbyournamedexecutiveofficersforfiscal2016areshowninthe
SummaryCompensationTableabove.

Forfiscal2016,Mr.Reisswaseligibletoearnatargetannualbonusequalto$750,000,basedontheachievementofpre-establishedfiscal2016EBITDAtargets,
weightedat80%ofhisbonus,andindividualperformancecriteria,weightedat20%ofhisbonus.TargetEBITDAwasapprovedbyourboardofdirectorsatthe
beginningoffiscal2016inconnectionwiththeannualbudgetingprocess,withtargetEBITDAsetat$55.59millionandpayoutoftheEBITDAcomponentofMr.
Reisssbonusbeingearnedat100%uponachievementofEBITDAwithinarangeof95%to105%oftarget.NoportionoftheEBITDAcomponentofMr.Reisss
bonuswouldbeearnedifEBITDAwereachievedat80%orlessbelowtarget.AchievementofEBITDAbetween80%oftargetandlessthan95%oftargetwould
resultintheEBITDAcomponentofMr.Reisssbonusbeingearnedonastraight-linebasisbetween0%and100%.AchievementofEBITDAabove105%oftarget
wouldresultintheEBITDAcomponentofMr.Reisssbonusbeingearnedonastraight-linebasisbetween100%and200%,with135%oftargetastheupper
bound.TheindividualperformancecriteriaforMr.Reissforfiscal2016includedleadershipandeffectivenessgoalsdeterminedbyourboardofdirectors.

Mr.Reissearnedafiscal2016bonusequalto100%ofhistargetannualbonus,basedonthedeterminationbyourboardofdirectorsthatEBITDA,asadjusted,was
deemedachievedat100%oftargetandthatMr.Reissalsoachievedhisleadershipandeffectivenessgoalsat100%oftarget.

Messrs.CameronandRiddlestonewereeligibletoearnannualbonusesforfiscal2016underabroad-basedannualbonusplanforsalariedemployeestargetedat
40%oftheirbasesalaries,respectively,withMr.Cameronsbonuspro-ratedtoreflectonequarterofservice.Bonusescouldbeearnedundertheplanbasedonthe
achievementofpre-establishedEBITDAtargetsandaparticipantsindividualperformancereviewforfiscal2016.TargetEBITDAforpurposesofourfiscal2016
annualbonusplanwasdefinedthesameasaboveforMr.Reiss,withtargetEBITDAalsosetat$55.59million.Nobonuseswerepayableundertheplanfor
achievementofEBITDAatlessthan80%oftargetoranindividualperformanceratingofneedsimmediateimprovement.UponachievementofEBITDAofat
least80%oftarget,aparticipantcouldreceiveanannualbonusofbetween0%and160%ofhisorhertargetedbonus,dependingonanindividualperformance
ratingofexceptional,tracking,leading,orinconsistent,withrangesofbonusesasapercentageoftargeteligibletobeearnedateachperformancerating.
Messrs.CameronandRiddlestoneearnedfiscal2016bonusesequalto100%and80%oftheirtargetedannualbonuses,respectively.Fiscal2016bonuseswerepaid
toMessrs.Reiss,CameronandRiddlestoneonJune24,2016.

Equity-Based Compensation
Mr.Cameronwasouronlynamedexecutiveofficergrantedanequityawardinfiscal2016.Inconnectionwithhiscommencementofemploymentwithusin
January2016,Mr.CameronwasgrantedoptionstopurchaseClassBCommonSharesandClassAJuniorPreferredShares.Infiscal2015,Mr.Riddlestonewas
grantedoptionstopurchaseClassBCommonSharesandClassAJuniorPreferredShares.One-thirdofeachofMessrs.Camerons

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andRiddlestonesawardsis(orwasinMr.Riddlestonescase)subjecttotime-basedvesting,andtwo-thirdsisorwas,asapplicable,subjecttotime-basedand
performance-basedvesting,withtheperformance-basedcomponenttiedtotheachievementbyBainCapitalofcertainreturnsonitsinvestmentinCanadaGoose.
Inconnectionwiththisoffering,weexpectanaggregateofapproximately673,000performance-basedoptionstovest,includingcertainoftheperformance-based
optionsheldbyourexecutiveofficers.Thetime-basedvestingoptionsandthetime-vestingcomponentoftheoptionssubjecttotime-basedandperformance-based
vestingheldbyMessrs.CameronandRiddlestonewillaccelerate(orwouldhaveacceleratedinMr.Riddlestonescase)infulluponachangeofcontrol,subjectto
theircontinuedemploymentthroughsuchdate.

Employee Benefits
Ourfull-timeemployees,includingournamedexecutiveofficers,areeligibletoparticipateinourhealthandwelfarebenefitplans,whichincludemedical,dental,
vision,basicanddependentlife,supplementallife,accidentaldeath,dismembermentandspecificloss,long-termdisability,andoptionalcriticalillnessinsurance.
Employeesarealsoeligibletoreceivecontinuingeducationsupportandtoparticipateinouremployeepurchaseprogram,whichallowsemployeestopurchasea
specifiednumberofjacketsandaccessoriesat50%ofthemanufacturerssuggestedretailprice.Ournamedexecutiveofficersparticipateintheseplansona
slightlybetterbasisthanothersalariedemployees,includinginsomeinstanceswithslightlylowerdeductibles,bettercost-sharingratesandtheabilitytopurchase
Medcanhealthcoverage.Ournamedexecutiveofficersarealsoentitledtothreecomplimentaryjacketseachcalendaryear.

Retirement Plans
Infiscal2016,Messrs.CameronandRiddlestonewereeligibletoparticipateintheRSP,abroad-basedregistereddefinedcontributionplanofferedtoallofour
full-timeCanada-basedemployeesotherthanMr.Reiss.SalariedemployeesinToronto(includingMessrs.CameronandRiddlestone,butnotMr.Reiss)maydefer
upto3%oftheirannualearningsintotheRSPandmaymakeadditionalvoluntarycontributions.Wewillmatchanysuchemployeecontributionsbymakinga
contributiontotheDPSP,abroad-baseddefinedcontributionplanofferedtoallofourfull-time,salariedemployees.Thematchisequalto100%oftherequired
participantcontributionsmadeintotheplanupto3%oftheparticipantsannualbasesalary.Wedonotsponsorormaintainanyqualifiedornon-qualifieddefined
benefitplansorsupplementalexecutiveretirementplans.

Agreements with our Named Executive Officers

Wehaveenteredintoanemploymentagreementwitheachofournamedexecutiveofficers,and,inconnectionwiththisoffering,wehaveamendedandrestated
Mr.Reisssagreement.Thetermsoftheagreements,includingtheamendedandrestatedagreement,areasfollows.

Base Salaries and Bonus Opportunities

Underhisemploymentagreement,effectiveMarch9,2017,Mr.Reissisentitledtoanannualbasesalaryof$1,000,000,subjecttoannualreviewandincreaseby
ourboardofdirectors.Mr.Reissisalsoeligibleforanannualincentivebonustargetedat75%ofhisannualbasesalary.Theemploymentagreementalsoprovides
forparticipationbyMr.Reissinourlong-termequityincentiveplans.

Underhisemploymentagreement,effectiveJanuary4,2016,Mr.Cameronisentitledtoanannualbasesalaryof$375,000,subjecttoannualreview.Mr.Cameron
isalsoeligibletoparticipateinourannualbonusplan,withanannualincentivebonustargetedat40%ofhisannualbasesalaryandpotentialpayoutsrangingfrom
0%to160%ofhistargetedannualbonus.Mr.Cameronreceivedacashsign-onbonusof$100,000inconnectionwithhishire.

Underhisemploymentagreement,effectiveOctober21,2010andwhichterminatedinconnectionwiththeterminationofhisemploymentonJanuary10,2017,
Mr.Riddlestonewasentitledtoanannualbasesalaryof$190,000,subjecttobi-annualreview.Pursuanttohisemploymentagreement,Mr.Riddlestonewasalso
eligibletoparticipateinourannualbonusplan,withanannualincentivebonustargetedat15%ofhisannualbasesalaryandanadditional5%ofannualbasesalary
basedonachievementofourgrossmargingoals.

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Messrs.ReissandCameroncontinuetohaveanannualbasesalaryandtargetannualincentivebonusatthesamelevelasspecifiedintheiremployment
agreements,whileMr.Riddlestonesannualbasesalaryhadsinceincreasedto$280,000andhistargetannualincentivebonushadsinceincreasedto40%ofhis
annualbasesalary.

Severance
IfMr.Reisssemploymentwereterminatedbyuswithoutcauseorheresignedforgoodreason,hewouldbeentitledto(i)aseveranceamountrepresentingtwo
timesMr.ReisssannualbasesalaryplustwotimestheaverageamountoftheannualbonusearnedbyMr.Reissinthetwocompletefiscalyearsprecedingthe
dateofhisterminationofemployment,(ii)aproratabonusamountfortheyearinwhichtheterminationoccurs,basedontheactualbonusamountpaidintheprior
yearand(iii)continuedparticipationinourbenefitplansforaperiodof24monthsfollowingthedateofterminationofemployment.

IfMr.Cameronsemploymentwereterminatedbyuswithoutcause,hewouldbeentitledtonoticeorpayinlieuofnoticeandbenefitscontinuanceequaltotwo
weeksnoticeplusanadditionalfourweeksperyearofcompletedservice,uptoamaximumof52weeks.

Mr.Riddlestonesemploymentagreementprovidedthatwemayterminatehisemploymentwithoutcausebyprovidingnoticeorpayinlieuofnoticeandbenefits
continuanceinaccordancewiththeprovisionsofapplicableemploymentstandardslegislation.InconnectionwithMr.Riddlestonesdeparture,weterminatedhis
employmentagreementandenteredintoanewsettlementagreement.TheTerminationLetterandtheSettlementAgreementarefiledasexhibits10.23and10.24to
theregistrationstatementrelatingtothisoffering.Inaddition,theportionofhisoptionssubjecttotime-basedvestingthatwerevestedasoftheterminationdate
willremainoutstandingandexercisableupontheearlierof(i)15monthsafterthedateofhisterminationofemploymentand(ii)theterminationofalllock-up
periodsapplicabletoanyshareholdersorotherbeneficialownersofoursecuritiesinconnectionwiththisoffering.

Restrictive Covenants
Underhisemploymentagreement,Mr.Reississubjecttonon-competitionobligationsduringandforoneyearfollowinghisterminationofemployment,
restrictionsonsolicitingourcustomers,prospectivecustomers,employeesorconsultantsduringandfortwoyearsfollowinghisterminationofemployment,as
wellasintellectualpropertyassignmentandconfidentialityobligations.

Undertheiremploymentagreements,Messrs.CameronandRiddlestonearesubjecttonon-competitionobligationsduringandforoneyearfollowingtheir
terminationofemployment,restrictionsonsolicitingourcustomersoremployeesforoneyearfollowingtheirterminationofemployment,intellectualproperty
assignmentobligationsduringandforoneyearfollowingtheirterminationofemployment,andconfidentialityobligations.

Inaddition,asaconditiontoreceivingtheirCanadaGooseHoldingsInc.optionawards,Messrs.CameronandRiddlestoneenteredintorestrictivecovenant
agreementsbindingthemtonon-competitionobligationswithrespecttoourbusinessbeginningonthefirstdateonwhichanyoptionsgrantedpursuanttothe
awardvestandcontinuingfor12monthsfollowingtheirterminationofemployment,restrictionsonsolicitingcustomers,prospectivecustomers,employeesand
independentcontractorsbeginningonthefirstdateonwhichanyoptionsgrantedpursuanttotheawardvestandcontinuingfor24monthsfollowingtheir
terminationofemployment,aswellasconfidentialityobligationsduringandaftertheiremploymentwithus.

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Outstanding Equity Awards at Fiscal Year-End

ThefollowingtablesetsforthinformationregardingequityawardsheldbyournamedexecutiveofficersasofMarch31,2016.

OPTION AWARDS
Equity
incentive
plan
awards:
Number of Number of Number of
securities securities securities
underlying underlying underlying Option
unexercised unexercised unexercised exercise Option
options (#) options (#) unearned price expiration
Name exercisable unexercisable options (#) ($) date
DaniReiss
ScottCameron(1) 280,968 561,939 3.55 1/4/2026
PaulRiddlestone(2) 182,770 274,155 913,853 1.00 4/17/2024

(1) Mr.Cameronwasgranted337,162optionstopurchaseClassBCommonSharesand505,745optionstopurchaseClassAJuniorPreferredSharesonJanuary
4,2016.Onethirdofhisoptionsaresubjecttotime-basedvestingof40%onthesecondanniversaryofthegrantdateand20%oneachanniversaryofthe
grantdatethereafter(CameronTime-BasedOptions).Theremainingtwo-thirdsofhisoptionsaresubjecttobothtime-basedandperformance-basedvesting
withtheperformancemetricsreflectingamultipleofBainCapitalsreturnonitsinvestmentinus(CameronPerformance-BasedOptions).TheCameron
Performance-BasedOptionsaresubjecttothesametime-basedvestingscheduleastheCameronTime-BasedOptions.TheCameronTime-BasedOptions
andthetime-vestingcomponentoftheCameronPerformance-BasedOptionswillaccelerateinfulluponachangeofcontrol.
(2) Mr.Riddlestonewasgranted548,311optionstopurchaseClassBCommonSharesand822,467optionstopurchaseClassAJuniorPreferredShareson
April17,2014.Onethirdofhisoptionsweresubjecttotime-basedvestingof40%onDecember9,2015and20%oneachDecember9ththereafter
(RiddlestoneTime-BasedOptions).Theremainingtwo-thirdsofhisoptionsweresubjecttobothtime-basedandperformance-basedvestingwiththe
performancemetricsreflectingamultipleofBainCapitalsreturnonitsinvestmentinus(RiddlestonePerformance-BasedOptions).TheRiddlestone
Performance-BasedOptionsweresubjecttothesametime-basedvestingscheduleastheRiddlestoneTime-BasedOptions.TheRiddlestoneTime-Based
Optionsandthetime-vestingcomponentoftheRiddlestonePerformance-BasedOptionswouldhaveacceleratedinfulluponachangeofcontrol.Treatment
ofMr.RiddlestonesoptionsinconnectionwiththeterminationofhisemploymentisdescribedaboveunderAgreementswithourNamedExecutive
OfficersSeverance.

Director Compensation
OtherthanMr.Reiss,whosecompensationisincludedwiththatofourothernamedexecutiveofficers,noneofourdirectorsreceivedanycompensationfortheir
servicesduringfiscal2016.

Equity Incentive Plans

InDecember2013,weestablishedtheCanadaGooseHoldingsInc.StockOptionPlan.Inthisprospectus,werefertothisplanastheLegacyOptionPlan.In
connectionwiththisoffering,wehaveamendedourLegacyOptionPlansuchthatoutstandingoptionsgrantedundertheLegacyOptionPlanbecameexercisable
forsubordinatevotingshares,andnofurtherawardswillbemadeundertheLegacyOptionPlan.Inconnectionwiththisoffering,wehaveadoptedanomnibus
incentiveplan(referredtoastheOmnibusIncentivePlan)whichallowsourboardofdirectorstograntlong-termequity-basedawardstoeligibleparticipants.We
referhereintoourLegacyOptionPlanandourOmnibusIncentivePlancollectivelyastheequityincentiveplans.

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Omnibus Incentive Plan

TheOmnibusIncentivePlanwillallowforavarietyofequity-basedawardsthatprovidedifferenttypesofincentivestobegrantedtoourdirectors,executive
officers,employeesandconsultants,includingoptions,shareappreciationrights,unvestedsharesandrestrictedshareunits,collectivelyreferredtoasawards.Our
boardofdirectorswillinitiallyberesponsibleforadministeringtheOmnibusIncentivePlan,andmaydelegateitsresponsibilitiesthereunder.Thefollowing
discussionisqualifiedinitsentiretybythefulltextoftheOmnibusIncentivePlan.

Ourboardofdirectors,initssolediscretion,shallfromtimetotimedesignatethedirectors,executiveofficers,employeesorconsultantstowhomawardsshallbe
grantedanddetermine,ifapplicable,thenumberofsubordinatevotingsharestobecoveredbysuchawardsandthetermsandconditionsofsuchawards.The
numberofsubordinatevotingsharesreservedforissuanceundertheOmnibusIncentivePlanwillbeequalto4,600,340subordinatevotingsharesandthenumber
ofsubordinatevotingsharesreservedforissuanceundertheLegacyOptionPlanwillbeequalto5,899,660subordinatevotingshares(representinginaggregate
10,500,000subordinatevotingsharesorapproximately10%oftheissuedandoutstandingsubordinatevotingsharesandmultiplevotingsharesasoftheclosingof
thisofferingassumingnoexerciseoftheunderwritersover-allotmentoption).Subordinatevotingsharesunderlyingoptionsterminated,surrenderedorcancelled
undertheLegacyOptionPlanwillbecomeavailableforissuanceundertheOmnibusIncentivePlan.Ifanoutstandingawardexpiresoristerminated,surrendered
orcancelledforanyreasonwithouthavingbeenexercisedorsettledinfull,orifsubordinatevotingsharesacquiredpursuanttoanawardsubjecttoforfeitureare
forfeited,thesubordinatevotingsharescoveredbysuchaward,ifany,willagainbeavailableforissuanceundertheOmnibusIncentivePlan.Subordinatevoting
shareswillnotbedeemedtohavebeenissuedpursuanttotheOmnibusIncentivePlanwithrespecttoanyportionofanawardthatissettledincash.

Individual Limits. Themaximumnumberofsharesforwhichoptionsmaybegrantedandthemaximumnumberofsharessubjecttoshareappreciationrightswhich

maybegrantedtoanypersoninanyfiscalyearis,ineachcase,200,000shares.Themaximumnumberofsharessubjecttootherawardswhichmaybegrantedto
anypersoninanyfiscalyearis200,000shares.Themaximumamountthatmaybepaidtoanypersoninanyfiscalyearwithrespecttocashawardsis$500,000
andwithrespecttocashawardswithaperformanceperiodlongerthanoneyearis$1,000,000.

Non-Employee Director Limits. Themaximumaggregategrantdatefairvalue,asdeterminedinaccordancewithIFRS2,ofawardsgrantedtoanynon-employee

directorforserviceasadirectorpursuanttotheOmnibusIncentivePlanduringanyfiscalyear,togetherwithanyotherfeesorcompensationpaidtosuchdirector
outsideoftheOmnibusIncentivePlanforservicesasadirectormaynotexceed$500,000(or,inthefiscalyearofanydirectorsinitialservice,$750,000).

Insider Participation Limit. TheaggregatenumberofsubordinatevotingsharesissuabletoinsidersandtheirassociatesatanytimeundertheOmnibusIncentive

Plan,theLegacyOptionPlanoranyotherproposedorestablishedsharecompensationarrangement,shallnotexceed10%oftheissuedandoutstanding
subordinatevotingsharesandmultiplevotingshares,andtheaggregatenumberofsubordinatevotingsharesissuedtoinsidersandtheirassociatesunderthe
OmnibusIncentivePlan,theLegacyOptionPlanoranyotherproposedorestablishedsharecompensationarrangementwithinanyone-yearperiodshallnotexceed
10%oftheissuedandoutstandingsubordinatevotingsharesandmultiplevotingshares.

Options. AlloptionsgrantedundertheOmnibusIncentivePlanwillhaveanexercisepricedeterminedandapprovedbyourboardofdirectorsatthetimeofgrant,
whichshallnotbelessthanthemarketpriceofthesubordinatevotingsharesonthedateofthegrant.ForpurposesoftheOmnibusIncentivePlan,themarketprice
ofthesubordinatevotingsharesasatagivendateshallbethevolumeweightedaveragetradingpriceontheTSXforthefivetradingdaysbeforesuchdate.

Subjecttoanyvestingconditions,anoptionshallbeexercisableduringaperiodestablishedbyourboardofdirectorswhichshallnotbemorethantenyearsfrom
thegrantdateoftheoption.TheOmnibusIncentivePlan

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willprovidethattheexerciseperiodshallautomaticallybeextendedifthedateonwhichitisscheduledtoterminateshallfallduringablackoutperiod.Insuch
cases,theextendedexerciseperiodshallterminatetenbusinessdaysafterthelastdayoftheblackoutperiod.

Share Appreciation Rights .ForshareappreciationrightsgrantedundertheOmnibusIncentivePlan,theparticipant,uponexerciseoftheshareappreciationright,

willhavetherighttoreceiveanumberofsubordinatevotingsharesequalinvaluetotheexcessof:(a)themarketpriceofasubordinatevotingshareonthedateof
exerciseover(b)thegrantpriceoftheshareappreciationrightasdeterminedbytheboardofdirectors,whichgrantpricecannotbelessthanthemarketpriceofa
subordinatevotingshareonthedateofgrant.Subjecttoanyvestingconditionsimposedbyourboardofdirectors,ashareappreciationrightshallbeexercisable
duringaperiodestablishedbyourboardofdirectorswhichshallnotbemorethantenyearsfromthedateofthegrantingoftheshareappreciationright.The
OmnibusIncentivePlanwillprovidethattheexerciseperiodshallautomaticallybeextendedifthedateonwhichitisscheduledtoterminateshallfallduringa
blackoutperiod.Insuchcases,theextendedexerciseperiodshallterminatetenbusinessdaysafterthelastdayoftheblackoutperiod.

Unvested Shares .Ourboardofdirectorsisauthorizedtograntawardsofsubordinatevotingsharessubjecttovestingconditionstoeligiblepersonsunderthe

OmnibusIncentivePlan.Thesubordinatevotingsharesawardedwithvestingconditionswillbesubjecttosuchrestrictionsandotherconditionsasourboardof
directorsmayimpose(including,withoutlimitation,arestrictiononorprohibitionagainsttherighttoreceiveanydividendorotherrightorpropertywithrespect
thereto),whichrestrictionsmaylapseseparatelyorincombinationatsuchtimeortimes,insuchinstallmentsorotherwiseastheboardofdirectorsdetermines
(and,thereupon,thesubordinatevotingsharesawardedwouldnotbesubjecttoanydifferentrestrictionsorconditionsfromtheothersubordinatevotingsharesof
thecompany).

Restricted Share Units. Ourboardofdirectorsisauthorizedtograntrestrictedshareunitsevidencingtherighttoreceivesubordinatevotingshares(issuedfrom

treasuryorpurchasedontheopenmarket),cashbasedonthevalueofasubordinatevotingshareoracombinationthereofatsomefuturetimetoeligiblepersons
undertheOmnibusIncentivePlan.Thedeliveryofthesubordinatevotingsharesorcashmaybesubjecttothesatisfactionofperformanceconditionsorother
vestingconditions.

Performance Criteria. TheOmnibusIncentivePlanprovidesthatgrantsofawardsundertheOmnibusIncentivePlanmaybemadebasedupon,andsubjectto

achieving,performancecriteriaoveraspecifiedperformanceperiod.Performancecriteriawithrespecttothoseawardsthatareintendedtoqualifyas
performance-basedcompensationforpurposesofSection162(m)(Section162(m))oftheInternalRevenueCodeof1986,asamended(theCode)arelimited
toanobjectivelydeterminablemeasureorobjectivelydeterminablemeasuresofperformancerelatingtoanyoranycombinationofthefollowing(measuredeither
absolutelyorbyreferencetoanindexorindicesanddeterminedeitheronaconsolidatedbasisor,asthecontextpermits,onadivisional,subsidiary,lineof
business,projectorgeographicalbasisorincombinationsthereof):sales;netsales;salesbylocationorstoretype;revenues;assets;expenses;earningsbeforeor
afterdeductionforalloranyportionofinterest,taxes,depreciation,and/oramortization,whetherornotonacontinuingoperationsoranaggregateorpershare
basis;returnonequity,investment,capital,capitalemployedorassets;oneormoreoperatingratios;borrowinglevels,leverageratiosorcreditrating;marketshare;
capitalexpenditures;cashflow;operatingefficiencies;operatingincome;netincome;shareprice;shareholderreturn;salesofparticularproductsorservices;
customeracquisitionorretention;buyercontribution;acquisitionsanddivestitures(inwholeorinpart);jointventuresandstrategicalliances;spin-offs,split-ups
andthelike;reorganizations;orrecapitalizations,restructurings,financings(issuanceofdebtorequity)orrefinancings.

Totheextentconsistentwiththerequirementsforsatisfyingtheperformance-basedcompensationexceptionunderSection162(m),ourboardofdirectors(ora
committeeoftheboardthatmeetscertainrequirementsofSection162(m))mayprovideinthecaseofanyawardintendedtoqualifyforsuchexceptionthatoneor
moreoftheperformanceobjectivesapplicabletoanawardwillbeadjustedinanobjectivelydeterminablemannertoreflectevents(forexample,theimpactof
chargesforrestructurings,discontinuedoperations,mergers,

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acquisitions,extraordinaryitems,andotherunusualornon-recurringitems,andthecumulativeeffectsoftaxoraccountingchanges,eachasdefinedbygenerally
acceptedaccountingprinciples)occurringduringtheperformanceperiodofsuchawardthataffecttheapplicableperformanceobjectives.

Adjustments. Intheeventofanysubdivision,consolidation,reclassification,reorganizationoranyotherchangeaffectingthesubordinatevotingshares,orany
mergeroramalgamationwithorintoanothercorporation,oranydistributiontoallsecurityholdersofcash,evidencesofindebtednessorotherassetsnotinthe
ordinarycourse,oranytransactionorchangehavingasimilareffect,ourboardofdirectorsshallinitssolediscretion,subjecttotherequiredapprovalofanystock
exchange,determinetheappropriateadjustmentsorsubstitutionstobemadeinsuchcircumstancesinordertomaintaintheeconomicrightsoftheparticipantsin
respectofawardsundertheOmnibusIncentivePlan,including,withoutlimitation,adjustmentstotheexerciseprice,thenumberandkindofsecuritiessubjectto
unexercisedawardsgrantedpriortosuchchangeand/orpermittingtheimmediateexerciseofanyoutstandingawardsthatarenototherwiseexercisable.

Trigger Events ;Change of Control .TheOmnibusIncentivePlanwillprovidethatcertainevents,includingterminationforcause,resignation,terminationother

thanforcause,retirement,deathordisability,maytriggerforfeitureorreducethevestingperiod,whereapplicable,oftheaward,subjecttothetermsofthe
participantsagreement.Aparticipantsgrantagreementoranyotherwrittenagreementbetweenaparticipantandusmayprovide,whereapplicable,thatunvested
awardsbesubjecttoaccelerationofvestingandexercisabilityincertaincircumstances,includingintheeventofcertainchangeofcontroltransactions.Ourboard
ofdirectorsmayatitsdiscretionacceleratethevesting,whereapplicable,ofanyoutstandingawardsnotwithstandingthepreviouslyestablishedvestingschedule,
regardlessofanyadverseorpotentiallyadversetaxconsequencesresultingfromsuchaccelerationor,subjecttoapplicableregulatoryprovisionsandshareholder
approval,extendtheexpirationdateofanyaward,providedthattheperiodduringwhichanoptionorashareappreciationrightisexercisabledoesnotexceedten
yearsfromthedatesuchoptionorshareappreciationrightisgrantedorthattherestrictionperiodrelatingtoarestrictedshareunitdoesnotexceedthreeyears.
Similarly,intheeventofachangeofcontrol,ourboardofdirectorswillhavethepower,initssolediscretion,tomodifythetermsoftheOmnibusIncentivePlan
and/ortheawardsgrantedthereunder(includingtocausethevestingofallunvestedawards)toassisttheparticipantstotenderintoatake-overbidoranyother
transactionleadingtoachangeofcontrol.Insuchcircumstances,ourboardofdirectorsshallbeentitledto,initssolediscretion,providethatanyorallawards
shallterminate,providedthatanysuchoutstandingawardsthathavevestedshallremainexercisableuntilconsummationofsuchchangeofcontrol,and/orpermit
participantstoconditionallyexerciseawards.

Amendments and Termination .OurboardofdirectorsmaysuspendorterminatetheOmnibusIncentivePlanatanytime,orfromtimetotimeamendorrevisethe

termsoftheOmnibusIncentivePlanorofanygrantedaward,providedthatnosuchsuspension,termination,amendmentorrevisionwillbemade,(i)exceptin
compliancewithapplicablelawandwiththepriorapproval,ifrequired,oftheshareholders,theNYSE,theTSXoranyotherregulatorybodyhavingauthorityover
ourcompany,and(ii)ifitwouldadverselyalterorimpairtherightsofanyparticipant,withouttheconsentoftheparticipantexceptaspermittedbythetermsofthe
OmnibusIncentivePlan,providedhowever,subjecttoanyapplicablerulesoftheNYSEandtheTSX,theboardofdirectorsmayfromtimetotime,initsabsolute
discretionandwithouttheapprovalofshareholders,make,amongstothers,thefollowingamendmentstotheOmnibusIncentivePlanoranyoutstandingaward:

anyamendmenttothevestingprovisions,ifapplicable,orassignabilityprovisionsofawards;

anyamendmenttotheexpirationdateofanawardthatdoesnotextendthetermsoftheawardpasttheoriginaldateofexpirationforsuchaward;

anyamendmentregardingtheeffectofterminationofaparticipantsemploymentorengagement;

anyamendmentwhichacceleratesthedateonwhichanyoptionorshareappreciationrightmaybeexercisedundertheOmnibusIncentivePlan;

anyamendmenttothedefinitionofaneligiblepersonundertheOmnibusIncentivePlan;

anyamendmentnecessarytocomplywithapplicablelawortherequirementsoftheNYSE,theTSXoranyotherregulatorybody;

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anyamendmentofahousekeepingnature,including,withoutlimitation,toclarifythemeaningofanexistingprovisionofOmnibusIncentivePlan,
correctorsupplementanyprovisionoftheOmnibusIncentivePlanthatisinconsistentwithanyotherprovisionoftheOmnibusIncentivePlan,correct
anygrammaticalortypographicalerrorsoramendthedefinitionsintheOmnibusIncentivePlan;

anyamendmentregardingtheadministrationoftheOmnibusIncentivePlan;

anyamendmenttoaddoramendprovisionspermittingforthegrantingofcash-settledawards,aformoffinancialassistanceorclawback;and

anyotheramendmentthatdoesnotrequiretheapprovaloftheholdersofsubordinatevotingsharespursuanttotheamendmentprovisionsofthe

OmnibusIncentivePlan.

Forgreatercertainty,ourboardofdirectorsshallberequiredtoobtainshareholderapprovaltomakethefollowingamendments:

anyincreaseinthemaximumnumberofsubordinatevotingsharesthatmaybeissuablepursuanttotheOmnibusIncentivePlan;

exceptforadjustmentspermittedbytheOmnibusIncentivePlan,anyreductionintheexercisepriceofanoptionorshareappreciationrightorany
cancellationofanoptionorshareappreciationrightandreplacementofsuchoptionorshareappreciationrightwithanoptionorshareappreciation
rightwithalowerexerciseprice,totheextentsuchreductionorreplacementbenefitsaninsider;

anyextensionofthetermofanawardbeyonditsoriginalexpirytimetotheextentsuchamendmentbenefitsaninsider;

anyincreaseinthemaximumnumberofsubordinatevotingsharesthatmaybeissuabletoinsiderspursuanttotheinsiderparticipationlimit;and

anyamendmenttotheamendmentprovisionsoftheOmnibusIncentivePlan.

Exceptasspecificallyprovidedinanawardagreementapprovedbyourboardofdirectors,awardsgrantedundertheOmnibusIncentivePlanaregenerallynot
transferableotherthanbywillorthelawsofdescentanddistribution.

WecurrentlydonotprovideanyfinancialassistancetoparticipantsundertheOmnibusIncentivePlan.

Legacy Option Plan

WehavepreviouslygrantedoptionstoacquireClassBCommonSharesandClassAJuniorPreferredSharestocertaindirectors,officersandemployeesunderthe
LegacyOptionPlan.InconnectionwiththeRecapitalization,suchoptionsbecameoptionstoacquireClassACommonSharesundertheLegacyOptionPlan.In
connectionwiththisoffering,theLegacyOptionPlanhasbeenamendedsuchthatoptionstoacquireClassACommonSharesconstituteoptionstopurchasean
equalnumberofsubordinatevotingsharesatthesameexerciseprice,oncetheapplicableoptionsareotherwisevestedandexercisable.Thefollowingdiscussionis
qualifiedinitsentiretybythefulltextoftheLegacyOptionPlan.NoadditionaloptionswillbegrantedundertheLegacyOptionPlan.

TheLegacyOptionPlanallowsforthegrantofoptionstoourdirectors,officersandfull-timeandpart-timeemployeesandthoseofouraffiliates.Ourboardof
directorsisresponsibleforadministeringtheLegacyOptionPlanandhasthesoleandcompleteauthority,initssolediscretion,todeterminetheindividualsto
whomoptionsmaybegrantedandtograntoptionsinsuchamountsand,subjecttotheprovisionsoftheplan,onsuchtermsandconditionsasitdetermines
including:(i)thetimeortimesatwhichoptionsmaybegranted,(ii)theexerciseprice,(iii)thetimeortimeswheneachoptionvestsandbecomesexercisableand
thedurationoftheexerciseperiod(providedhoweverthattheexerciseperiodmaynotexceed10years),(iv)whetherrestrictionsorlimitationsaretobeimposed
onthesharesunderlyingoptionsandthenatureofsuchrestrictionsorlimitationsand(v)anyaccelerationofexercisabilityorwaiverofterminationregardingany
option.

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PursuanttotheLegacyOptionPlan,theaggregatenumberofsharesthatmaybeissuedpursuanttotheexerciseofoptionscannotrepresentmorethan5,899,660
subordinatevotingshares,whichisequaltothenumberofsubordinatevotingsharesunderlyingoutstandingoptionsundertheLegacyOptionPlanasofthedateof
amendment.Followingcompletionofthisoffering,thesubordinatevotingsharesissuableuponexerciseofsuchoptionswillrepresent,intheaggregate,
approximately6%oftheaggregatenumberofsubordinatevotingsharesandmultiplevotingsharesissuedandoutstandinguponcompletionofthisoffering
(assumingnoexerciseoftheunderwritersover-allotmentoption).

AnoptiongrantedundertheLegacyOptionPlanisexercisablenolaterthantenyearsafterthedateofgrant.Inordertofacilitatethepaymentoftheexerciseprice
oftheoptions,theLegacyOptionPlanallowsfortheparticipanttosurrenderoptionsinordertonetexercise,subjecttotheproceduressetoutintheLegacy
OptionPlan,includingtheconsentofourboardofdirectors.

Trigger Events; Change of Control. TheLegacyOptionPlanprovidesthatcertainevents,includingterminationforcause,terminationwithoutcause,retirement,

disabilityordeath,maytriggerforfeitureorreducethevestingperiod,whereapplicable,oftheoption,subjecttothetermsoftheparticipantsagreement.Our
boardofdirectorsmay,initsdiscretion,atanytimepriortoorfollowingsuchevents,permittheexerciseofanyoralloptionsheldbytheoptioneeinthemanner
andonthetermsauthorizedbytheboardofdirectors,providedthattheboardofdirectorcannot,inanycase,authorizetheexerciseofanoptionbeyondthe
expirationoftheexerciseperiodoftheparticularoption.Otherwise,optionsgrantedmaygenerallyonlybeexercisedduringthelifetimeoftheoptioneebysuch
optioneepersonally.TheLegacyOptionPlanalsoprovidesthat,inconnectionwithasubdivisionorconsolidationofoursharesoranyothercapitalreorganization
orapaymentofastockdividend(otherthanastockdividendthatisinlieuofacashdividend),ourboardofdirectorsmaymakecertainadjustmentstooutstanding
optionsandauthorizesuchstepstobetakenasmaybeequitableandappropriatetothatend.Intheeventofanamalgamation,combination,planofarrangement,
mergerorotherreorganization,includingbysaleorleaseofassetsorotherwise,orofthepaymentofanextraordinarydividend,ourboardofdirectorsmayalso
makecertainadjustmentstooutstandingoptionsandauthorizesuchstepstobetakenasmaybeequitableandappropriatetothatend.Intheeventofcertainchange
ofcontroltransactions,ourboardofdirectorsmay(i)provideforsubstituteorreplacementoptionsofsimilarvaluefrom,ortheassumptionofoutstandingoptions
by,theacquiringorsurvivingentityoroneormoreofitsaffiliates;(ii)providethatalloptionsshallterminate,providedthatanyoutstandingvestedoptionsshall
remainexercisableuntilconsummationofsuchchangeofcontroltransactionor(iii)acceleratethevestingofanyoralloutstandingoptions.

Amendments and Termination. Ourboardofdirectorsmay,withoutnotice,atanytimefromtimetotime,amend,suspendorterminatetheLegacyOptionPlanor

anyprovisionshereofinsuchrespectsasit,initssolediscretion,determinesappropriate,exceptthatitmaynotwithouttheconsentoftheoptionee(orthe
representativesofhisorherestate)materiallyalterorimpairanyrightsorobligationsarisingfromanyoptionpreviouslygrantedtosuchoptioneeundertheLegacy
OptionPlanthatremainsoutstanding.

Recapitalization. AsaresultoftheRecapitalization,alloftheoutstandingoptionsundertheLegacyOptionPlanbecameoptionstoacquireClassACommon
Sharesthereunder.AsofMarch1,2017,optionstoacquireatotalof5,899,660ClassACommonSharesareoutstandingundertheLegacyOptionPlan.

Inconnectionwiththisoffering,theLegacyOptionPlanwasamendedandrestatedto,amongotherthings,includetermsandconditionsrequiredbytheTSXfora
stockoptionplanandtomirrorthetermsoftheOmnibusIncentivePlansummarizedaboveunderOmnibusIncentivePlantotheextentapplicabletoa
legacystockoptionplanundersimilarcircumstances.ForadditionalinformationrelatingtooptionsoutstandingundertheLegacyOptionPlan,seeDescription
ofShareCapitalOptionstoPurchaseSecurities.

Employee Share Purchase Plan

Inconnectionwiththisoffering,wehaveadoptedanemployeesharepurchaseplan,orESPP,pursuanttowhicheligibleemployeeswillbeabletoacquire
subordinatevotingsharesinaconvenientandsystematicmannerthroughpayrolldeductions.Thefollowingdiscussionisqualifiedinitsentiretybythefulltextof
theESPP.

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Unlessotherwisedeterminedbyourboardofdirectors,participationintheESPPwillbeopentoemployeesofCanadaGooseinCanadaandtheUnitedStateswho
arecustomarilyemployedforatleast20hoursperweekandmorethanfivemonthsinanycalendaryear.WecurrentlyintendtoallowparticipationintheESPP
onlybyemployeeswhoarenotemployedinadirector-levelcapacityormoreseniorcapacity.ParticipationintheESPPwillbevoluntary.Eligibleemployeeswill
beabletocontributeupto10%oftheirgrossbaseearningsforpurchasesundertheESPPandwewillmatchuptoonehalfofthecontributionsmadebysuch
employees.

Atouroption,subordinatevotingsharespurchasedundertheESPPwillbeissuedfromtreasuryatthemarketpriceofthesubordinatevotingsharesonsuchdateor
acquiredthroughopenmarketpurchases,ineachcaseinaccordancewithallapplicablelawsandthetermsandconditionsoftheESPP.Forthepurposesofthe
ESPP,themarketpriceofthesubordinatevotingsharesasatagivendateshallbetheclosingpriceonTSXortheNYSE,dependingonthecurrencyinwhichthe
employeescompensationispaid,onthetradingdayprecedingsuchdate.ThenumberofsubordinatevotingsharesreservedforissuanceundertheESPPwillbe
equalto500,000subordinatevotingshares(representinglessthan1%oftheissuedandoutstandingsubordinatevotingsharesandmultiplevotingsharesasofthe
closingofthisofferingassumingnoexerciseoftheunderwritersover-allotmentoption).UndertheESPP,subordinatevotingsharesacquiredbyeligible
employeeswillberequiredtobeheldforaperiodofoneyear.

TheESPPwillbeadministeredbyourboardofdirectors,whichmaydelegateitsauthoritythereunderascontemplatedbytheESPP.Ourboardofdirectorswill
havetheauthority,inthecaseofspecialdividendsordistributions,specifiedreorganizationsandothertransactions,todetermineappropriateequitableadjustments,
ifany,tobemadeundertheESPP,includingadjustmentstothenumberofsubordinatevotingshareswhichhavebeenauthorizedforissuanceundertheESPP.Our
boardofdirectorswillhavetherighttoamend,suspendorterminatetheESPP,inwholeorinpart,atanytime,subjecttoapplicablelawsandrequirementsofany
stockexchangeorgovernmentalorregulatorybody(includinganyrequirementforshareholderapproval).Subjecttocertainexceptions,ourboardofdirectorswill
beentitledtomakeamendmentstotheESPPwithoutshareholderapproval.

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Certain Relationships and Related Party Transactions

Review, Approval or Ratification of Transactions with Related Parties

Priortothecompletionofthisoffering,weexpecttoimplementformalpoliciesandproceduresforthereview,approvalorratificationofrelated-partytransactions
thatmayberequiredtobereportedunderthedisclosurerulesapplicabletous.Asofthedateofthisprospectus,suchtransactions,ifandwhentheyareproposedor
haveoccurred,arereviewedbyoneormoreoftheboardofdirectors,auditcommitteeorthecompensationcommittee(otherthanthedirectorsorcommittee
membersinvolved,ifany)onacase-by-casebasis,dependingonwhetherthenatureofthetransactionwouldotherwisebeunderthepurviewoftheaudit
committee,thecompensationcommitteeortheboardofdirectors.

Investor Rights Agreement

Inconnectionwiththisoffering,weenteredintoanInvestorRightsAgreementwithBainCapitalandDTRLLC,anentityindirectlycontrolledbyourPresident
andChiefExecutiveOfficer,whichwerefertoastheInvestorRightsAgreement.TheInvestorRightsAgreementwillbecomeeffectiveupontheterminationof
ourexistingshareholdersagreementinconnectionwiththeclosingoftheoffering.

Thefollowingisasummaryofcertainregistrationrightsandnominationrightsofourprincipalshareholders(includingtheirpermittedaffiliatesandtransferees)
undertheInvestorRightsAgreement,whichsummaryisnotintendedtobecomplete.Thefollowingdiscussionisqualifiedinitsentiretybythefulltextofthe
InvestorRightsAgreement.

Registration Rights
PursuanttotheInvestorRightsAgreement,BainCapitalwillbeentitledtocertaindemandregistrationrightswhichwillenableittorequireustofilearegistration
statementand/oraCanadianprospectusandotherwiseassistwithpublicofferingsofsubordinatevotingshares(includingsubordinatevotingsharesissuableupon
conversionofmultiplevotingshares)undertheSecuritiesActandapplicableCanadiansecuritieslaws,inaccordancewiththetermsandconditionsoftheInvestor
RightsAgreement.DTRLLCwillbeentitledtosimilardemandregistrationrightsatsuchtimeasBainCapitalnolongerholdssecuritiessubjecttoregistration
rights,aswellascertainincidentalregistrationrightsinconnectionwithdemandregistrationsinitiatedbyBainCapital,andBainCapitalandDTRLLCwillbe
entitledtocertainpiggy-backregistrationrightsintheeventthatweproposetoregistersecuritiesaspartofapublicoffering.

Wewillbeentitledtopostponeorsuspendaregistrationrequestforaperiodofupto60daysduringany12-monthperiodwheresuchregistrationrequestwould
requireustomakeanyadversedisclosure.Inaddition,inconnectionwithanunderwrittenoffering,thenumberofsecuritiestoberegisteredthereundermaybe
limited,formarketingreasons,basedontheopinionofthemanagingunderwriterorunderwritersforsuchoffering.

Allcostsandexpensesassociatedwithanydemandregistrationorpiggy-backregistrationwillbebornebyusotherthanunderwritingdiscounts,commissions
andtransfertaxes,ifany,attributabletothesaleofthesubordinatevotingshares(includingfollowingtheconversionofmultiplevotingshares)bytheapplicable
sellingshareholder.WewillalsoberequiredtoprovideindemnificationandcontributionforthebenefitofBainCapitalandDTRLLCandtheirrespective
affiliatesandrepresentativesinconnectionwithanydemandregistrationorpiggy-backregistration.

Asaresultofthelock-uprestrictionsdescribedunderSharesEligibleforFutureSaleLock-upRestrictions,thedemandandincidentalregistrationrights
grantedpursuanttotheInvestorRightsAgreementwillnotbeexercisable,unlessawaiveroftheapplicablelock-uprestrictionsisobtained,duringaperiodof180
daysafterthedateofthisprospectus.

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Nomination Rights
PursuanttotheInvestorRightsAgreement,BainCapitalwillinitiallybeentitledtodesignate50%ofourdirectors(roundinguptothenextwholenumber)andwill
continuetobeentitledtodesignatesuchpercentageofourdirectorsforsolongasitholdsatleast40%ofthenumberofsubordinatevotingsharesandmultiple
votingsharesoutstanding,providedthatthispercentagewillbereduced(i)tothegreaterofonedirectoror30%ofourdirectors(roundinguptothenextwhole
number)onceBainCapitalholdslessthan40%ofthesubordinatevotingsharesandmultiplevotingsharesoutstanding,(ii)tothegreaterofonedirectoror10%of
ourdirectors(roundinguptothenextwholenumber)onceBainCapitalholdslessthan20%ofthesubordinatevotingsharesandmultiplevotingshares
outstanding,and(iii)tononeonceBainCapitalholdslessthan5%ofthesubordinatevotingsharesandmultiplevotingsharesoutstanding.DTRLLCwillbe
entitledtodesignateonedirectorforaslongasitholds5%ormoreofthesubordinatevotingshareandmultiplevotingsharesoutstanding.

ThenominationrightscontainedintheInvestorRightsAgreementwillprovidethatBainCapitalandDTRLLC,attherelevanttime,willcastallvotestowhich
theyareentitledtoelectdirectorsdesignatedinaccordancewiththetermsandconditionsoftheInvestorRightsAgreement.

Management Agreement
InconnectionwiththeAcquisition,onDecember9,2013weenteredintoaManagementAgreementwithcertainaffiliatesofBainCapital,L.P.,whichwereferto
astheManagerforatermoffiveyears,pursuanttowhichtheManagerprovidesuswithcertainbusinessconsultingservices.Inexchangefortheseservices,we
paytheManageraquarterlyfeeequaltofour-tenthsofonepercent(0.4%)ofourtotalrevenuegeneratedduringthecalendarquarterbeginningsixmonthspriorto
suchpaymentdate,nottoexceed$2millionperyear.Inaddition,theManagerisentitledtoatransactionfeeinconnectionwithanyfinancing,acquisition,
dispositionorchangeofcontroltransaction.Thefeespaidfortheseservices,includingtransactionfeesinconnectionwiththeAcquisition,wereUS$0.8million,
US$0.7millionandUS$1.5million,respectivelyforfiscal2016,fiscal2015andfiscal2014.WealsoreimbursetheManagerforout-of-pocketexpensesincurred
inconnectionwiththeprovisionoftheservices.TheManagementAgreementincludescustomaryexculpationandindemnificationprovisionsinfavorofthe
Manageranditsaffiliates.TheManagementAgreementwillterminatepursuanttoitstermsupontheconsummationofthisoffering,atwhichtimewewillpaythe
Manageralumpsumamountof$9.6million.TheindemnificationandexculpationprovisionsinfavoroftheManagerwillsurvivesuchtermination.

Promissory Notes and Continuing Subscription Agreement

InconnectionwiththeAcquisition,onDecember9,2013,we(i)issuedaSeniorConvertibleSubordinatedNoteandaJuniorConvertibleSubordinatedNoteto
BainCapital,whichwerefertoastheSubordinatedPromissoryNotes,and(ii)enteredintoaContinuingSubscriptionAgreementwithBainCapital.TheSenior
ConvertibleSubordinatedNotewasissuedintheamountof$79.716million,andbearinginterestatarateof6.7%peryear.Anyaccruedandunpaidinterestonthe
principalamountofeachSubordinatedPromissoryNotewaspayableincashannuallyonthelastbusinessdayofNovembereachyear.PursuanttotheContinuing
SubscriptionAgreement,asubstantialportionoftheinterestpaidtoBainCapitalontheSubordinatedPromissoryNoteseachyearwasreinvestedintheformof(i)
asubscriptionforClassAJuniorPreferredSharesand(ii)anadditionalloanundertheJuniorConvertibleSubordinatedNote.Asaresult,sinceDecember9,2013,
weissuedanaggregateof3,426,892ClassAJuniorPreferredShares,foranaggregatesubscriptionpriceof$3,726,904,andborrowedtheaggregateamountof
$5,590,354undertheJuniorConvertibleSubordinatedNote,alsobearinginterestatarateof6.7%peryear.InconnectionwiththeRecapitalization,on
December2,2016theentireunpaidprincipalandaccruedinterestamountswererepaid,allissuedandoutstandingClassAJuniorPreferredShareswereredeemed
andtheContinuingSubscriptionAgreementwasterminated.SeeRecapitalization.

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Promissory Note from DTR LLC

AspartoftheRecapitalization,wereceivedanon-interestbearingpromissorynoteintheamountof$63.6millionfromDTRLLC,anentityindirectlycontrolled
byourPresidentandChiefExecutiveOfficer,whichwerefertoastheDTRPromissoryNote.TheDTRPromissoryNoteissecuredbyapledgeof63,576,003
ClassDPreferredSharesheldbyDTRLLC.OnJanuary31,2017,allofourClassDPreferredShareswereredeemedbythecompanyinexchangeforthe
cancellationoftheDTRPromissoryNote.

Interest of Management and Others in Material Transactions

Exceptassetoutaboveordescribedelsewhereinthisprospectus,therearenomaterialinterests,directorindirect,ofanyofourdirectorsorexecutiveofficers,any
shareholderthatbeneficiallyowns,orcontrolsordirects(directlyorindirectly),morethan10%ofanyclassorseriesofouroutstandingvotingsecurities,orany
associateoraffiliateofanyoftheforegoingpersons,inanytransactionwithinthethreeyearsbeforethedateinthisprospectusthathasmateriallyaffectedoris
reasonablyexpectedtomateriallyaffectusoranyofoursubsidiaries.

Indebtedness of Directors, Executive Officers and Employees

Exceptassetoutaboveordescribedelsewhereinthisprospectus,asofthedateofthisprospectus,noneofourdirectors,executiveofficers,employees,former
directors,formerexecutiveofficersorformeremployeesoranyofoursubsidiaries,andnoneoftheirrespectiveassociates,isindebtedtousoranyofour
subsidiariesoranotherentitywhoseindebtednessisthesubjectofaguarantee,supportagreement,letterofcreditorothersimilaragreementorunderstanding
providedbyusoranyofoursubsidiaries,except,asthecasemaybe,forroutineindebtednessasdefinedunderapplicablesecuritieslegislations.

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Principal and Selling Shareholders

ThefollowingtablesetsforthinformationrelatingtothebeneficialownershipofoursharesasofMarch1,2017,by:

eachperson,orgroupofaffiliatedpersons,knownbyustobeneficiallyownmorethan5%ofouroutstandingshares,whichincludescertainofthe

sellingshareholders;

eachoftheothersellingshareholders;

eachofourdirectors;

eachofournamedexecutiveofficers;and

alldirectorsandexecutiveofficersasagroup.

BeneficialownershipisdeterminedinaccordancewithSECrules.Theinformationisnotnecessarilyindicativeofbeneficialownershipforanyotherpurpose.In
general,undertheserulesabeneficialownerofasecurityincludesanypersonwho,directlyorindirectly,throughanycontract,arrangement,understanding,
relationshiporotherwisehasorsharesvotingpowerorinvestmentpowerwithrespecttosuchsecurity.Apersonisalsodeemedtobeabeneficialownerofa
securityifthatpersonhastherighttoacquirebeneficialownershipofsuchsecuritywithin60days.Exceptasotherwiseindicated,andsubjecttoapplicable
communitypropertylaws,thepersonsnamedinthetablehavesolevotingandinvestmentpowerwithrespecttoallsharesheldbythatperson.

Thepercentageofvotingsharesbeneficiallyownediscomputedonthebasisof100,000,000multiplevotingsharesandnosubordinatevotingsharesoutstanding
priortothisoffering.Sharesthatapersonhastherighttoacquirewithin60daysofthisofferingaredeemedoutstandingforpurposesofcomputingthepercentage
ownershipofsuchpersonsholdings,butarenotdeemedoutstandingforpurposesofcomputingthepercentageownershipofanyotherperson,exceptwithrespect
tothepercentageownershipofalldirectorsandexecutiveofficersasagroup.Unlessotherwiseindicatedbelow,theaddressforeachbeneficialownerlistedisc/o
CanadaGooseHoldingsInc.,250BowieAvenue,Toronto,Ontario,Canada,M6E4Y2.

Shares Beneficially Owned Shares Beneficially Owned % of Total

Prior to the Offering % of Total Number of After the Offering Voting Power
Subordinate Multiple Voting Voting Power Subordinate Subordinate Multiple Voting After Our
Voting Shares Shares Before Our Voting Voting Shares Shares Initial Public
(Name and address of Initial Public Shares Offering(1)
beneficial owner) Number Percent Number Percent Offering(1) Offered(2) Number Percent Number Percent (2)
5% shareholders:
BainCapitalEntity(3) 70,000,000 70% 70% 7,226,054 (4) (4) 60,415,708(4) 57%(4) 68%(4)
DaniReiss(5) 30,000,000 30% 30% 4,107,554 (6) (6) 25,892,446(6) 24%(6) 29%(6)
Other selling shareholders:
CombinedJewishPhilanthropiesofGreater
Boston,Inc.(7) 454,175 * * 454,175
FidelityInvestmentsCharitableGift
Fund(7) 1,904,063 * * 1,904,063
Directors and named executive officers:
JoshuaBekenstein(8)
RyanCotton(8)
StephenGunn
Jean-MarcHut
ScottCameron(9)
PaulRiddlestone(9)(10)
Allexecutiveofficersanddirectorsasa
group(18persons)(10)(11) 656,205 * 30,000,000 30% 30% 4,107,554 656,205 * 25,892,446 30% 29%

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* Lessthan1%.
(1) Percentageoftotalvotingpowerrepresentsvotingpowerwithrespecttoallofourmultiplevotingandsubordinatevotingshares,asasingleclass.The
holdersofourmultiplevotingsharesareentitledto10votespershare,andholdersofoursubordinatevotingsharesareentitledtoonevotepershare.For
moreinformationaboutthevotingrightsofourmultiplevotingsharesandsubordinatevotingshares,seeDescriptionofShareCapitalAuthorizedShare
Capital.
(2) Assumesnoexerciseoftheunderwritersover-allotmentoptiontopurchaseupto3,000,000additionalsubordinatevotingsharesfromcertainoftheselling
shareholders.SeeUnderwriting.
(3) IncludessharesregisteredinthenameofBrent(BC)ParticipationS.r.l(theBainCapitalEntity),whichisownedbyBrent(BC)S.r.l,whichinturnis
ownedbyBainCapitalIntegralInvestors2008,L.P.BainCapitalInvestors,LLC(BCI)isthegeneralpartnerofBainCapitalIntegralInvestors2008,L.P.
Thegovernance,investmentstrategyanddecision-makingprocesswithrespecttoinvestmentsheldbytheBainCapitalEntityisdirectedbytheGlobal
PrivateEquityBoardofBCI.Asaresultoftherelationshipsdescribedabove,BCImaybedeemedtosharebeneficialownershipofthesharesheldbythe
BainCapitalEntity.TheBainCapitalEntityhasanaddressc/oBainCapitalPrivateEquity,LP,200ClarendonStreet,Boston,Massachusetts02116.The
numberofsharesownedbeforethisofferinggiveseffecttothecharitablecontributionsbycertainpartnersorotheremployeesofcertainentitiesaffiliated
withtheBainCapitalEntityonMarch15,2017inrespectofsharespreviouslyheldbytheBainCapitalEntity,asdescribedinFootnote7below.
(4) Onafully-dilutedbasis,60,415,708multiplevotingsharesandnosubordinatevotingshares,representing68%ofthetotalvotingpowerofoursharesupon
completionofthisoffering(58,315,708multiplevotingsharesandnosubordinatevotingshares,representing68%ofthetotalvotingpowerofourshares,
assumingtheexerciseinfulloftheunderwritersover-allotmentoptiontopurchaseadditionalsubordinatevotingshares).
(5) IncludessharesregisteredinthenameofDTRLLC,anentityindirectlycontrolledbyDaniReiss.AsatDecember31,2016,DTRLLCalsoheld63,576,003
ClassDPreferredShares;subsequently,onJanuary31,2017,theClassDPreferredShareswereredeemedinsettlementoftheDTRPromissoryNote.
(6) Onafully-dilutedbasis,25,892,446multiplevotingsharesandnosubordinatevotingshares,representing29%ofthetotalvotingpowerofoursharesupon
completionofthisoffering(24,992,446multiplevotingsharesandnosubordinatevotingshares,representing29%ofthetotalvotingpowerofourshares
assumingtheexerciseinfulloftheunderwritersoptiontopurchaseadditionalsubordinatevotingshares).
(7) Representssubordinatevotingsharesreceivedbysuchentityasacharitablecontributionfromcertainpartnersorotheremployeesofcertainentitiesaffiliated
withtheBainCapitalEntityonMarch15,2017.TheaddressoftheCombinedJewishPhilanthropiesofGreaterBoston,Inc.is126HighStreet,Boston,
Massachusetts02110.TheaddressofFidelityInvestmentsCharitableGiftFundis200SeaportBoulevard,Z3B,Boston,Massachusetts02210.
(8) DoesnotincludesharesheldbytheBainCapitalEntity.EachofMessrs.CottonandBekensteinisaManagingDirectorofBCIandasaresultmaybe
deemedtosharebeneficialownershipofthesharesheldbytheBainCapitalEntity.TheaddressforMessrs.CottonandBekensteinisc/oBainCapital
PrivateEquity,LP,200ClarendonStreet,Boston,Massachusetts02116.
(9) Mr.Cameronholdsnovestedoptions.Mr.Riddlestoneiscontractuallyrestrictedfromexercisinganyoptionsthatotherwisewouldhavevesteduntilthe
expirationofthelockupperiodpursuanttothetermsofhisseparationagreement.
(10) Mr.RiddlestonesemploymentwiththecompanyterminatedonJanuary10,2017.
(11) Includes656,205vestedoptionsgrantedundertheLegacyOptionPlanwhichareexercisableintosubordinatevotingshares.

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Description of Indebtedness

We summarize below certain terms and provisions of the agreements that govern our asset-based Revolving Facility and our Term Loan Facility. We refer you to
the exhibits to the registration statement relating to this offering for a copy of the agreements governing the senior secured credit facilities described below as this
summary does not purport to be complete and is subject to, and is qualified in its entirety by reference to, all of the provisions of the applicable agreements. Unless
noted otherwise, dollar amounts herein are Canadian dollars.

Revolving Facility
General
OnJune3,2016,CanadaGooseHoldingsInc.anditswholly-ownedsubsidiaries,CanadaGooseInc.(CGIBorrower)andCanadaGooseInternationalAG
(SwissBorrower),enteredintoaseniorsecuredasset-basedrevolvingfacility(theRevolvingFacility),withCanadianImperialBankofCommerce,as
administrativeagent,andcertainfinancialinstitutionsaslenders.TheRevolvingFacilityhascommitmentsof$150.0millionwithaseasonalincreaseofupto
$200.0millionduringpeakseason(June1throughNovember30,thePeakSeason).Inaddition,theRevolvingFacilityincludesaletterofcreditsub-facilityof
$25.0million.InrespectoflettersofcreditissuedinacurrencyotherthanCanadiandollars,U.S.dollarsorEuros,theletterofcreditsub-facilityiscappedat$5.0
millioninsuchalternativecurrency.

TheborrowingbaseundertheRevolvingFacility,subjecttocertainexceptionsandcustomaryreserves,equals(i)withrespecttoCGIBorrower,thesumof(a)
90%ofeligiblecreditcardreceivables,(b)90%ofcreditenhancedeligibletradereceivables(or85%ofnon-creditenhancedeligibletradereceivables)and(c)
90%(or92.5%duringPeakSeason)oftheappraisednetorderlyliquidationvalueofeligibleinventory(includingeligiblein-transitinventoryandeligibleletterof
creditinventory),ineachcase,ofCGIBorrowerandotherCGIborrowingbaseparties(theCGIBorrowingBase)and(ii)withrespecttoSwissBorrower,the
sumof(a)90%ofeligiblecreditcardreceivables,(b)90%ofcreditenhancedeligibletradereceivables(or85%ofnon-creditenhancedeligibletradereceivables)
and(c)90%(or92.5%duringPeakSeason)oftheappraisednetorderlyliquidationvalueofeligibleinventory,ineachcase,ofSwissBorrowerandanyother
Swissborrowingbaseparties(theSwissBorrowingBase).

AsofDecember31,2016wehad$59.8millionoutstandingundertheRevolvingFacility.AmountsundertheRevolvingFacilitymaybeborrowed,repaidandre-
borrowedtofundourgeneralcorporatepurposes.

Interest Rates and Fees

LoansundertheRevolvingFacility,atouroptionmaybemaintainedfromtimetotimeas(a)PrimeRateLoans,whichbearinterestatarateperannumequalto
theApplicableMarginforPrimeRateLoansplusthePrimeRate,(b)BankersAcceptancesfundedonadiscountedproceedsbasisgiventhepublisheddiscount
rateplusarateperannumequaltotheApplicableMarginforstampingfees,(c)ABRLoans,whichbearinterestatarateperannumequaltotheApplicableMargin
forABRLoansplustheABR,(d)EuropeanBaseRateLoans,whichbearinterestatarateperannumequaltotheApplicableMarginforEuropeanBaseRate
LoansplustheEuropeanBaseRate,(e)LIBORLoans,whichbearinterestatarateperannumequaltotheApplicableMarginforLIBORLoansplustheLIBO
Rateor(f)EURIBORLoans,whichbearinterestatarateperannumequaltotheApplicableMarginforEURIBORLoansplustheapplicableEURIBOR.

AcommitmentfeewillbechargedontheaveragedailyunusedportionoftheRevolvingFacilityof0.25%perannumifaverageutilizationundertheRevolving
Facilityisgreaterthan50%or0.375%ifaverageutilizationundertheRevolvingFacilityislessthan50%.Aletterofcreditfee,withrespecttostandbylettersof
creditwillaccrueontheaggregatefaceamountofoutstandinglettersofcreditundertheRevolvingFacilityequaltothe

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relevantApplicableMarginforLIBORLoans,and,withrespecttotradeorcommerciallettersofcredit,50%ofthethenapplicableApplicableMarginonLIBOR
Loans.Afrontingfeewillbechargedontheaggregatefaceamountofoutstandinglettersofcreditequalto0.125%perannum.Inaddition,wepaythe
administrativeagentundertheRevolvingFacilityamonitoringfeeof$1,000permonth.

Currencies
BorrowingwillbeavailableundertheRevolvingFacilityinU.S.dollars,Canadiandollars,Eurosand,subjecttoanaggregatecapof$40.0million,suchother
currenciesasareapprovedinaccordancewiththecreditagreementgoverningtheRevolvingFacility,subjecttoanyotheritemsandconditionsrequiredbythe
administrativeagentandthelenders.

Collateral; Guarantees
AllobligationsundertheRevolvingFacilityareunconditionallyguaranteedbyCanadaGooseHoldingsInc.andsubjecttocertainexceptions,ourU.S.,Swiss,
U.K.andCanadiansubsidiaries,whichwerefertoastheABLLoanParties.AllobligationsundertheRevolvingFacility,andtheguaranteesofthoseobligations,
aresecured,subjectineachcasetocertainexceptionsandthresholds,(i)onafirstprioritybasisbysubstantiallyallpersonalpropertyoftheABLLoanParties
consistingofaccountsreceivable,inventory,cash,depositaccounts,securitiesaccounts,commodityaccountsandproceedsthereof(theCurrentAssetCollateral)
and(ii)onasecondprioritybasis,(x)byapledgeofallcapitalstockoftheCGIBorrowerandallofthecapitalstockinmaterialwholly-ownedrestricted
subsidiariesdirectlyheldbytheABLLoanParties(otherthananycapitalstockinmaterialwholly-ownedrestrictedsubsidiariesdirectlyheldbySwissBorrower,
which,ifany,issecuredundertheRevolvingFacilityonafirstprioritybasis)(thePledgedCollateral),(y)byallmaterialfee-ownedrealpropertyandequipment
oftheABLLoanParties(otherthananymaterialfee-ownedrealpropertyandequipmentofSwissBorrower,which,ifany,issecuredundertheRevolvingFacility
onafirstprioritybasis)(thePP&ECollateral),and(z)bysubstantiallyallotherpersonalpropertyoftheABLLoanParties(otherthananyotherpersonal
propertyofSwissBorrower,whichissecuredundertheRevolvingFacilityonafirstprioritybasis).

Maturity; Prepayments
ThematuritydateoftheRevolvingFacilityisJune3,2021.

ExceptwithrespecttoprotectiveadvancesundertheRevolvingFacility,ifatanytime(a)theaggregateamountoutstandingundertheRevolvingFacilityexceeds
thelesserof(i)thetotalrevolvingcommitmentamountatsuchtimeand(ii)theaggregateborrowingbaseatsuchtime(suchlesseramount,theLineCap),
(b)theaggregateamountoutstandingtotheSwissBorrowerexceedsthelinecapundertheSwissBorrowingBaseor(c)theaggregateamountoutstandingtothe
CGIBorrowerexceedsthelinecapundertheCGIBorrowingBase,thenwearerequiredtorepayoutstandingloansand/orcashcollateralizelettersofcreditinan
aggregateamountequaltosuchexcess,withnoreductionofthecommitmentamount.

VoluntaryprepaymentsoftheRevolvingFacilityandvoluntaryreductionsoftheunutilizedportionofthecommitmentamountmaybemadeatanytime(subjectto
minimumrepaymentamountsandcustomarynoticeperiods)withoutpremiumorpenalty,otherthancustomarybreakagecosts,ifapplicable.

Uncommitted Incremental Facility

Weareable,atouroptionandsubjecttocertainotherconditionsdescribedinthecreditagreementgoverningourRevolvingFacility,torequestthattheRevolving
Facilitybeincreasedinanaggregateamountnottoexceed$100.0million.

Amortization
ThereisnoscheduledamortizationunderourRevolvingFacility.

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Covenants
TheRevolvingFacilitycontainsanumberofcustomaryaffirmativecovenantsandcustomarynegativecovenantsthat,amongotherthings,limitorrestrictthe
abilityofCGIBorroweranditsrestrictedsubsidiaries,and,inthecaseofthepassiveactivitycovenantdescribedbelow,CanadaGooseHoldingsInc.sabilityto
(ineachcase,subjecttocertainexceptions):

incuradditionalindebtedness(includingguaranteeobligations);

incurliens;

engageincertainfundamentalchanges,includingchangesinthenatureofbusiness,mergers,amalgamations,liquidationsanddissolutions;

sellassets;

paydividendsormakedistributions,andmakesharerepurchasesandredemptions;

makeacquisitions,investments,loansandadvances;

prepayormodifythetermsofcertainsubordinatedindebtedness;

modifyorganizationaldocuments;

engageincertaintransactionswithaffiliates;

inthecaseofCanadaGooseHoldingsInc.,engageinactivitiesotherthanasapassiveholdingcompany;

changeourfiscalyear;and

enterintonegativepledgeclausesandclausesrestrictingsubsidiarydistributions.

Financial Covenant
TheRevolvingFacilitycontainsaspringingconsolidatedfixedchargecoverageratiofinancialcovenantthatrequiresustomaintainafixedchargecoverageratio
ofatleast1.00to1.00whenExcessAvailabilityfallsbelowthegreaterof(i)$7.5millionand(ii)10%oftheLineCap,whichfinancialcovenantwillbetestedon
atrailingfourquarterbasisimmediatelyupontriggerbasedonthemostrecentlycompletedfiscalquarterforwhichfinancialstatementswererequiredtobe
deliveredandonthelastdayofeachsubsequentlycompletedfiscalquarterofCGIBorroweruntilExcessAvailabilityexceedsthethresholdspecifiedabovefor30
consecutivecalendardays.ExcessAvailabilityundertheRevolvingFacilityequalstheremainderof(i)thesumof(x)theLineCapplus(y)theamountof
unrestrictedcashandcashequivalentsofCGIBorrowerandtheguarantorsthatareheldinaccountsforwhichtheadministrativeagentundertheRevolving
Facilityhasaccountcontrolagreementsinplace,plus(z)theamount,ifany,bywhichtheaggregateborrowingbaseundertheRevolvingFacilityexceedsthe
aggregatecommitmentsundertheRevolvingFacility,over(ii)thesumof(x)theaggregateprincipalamountofalloutstandingloans(includingswinglineloans)
undertheRevolvingFacilityand(y)alloutstandinglettersofcreditundertheRevolvingFacility(plus,withoutduplication,allunreimburseddisbursementswith
respecttoanylettersofcreditundertheRevolvingFacility).

Events of Default
TheRevolvingFacilityprovidesforcustomaryeventsofdefault(ineachcase,subjecttocustomarygraceperiods,basketsandmaterialitythresholds),including(i)
nonpaymentofanyprincipal,interestorfees,subjecttoapplicablegraceperiods,(ii)failuretoperformorobserveanycovenants,subjecttoapplicablegrace
periods,(iii)materialinaccuracyofrepresentationsandwarranties,(iv)cross-defaulttoindebtednessover$20million(subjecttocertainlimitationsinthecaseof
defaultsundertheTermLoanFacility),(v)bankruptcyevents,(vi)judgmentswithrespecttowhich$20millionormoreisnotcoveredbyinsuranceorindemnities
ifnot

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satisfiedwithin60daysofentrythereof,(vii)invalidityofanysecurityorguaranteedocument,(viii)changeofcontrol,(ix)suspensionoftheoperationof
business,orliquidationofallorsubstantiallyalloftheassets,ineachcaseofCGIBorrower,SwissBorrowerandtheguarantors,takenasawhole,(x)ERISAor
CanadianPensionPlanliabilitieswhichresultinamaterialadverseeffectand(xi)failuretomaintainseniorityofsecurityinterest.

Upontheoccurrenceofaneventofdefaultthatiscontinuingandabsentawaiveroranamendmentfromthelenders,theadministrativeagentatthediscretionof
therequiredlenders,canterminatethecommitmentsandacceleratepaymentofalloutstandingobligationsundertheRevolvingFacility,subjectto,inthecaseofa
financialcovenantdefault,theapplicablecureperiod.

Term Loan Facility

General
OnDecember2,2016(theTermLoanClosingDate),CanadaGooseHoldingsInc.andCanadaGooseInc.(theBorrower)enteredintoaseniorsecuredterm
loanfacility(theTermLoanFacility),withCreditSuisseAG,CaymanIslandsBranch,asadministrativeagentandcollateralagent,andcertainfinancial
institutionsaslenders.TheoriginalaggregateprincipalamountofthetermloansborrowedundertheTermLoanFacilitywasapproximately$216.7million,which
wereadvancedinU.S.dollarsandneedtoberepaidinU.S.dollars(approximatelyUS$162.6million).

TheproceedsofthetermloansborrowedundertheTermLoanFacilitywereusedtoeffectthestepsdescribedinthisprospectusunderRecapitalization,topay
transactionexpensesinconnectionwiththeclosingoftheTermLoanFacilityandforothergeneralcorporatepurposes.

AsofDecember31,2016,wehadapproximately$218.3millionaggregateprincipalamountoftermloansoutstandingundertheTermLoanFacility.Amounts
prepaidorrepaidundertheTermLoanFacilitymaynotbere-borrowed.

Interest Rates and Fees

TheinitialinterestrateonthetermloansoutstandingundertheTermLoanFacilityistheLIBORRate(subjecttoaminimumrateof1.00%perannum)plusan
ApplicableMarginof5.00%.ThetermloanscanalsobemaintainedasABRLoanswhichbearinterestatABRplusanApplicableMarginwhichis1.00%lessthan
thatforLIBORloans.Effectiveonthefirstdayimmediatelyfollowingthe180-dayanniversaryoftheTermLoanClosingDateand,thelastdayofeachthree-
monthperiodthereafter,theApplicableMarginshallincreaseby0.50%,if,uponthecompletionofthisofferingandaftergivingeffecttotheprepaymentofterm
loansundertheTermLoanFacilitywiththenetcashproceedsfromthisoffering,theBorrowersconsolidatedtotalnetleverageratioisnotequaltoorlessthan
2.50to1.00;provided,however,thattheApplicableMarginshallnot,atanytime,exceedfortermloansthatareLIBORLoans,7.00%,andforInitialTermLoans
thatareABRLoans,6.00%.Ifuponthecompletionofthisoffering(oranyotherunderwrittenprimarypublicofferingofcommonequitybytheBorrowerorany
directorindirectparentthereof)andaftergivingeffecttotheprepaymentoftermloansundertheTermLoanFacilitywiththenetcashproceedsfromthisoffering,
theBorrowerhasaconsolidatedtotalnetleverageratiooflessthanorequalto2.50to1.00,theApplicableMarginthenineffectshallnotfluctuateandbe
permanentlyreducedby1.00%.WehavenotyetdeterminedwhattheconsolidatedtotalnetleverageratiooftheBorrowerwillbefollowingthecompletionofthis
offering.

Collateral; Guarantees
AllobligationsundertheTermLoanFacilityareunconditionallyguaranteedbyCanadaGooseHoldingsInc.and,subjecttocertainexceptions,ourU.S.,U.K.and
Canadiansubsidiaries(theTermLoanParties).AllobligationsundertheTermLoanFacility,andtheguaranteesofthoseobligations,aresecured,subject,in
each

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case,tocertainexceptionsandthresholds,(i)onafirstprioritybasis,(x)byapledgeofthePledgedCollateraldirectlyheldbytheTermLoanParties,(y)bythe
PP&ECollateraloftheTermLoanParties,and(z)bysubstantiallyallotherpersonalpropertyoftheTermLoanPartiesand(ii)onasecondprioritybasis,bythe
CurrentAssetCollateraloftheTermLoanParties.

Maturity; Prepayments
ThematuritydateoftheTermLoanFacilityisDecember2,2021.

WearerequiredtoprepayoutstandingtermloansundertheTermLoanFacilitywiththeproceedsofnon-ordinarycourseassetsalesandcasualtyand
condemnationevents(ineachcase,subjecttocertainexceptionsandcustomaryreinvestmentrights)andcertainissuancesofindebtedness(otherthancertain
permittedindebtedness).Apercentage(tobedeterminedbasedupontheBorrowersconsolidatedfirstliennetleverageratioasofthetestperiodendedonthelast
dayoftheapplicablefiscalyear)ofourexcesscashflow(asdefinedinthecreditagreement)foreachfiscalyearmustalsobeappliedtoprepaytermloans
outstandingundertheTermLoanFacilitycommencingwithandincludingthefiscalyearendingMarch31,2018,exceptthatsuchprepaymentisonlyrequiredin
respectofanyfiscalyeartotheextentthattheexcesscashflowprepaymentamountforsuchfiscalyearexceeds$5.0million.

Withintenbusinessdaysofreceiptofthenetcashproceedsofthisoffering(oranyotherunderwrittenprimarypublicofferingofcommonequitybytheBorrower
oranydirectorindirectparentthereof),untilsuchtimeastheBorrowerhasprepaidtermloansundertheTermLoanFacilitywiththeproceedsofthisoffering(or
anysuchotheroffering),suchthattheBorrowersconsolidatedtotalnetleverageratioisequaltoorlessthan2.50to1.00,theBorrowermustprepay(orcauseto
prepay),inaccordancewiththecreditagreementgoverningtheTermLoanFacility,termloansundertheTermLoanFacilityinanaggregateprincipalamount
equaltothelesserof(i)100.0%ofthenetcashproceedsfromsuchofferingand(ii)anamountofsuchnetcashproceedssuchthat,aftergivingproformaeffectto
suchprepaymentoftermloanswithsuchamount,theBorrowersconsolidatedtotalnetleverageratiowouldbeequalto2.50to1.00.

VoluntaryprepaymentsoftheTermLoanFacilitymaybemadeatanytime(subjecttominimumrepaymentamountsandcustomarynoticeperiods)without
premiumorpenalty,otherthancustomarybreakagecosts,ifapplicable.

Uncommitted Incremental Facility

Weareable,atouroptionandsubjecttocertainotherconditionsdescribedinthecreditagreementgoverningourTermLoanFacility,torequestthatthetermloans
undertheTermLoanFacilitybeincreased,oradditionaltermloansbeincurredorrevolvingfacilitiesbeestablishedundertheTermLoanFacility,inanaggregate
principalamountupto(i)atanydateofdeterminationoccurringduringtheperiodfromtheTermLoanClosingDateuntiltheearliertooccurof(x)the180-day
anniversaryoftheTermLoanClosingDateand(y)consummationofanissuancebytheBorroweroranydirectorindirectparentthereofofitscommonequityin
anunderwrittenprimarypublicofferingthat,aftergivingeffecttotheprepaymentoftermloansundertheTermLoanFacilitywiththenetcashproceedstherefrom,
resultsinaconsolidatedtotalnetleverageratiooftheBorrowerthatisnotgreaterthan2.50to1.00andtheprepaymentofthetermloansundertheTermLoan
FacilitywithnetcashproceedstherefrominaccordancewiththecreditagreementgoverningtheTermLoanFacility,$40.0millionand(ii)atanydateof
determinationthereafter,(x)anamountequaltothegreaterof(I)$80.0millionand(II)100.0%ofConsolidatedEBITDA(asdefinedinthecreditagreement
governingtheTermLoanFacility)forthemostrecentlyendedfourfiscalquarterperiodforwhichfinancialstatementshavebeendeliveredundertheTermLoan
Facility,plus(y)allvoluntaryprepaymentsofthetermloansundertheTermLoanFacilityandpermanentcommitmentreductionsundertheRevolvingFacility
(excepttotheextentfundedwithproceedsfromincurrencesoflong-termindebtedness),plus(z)anunlimitedamountsolongas,underthisclause(z)only,such
amountatsuchtimecouldbeincurredwithoutcausing,(1)inthecaseofdebtsecuredonaparipassubasiswiththeTermLoan

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Facility,theproformaconsolidatedfirstliennetleverageratiooftheBorrowertoexceed3.75to1.00or(2)inthecaseofdebtthatisunsecuredorsecuredona
juniorbasistotheTermLoanFacility(excluding,fortheavoidanceofdoubt,debtundertheRevolvingFacility),theproformaconsolidatedtotalnetleverageratio
oftheBorrowertoexceed5.50to1.00.

Amortization
ThetermloansundertheTermLoanFacilityamortizeinequalquarterlyinstallmentsinanaggregateannualamountequalto1%oftheoriginalprincipalamount
thereof,payableonthelastbusinessdayofeachMarch,June,SeptemberandDecember,commencingwiththelastbusinessdayofthesecondfullfiscalquarter
endingaftertheclosingdateoftheTermLoanFacility.ThebalanceoftheoutstandingtermloansispayableonthefifthanniversaryoftheTermLoanClosing
Date.

Covenants
TheTermLoanFacilitycontainsanumberofcustomaryaffirmativecovenantsandcustomarynegativecovenantsthat,amongotherthings,limitorrestrictthe
abilityoftheBorroweranditsrestrictedsubsidiaries,and,inthecaseofthepassiveactivitycovenantdescribedbelow,CanadaGooseHoldingsInc.sabilityto(in
eachcase,subjecttocertainexceptions):

incuradditionalindebtedness(includingguaranteeobligations);

incurliens;

engageincertainfundamentalchanges,includingchangesinthenatureofbusiness,mergers,amalgamations,liquidationsanddissolutions;

sellassets;

paydividendsormakedistributions,andmakesharerepurchasesandredemptions;

makeacquisitions,investments,loansandadvances;

prepayormodifythetermsofcertainsubordinatedindebtedness;

modifyorganizationaldocuments;

engageincertaintransactionswithaffiliates;

inthecaseofCanadaGooseHoldingsInc.,engageinactivitiesotherthanasapassiveholdingcompany;

changeourfiscalyear;and

enterclausesrestrictingsubsidiarydistributions.

ThereisnofinancialmaintenancecovenantundertheTermLoanFacility.

Events of Default
TheTermLoanFacilityprovidesforcustomaryeventsofdefault(ineachcase,subjecttocustomarygraceperiods,basketsandmaterialitythresholds),including
(i)nonpaymentofanyprincipal,interestorfees,subjecttoapplicablegraceperiods,(ii)failuretoperformorobserveanycovenants,subjecttoapplicablegrace
periods,(iii)materialinaccuracyofrepresentationsandwarranties,(iv)cross-defaulttoindebtednessover$20million(subjecttocertainlimitationsinthecaseof
defaultsundertheRevolvingFacility),(v)bankruptcyevents,(vi)judgmentswithrespecttowhich$20millionormoreisnotcoveredbyinsuranceorindemnities
ifnotsatisfiedwithin60daysofentrythereof,(vii)invalidityofanysecurityorguaranteedocument,(viii)changeofcontrol,(ix)ERISAorCanadianPensionPlan
liabilitieswhichresultinamaterialadverseeffect,and(x)failuretomaintainseniorityofsecurityinterest.

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Upontheoccurrenceofaneventofdefaultandabsentawaiveroranamendmentfromthelenders,theadministrativeagent,atthedirectionoftherequiredlenders,
canacceleratepaymentofalloutstandingobligationsundertheTermLoanFacility.

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Description of Share Capital

General
FollowingtheRecapitalization,asofDecember2,2016,ownershipofoursecuritieswasasfollows:

100,000,000ClassACommonSharesoutstandingandheldbyinvestmentfundsadvisedbyBainCapitalandbyDTRLLC,anentityindirectly

controlledbyDaniReiss;

63,576,003ClassDPreferredSharesheldbyDTRLLC;and

noClassBCommonShares,ClassASeniorPreferredShares,ClassBSeniorPreferredShares,ClassAJuniorPreferredShares,ClassBJunior

PreferredSharesorClassCJuniorPreferredShareswereissuedandoutstanding.

OnJanuary31,2017,allofourClassDPreferredShareswereredeemedbythecompanyforcancellationandtheDTRPromissoryNotewasextinguishedin
exchangefortheredemptionoftheClassDPreferredShares.SeeRecapitalization.

Inconnectionwiththisofferingweamendedandrestatedourarticlesinorderto,amongotherthings:

amendandredesignateourClassACommonSharesasmultiplevotingshares;

eliminateourClassBCommonShares,ClassASeniorPreferredShares,ClassBSeniorPreferredShares,ClassAJuniorPreferredShares,ClassB

JuniorPreferredShares,ClassCJuniorPreferredSharesandtheClassDPreferredSharesfromoursharecapital;and

createoursubordinatevotingshares.

Ourarticlesalsoprovideforanunlimitednumberofpreferredshares,issuableinseries.Thefollowingisasummaryofthetermsofoursubordinatevotingshares,
multiplevotingsharesandpreferredshares,assetforthinourarticles,andcertainrelatedsectionsoftheBCBCA.Thefollowingsummaryissubjectto,andis
qualifiedinitsentiretybyreferenceto,theprovisionsofourarticlesandtheapplicableprovisionsoftheBCBCA.Youmayobtaincopiesofourarticlesas
describedunderWhereYouCanFindMoreInformationinthisprospectus.

Authorized Share Capital

Effectiveupontheclosingofthisoffering,oursharecapitalwillconsistofanunlimitednumberofsubordinatevotingshares,anunlimitednumberofmultiple
votingsharesandanunlimitednumberofpreferredshares,issuableinseries.Immediatelyfollowingtheclosingofthisoffering,weexpecttohave20,000,000
subordinatevotingsharesissuedandoutstandingand86,308,154multiplevotingsharesissuedandoutstanding(assuming,ineachcase,noexerciseoftheover-
allotmentoption),andnopreferredsharesissuedandoutstanding.Alloftheissuedandoutstandingmultiplevotingshareswill,directlyorindirectly,beheldby
BainCapital,DaniReissandtheirrespectivePermittedHolders(asdefinedbelow).

ThesubordinatevotingsharesarerestrictedsecuritieswithinthemeaningofsuchtermunderapplicablesecuritieslawsinCanada.Weareexemptfromthe
requirementsofSection12.3ofNationalInstrument41-101General Prospectus Requirements onthebasisthatwewereaprivateissuerwithinthemeaningof
suchtermunderapplicablesecuritieslawsinCanadaimmediatelybeforefilingthisprospectus.

WewillfileanundertakingwiththeOntarioSecuritiesCommissionpursuanttowhichwewillagreetoprovidereasonablepriornoticetotheOntarioSecurities
Commissionintheeventthatweintendtoissueaseriesofpreferredsharesthatwouldrestricttherightsofthesubordinatevotingshares,regardlessofanyexisting
restrictionsonthesubordinatevotingsharesduetotheexistenceofthemultiplevotingshares.

Subordinate Voting Shares and Multiple Voting Shares

Holdersofourmultiplevotingsharesareentitledto10votespermultiplevotingshareandholdersofsubordinatevotingsharesareentitledtoonevoteper
subordinatevotingshareonallmattersuponwhichholdersofsharesare

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entitledtovote.Aftergivingeffecttotheoffering,thesubordinatevotingshareswillcollectivelyrepresent19%ofourtotalissuedandoutstandingsharesand2%
ofthevotingpowerattachedtoallofourissuedandoutstandingshares(22%and3%,respectively,iftheover-allotmentoptionisexercisedinfull).Subjecttothe
priorrightsoftheholdersofourpreferredshares,theholdersofourmultiplevotingsharesandsubordinatevotingsharesareentitledtoreceivedividendsasand
whendeclaredbyourboardofdirectors,withoutpreferenceordistinctionamongorbetweenthesubordinatevotingsharesandthemultiplevotingshares.Seethe
sectionentitledDividendPolicy.Subjecttothepriorpaymenttotheholdersofourpreferredshares,intheeventofourliquidation,dissolutionorwinding-upor
otherdistributionofourassetsamongourshareholders,theholdersofourmultiplevotingsharesandsubordinatevotingsharesareentitledtoshareproratainthe
distributionofthebalanceofourassets,withoutpreferenceordistinctionamongorbetweenthesubordinatevotingsharesandthemultiplevotingshares.Holders
ofmultiplevotingsharesandsubordinatevotingshareshavenopre-emptiveorconversionorexchangerightsorothersubscriptionrights,exceptthateach
outstandingmultiplevotingsharemayatanytime,attheoptionoftheholder,beconvertedintoonesubordinatevotingshareandourmultiplevotingshareswill
automaticallyconvertintosharesofoursubordinatevotingsharesuponcertaintransfersandotherevents,asdescribedbelowunderConversion.Thereareno
redemption,retraction,purchaseforcancellationorsurrenderprovisionsorsinkingorpurchasefundprovisionsapplicabletooursubordinatevotingsharesor
multiplevotingshares.Thereisnoprovisioninourarticlesrequiringholdersofsubordinatevotingsharesormultiplevotingsharestocontributeadditionalcapital,
orpermittingorrestrictingtheissuanceofadditionalsecuritiesoranyothermaterialrestrictions.Thespecialrightsorrestrictionsattachedtothesubordinatevoting
sharesandmultiplevotingsharesaresubjecttoandmaybeadverselyaffectedby,therightsattachedtoanyseriesofpreferredsharesthatwemaydesignateinthe
future.

Conversion
Thesubordinatevotingsharesarenotconvertibleintoanyotherclassofshares.Eachoutstandingmultiplevotingsharemayatanytime,attheoptionoftheholder,
beconvertedintoonesubordinatevotingshare.UponthefirstdatethatanymultiplevotingshareshallbeheldbyapersonotherthanbyaPermittedHolder(as
definedbelow),thePermittedHolderwhichheldsuchmultiplevotingshareuntilsuchdate,withoutanyfurtheraction,shallautomaticallybedeemedtohave
exercisedhis,heroritsrightstoconvertsuchmultiplevotingshareintoafullypaidandnon-assessablesubordinatevotingshare.

Inaddition:

allmultiplevotingsharesheldbytheBainGroupPermittedHolderswillconvertautomaticallyintosubordinatevotingsharesatsuchtimeastheBain
GroupPermittedHoldersthatholdmultiplevotingsharesnolongerasagroupbeneficiallyown,directlyorindirectlyandintheaggregate,atleast
15%oftheissuedandoutstandingsubordinatevotingsharesandmultiplevotingshares;and

allmultiplevotingsharesheldbytheReissGroupPermittedHolderswillconvertautomaticallyintosubordinatevotingsharesatsuchtimethatisthe
earliertooccurofthefollowing:(i)theReissGroupPermittedHoldersthatholdmultiplevotingsharesnolongerasagroupbeneficiallyown,directly

orindirectlyandintheaggregate,atleast15%oftheissuedandoutstandingsubordinatevotingsharesandmultiplevotingshares,and(ii)DaniReiss
isnolongerservingasadirectororinaseniormanagementpositionatourcompany.

Forthepurposesoftheforegoing:
Affiliatemeans,withrespecttoanyspecifiedPerson,anyotherPersonwhichdirectlyorindirectlythroughoneormoreintermediariescontrols,iscontrolledby,
orisundercommoncontrolwithsuchspecifiedPerson;

BainGroupPermittedHoldersmeansBrent(B.C.)ParticipationS.r.l.andanyofitsAffiliates,andentitiescontrolled,directlyorindirectly,ormanagedby
BainCapitaloranAffiliateofBainCapital;

MembersoftheImmediateFamilymeanswithrespecttoanyindividual,eachparent(whetherbybirthoradoption),spouse,orchild(includinganystep-child)or
otherdescendants(whetherbybirthoradoption)ofsuch

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individual,eachspouseofanyoftheaforementionedPersons,eachtrustcreatedsolelyforthebenefitofsuchindividualand/oroneormoreoftheaforementioned
PersonsandeachlegalrepresentativeofsuchindividualorofanyaforementionedPersons(includingwithoutlimitationatutor,curator,mandatarydueto
incapacity,custodian,guardianortestamentaryexecutor),actinginsuchcapacityundertheauthorityofthelaw,anorderfromacompetenttribunal,awillora
mandateincaseofincapacityorsimilarinstrument.Forthepurposesofthisdefinition,aPersonshallbeconsideredthespouseofanindividualifsuchPersonis
legallymarriedtosuchindividual,livesinacivilunionwithsuchindividualoristhecommonlawpartner(asdefinedintheIncome Tax Act (Canada)asamended
fromtimetotime)ofsuchindividual.APersonwhowasthespouseofanindividualwithinthemeaningofthisparagraphimmediatelybeforethedeathofsuch
individualshallcontinuetobeconsideredaspouseofsuchindividualafterthedeathofsuchindividual;

PermittedHoldersmeansanyof(i)theBainGroupPermittedHolders,and(ii)theReissGroupPermittedHolders;

Personmeansanyindividual,partnership,corporation,company,association,trust,jointventureorlimitedliabilitycompany;

ReissGroupPermittedHoldersmeans(i)DaniReissandanyMembersoftheImmediateFamilyofDaniReiss,and(ii)anyPersoncontrolled,directlyor
indirectlybyoneormoreofthePersonsreferredtoinclause(i)above;and

APersoniscontrolledbyanotherPersonorotherPersonsif:(i)inthecaseofacompanyorotherbodycorporatewhereverorhoweverincorporated:
(A)securitiesentitledtovoteintheelectionofdirectorscarryingintheaggregateatleastamajorityofthevotesfortheelectionofdirectorsandrepresentinginthe
aggregateatleastamajorityoftheparticipating(equity)securitiesareheld,otherthanbywayofsecurityonly,directlyorindirectly,byorsolelyforthebenefitof
theotherPersonorPersons;and(B)thevotescarriedintheaggregatebysuchsecuritiesareentitled,ifexercised,toelectamajorityoftheboardofdirectorsof
suchcompanyorotherbodycorporate;or(ii)inthecaseofaPersonthatisnotacompanyorotherbodycorporate,atleastamajorityoftheparticipating(equity)
andvotinginterestsofsuchPersonareheld,directlyorindirectly,byorsolelyforthebenefitoftheotherPersonorPersons;andcontrols,controllingand
undercommoncontrolwithshallbeinterpretedaccordingly.

Preferred Shares
Underourarticles,thepreferredsharesmaybeissuedinoneormoreseries.Accordingly,ourboardofdirectorsisauthorized,withoutshareholderapprovalbut
subjecttotheprovisionsoftheBCBCA,todeterminethemaximumnumberofsharesofeachseries,createanidentifyingnameforeachseriesandattachsuch
specialrightsorrestrictions,includingdividend,liquidationandvotingrights,asourboardofdirectorsmaydetermine,andsuchspecialrightsorrestrictions,
includingdividend,liquidationandvotingrights,maybesuperiortothoseofeachofthesubordinatevotingsharesandthemultiplevotingshares.Theissuanceof
preferredshares,whileprovidingflexibilityinconnectionwithpossibleacquisitionsandothercorporatepurposes,could,amongotherthings,havetheeffectof
delaying,deferringorpreventingachangeofcontrolofourcompanyandmightadverselyaffectthemarketpriceofoursubordinatevotingsharesandmultiple
votingsharesandthevotingandotherrightsoftheholdersofsubordinatevotingsharesandmultiplevotingshares.Wehavenocurrentplantoissueanypreferred
shares.

Certain Important Provisions of our Articles and the BCBCA

ThefollowingisasummaryofcertainimportantprovisionsofourarticlesandcertainrelatedsectionsoftheBCBCA.Pleasenotethatthisisonlyasummaryandis
notintendedtobeexhaustive.Thissummaryissubjectto,andisqualifiedinitsentiretybyreferenceto,theprovisionsofourarticlesandtheBCBCA.

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Stated Objects or Purposes

Ourarticlesdonotcontainstatedobjectsorpurposesanddonotplaceanylimitationsonthebusinessthatwemaycarryon.

Directors
Power to vote on matters in which a director is materially interested .UndertheBCBCAadirectorwhohasamaterialinterestinacontractortransaction,whether
madeorproposed,thatismaterialtous,mustdisclosesuchinteresttous,subjecttocertainexceptionssuchasifthecontractortransaction:(i)isanarrangement
bywayofsecuritygrantedbyusformoneyloanedto,orobligationsundertakenby,thedirectorforourbenefitorforoneofouraffiliatesbenefit;(ii)relatestoan
indemnityorinsurancepermittedundertheBCBCA;(iii)relatestotheremunerationofthedirectorinhisorhercapacityasdirector,officer,employeeoragentof
ourcompanyorofoneofouraffiliates;(iv)relatestoaloantoourcompanywhilethedirectoristheguarantorofsomeoralloftheloan;or(v)iswitha
corporationthatisaffiliatedtouswhilethedirectorisalsoadirectororseniorofficerofthatcorporationoranaffiliateofthatcorporation.

Adirectorwhoholdssuchdisclosableinterestinrespectofanymaterialcontractortransactionintowhichwehaveenteredorproposetoentermayberequiredto
absenthimselforherselffromthemeetingwhilediscussionsandvotingwithrespecttothematteraretakingplace.Directorswillalsoberequiredtocomplywith
certainotherrelevantprovisionsoftheBCBCAregardingconflictsofinterest.

Directors power to determine the remuneration of directors. Theremunerationofourdirectors,ifany,maybedeterminedbyourdirectorssubjecttoourarticles.

Theremunerationmaybeinadditiontoanysalaryorotherremunerationpaidtoanyofouremployees(includingexecutiveofficers)whoarealsodirectors.

Number of shares required to be owned by a director. NeitherourarticlesnortheBCBCAprovidethatadirectorisrequiredtoholdanyofoursharesasa

qualificationforholdinghisorheroffice.Ourboardofdirectorshasdiscretiontoprescribeminimumshareownershiprequirementsfordirectors.

Issuance of Additional Multiple Voting Shares

Wemaynotissuemultiplevotingshareswithouttheapprovalofatleasttwo-thirdsofthevotescastatameetingoftheholdersofsubordinatevotingsharesduly
heldforthatpurpose.However,approvalisnotrequiredinconnectionwithasubdivisionorconsolidationonaproratabasisasbetweenthesubordinatevoting
sharesandthemultiplevotingshares.

Subdivision or Consolidation
Nosubdivisionorconsolidationofthesubordinatevotingsharesorthemultiplevotingsharesmaybecarriedoutunless,atthesametime,themultiplevoting
sharesorthesubordinatevotingshares,asthecasemaybe,aresubdividedorconsolidatedinthesamemannerandonthesamebasis.

Certain Amendments and Change of Control

Inadditiontoanyothervotingrightorpowertowhichtheholdersofsubordinatevotingsharesshallbeentitledbylaworregulationorotherprovisionsofour
articlesfromtimetotimeineffect,butsubjecttotheprovisionsofourarticles,holdersofsubordinatevotingsharesshallbeentitledtovoteseparatelyasaclass,in
additiontoanyothervoteofourshareholdersthatmayberequired,inrespectofanyalteration,repealoramendmentofourarticleswhichwouldadverselyaffect
therightsorspecialrightsoftheholdersofsubordinatevotingsharesoraffecttheholdersofsubordinatevotingsharesandmultiplevotingsharesdifferently,ona
persharebasis,includinganamendmenttoourarticlesthatprovidethatanymultiplevotingsharessoldortransferredtoaPersonthatisnotaPermittedHolder
shallbeautomaticallyconvertedintosubordinatevotingshares.

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Pursuanttoourarticles,holdersofsubordinatevotingsharesandmultiplevotingshareswillbetreatedequallyandidentically,onapersharebasis,incertain
changeofcontroltransactionsthatrequireapprovalofourshareholdersundertheBCBCA,unlessdifferenttreatmentofthesharesofeachsuchclassisapproved
byamajorityofthevotescastbytheholdersofoursubordinatevotingsharesandmultiplevotingshares,eachvotingseparatelyasaclass.

Ourarticlesdonototherwisecontainanychangeofcontrollimitationswithrespecttoamerger,acquisitionorcorporaterestructuringthatinvolvesus.

Shareholder Meetings
Subjecttoapplicablestockexchangerequirements,wemustholdageneralmeetingofourshareholdersatleastonceeveryyearatatimeandplacedeterminedby
ourboardofdirectors,providedthatthemeetingmustnotbeheldlaterthan15monthsaftertheprecedingannualgeneralmeeting.Ameetingofourshareholders
maybeheldanywhereinoroutsideBritishColumbia.

Anoticetoconveneameeting,specifyingthedate,timeandlocationofthemeeting,and,whereameetingistoconsiderspecialbusiness,thegeneralnatureofthe
specialbusinessmustbesenttoeachshareholderentitledtoattendthemeetingandtoeachdirectornotlessthan21daysandnomorethan60dayspriortothe
meeting,although,asaresultofapplicablesecuritieslaws,theminimumtimefornoticeiseffectivelylongerinmostcircumstances.UndertheBCBCA,
shareholdersentitledtonoticeofameetingmaywaiveorreducetheperiodofnoticeforthatmeeting,providedapplicablesecuritieslawsaremet.Theaccidental
omissiontosendnoticeofanymeetingofshareholdersto,orthenon-receiptofanynoticeby,anypersonentitledtonoticedoesnotinvalidateanyproceedingsat
thatmeeting.

Aquorumformeetingsofshareholdersispresentifshareholderswho,intheaggregate,holdatleast25%oftheissuedsharesplusatleastamajorityofmultiple
votingsharesentitledtobevotedatthemeetingarepresentinpersonorrepresentedbyproxy.Ifaquorumisnotpresentattheopeningofanymeetingof
shareholders,themeetingstandsadjournedtothesamedayinthenextweekatthesametimeandplace,unlessthemeetingwasrequisitionedbyshareholders,in
whichcasethemeetingisdissolved.

Holdersofoursubordinatevotingsharesandmultiplevotingsharesareentitledtoattendandvoteatmeetingsofourshareholdersexceptmeetingsatwhichonly
holdersofaparticularclassareentitledtovote.Exceptasotherwiseprovidedwithrespecttoanyparticularseriesofpreferredshares,andexceptasotherwise
requiredbylaw,theholdersofourpreferredsharesarenotentitledasaclasstoreceivenoticeof,ortoattendorvoteatanymeetingsofourshareholders.Our
directors,oursecretary(ifany),ourauditorandanyotherpersonsinvitedbyourchairmanordirectorsorwiththeconsentofthoseatthemeetingareentitledto
attendanymeetingofourshareholdersbutwillnotbecountedinthequorumorbeentitledtovoteatthemeetingunlessheorsheisashareholderorproxyholder
entitledtovoteatthemeeting.

Shareholder Proposals and Advance Notice Procedures

UndertheBCBCA,qualifiedshareholdersholdingatleastonepercent(1%)ofourissuedvotingsharesmaymakeproposalsformatterstobeconsideredatthe
annualgeneralmeetingofshareholders.Suchproposalsmustbesenttousinadvanceofanyproposedmeetingbydeliveringatimelywrittennoticeinproperform
toourregisteredofficeinaccordancewiththerequirementsoftheBCBCA.Thenoticemustincludeinformationonthebusinesstheshareholderintendstobring
beforethemeeting.Tobeaqualifiedshareholder,ashareholdermustcurrentlybeandhavebeenaregisteredorbeneficialownerofatleastoneshareofthe
companyforatleasttwoyearsbeforethedateofsigningtheproposal.

Wehaveincludedcertainadvancenoticeprovisionswithrespecttotheelectionofourdirectorsinourarticles(theAdvanceNoticeProvisions).TheAdvance
NoticeProvisionsareintendedto:(i)facilitateorderlyand

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efficientannualgeneralmeetingsor,wheretheneedarises,specialmeetings;(ii)ensurethatallshareholdersreceiveadequatenoticeofboardnominationsand
sufficientinformationwithrespecttoallnominees;and(iii)allowshareholderstoregisteraninformedvote.Onlypersonswhoarenominatedinaccordancewith
theAdvanceNoticeProvisionswillbeeligibleforelectionasdirectorsatanyannualmeetingofshareholders,oratanyspecialmeetingofshareholdersifoneof
thepurposesforwhichthespecialmeetingwascalledwastheelectionofdirectors.

UndertheAdvanceNoticeProvisions,ashareholderwishingtonominateadirectorwouldberequiredtoprovideusnotice,intheprescribedform,withinthe
prescribedtimeperiods.Thesetimeperiodsinclude,(i)inthecaseofanannualmeetingofshareholders(includingannualandspecialmeetings),notlessthan30
dayspriortothedateoftheannualmeetingofshareholders;provided,thatifthefirstpublicannouncementofthedateoftheannualmeetingofshareholders(the
NoticeDate)islessthan50daysbeforethemeetingdate,notlaterthanthecloseofbusinessonthe10thdayfollowingtheNoticeDate;and(ii)inthecaseofa
specialmeeting(whichisnotalsoanannualmeeting)ofshareholderscalledforanypurposewhichincludeselectingdirectors,notlaterthanthecloseofbusiness
onthe15thdayfollowingtheNoticeDate,providedthat,ineitherinstance,ifnotice-and-access(asdefinedinNationalInstrument54-101Communication with
Beneficial Owners of Securities of a Reporting Issuer )isusedfordeliveryofproxyrelatedmaterialsinrespectofameetingdescribedabove,andtheNoticeDate
inrespectofthemeetingisnotlessthan50dayspriortothedateoftheapplicablemeeting,thenoticemustbereceivednotlaterthanthecloseofbusinessonthe
40thdaybeforetheapplicablemeeting.

Theseprovisionscouldhavetheeffectofdelayinguntilthenextshareholdermeetingthenominationofcertainpersonsfordirectorthatarefavoredbytheholders
ofamajorityofouroutstandingvotingsecurities.

Take-Over Bid Protection

UnderapplicablesecuritieslawsinCanada,anoffertopurchasemultiplevotingshareswouldnotnecessarilyrequirethatanofferbemadetopurchasesubordinate
votingshares.InaccordancewiththerulesoftheTSXdesignedtoensurethat,intheeventofatake-overbid,theholdersofsubordinatevotingshareswillbe
entitledtoparticipateonanequalfootingwithholdersofmultiplevotingshares,theholdersofmultiplevotingsharesuponcompletionofthisofferingwillenter
intoacustomarycoattailagreementwithusandatrustee(theCoattailAgreement).TheCoattailAgreementwillcontainprovisionscustomaryfordual-class,
TSX-listedcorporationsdesignedtopreventtransactionsthatotherwisewoulddeprivetheholdersofsubordinatevotingsharesofrightsunderapplicablesecurities
lawsinCanadatowhichtheywouldhavebeenentitledifthemultiplevotingshareshadbeensubordinatevotingshares.

TheundertakingsintheCoattailAgreementwillnotapplytopreventasalebytheholdersofmultiplevotingsharesortheirPermittedHoldersofmultiplevoting
sharesifconcurrentlyanofferismadetopurchasesubordinatevotingsharesthat:

(a) offersapricepersubordinatevotingshareatleastashighasthehighestpricepersharetobepaidpursuanttothetake-overbidforthemultiplevoting

shares;

(b) providesthatthepercentageofoutstandingsubordinatevotingsharestobetakenup(exclusiveofsharesownedimmediatelypriortotheofferbythe
offerororpersonsactingjointlyorinconcertwiththeofferor)isatleastashighasthepercentageofmultiplevotingsharestobesold(exclusiveof
multiplevotingsharesownedimmediatelypriortotheofferbytheofferorandpersonsactingjointlyorinconcertwiththeofferor);

(c) hasnoconditionattachedotherthantherightnottotakeupandpayforsubordinatevotingsharestenderedifnosharesarepurchasedpursuanttothe

offerformultiplevotingshares;and

(d) isinallothermaterialrespectsidenticaltotheofferformultiplevotingshares.

Inaddition,theCoattailAgreementwillnotpreventthetransferofmultiplevotingsharestoPermittedHolders,providedsuchtransferisnotorwouldnothave
beensubjecttotherequirementstomakeatake-overbid(ifthe

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vendorortransfereewereinCanada)orconstitutesorwouldbeexemptfromcertainrequirementsapplicabletotake-overbidsunderapplicablesecuritieslawsin
Canada.Theconversionofmultiplevotingsharesintosubordinatevotingshares,whetherornotsuchsubordinatevotingsharesaresubsequentlysold,wouldnot
constituteadispositionofmultiplevotingsharesforthepurposesoftheCoattailAgreement.

UndertheCoattailAgreement,anysaleofmultiplevotingsharesbyaholderofmultiplevotingsharespartytotheCoattailAgreementwillbeconditionaluponthe
transfereebecomingapartytotheCoattailAgreement,totheextentsuchtransferredmultiplevotingsharesarenotautomaticallyconvertedintosubordinatevoting
sharesinaccordancewithourarticles.

TheCoattailAgreementwillcontainprovisionsforauthorizingactionbythetrusteetoenforcetherightsundertheCoattailAgreementonbehalfoftheholdersof
thesubordinatevotingshares.Theobligationofthetrusteetotakesuchactionwillbeconditionalonusorholdersofthesubordinatevotingsharesprovidingsuch
fundsandindemnityasthetrusteemayreasonablyrequire.Noholderofsubordinatevotingshareswillhavetheright,otherthanthroughthetrustee,toinstituteany
actionorproceedingortoexerciseanyotherremedytoenforceanyrightsarisingundertheCoattailAgreementunlessthetrusteefailstoactonarequest
authorizedbyholdersofnotlessthan10%oftheoutstandingsubordinatevotingsharesandreasonablefundsandindemnityhavebeenprovidedtothetrustee.

Otherthaninrespectofnon-materialamendmentsandwaiversthatdonotadverselyaffecttheinterestsofholdersofsubordinatevotingshares,theCoattail
Agreementwillprovidethat,amongotherthings,itmaynotbeamended,andnoprovisionthereofmaybewaived,unless,priortogivingeffecttosuchamendment
orwaiver,thefollowinghavebeenobtained:(a)theconsentoftheTSXandanyotherapplicablesecuritiesregulatoryauthorityinCanada;and(b)theapprovalof
atleasttwo-thirdsofthevotescastbyholdersofsubordinatevotingsharesrepresentedatameetingdulycalledforthepurposeofconsideringsuchamendmentor
waiver,excludingvotesattachedtosubordinatevotingsharesheldbytheholdersofmultiplevotingsharesortheiraffiliatesandrelatedpartiesandanypersons
whohaveanagreementtopurchasemultiplevotingsharesontermswhichwouldconstituteasaleordispositionforpurposesoftheCoattailAgreement,otherthan
aspermittedthereby.

NoprovisionoftheCoattailAgreementwilllimittherightsofanyholdersofsubordinatevotingsharesunderapplicablelaw.

Forum Selection
Wehaveincludedaforumselectionprovisioninourarticlesthatprovidesthat,unlessweconsentinwritingtotheselectionofanalternativeforum,theSuperior
CourtofJusticeoftheProvinceofOntario,Canadaandtheappellatecourtstherefrom,willbethesoleandexclusiveforumfor(i)anyderivativeactionor
proceedingbroughtonourbehalf;(ii)anyactionorproceedingassertingaclaimofbreachofafiduciarydutyowedbyanyofourdirectors,officers,orother
employeestous;(iii)anyactionorproceedingassertingaclaimarisingpursuanttoanyprovisionoftheBCBCAorourarticles;or(iv)anyactionorproceeding
assertingaclaimotherwiserelatedtotherelationshipsamongus,ouraffiliatesandtheirrespectiveshareholders,directorsand/orofficers,butexcludingclaims
relatedtoourbusinessorsuchaffiliates.Theforumselectionprovisionalsoprovidesthatoursecurityholdersaredeemedtohaveconsentedtopersonaljurisdiction
intheProvinceofOntarioandtoserviceofprocessontheircounselinanyforeignactioninitiatedinviolationoftheforegoingprovisions.

Limitation of Liability and Indemnification

UndertheBCBCA,acompanymayindemnify:(i)acurrentorformerdirectororofficerofthatcompany;(ii)acurrentorformerdirectororofficerofanother
corporationif,atthetimesuchindividualheldsuchoffice,thecorporationwasanaffiliateofthecompany,orifsuchindividualheldsuchofficeatthecompanys
request;or(iii)anindividualwho,attherequestofthecompany,held,orholds,anequivalentpositioninanotherentity(an

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indemnifiableperson)againstallcosts,chargesandexpenses,includinganamountpaidtosettleanactionorsatisfyajudgment,reasonablyincurredbyhimor
herinrespectofanycivil,criminal,administrativeorotherlegalproceedingorinvestigativeaction(whethercurrent,threatened,pendingorcompleted)inwhichhe
orsheisinvolvedbecauseofthatpersonspositionasanindemnifiableperson,unless:(i)theindividualdidnotacthonestlyandingoodfaithwithaviewtothe
bestinterestsofsuchcompanyortheotherentity,asthecasemaybe;or(ii)inthecaseofaproceedingotherthanacivilproceeding,theindividualdidnothave
reasonablegroundsforbelievingthattheindividualsconductwaslawful.Acompanycannotindemnifyanindemnifiablepersonifitisprohibitedfromdoingso
underitsarticlesorbyapplicablelaw.Acompanymaypay,astheyareincurredinadvanceofthefinaldispositionofaneligibleproceeding,theexpensesactually
andreasonablyincurredbyanindemnifiablepersoninrespectofthatproceedingonlyiftheindemnifiablepersonhasprovidedanundertakingthat,ifitis
ultimatelydeterminedthatthepaymentofexpenseswasprohibited,theindemnifiablepersonwillrepayanyamountsadvanced.Subjecttotheaforementioned
prohibitionsonindemnification,acompanymust,afterthefinaldispositionofaneligibleproceeding,paytheexpensesactuallyandreasonablyincurredbyan
indemnifiablepersoninrespectofsucheligibleproceedingifsuchindemnifiablepersonhasnotbeenreimbursedforsuchexpenses,andwaswhollysuccessful,on
themeritsorotherwise,intheoutcomeofsucheligibleproceedingorwassubstantiallysuccessfulonthemeritsintheoutcomeofsucheligibleproceeding.On
applicationfromanindemnifiableperson,acourtmaymakeanyorderthecourtconsidersappropriateinrespectofaneligibleproceeding,includingthe
indemnificationofpenaltiesimposedorexpensesincurredinanysuchproceedingsandtheenforcementofanindemnificationagreement.Aspermittedbythe
BCBCA,ourarticlesrequireustoindemnifyourdirectors,officers,formerdirectorsorofficers(andsuchindividualsrespectiveheirsandlegalrepresentatives)
andpermitustoindemnifyanypersontotheextentpermittedbytheBCBCA.

Transfer Agent and Registrar

ThetransferagentandregistrarforoursubordinatevotingsharesintheUnitedStatesisComputershareTrustCompany,N.A.atitsprincipalofficeinCanton,
Massachusetts,andinCanadaisComputershareInvestorServicesInc.atitsprincipalofficeinToronto,Ontario.

Ownership and Exchange Controls

ThereisnolimitationimposedbyCanadianlaworbyourarticlesontherightofanon-residenttoholdorvoteoursubordinatevotingsharesormultiplevoting
shares,otherthandiscussedbelow.

Competition Act
LimitationsontheabilitytoacquireandholdoursubordinatevotingsharesandmultiplevotingsharesmaybeimposedbytheCompetition Act (Canada).This
legislationpermitstheCommissionerofCompetition,orCommissioner,toreviewanyacquisitionorestablishment,directlyorindirectly,includingthroughthe
acquisitionofshares,ofcontroloverorofasignificantinterestinus.ThislegislationgrantstheCommissionerjurisdiction,foruptooneyearaftertheacquisition
hasbeensubstantiallycompleted,tochallengethistypeofacquisitionbyseekingaremedialorder,includinganordertoprohibittheacquisitionorrequire
divestitures,fromtheCanadianCompetitionTribunal,whichmaybegrantedwheretheCompetitionTribunalfindsthattheacquisitionsubstantiallypreventsor
lessens,orislikelytosubstantiallypreventorlessen,competition.

Thislegislationalsorequiresanypersonorpersonswhointendtoacquiremorethan20%ofourvotingsharesor,ifsuchpersonorpersonsalreadyownmorethan
20%ofourvotingsharespriortotheacquisition,morethan50%ofourvotingshares,tofileanotificationwiththeCanadianCompetitionBureauifcertain
financialthresholdsareexceeded.Whereanotificationisrequired,unlessanexemptionisavailable,thelegislationprohibitscompletionoftheacquisitionuntilthe
expirationoftheapplicablestatutorywaitingperiod,unlesstheCommissionereitherwaivesorterminatessuchwaitingperiodorissuesanadvanceruling
certificate.TheCommissionersreviewofanotifiabletransactionforsubstantivecompetitionlawconsiderationsmaytakelongerthanthestatutorywaitingperiod.

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Investment Canada Act

TheInvestment Canada Act requireseachnonCanadian(asdefinedintheInvestment Canada Act )whoacquirescontrolofanexistingCanadianbusiness,
tofileanotificationinprescribedformwiththeresponsiblefederalgovernmentdepartmentordepartmentsnotlaterthan30daysafterclosing,providedthe
acquisitionofcontrolisnotareviewabletransactionundertheInvestment Canada Act .Subjecttocertainexemptions,atransactionthatisreviewableunderthe
Investment Canada Act maynotbeimplementeduntilanapplicationforreviewhasbeenfiledandtheresponsibleMinisterofthefederalcabinethasdetermined
thattheinvestmentislikelytobeofnetbenefittoCanadatakingintoaccountcertainfactorssetoutintheInvestment Canada Act .UndertheInvestment Canada
Act ,aninvestmentinoursubordinatevotingsharesormultiplevotingsharesbyanon-CanadianwhoisaWorldTradeOrganizationmembercountryinvestor,
includingaUnitedStatesinvestorwouldbereviewableonlyifitwereaninvestmenttoacquirecontrolofuspursuanttotheInvestment Canada Act andour
enterprisevalue(asdeterminedpursuanttotheInvestment Canada Act anditsregulations)wasequaltoorgreaterthan$600millionforatransactionclosingprior
toApril24,2017and$800millionforatransactionclosingonorafterApril24,2017.UnderBillC-30,theenterprisevaluethresholdwillincreaseonadatetobe
determinedto$1.5billionfortradeagreementinvestors.ThefederalgovernmentannouncedonNovember1,2016inthe2016FallEconomicStatementthatfor
otherinvestorswhoarenotstate-ownedenterprisesthethresholdwillincreasein2017to$1billion.

TheInvestment Canada Act containsvariousrulestodetermineiftherehasbeenanacquisitionofcontrol.Generally,forpurposesofdeterminingwhetheran

investorhasacquiredcontrolofacorporationbyacquiringshares,thefollowinggeneralrulesapply,subjecttocertainexceptions:theacquisitionofamajorityof
theundividedownershipinterestsinthevotingsharesofthecorporationisdeemedtobeacquisitionofcontrolofthatcorporation;theacquisitionoflessthana
majority,butone-thirdormore,ofthevotingsharesofacorporationorofanequivalentundividedownershipinterestinthevotingsharesofthecorporationis
presumedtobeacquisitionofcontrolofthatcorporationunlessitcanbeestablishedthat,ontheacquisition,thecorporationisnotcontrolledinfactbytheacquirer
throughtheownershipofvotingshares;andtheacquisitionoflessthanonethirdofthevotingsharesofacorporationorofanequivalentundividedownership
interestinthevotingsharesofthecorporationisdeemednottobeacquisitionofcontrolofthatcorporation.

UnderthenationalsecurityreviewregimeintheInvestment Canada Act ,reviewonadiscretionarybasismayalsobeundertakenbythefederalgovernmentin

respecttoamuchbroaderrangeofinvestmentsbyanon-Canadiantoacquire,inwholeorpart,ortoestablishanentitycarryingonalloranypartofitsoperations
inCanada.Nofinancialthresholdappliestoanationalsecurityreview.Therelevanttestiswhethersuchinvestmentbyanon-Canadiancouldbeinjuriousto
nationalsecurity.Theresponsibleministershavebroaddiscretiontodeterminewhetheraninvestorisanon-Canadianandthereforesubjecttonationalsecurity
review.Reviewonnationalsecuritygroundsisatthediscretionoftheresponsibleministers,andmayoccuronapre-orpost-closingbasis.

CertaintransactionsrelatingtooursubordinatevotingsharesandmultiplevotingshareswillgenerallybeexemptfromtheInvestment Canada Act ,subjecttothe

federalgovernmentsprerogativetoconductanationalsecurityreview,including:

theacquisitionofoursubordinatevotingsharesandmultiplevotingsharesbyapersonintheordinarycourseofthatpersonsbusinessasatraderor

dealerinsecurities;

theacquisitionofcontrolofusinconnectionwiththerealizationofsecuritygrantedforaloanorotherfinancialassistanceandnotforanypurpose

relatedtotheprovisionsoftheInvestment Canada Act ;and

theacquisitionofcontrolofusbyreasonofanamalgamation,merger,consolidationorcorporatereorganizationfollowingwhichtheultimatedirector

indirectcontrolinfactofus,throughownershipofoursubordinatevotingsharesandmultiplevotingshares,remainsunchanged.

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Other
Thereisnolaw,governmentaldecreeorregulationinCanadathatrestrictstheexportorimportofcapital,orthatwouldaffecttheremittanceofdividends(ifany)
orotherpaymentsbyustonon-residentholdersofoursubordinatevotingsharesandmultiplevotingshares,otherthanwithholdingtaxrequirements.

Listing
OursubordinatevotingshareshavebeenapprovedforlistingontheNYSEandconditionallyapprovedforlistingontheTSXunderthesymbolGOOS.Our
subordinatevotingshareswilltradeinU.S.dollarsontheNYSEandinCanadiandollarsontheTSX.

Options to Purchase Securities

WehavepreviouslygrantedoptionsundertheLegacyOptionPlan.ThefollowingtableshowstheaggregatenumberofoptionsoutstandingasatFebruary6,2017,
includingaftergivingeffecttotheRecapitalization.AsaresultofthereorganizationofoursharecapitalcompletedaspartoftheRecapitalization,allofthe
outstandingoptionstoacquireClassBCommonSharesandClassAJuniorPreferredSharesundertheLegacyOptionPlanbecameoptionstoacquireClassA
CommonSharesundertheLegacyOptionPlan.SeeRecapitalization.

Asdescribedherein,inconnectionwiththisofferingweamendedourarticlesinordertoamendandredesignateourClassACommonSharesasmultiplevoting
sharesandcreateoursubordinatevotingshares.Inaddition,theLegacyOptionPlanhasbeenamendedsuchthatoptionstoacquireClassACommonShares
constituteoptionstopurchaseanequalnumberofsubordinatevotingsharesatthesameexerciseprice.ThetermsandconditionsoftheLegacyOptionPlanare
describedunderExecutiveCompensationEquityIncentivePlansLegacyOptionPlan.

Exercise Price
Number of per Option
Category of Holder Options (1) ($) (1) Expiration Date
Allofourexecutiveofficersandpastexecutiveofficers,asa
group(16intotal) 4,233,300 $ 1.25 FromApril17,2014toApril26,2026
Allofourdirectorsandpastdirectorswhoarenotalso
executiveofficers,asagroup(4intotal) 111,110 $ 8.94 FromFebruary1,2017toFebruary1,2027
Alldirectorsofoursubsidiarieswhoarenotalsoexecutive
officersofthesubsidiary,asagroup(2intotal) 22,222 $ 8.94 FromFebruary1,2017toFebruary1,2027
Allofourotheremployeesandpastemployees,asagroup(11
intotal) 1,533,028 $ 2.03 FromApril17,2014toDecember5,2026

(1) RepresentstheweightedaverageexercisepriceofalloutstandingoptionstopurchaseClassACommonShares,whethervestedorunvested.

Prior Sales
ThefollowingtablesummarizestheissuancebyCanadaGooseHoldingsInc.ofthesecuritiesoftheclassdistributedunderthisprospectusandofsecuritiesthatare
convertibleorexchangeableintosecuritiesoftheclassdistributedunderthisprospectusduringthe12-monthperiodprecedingthedateofthisprospectus.Aspart
oftheRecapitalization,allofouroutstandingClassACommonShares,ClassBCommonShares,ClassASeniorPreferredShares,ClassBSeniorPreferred
Shares,ClassAJuniorPreferredSharesandClassBJuniorPreferredSharesweresubdivided,repurchasedforcancellationorexchanged,asapplicable,andallof
theoutstandingoptionstoacquireClassBCommonSharesandClassAJuniorPreferredSharesundertheLegacyOptionPlanbecameoptionstoacquireClassA
CommonSharesunderthe

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LegacyOptionPlan.Inconnectionwiththisoffering,theLegacyOptionPlanhasbeenamendedsuchthatoptionstoacquireClassACommonSharesconstitute
optionstopurchaseanequalnumberofsubordinatevotingsharesatthesameexerciseprice.Oursharecapitalconsistsofanunlimitednumberofmultiplevoting
sharesandsubordinatevotingsharesandanunlimitednumberofpreferredshares,issuableinseries(noneoutstanding).SeeDescriptionofShareCapitaland
Recapitalization.

As Adjusted for the Recapitalization

Issuance/ Issuance/
Number of Exercise Number of Exercise
Securities Price per Securities Price per
Date of issuance Type of Security Issued Security ($) Type of Security Issued Security ($)
January4,2016 Optionsto 337,162 3.55 Optionsto 177,641 4.62
purchaseClassB purchaseClassA
CommonShares CommonShares
January4,2016 Optionsto 505,745 3.55 Optionsto 266,461 4.62
purchaseClassA purchaseClassA
JuniorPreferred CommonShares
Shares
April1,2016 Optionsto 319,197 3.55 Optionsto 168,175 4.62
purchaseClassB purchaseClassA
CommonShares CommonShares
April1,2016 Optionsto 478,797 3.55 Optionsto 252,263 4.62
purchaseClassA purchaseClassA
JuniorPreferred CommonShares
Shares
April18,2016 Optionsto 42,178 3.55 Optionsto 22,222 4.62
purchaseClassB purchaseClassA
CommonShares CommonShares
April18,2016 Optionsto 63,266 3.55 Optionsto 33,333 4.62
purchaseClassA purchaseClassA
JuniorPreferred CommonShares
Shares
April26,2016 Optionsto 120,400 3.55 Optionsto 63,435 4.62
purchaseClassB purchaseClassA
CommonShares CommonShares
April26,2016 Optionsto 180,599 3.55 Optionsto 95,152 4.62
purchaseClassA purchaseClassA
JuniorPreferred CommonShares
Shares
December5,2016 Optionsto 53,183 8.94
purchaseClassA
CommonShares
February1,2017 Optionsto 133,332 8.94
purchaseClassA
CommonShares
March14,2017 Subordinate 18,329 1.54
votingshares
(exerciseof
options)

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Comparison of Shareholder Rights
WeareacorporationgovernedbytheBCBCA.Thefollowingdiscussionsummarizesmaterialdifferencesbetweentherightsofholdersofoursubordinatevoting
sharesandmultiplevotingsharesandtherightsofholdersofthecommonstockofatypicalcorporationincorporatedunderthelawsofthestateofDelaware,
whichresultfromdifferencesingoverningdocumentsandthelawsofBritishColumbiaandDelaware.Thissummaryisqualifiedinitsentiretybyreferencetothe
DelawareGeneralCorporationLaw,ortheDGCL,theBCBCA,andourarticles.
Delaware
Stockholder/ UndertheDGCL,certainfundamentalchangessuchas
Shareholder Approval amendmentstothecertificateofincorporation,amerger,
of Business consolidation,sale,lease,exchangeorotherdisposition
Combinations; ofallorsubstantiallyallofthepropertyofacorporation
Fundamental Changes notintheusualandregularcourseofthecorporations
business,oradissolutionofthecorporation,are
generallyrequiredtobeapprovedbytheholdersofa
majorityoftheoutstandingstockentitledtovoteonthe
matter,unlessthecertificateofincorporationrequiresa
higherpercentage.
However,undertheDGCL,mergersinwhichlessthan
20%ofacorporationsstockoutstandingimmediately
priortotheeffectivedateofthemergerisissued
generallydonotrequirestockholderapproval.Incertain
situations,theapprovalofabusinesscombinationmay
requireapprovalbyacertainnumberoftheholdersofa
classorseriesofshares.Inaddition,Section251(h)of
theDGCLprovidesthatstockholdersofaconstituent
corporationneednotvotetoapproveamergerif:(i)the
mergeragreementpermitsorrequiresthemergertobe
effectedunderSection251(h)andprovidesthatthe
mergershallbeeffectedassoonaspracticablefollowing
thetenderofferorexchangeoffer,(ii)acorporation
consummatesatenderorexchangeofferforanyandall
oftheoutstandingstockofsuchconstituentcorporation
thatwouldotherwisebeentitledtovotetoapprovethe
merger,(iii)followingtheconsummationoftheoffer,
thestock
137
British Columbia
UndertheBCBCAandourarticles,certainextraordinary
companyalterations,suchaschangestoauthorizedshare
structure,continuances,intooroutofprovince,certain
amalgamations,sales,leasesorotherdispositionsofall
orsubstantiallyalloftheundertakingofacompany
(otherthanintheordinarycourseofbusiness)
liquidations,dissolutions,andcertainarrangementsare
requiredtobeapprovedbyordinaryorspecialresolution
asapplicable.
Anordinaryresolutionisaresolution(i)passedata
shareholdersmeetingbyasimplemajority,or
(ii)passed,afterbeingsubmittedtoallofthe
shareholders,bybeingconsentedtoinwritingby
shareholderswho,intheaggregate,holdsharescarrying
atleasttwo-thirdsofthevotesentitledtobecastonthe
resolution.
Aspecialresolutionisaresolution(i)passedbynotless
thantwo-thirdsofthevotescastbytheshareholderswho
votedinrespectoftheresolutionatameetingdulycalled
andheldforthatpurposeor(ii)passedbybeing
consentedtoinwritingbyallshareholdersentitledto
voteontheresolution.
Holdersofmultiplevotingsharesandsubordinatevoting
sharesvotetogetheratallmeetingsofshareholders
exceptmeetingsatwhichonlyholdersofaparticular
classareentitledtovote.
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Delaware British Columbia

acceptedforpurchaseorexchangesplusthestockowned UndertheBCBCA,anactionthatprejudicesorinterferes
bythe witharightorspecialrightattachedtoissuedsharesofa
classorseriesofsharesmustbeapprovedbyaspecial
consummatingcorporationequalsatleastthepercentage separateresolutionoftheholdersoftheclassorseriesof
ofstockthatwouldberequiredtoadopttheagreementof sharesbeingaffected.
mergerundertheDGCL,(iv)thecorporation UndertheBCBCA,arrangementsarepermittedanda
consummatingtheoffermergeswithorintosuch companymaymakeanyproposalitconsiders
constituentcorporationand(v)eachoutstandingshareof appropriatedespiteanyotherprovisionofthe
eachclassorseriesofstockoftheconstituent BCBCA.Ingeneral,aplanofarrangementisapproved
corporationthatwasthesubjectofandnotirrevocably byacompanysboardofdirectorsandthenissubmitted
acceptedforpurchaseorexchangeintheofferistobe toacourtforapproval.Itiscustomaryforacompanyin
convertedinthemergerinto,ortherighttoreceive,the suchcircumstancestoapplytoacourtinitiallyforan
sameconsiderationtobepaidforthesharesofsuchclass interimordergoverningvariousproceduralmattersprior
orseriesofstockoftheconstituentcorporation tocallinganysecurityholdermeetingtoconsiderthe
irrevocablypurchasedorexchangedinsuchoffer. proposedarrangement.Plansofarrangementinvolving
shareholdersmustbeapprovedbyaspecialresolutionof
TheDGCLdoesnotcontainaprocedurecomparabletoa shareholders,includingholdersofsharesnotnormally
planofarrangementunderBCBCA. entitledtovote.Thecourtmay,inrespectofan
arrangementproposedwithpersonsotherthan
shareholdersandcreditors,requirethatthosepersons
approvethearrangementinthemannerandtotheextent
requiredbythecourt.Thecourtdetermines,amongother
things,towhomnoticeshallbegivenandwhether,and
inwhatmanner,approvalofanypersonistobeobtained
andalsodetermineswhetheranyshareholdersmay
dissentfromtheproposedarrangementandreceive
paymentofthefairvalueoftheirshares.Following
compliancewiththeproceduralstepscontemplatedin
anysuchinterimorder(includingastoobtainingsecurity
holderapproval),thecourtwouldconductafinal
hearing,whichwould,amongotherthings,assessthe
fairnessofthearrangementandapproveorrejectthe
proposedarrangement.

TheBCBCAdoesnotcontainaprovisioncomparableto
Section251(h)oftheDGCL.

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Delaware British Columbia

Special Vote Required Section203oftheDGCLprovides(ingeneral)thata TheBCBCAdoesnotcontainaprovisioncomparableto
for Combinations with corporationmaynotengageinabusinesscombination Section203oftheDGCLwithrespecttobusiness
Interested withaninterestedstockholderforaperiodofthreeyears combinations.
Stockholders/ afterthetimeofthetransactioninwhichtheperson
Shareholders becameaninterestedstockholder.
Theprohibitiononbusinesscombinationswithinterested
stockholdersdoesnotapplyinsomecases,includingif:
(i)theboardofdirectorsofthecorporation,priortothe
timeofthetransactioninwhichthepersonbecamean
interestedstockholder,approves(a)thebusiness
combinationor(b)thetransactioninwhichthe
stockholderbecomesaninterestedstockholder;(ii)upon
consummationofthetransactionwhichresultedinthe
stockholderbecominganinterestedstockholder,the
interestedstockholderownedatleast85%ofthevoting
stockofthecorporationoutstandingatthetimethe
transactioncommenced;or(iii)theboardofdirectors
andtheholdersofatleasttwo-thirdsoftheoutstanding
votingstocknotownedbytheinterestedstockholder
approvethebusinesscombinationonorafterthetimeof
thetransactioninwhichthepersonbecameaninterested
stockholder.

ForthepurposeofSection203,theDGCL,subjectto
specifiedexceptions,generallydefinesaninterested
stockholdertoincludeanypersonwho,togetherwith
thatpersonsaffiliatesorassociates,(i)owns15%or
moreoftheoutstandingvotingstockofthecorporation
(includinganyrightstoacquirestockpursuanttoan
option,warrant,agreement,arrangementor
understanding,orupontheexerciseofconversionor
exchangerights,andstockwithrespecttowhichthe
personhasvotingrightsonly),or(ii)isanaffiliateor
associateofthecorporationandowned15%ormoreof
theoutstandingvotingstockofthecorporationatany
timewithinthepreviousthreeyears.

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Appraisal Rights;
Rights to Dissent
Compulsory Acquisition
Delaware
UndertheDGCL,astockholderofacorporation
participatinginsometypesofmajorcorporate
transactionsmay,undervaryingcircumstances,be
entitledtoappraisalrightspursuanttowhichthe
stockholdermayreceivecashintheamountofthefair
marketvalueofhisorhersharesinlieuofthe
considerationheorshewouldotherwisereceiveinthe
transaction.
Forexample,astockholderisentitledtoappraisalrights
inthecaseofamergerorconsolidationifthe
shareholderisrequiredtoacceptinexchangeforthe
sharesanythingotherthan:(i)sharesofstockofthe
corporationsurvivingorresultingfromthemergeror
consolidation,ordepositoryreceiptsinrespectthereof;
(ii)sharesofanyothercorporation,ordepository
receiptsinrespectthereof,thatontheeffectivedateof
themergerorconsolidationwillbeeitherlistedona
nationalsecuritiesexchangeorheldofrecordbymore
than2,000shareholders;(iii)cashinsteadoffractional
sharesofthecorporationorfractionaldepositoryreceipts
ofthecorporation;or(iv)anycombinationoftheshares
ofstock,depositoryreceiptsandcashinsteadofthe
fractionalsharesorfractionaldepositoryreceipts.
UndertheDGCL,mergersinwhichonecorporation
owns90%ormoreofeachclassofstockofasecond
corporationmaybecompletedwithoutthevoteofthe
secondcorporationsboardofdirectorsorshareholders.
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TheBCBCAprovidesthatshareholdersofacompany
areentitledtoexercisedissentrightsinrespectofcertain
mattersandtobepaidthefairvalueoftheirsharesin
connectiontherewith.Thedissentrightisapplicable
wherethecompanyresolvesto(i)alteritsarticlesto
altertherestrictionsonthepowersofthecompanyoron
thebusinessitispermittedtocarryon;(ii)approve
certainamalgamations;(iii)approveanarrangement,
wherethetermsofthearrangementorcourtorders
relatingtheretopermitdissent;(iv)sell,leaseor
otherwisedisposeofallorsubstantiallyallofits
undertaking;or(v)continuethecompanyintoanother
jurisdiction.
Dissentmayalsobepermittedifauthorizedby
resolution.Acourtmayalsomakeanorderpermittinga
shareholdertodissentincertaincircumstances.
TheBCBCAprovidesthatif,within4monthsafterthe
makingofanoffertoacquireshares,oranyclassof
shares,ofacompany,theofferisacceptedbytheholders
ofnotlessthan90%oftheshares(otherthantheshares
heldbytheofferororanaffiliateoftheofferor)ofany
classofsharestowhichtheofferrelates,theofferoris
entitled,upongivingpropernoticewithin5monthsafter
thedateoftheoffer,toacquire(onthesametermson
whichtheofferoracquiredsharesfromthoseholdersof
shareswhoacceptedtheoffer)thesharesheldbythose
holdersofsharesofthatclasswhodidnotacceptthe
offer.Offereesmayapplytothecourt,within2months
ofreceiving
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Stockholder/
Shareholder Consent
to Action Without
Meeting
Special Meetings of Stockholders/
Shareholders
Distributions and Dividends;
Repurchases and
Redemptions
theamountofcapitalofthecorporationfollowingthe
Delaware
UndertheDGCL,unlessotherwiseprovidedinthe
certificateofincorporation,anyactionthatcanbetaken
atameetingofthestockholdersmaybetakenwithouta
meetingifwrittenconsenttotheactionissignedbythe
holdersofoutstandingstockhavingnotlessthanthe
minimumnumberofvotesnecessarytoauthorizeortake
theactionatameetingofthestockholders.
UndertheDGCL,aspecialmeetingofshareholdersmay
becalledbytheboardofdirectorsorbysuchpersons
authorizedinthecertificateofincorporationorthe
bylaws.
UndertheDGCL,subjecttoanyrestrictionscontainedin
thecertificateofincorporation,acorporationmaypay
dividendsoutofcapitalsurplusor,ifthereisnosurplus,
outofnetprofitsforthecurrentand/orthepreceding
fiscalyearinwhichthedividendisdeclared,aslongas
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British Columbia
notice,andthecourtmaysetadifferentpriceortermsof
paymentandmaymakeanyconsequentialordersor
directionsasitconsidersappropriate.
Althoughitisnotcustomaryforpubliccompaniestodo
so,undertheBCBCA,shareholderactionwithouta
meetingmaybetakenbyaconsentresolutionof
shareholdersprovidedthatitsatisfiesthethresholdsfor
approvalinacompanysarticles,theBCBCAandthe
regulationsthereunder.Aconsentresolutionisasvalid
andeffectiveasifitwasaresolutionpassedatameeting
ofshareholders.
UndertheBCBCA,theholdersofnotlessthan5%of
theissuedsharesofacompanythatcarrytherightto
voteatageneralmeetingmayrequisitionthatthe
directorscallameetingofshareholdersforthepurpose
oftransactinganybusinessthatmaybetransactedata
generalmeeting.Uponreceivingarequisitionthat
complieswiththetechnicalrequirementssetoutinthe
BCBCA,thedirectorsmust,subjecttocertainlimited
exceptions,callameetingofshareholderstobeheldnot
morethan4monthsafterreceivingtherequisition.Ifthe
directorsdonotcallsuchameetingwithin21daysafter
receivingtherequisition,therequisitioningshareholders
oranyofthemholdinginaggregatenotlessthan2.5%
oftheissuedsharesofthecompanythatcarrytherightto
voteatgeneralmeetingsmaycallthemeeting.
UndertheBCBCA,acompanymaypayadividendin
moneyorotherpropertyunlesstherearereasonable
groundsforbelievingthatthecompanyisinsolvent,or
thepaymentofthedividendwouldrenderthecompany
insolvent.
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declarationandpaymentofthedividendisnotlessthan
theaggregateamountofthecapitalrepresentedbyissued
andoutstandingshareshavingapreferenceuponthe
distributionofassets.SurplusisdefinedintheDGCLas
theexcessofthenetassetsovercapital,assuchcapital
maybeadjustedbytheboard.
ADelawarecorporationmaypurchaseorredeemshares
ofanyclassexceptwhenitscapitalisimpairedorwould
beimpairedbythepurchaseorredemption.A
corporationmay,however,purchaseorredeemoutof
capitalsharesthatareentitleduponanydistributionofits
assetstoapreferenceoveranotherclassorseriesofits
sharesifthesharesaretoberetiredandthecapital
reduced.
Vacancies on Board of UndertheDGCL,avacancyoranewlycreated
Directors directorshipmaybefilledbyamajorityofthedirectors
theninoffice,althoughlessthanaquorum,orbythe
soleremainingdirector,unlessotherwiseprovidedinthe
certificateofincorporationorbylaws.Anynewlyelected
directorusuallyholdsofficefortheremainderofthefull
termexpiringattheannualmeetingofstockholdersat
whichthetermoftheclassofdirectorstowhichthe
newlyelecteddirectorhasbeenelectedexpires.
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TheBCBCAprovidesthatnospecialrightsor
restrictionsattachedtoaseriesofanyclassofshares
conferontheseriesapriorityinrespectofdividendsor
returnofcapitaloveranyotherseriesofsharesofthe
sameclass.
UndertheBCBCA,thepurchaseorotheracquisitionby
acompanyofitssharesisgenerallysubjecttosolvency
testssimilartothoseapplicabletothepaymentof
dividends(assetoutabove).Ourcompanyispermitted,
underitsarticles,toacquireanyofitsshares,subjectto
thespecialrightsandrestrictionsattachedtosuchclass
orseriesofsharesandtheapprovalofitsboardof
directors.
UndertheBCBCA,subjecttosolvencytestssimilarto
thoseapplicabletothepaymentofdividends(assetout
above),acompanymayredeem,onthetermsandinthe
mannerprovidedinitsarticles,anyofitssharesthathas
arightofredemptionattachedtoit.Oursubordinate
votingsharesandmultiplevotingsharesarenotsubject
toarightofredemption.
UndertheBCBCAandourarticles,avacancyamongthe
directorscreatedbytheremovalofadirectormaybe
filledbytheshareholdersatthemeetingatwhichthe
directorisremovedor,ifnotfilledbytheshareholdersat
suchmeeting,bytheshareholdersorbytheremaining
directors.Inthecaseofacasualvacancy,theremaining
directorsmayfillthevacancy.UndertheBCBCA,
directorsmayincreasethesizeoftheboardofdirectors
byonethirdofthenumberofcurrentdirectors.
UndertheBCBCAandourarticles,ifasaresultofone
ormorevacancies,thenumberofdirectorsinofficefalls
belowthenumberrequiredforaquorum,theremaining
directorsmayappointasdirectorsthenumberof
individualsthat,whenaddedtothe
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Delaware
Constitution and TheDGCLdoesnothaveresidencyrequirements,buta
Residency Of corporationmayprescribequalificationsfordirectors
Directors underitscertificateofincorporationorbylaws.
Removal of Directors; UndertheDGCL,exceptinthecaseofacorporation
Terms of Directors withaclassifiedboardorwithcumulativevoting,any
directorortheentireboardmayberemoved,withor
withoutcause,bytheholdersofamajorityoftheshares
entitledtovoteatanelectionofdirectors.
Inspection of Books UndertheDGCL,anyholderofrecordofstockora
and Records personwhoisthebeneficialownerofsharesofsuch
stockheldeitherinavotingtrustorbyanomineeon
behalfofsuchpersonmayinspectthecorporations
booksandrecordsforaproperpurpose.
Amendment of UndertheDGCL,acertificateofincorporationmaybe
Governing Documents amendedif:(i)theboardofdirectorsadoptsaresolution
settingforththeproposedamendment,declaresthe
advisabilityoftheamendmentanddirectsthatitbe
submittedtoavoteatameetingofshareholders;
providedthatunlessrequiredbythecertificateof
incorporation,nomeetingorvoteisrequiredtoadoptan
amendmentforcertainspecifiedchanges;and(ii)the
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British Columbia
numberofremainingdirectors,willconstituteaquorum
and/orcallashareholdersmeetingtofillanyorall
vacanciesamongdirectorsandtoconductsuchother
businessthatmaybedealtwithatthatmeeting,butmust
nottakeanyotheractionuntilaquorumisobtained.
TheBCBCAdoesnotplaceanyresidencyrestrictionson
theboardsofdirectors.
Ourarticlesallowfortheremovalofadirectorby
specialresolutionoftheshareholders.
Accordingtoourarticles,alldirectorsceasetohold
officeimmediatelybeforetheelectionorappointmentof
directorsateveryannualgeneralmeeting,butare
eligibleforre-electionorre-appointment.
UndertheBCBCA,directorsandshareholdersmay,
withoutcharge,inspectcertainoftherecordsofa
company.Formershareholdersanddirectorsmayalso
inspectcertainoftherecords,freeofcharge,butonly
thoserecordspertainingtothetimesthattheywere
shareholdersordirectors.
Publiccompaniesmustallowallpersonstoinspect
certainrecordsofthecompanyfreeofcharge.
UndertheBCBCA,acompanymayamenditsarticlesor
noticeofarticlesby(i)thetypeofresolutionspecifiedin
theBCBCA,(ii)iftheBCBCAdoesnotspecifyatype
ofresolution,thenbythetypespecifiedinthe
companysarticles,or(iii)ifthecompanysarticlesdo
notspecifyatypeofresolution,thenbyspecial
resolution.TheBCBCApermitsmanysubstantive
changestoacompanysarticles(suchasachangeinthe
companys
Table of Contents
Indemnification of
Directors and Officers
Delaware
holdersofamajorityofsharesofstockentitledtovote
onthematterapprovetheamendment,unlessthe
certificateofincorporationrequiresthevoteofagreater
numberofshares.
Ifaclassvoteontheamendmentisrequiredbythe
DGCL,amajorityoftheoutstandingstockoftheclassis
required,unlessagreaterproportionisspecifiedinthe
certificateofincorporationorbyotherprovisionsofthe
DGCL.
UndertheDGCL,theboardofdirectorsmayamenda
corporationsbylawsifsoauthorizedinthecertificateof
incorporation.TheshareholdersofaDelaware
corporationalsohavethepowertoamendbylaws.
UndertheDGCL,subjecttospecifiedlimitationsinthe
caseofderivativesuitsbroughtbyacorporations
stockholdersinitsname,acorporationmayindemnify
anypersonwhoismadeapartytoanyaction,suitor
proceedingonaccountofbeingadirector,officer,
employeeoragentofthecorporation(orwasservingat
therequestofthecorporationinsuchcapacityfor
anothercorporation,partnership,jointventure,trustor
otherenterprise)againstexpenses(includingattorneys
fees),judgments,finesandamountspaidinsettlement
actuallyandreasonablyincurredbyhimorherin
connectionwiththeaction,suitorproceeding,provided
thatthereisadeterminationthat:(i)theindividualacted
ingoodfaithandinamannerreasonablybelievedtobe
inornotopposedtothebestinterestsofthecorporation;
and(ii)inacriminalactionorproceeding,theindividual
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authorizedsharestructureorachangeinthespecial
rightsorrestrictionsthatmaybeattachedtoacertain
classorseriesofshares)tobechangedbytheresolution
specifiedinthatcompanysarticles.
Ourarticlesprovidethatcertainchangestoourshare
structureandanycreationoralterationofspecialrights
andrestrictionsattachedtoaseriesorclassofsharesbe
donebywayofordinaryresolution.However,ifaright
orspecialrightattachedtoaclassorseriesofshares
wouldbeprejudicedorinterferedwithbysuchan
alteration,theBCBCArequiresthatholdersofsuchclass
orseriesofsharesmustapprovethealterationbya
specialseparateresolutionofthoseshareholders.
Ourarticlesalsoprovidethattheshareholdersmayfrom
timetotime,byordinaryresolution,makeanyalteration
toournoticeofarticlesandarticlesaspermittedbythe
BCBCA.
UndertheBCBCA,acompanymayindemnify:(i)a
currentorformerdirectororofficerofthatcompany;
(ii)acurrentorformerdirectororofficerofanother
corporationif,atthetimesuchindividualheldsuch
office,thecorporationwasanaffiliateofthecompany,
orifsuchindividualheldsuchofficeatthecompanys
request;or(iii)anindemnifiableperson(asdefinedin
theDescriptionofShareCapitalsectionabove)against
allcosts,chargesandexpenses,includinganamount
paidtosettleanactionorsatisfyajudgment,reasonably
incurredbyhimorherinrespectofanycivil,criminal,
administrativeorotherlegalproceedingorinvestigative
action(whethercurrent,threatened,pendingor
completed)inwhichheorsheisinvolvedbecauseof
thatpersonspositionasanindemnifiableperson,unless:
(i)theindividualdidnotacthonestlyandingoodfaith
withaview
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Delaware
hadnoreasonablecausetobelievehisorherconduct
wasunlawful.
Withoutcourtapproval,however,noindemnification
maybemadeinrespectofanyderivativeactioninwhich
anindividualisadjudgedliabletothecorporation,
excepttotheextenttheCourtofChanceryorthecourtin
whichsuchactionorsuitwasbroughtshalldetermine
uponapplicationthat,despitetheadjudicationbutin
viewofallthecircumstancesofthecase,suchpersonis
fairlyandreasonablyentitledtoindemnity.
TheDGCLrequiresindemnificationofdirectorsand
officersforexpenses(includingattorneysfees)actually
andreasonablyrelatingtoasuccessfuldefenseonthe
meritsorotherwiseofaderivativeorthird-partyaction.
UndertheDGCL,acorporationmayadvanceexpenses
relatingtothedefenseofanyproceedingtodirectorsand
officersuponthereceiptofanundertakingbyoron
behalfoftheindividualtorepaysuchamountifitshall
ultimatelybedeterminedthatsuchpersonisnotentitled
tobeindemnified.
145
British Columbia
tothebestinterestsofsuchcompanyortheotherentity,
asthecasemaybe;or(ii)inthecaseofaproceeding
otherthanacivilproceeding,theindividualdidnothave
reasonablegroundsforbelievingthattheindividuals
conductwaslawful.Acompanycannotindemnifyan
indemnifiablepersonifitisprohibitedfromdoingso
underitsarticles.Inaddition,acompanymustnot
indemnifyanindemnifiablepersoninproceedings
broughtagainsttheindemnifiablepersonbyoronbehalf
ofthecompanyoranassociatedcompany.Acompany
maypay,astheyareincurredinadvanceofthefinal
dispositionofaneligibleproceeding,theexpenses
actuallyandreasonablyincurredbyanindemnifiable
personinrespectofthatproceedingonlyifthe
indemnifiablepersonhasprovidedanundertakingthat,if
itisultimatelydeterminedthatthepaymentofexpenses
wasprohibited,theindemnifiablepersonwillrepayany
amountsadvanced.Subjecttotheaforementioned
prohibitionsonindemnification,acompanymust,after
thefinaldispositionofaneligibleproceeding,paythe
expensesactuallyandreasonablyincurredbyan
indemnifiablepersoninrespectofsucheligible
proceedingifsuchindemnifiablepersonhasnotbeen
reimbursedforsuchexpenses,andwaswholly
successful,onthemeritsorotherwise,intheoutcomeof
sucheligibleproceedingorwassubstantiallysuccessful
onthemeritsintheoutcomeofsucheligibleproceeding.
Onapplicationfromanindemnifiableperson,acourt
maymakeanyorderthecourtconsidersappropriatein
respectofaneligibleproceeding,includingthe
indemnificationofpenaltiesimposedorexpenses
incurredinanysuchproceedingsandtheenforcementof
anindemnificationagreement.
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Delaware
Limited Liability of TheDGCLpermitstheadoptionofaprovisionina
Directors corporationscertificateofincorporationlimitingor
eliminatingthemonetaryliabilityofadirectortoa
corporationoritsshareholdersbyreasonofadirectors
breachofthefiduciarydutyofcare.TheDGCLdoesnot
permitanylimitationoftheliabilityofadirectorfor:(i)
breachingthedutyofloyaltytothecorporationorits
shareholders;(ii)actsoromissionsnotingoodfaith;(iii)
engaginginintentionalmisconductoraknownviolation
oflaw;(iv)obtaininganimproperpersonalbenefitfrom
thecorporation;or(v)payingadividendorapprovinga
stockrepurchasethatwasillegalunderapplicablelaw.
146
British Columbia
AspermittedbytheBCBCA,ourarticlesrequireusto
indemnifyourdirectors,officers,formerdirectorsor
officers(andsuchindividualsrespectiveheirsandlegal
representatives)andpermitustoindemnifyanyperson
totheextentpermittedbytheBCBCA.
UndertheBCBCA,adirectororofficerofacompany
must(i)acthonestlyandingoodfaithwithaviewtothe
bestinterestsofthecompany;(ii)exercisethecare,
diligenceandskillthatareasonablyprudentindividual
wouldexerciseincomparablecircumstances;(iii)actin
accordancewiththeBCBCAandtheregulations
thereunder;and(iv)subjectto(i)to(iii),actin
accordancewiththearticlesofthecompany.These
statutorydutiesareinadditiontodutiesundercommon
lawandequity.
Noprovisioninacontractorthearticlesofacompany
mayrelieveadirectororofficerofacompanyfromthe
aboveduties.
UndertheBCBCA,adirectorisnotliableforcertain
actsifthedirectorhasotherwisecompliedwithhisor
herdutiesandrelied,ingoodfaith,on(i)financial
statementsofthecompanyrepresentedtothedirectorby
anofficerofthecompanyorinawrittenreportofthe
auditorofthecompanytofairlyreflectthefinancial
positionofthecompany,(ii)awrittenreportofalawyer,
accountant,engineer,appraiserorotherpersonwhose
professionlendscredibilitytoastatementmadebythat
person,(iii)astatementoffactrepresentedtothe
directorbyanofficerofthecompanytobecorrect,or
(iv)anyrecord,informationorrepresentationthatthe
courtconsidersprovidesreasonablegroundsforthe
actionsofthedirector,whetherornotthatrecordwas
forged,fraudulentlymadeorinaccurateorthat
informationorrepresentationwasfraudulently
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Delaware
Stockholder/ UndertheDGCL,astockholdermaybringaderivative
Shareholder Lawsuits actiononbehalfofthecorporationtoenforcetherights
ofthecorporation;provided,however,thatunder
Delawarecaselaw,theplaintiffgenerallymustbea
stockholdernotonlyatthetimeofthetransactionwhich
thesubjectofthesuit,butthroughthedurationofthe
derivativesuit.Delawarelawalsorequiresthatthe
derivativeplaintiffmakeademandonthedirectorsof
thecorporationtoassertthecorporateclaimbeforethe
suitmaybeprosecutedbythederivativeplaintiff,unless
suchdemandwouldbefutile.Anindividualalsomay
commenceaclassactionsuitonbehalfofhimselfor
herselfandothersimilarlysituatedstockholderswhere
therequirementsformaintainingaclassactionhave
beenmet.
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madeorinaccurate.Further,adirectorisnotliableifthe
directordidnotknowandcouldnotreasonablyhave
knownthattheactdonebythedirectororauthorizedby
theresolutionvotedfororconsentedtobythedirector
wascontrarytotheBCBCA.
UndertheBCBCA,ashareholder(includingabeneficial
shareholder)ordirectorofacompanyandanyperson
who,inthediscretionofthecourt,isanappropriate
persontomakeanapplicationtocourttoprosecuteor
defendanactiononbehalfofacompany(aderivative
action)may,withjudicialleave:(i)bringanactioninthe
nameandonbehalfofthecompanytoenforcearight,
dutyorobligationowedtothecompanythatcouldbe
enforcedbythecompanyitselfortoobtaindamagesfor
anybreachofsuchright,dutyorobligationor
(ii)defend,inthenameandonbehalfofthecompany,a
legalproceedingbroughtagainstthecompany.
UndertheBCBCA,thecourtmaygrantleaveif:(i)the
complainanthasmadereasonableeffortstocausethe
directorsofthecompanytoprosecuteordefendthe
action;(ii)noticeoftheapplicationforleavehasbeen
giventothecompanyandanyotherpersonthatthecourt
mayorder;(iii)thecomplainantisactingingoodfaith;
and(iv)itappearstothecourttobeintheinterestsofthe
companyfortheactiontobeprosecutedordefended.
UndertheBCBCA,uponthefinaldispositionofa
derivativeaction,thecourtmaymakeanyorderit
determinestobeappropriate.Inaddition,underthe
BCBCA,acourtmayorderacompanytopaythe
complainantsinterimcosts,includinglegalfeesand
disbursements.However,thecomplainantmaybeheld
accountableforthecostsonfinaldispositionofthe
action.
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Delaware
Oppression Remedy AlthoughtheDGCLimposesupondirectorsandofficers
fiduciarydutiesofloyalty(i.e.,adutytoactinamanner
believedtobeinthebestinterestofthecorporationand
itsstockholders)andcare,thereisnoremedyunderthe
DGCLthatiscomparabletotheBCBCAsoppression
remedy.
Blank Check UndertheDGCL,thecertificateofincorporationofa
Preferred corporationmaygivetheboardtherighttoissuenew
Stock/Shares classesofpreferredshareswithvoting,conversion,
dividenddistribution,andotherrightstobedetermined
bytheboardatthetimeofissuance,whichcouldprevent
atakeoverattemptandtherebyprecludeshareholders
fromrealizingapotentialpremiumoverthemarketvalue
oftheirshares.
Inaddition,theDGCLdoesnotprohibitacorporation
fromadoptingashareholderrightsplan,orpoisonpill,
whichcouldpreventatakeoverattemptandalso
precludeshareholdersfromrealizingapotential
premiumoverthemarketvalueoftheirshares.
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TheBCBCAsoppressionremedyenablesacourtto
makeanorder(interimorfinal)torectifythematters
complainedofifthecourtissatisfieduponapplication
byashareholder(asdefinedbelow)thattheaffairsofthe
companyarebeingconductedorthatthepowersofthe
directorshavebeenexercisedinamannerthatis
oppressive,orthatsomeactionofthecompanyor
shareholdershasbeenoristhreatenedtobetakenwhich
isunfairlyprejudicial,ineachcasetooneormore
shareholders.Theapplicantmustbeoneofthepersons
beingoppressedorprejudicedandtheapplicationmust
bebroughtinatimelymanner.Ashareholderforthe
purposesoftheoppressionremedyincludeslegaland
beneficialownersofsharesaswellasanyotherperson
whomthecourtconsidersappropriate.
Theoppressionremedyprovidesthecourtwith
extremelybroadandflexiblejurisdictiontointervenein
corporateaffairstoprotectshareholders.
Underourarticles,thepreferredsharesmaybeissuedin
oneormoreseries.Accordingly,ourboardofdirectorsis
authorized,withoutshareholderapproval,butsubjectto
theprovisionsoftheBCBCA,todeterminethe
maximumnumberofsharesofeachseries,createan
identifyingnameforeachseriesandattachsuchspecial
rightsorrestrictions,includingdividend,liquidationand
votingrights,asourboardofdirectorsmaydetermine,
andsuchspecialrightsorrestrictions,including
dividend,liquidationandvotingrights,maybesuperior
tothoseofthesubordinatevotingsharesandmultiple
votingshares.Theissuanceofpreferredshares,while
providingflexibilityinconnectionwithpossible
acquisitionsandothercorporatepurposes,could,among
otherthings,havetheeffectofdelaying,deferringor
preventinga
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Delaware
Advance Notification Requirements for Delawarecorporationstypicallyhaveprovisionsintheir
Proposals of bylawsthatrequireastockholderproposinganominee
Stockholders/ forelectiontotheboardofdirectorsorotherproposalsat
Shareholders anannualorspecialmeetingofthestockholdersto
providenoticeofanysuchproposalstothesecretaryof
thecorporationinadvanceofthemeetingforanysuch
proposaltobebroughtbeforethemeetingofthe
stockholders.Inaddition,advancenoticebylaws
frequentlyrequirethestockholdernominatingaperson
forelectiontotheboardofdirectorstoprovide
informationaboutthenominee,suchashisorherage,
address,employmentandbeneficialownershipofshares
ofthecorporationscapitalstock.Thestockholdermay
alsoberequiredtodisclose,amongotherthings,hisor
hername,shareownershipandagreement,arrangement
orunderstandingwithrespecttosuchnomination.
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changeofcontrolofourcompanyandmightadversely
affectthemarketpriceofoursubordinatevotingshares
andthevotingandotherrightsoftheholdersof
subordinatevotingsharesandmultiplevoting
shares.UndertheBCBCA,eachshareofaseriesof
sharesmusthavethesamespecialrightsorrestrictions
asareattachedtoeveryothershareofthatseriesof
shares.Inaddition,thespecialrightsorrestrictions
attachedtosharesofaseriesofsharesmustbeconsistent
withthespecialrightsorrestrictionsattachedtotheclass
ofsharesofwhichtheseriesofsharesispart.
Inaddition,theBCBCAdoesnotprohibitacorporation
fromadoptingashareholderrightsplan,orpoisonpill,
whichcouldpreventatakeoverattemptandalso
precludeshareholdersfromrealizingapotential
premiumoverthemarketvalueoftheirshares.
UndertheBCBCA,qualifiedshareholdersholdingat
leastonepercent(1%)ofourissuedvotingsharesor
whoseshareshaveafairmarketvalueinexcessof
$2,000intheaggregatemaymakeproposalsformatters
tobeconsideredattheannualgeneralmeetingof
shareholders.Suchproposalsmustbesenttousin
advanceofanyproposedmeetingbydeliveringatimely
writtennoticeinproperformtoourregisteredofficein
accordancewiththerequirementsoftheBCBCA.The
noticemustincludeinformationonthebusinessthe
shareholderintendstobringbeforethemeeting.Tobea
qualifiedshareholder,ashareholdermustcurrentlybe
andhavebeenaregisteredorbeneficialownerofatleast
oneshareofthecompanyforatleast2yearsbeforethe
dateofsigningtheproposal.
Iftheproposalandawrittenstatementinsupportofthe
proposal(ifany)aresubmittedatleastthreemonths
before
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Delaware
Forotherproposals,theproposingstockholderisoften
requiredbythebylawstoprovideadescriptionofthe
proposalandanyotherinformationrelatingtosuch
stockholderorbeneficialowner,ifany,onwhosebehalf
thatproposalisbeingmade,requiredtobedisclosedina
proxystatementorotherfilingsrequiredtobemadein
connectionwithsolicitationofproxiesfortheproposal
andpursuanttoandinaccordancewiththeExchange
Actandtherulesandregulationspromulgated
thereunder.
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theanniversarydateofthepreviousannualmeetingand
theproposalandwrittenstatement(ifany)meetother
specifiedrequirements,thenthecompanymusteitherset
outtheproposal,includingthenamesandmailing
addressesofthesubmittingpersonandsupportersand
thewrittenstatement(ifany),intheproxycircularofthe
companyorattachtheproposalandwrittenstatement
thereto.
Incertaincircumstances,thecompanymayrefuseto
processaproposal.
WehaveincludedAdvanceNoticeProvisions(as
definedintheDescriptionofShareCapitalsection
above)inourarticles.UndertheAdvanceNotice
Provisions,ashareholderwishingtonominateadirector
wouldberequiredtoprovideusnotice,intheprescribed
form,withintheprescribedtimeperiods.
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Shares Eligible for Future Sale

Beforethisoffering,therehasbeennopublicmarketforoursubordinatevotingshares.Asdescribedbelow,onlyalimitednumberofsubordinatevotingshares
currentlyoutstandingwillbeavailableforsaleimmediatelyafterthisofferingduetocontractualandlegalrestrictionsonresale.Nevertheless,futuresalesof
substantialamountsofoursubordinatevotingshares,includingsubordinatevotingsharesissuableupontheconversionofmultiplevotingsharesoruponthe
exerciseofoutstandingoptions,inthepublicmarketafterthisoffering,ortheperceptionthatthosesalesmayoccur,couldcausetheprevailingmarketpriceforour
subordinatevotingsharestofallorimpairourabilitytoraisecapitalthroughsalesofourequitysecurities.

Upontheclosingofthisoffering,wewillhaveoutstanding20,000,000subordinatevotingshares,aftergivingeffecttotheissuanceof6,308,154subordinatevoting
sharesinthisofferingandsalebythesellingshareholdersof13,691,846sharesinthisoffering,assumingnoexercisebytheunderwritersoftheover-allotment
option,andnoexerciseofoptionsoutstandingasofMarch1,2017.Basedonthesameassumptions,upontheclosingofthisoffering,wewillhaveoutstanding
86,308,154multiplevotingshares.Thesubordinatevotingsharesissuableupontheconversionofthemultiplevotingsharesthatwillbeheldbycertainofour
existingshareholdersuponclosingofthisofferingwillbeavailableforsaleinthepublicmarketaftertheexpirationorwaiverofthelock-uparrangements
describedbelow,subjecttolimitationsimposedbyU.S.andCanadiansecuritieslawsonresalebyouraffiliates.

WeexpectthatallofthesubordinatevotingsharestobesoldinthisofferingwillbefreelytradablewithoutrestrictionundertheSecuritiesActunlesspurchasedby
ouraffiliates,asthattermisdefinedinRule144undertheSecuritiesAct.Sharespurchasedbyouraffiliatesmaynotberesoldexceptpursuanttoaneffective
registrationstatementoranexemptionfromregistration,includingthesafeharborunderRule144oftheSecuritiesActdescribedbelow.Inaddition,followingthis
offering,subordinatevotingsharesissuablepursuanttoawardsgrantedundercertainofourequityplansthatareexpectedtobecoveredbyaregistrationstatement
onFormS-8willeventuallybefreelytradableinthepublicmarket,subjecttocertaincontractualandlegalrestrictionsdescribedbelow.

Theremainingmultiplevotingsharesoutstandingafterthisofferingwillberestrictedsecurities,asthattermisdefinedinRule144oftheSecuritiesAct,andwe
expectthatsubstantiallyalloftheserestrictedsecuritieswillbesubjecttothelock-upagreementsdescribedbelow.Thesesubordinatevotingsharesand
subordinatevotingsharesissuableuponconversionofmultiplevotingsharesmaybesoldinthepublicmarketonlyifthesaleisregisteredorpursuanttoan
exemptionfromregistration,suchasthesafeharborprovidedbyRule144,orincompliancewithapplicableCanadianSecuritieslaws.

Lock-up Restrictions
Weandeachofourdirectors,executiveofficersandholdersofallofouroutstandingmultiplevotingshares,haveagreedthat,withoutthepriorwrittenconsentof
certainoftheunderwriters,weandtheywillnot,subjecttolimitedexceptions,directlyorindirectlysellordisposeofanysubordinatevotingsharesormultiple
votingsharesoranysecuritiesconvertibleintoorexchangeableorexercisableforsubordinatevotingsharesormultiplevotingsharesforaperiodof180daysafter
thedateofthisprospectus,unlessextendedpursuanttoitsterms.Thelock-uprestrictionsandspecifiedexceptionsaredescribedinmoredetailunder
Underwriting.

Rule 144
Ingeneral,underRule144,beginning90daysafterthedateofthisprospectus,anypersonwhoisnotouraffiliateandhasheldtheirsharesforatleastsixmonths,
includingtheholdingperiodofanypriorownerotherthanoneofouraffiliates,maysellshareswithoutrestriction,subjecttotheavailabilityofcurrentpublic
informationaboutus.Inaddition,underRule144,anypersonwhoisnotouraffiliateandhasnotbeenouraffiliateatanytimeduringtheprecedingthreemonths
andhasheldtheirsharesforatleastoneyear,includingtheholdingperiodofanypriorownerotherthanoneofouraffiliates,wouldbeentitledtosellanunlimited
numberofsharesimmediatelyupontheclosingofthisofferingwithoutregardtowhethercurrentpublicinformationaboutusisavailable.

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Beginning90daysafterthedateofthisprospectus,apersonwhoisouraffiliateorwhowasouraffiliateatanytimeduringtheprecedingthreemonthsandwhohas
beneficiallyownedrestrictedsecuritiesforatleastsixmonths,includingtheholdingperiodofanypriorownerotherthanoneofouraffiliates,isentitledtosella
numberofsubordinatevotingshareswithinanythree-monthperiodthatdoesnotexceedthegreaterof:(i)1%ofthenumberofoursharesoutstanding,whichwill
equalapproximately1.07millionsharesimmediatelyafterthisoffering;and(ii)theaverageweeklytradingvolumeofoursubordinatevotingsharesontheNYSE
duringthefourcalendarweeksprecedingthefilingofanoticeonForm144withrespecttothesale.

SalesunderRule144byouraffiliatesarealsosubjecttocertainmannerofsaleprovisions,noticerequirementsandtotheavailabilityofcurrentpublicinformation
aboutus.

Rule 701
Ingeneral,underRule701undertheSecuritiesAct,beginning90daysafterwebecomesubjecttothepubliccompanyreportingrequirementsoftheExchangeAct,
anyofouremployees,directors,officers,consultantsoradvisorswhoacquiredsubordinatevotingsharesfromusinconnectionwithawrittencompensatorystock
oroptionplanorotherwrittenagreementincompliancewithRule701isentitledtosellsuchsharesinrelianceonRule144butwithoutcompliancewithcertainof
therequirementscontainedinRule144.Accordingly,subjecttoanyapplicablelock-uprestrictions,beginning90daysafterwebecomesubjecttothepublic
companyreportingrequirementsoftheExchangeAct,underRule701personswhoarenotouraffiliatesmayresellthoseshareswithoutcomplyingwiththe
minimumholdingperiodorpublicinformationrequirementsofRule144,andpersonswhoareouraffiliatesmayresellthoseshareswithoutcompliancewith
Rule144sminimumholdingperiodrequirements.

Canadian Resale Restrictions

AnysaleofanyofourshareswhichconstitutesacontroldistributionunderCanadiansecuritieslaws(generallyasalebyapersonoragroupofpersonsholding
morethan20%ofouroutstandingvotingsecurities)willbesubjecttorestrictionsunderCanadiansecuritieslawsinadditiontothoserestrictionsnotedabove,
unlessthesaleisqualifiedunderaprospectusfiledwithCanadiansecuritiesregulatoryauthorities,orifpriornoticeofthesaleisfiledwiththeCanadiansecurities
regulatoryauthoritiesatleastsevendaysbeforeanysaleandtherehasbeencompliancewithcertainotherrequirementsandrestrictionsregardingthemannerof
sale,paymentofcommissions,reportingandavailabilityofcurrentpublicinformationaboutusandcompliancewithapplicableCanadiansecuritieslaws.

Equity Incentive Plans

Followingthisoffering,weintendtofilewiththeSECaregistrationstatementonFormS-8undertheSecuritiesActcoveringthesubordinatevotingsharesthatare
subjecttooutstandingoptionsandotherawardsthatmaybegrantedpursuanttoourequityincentiveplans.Sharescoveredbysuchregistrationstatementwillbe
availableforsaleintheopenmarketfollowingitseffectivedate,subjecttocertainRule144limitationsapplicabletoaffiliatesandthetermsoflock-uprestrictions
applicabletothoseshares.

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Material United States Federal Income Tax Considerations for U.S. Holders

Subjecttothelimitationsandqualificationsstatedherein,thisdiscussionsetsforthcertainmaterialU.S.federalincometaxconsiderationsrelatingtotheownership
anddispositionbyU.S.Holders(asdefinedbelow)ofthesubordinatevotingshares.ThediscussionisbasedontheU.S.InternalRevenueCodeof1986,as
amended(theCode),itslegislativehistory,existingandproposedregulationsthereunder,publishedrulingsandcourtdecisions,allascurrentlyineffectandall
subjecttochangeatanytime,possiblywithretroactiveeffect.ThissummaryappliesonlytoU.S.Holdersanddoesnotaddresstaxconsequencestoanon-U.S.
Holder(asdefinedbelow)investinginoursubordinatevotingshares.

ThisdiscussionofaU.S.Holderstaxconsequencesaddressesonlythosepersonsthatacquiretheirsubordinatevotingsharesinthisofferingandthatholdthose
subordinatevotingsharesascapitalassetsanddoesnotaddressthetaxconsequencestoanyspecialclassofholders,includingwithoutlimitation,holders(directly,
indirectlyorconstructively)of10%ormoreofourequity(basedonvotingpower),dealersinsecuritiesorcurrencies,banks,tax-exemptorganizations,insurance
companies,financialinstitutions,broker-dealers,regulatedinvestmentcompanies,realestateinvestmenttrusts,tradersinsecuritiesthatelectthemark-to-market
methodofaccountingfortheirsecuritiesholdings,personsthatholdsecuritiesthatareahedgeorthatarehedgedagainstcurrencyorinterestraterisksorthatare
partofastraddle,conversionorintegratedtransaction,U.S.expatriates,partnershipsorotherpass-throughentitiesforU.S.federalincometaxpurposesandU.S.
HolderswhosefunctionalcurrencyforU.S.federalincometaxpurposesisnottheU.S.dollar.ThisdiscussiondoesnotaddresstheeffectoftheU.S.federal
alternativeminimumtax,U.S.federalestateandgifttax,the3.8%Medicarecontributiontaxonnetinvestmentincomeoranystate,localornon-U.S.taxlawsona
holderofsubordinatevotingshares.

Forpurposesofthisdiscussion,aU.S.HolderisabeneficialownerofsubordinatevotingsharesthatisforU.S.federalincometaxpurposes:(a)anindividual
whoisacitizenorresidentoftheUnitedStates;(b)acorporation(orotherentitytaxableasacorporationforU.S.federalincometaxpurposes)createdor
organizedinorunderthelawsoftheUnitedStates,anystatethereofortheDistrictofColumbia;(c)anestatetheincomeofwhichissubjecttoU.S.federalincome
taxationregardlessofitssource;or(d)atrust(i)ifacourtwithintheUnitedStatescanexerciseprimarysupervisionoveritsadministration,andoneormoreU.S.
personshavetheauthoritytocontrolallofthesubstantialdecisionsofthattrust,or(ii)thathasavalidelectionineffectunderapplicableTreasuryregulationstobe
treatedasaU.S.person.Thetermnon-U.S.HoldermeansanybeneficialownerofoursubordinatevotingsharesthatisnotaU.S.Holder,apartnership(oran
entityorarrangementthatistreatedasapartnershiporotherpass-throughentityforU.S.federalincometaxpurposes)orapersonholdingoursubordinatevoting
sharesthroughsuchanentityorarrangement.

IfapartnershiporanentityorarrangementthatistreatedasapartnershipforU.S.federalincometaxpurposesholdsoursubordinatevotingshares,thetax
treatmentofapartnerwillgenerallydependuponthestatusofthepartnerandtheactivitiesofthepartnership.Partnersinpartnershipsthatholdoursubordinate
votingsharesshouldconsulttheirowntaxadvisors.

You are urged to consult your own independent tax advisor regarding the specific U.S. federal, state, local and non-U.S. income and other tax
considerations relating to the ownership and disposition of our subordinate voting shares.

Cash Dividends and Other Distributions

AsdescribedinthesectionentitledDividendPolicyabove,wecurrentlyintendtoretainanyfutureearningstofundbusinessdevelopmentandgrowth,andwedo
notexpecttopayanydividendsintheforeseeablefuture.However,totheextentthereareanydistributionsmadewithrespecttooursubordinatevotingshares,
subjecttothepassiveforeigninvestmentcompany,orPFIC,rulesdiscussedbelow,aU.S.Holdergenerallywillberequiredtotreatdistributionsreceivedwith
respecttoitssubordinatevotingshares(includingtheamountof

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Canadiantaxeswithheld,ifany)asdividendincometotheextentofourcurrentoraccumulatedearningsandprofits(computedusingU.S.federalincometax
principles),withtheexcesstreatedasanon-taxablereturnofcapitaltotheextentoftheholdersadjustedtaxbasisinitssubordinatevotingsharesand,thereafter,
ascapitalgainrecognizedonasaleorexchangeonthedayactuallyorconstructivelyreceivedbyyou.Therecanbenoassurancethatwewillmaintaincalculations
ofourearningsandprofitsinaccordancewithU.S.federalincometaxaccountingprinciples.U.S.Holdersshouldthereforeassumethatanydistributionwith
respecttooursubordinatevotingshareswillconstituteordinarydividendincome.Dividendspaidonthesubordinatevotingshareswillnotbeeligibleforthe
dividendsreceiveddeductionallowedtoU.S.corporations.

Dividendspaidtoanon-corporateU.S.Holderbyaqualifiedforeigncorporationmaybesubjecttoreducedratesoftaxationifcertainholdingperiodandother
requirementsaremet.Aqualifiedforeigncorporationgenerallyincludesaforeigncorporation(otherthanaPFIC)if(i)itssubordinatevotingsharesarereadily
tradableonanestablishedsecuritiesmarketintheUnitedStatesor(ii)itiseligibleforbenefitsunderacomprehensiveU.S.incometaxtreatythatincludesan
exchangeofinformationprogramandwhichtheU.S.TreasuryDepartmenthasdeterminedissatisfactoryforthesepurposes.Oursubordinatevotingsharesare
expectedtobereadilytradableonanestablishedsecuritiesmarket,theNYSE.U.S.Holdersshouldconsulttheirowntaxadvisorsregardingtheavailabilityofthe
reducedtaxrateondividendsinlightoftheirparticularcircumstances.

Non-corporateU.S.HolderswillnotbeeligibleforreducedratesoftaxationonanydividendsreceivedfromusifweareaPFICinthetaxableyearinwhichsuch
dividendsarepaidorintheprecedingtaxableyear.

DistributionspaidinacurrencyotherthanU.S.dollarswillbeincludedinaU.S.HoldersgrossincomeinaU.S.dollaramountbasedonthespotexchangeratein
effectonthedateofactualorconstructivereceipt,whetherornotthepaymentisconvertedintoU.S.dollarsatthattime.TheU.S.Holderwillhaveataxbasisin
suchcurrencyequaltosuchU.S.dollaramount,andanygainorlossrecognizeduponasubsequentsaleorconversionoftheforeigncurrencyforadifferentU.S.
dollaramountwillbeU.S.sourceordinaryincomeorloss.IfthedividendisconvertedintoU.S.dollarsonthedateofreceipt,aU.S.Holdergenerallyshouldnot
berequiredtorecognizeforeigncurrencygainorlossinrespectofthedividendincome.

AU.S.Holderwhopays(whetherdirectlyorthroughwithholding)Canadiantaxeswithrespecttodividendspaidonoursubordinatevotingsharesmaybeentitled
toreceiveeitheradeductionoraforeigntaxcreditforsuchCanadiantaxespaid.Complexlimitationsapplytotheforeigntaxcredit,includingthegeneral
limitationthatthecreditcannotexceedtheproportionateshareofaU.S.HoldersU.S.federalincometaxliabilitythatsuchU.S.Holdersforeignsourcetaxable
incomebearstosuchU.S.Holdersworldwidetaxableincome.Inapplyingthislimitation,aU.S.Holdersvariousitemsofincomeanddeductionmustbe
classified,undercomplexrules,aseitherforeignsourceorU.S.source.Inaddition,thislimitationiscalculatedseparatelywithrespecttospecificcategoriesof
income.Dividendspaidbyusgenerallywillconstituteforeignsourceincomeandgenerallywillbecategorizedaspassivecategoryincome.However,if50%
ormoreofourequity(basedonvotingpowerorvalue)istreatedasheldbyU.S.persons,wewillbetreatedasaUnitedStates-ownedforeigncorporation,in
whichcasedividendsmaybetreatedforforeigntaxcreditlimitationpurposesasforeignsourceincometotheextentattributabletoournon-U.S.sourceearnings
andprofitsandasU.S.sourceincometotheextentattributabletoourU.S.sourceearningsandprofits.Becausetheforeigntaxcreditrulesarecomplex,each
U.S.Holdershouldconsultitsowntaxadvisorregardingtheforeigntaxcreditrules.

Sale or Disposition of Subordinate Voting Shares

AU.S.Holdergenerallywillrecognizegainorlossonthetaxablesaleorexchangeofitssubordinatevotingsharesinanamountequaltothedifferencebetween
theU.S.dollaramountrealizedonsuchsaleorexchange(determinedinthecaseofsubordinatevotingsharessoldorexchangedforcurrenciesotherthanU.S.
dollarsbyreferencetothespotexchangerateineffectonthedateofthesaleorexchangeor,ifthesubordinatevotingsharessoldorexchangedaretradedonan
establishedsecuritiesmarketandtheU.S.Holderisacashbasis

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taxpayeroranelectingaccrualbasistaxpayer,thespotexchangerateineffectonthesettlementdate)andtheU.S.Holdersadjustedtaxbasisinthesubordinate
votingsharesdeterminedinU.S.dollars.TheinitialtaxbasisofthesubordinatevotingsharestoaU.S.HolderwillbetheU.S.HoldersU.S.dollarpurchaseprice
forthesubordinatevotingshares(determinedbyreferencetothespotexchangerateineffectonthedateofthepurchase,orifthesubordinatevotingshares
purchasedaretradedonanestablishedsecuritiesmarketandtheU.S.Holderisacashbasistaxpayeroranelectingaccrualbasistaxpayer,thespotexchangeratein
effectonthesettlementdate).

AssumingwearenotaPFICandhavenotbeentreatedasaPFICduringyourholdingperiodforoursubordinatevotingshares,suchgainorlosswillbecapital
gainorlossandwillbelong-termgainorlossifthesubordinatevotingshareshavebeenheldformorethanoneyear.Undercurrentlaw,long-termcapitalgainsof
non-corporateU.S.Holdersgenerallyareeligibleforreducedratesoftaxation.Thedeductibilityofcapitallossesissubjecttolimitations.Capitalgainorloss,if
any,recognizedbyaU.S.HoldergenerallywillbetreatedasU.S.sourceincomeorlossforU.S.foreigntaxcreditpurposes.U.S.Holdersareencouragedto
consulttheirowntaxadvisorsregardingtheavailabilityoftheU.S.foreigntaxcreditintheirparticularcircumstances.

Passive Foreign Investment Company Considerations

Status as a PFIC
TherulesgoverningPFICscanhaveadversetaxeffectsonU.S.Holders.WegenerallywillbeclassifiedasaPFICforU.S.federalincometaxpurposesif,forany
taxableyear,either:(1)75%ormoreofourgrossincomeconsistsofcertaintypesofpassiveincome,or(2)theaveragevalue(determinedonaquarterlybasis),of
ourassetsthatproduce,orareheldfortheproductionof,passiveincomeis50%ormoreofthevalueofallofourassets.

Passiveincomegenerallyincludesdividends,interest,rentsandroyalties(otherthancertainrentsandroyaltiesderivedintheactiveconductofatradeorbusiness),
annuitiesandgainsfromassetsthatproducepassiveincome.Ifanon-U.S.corporationownsatleast25%byvalueofthestockofanothercorporation,thenon-U.S.
corporationistreatedforpurposesofthePFICtestsasowningitsproportionateshareoftheassetsoftheothercorporationandasreceivingdirectlyits
proportionateshareoftheothercorporationsincome.

Additionally,ifweareclassifiedasaPFICinanytaxableyearwithrespecttowhichaU.S.Holderownssubordinatevotingshares,wegenerallywillcontinueto
betreatedasaPFICwithrespecttosuchU.S.Holderinallsucceedingtaxableyears,regardlessofwhetherwecontinuetomeetthetestsdescribedabove,unless
theU.S.Holdermakesthedeemedsaleelectiondescribedbelow.

WedonotbelievethatwearecurrentlyaPFIC,andwedonotanticipatebecomingaPFICintheforeseeablefuture.Notwithstandingtheforegoing,the
determinationofwhetherweareaPFICismadeannuallyanddependsontheparticularfactsandcircumstances(suchasthevaluationofourassets,including
goodwillandotherintangibleassets)andalsomaybeaffectedbytheapplicationofthePFICrules,whicharesubjecttodifferinginterpretations.Thefairmarket
valueofourassetsisexpectedtodepend,inpart,upon(a)themarketpriceofoursubordinatevotingshares,whichislikelytofluctuate,and(b)thecompositionof
ourincomeandassets,whichwillbeaffectedbyhow,andhowquickly,wespendanycashthatisraisedinanyfinancingtransaction,includingthisoffering.In
lightoftheforegoing,noassurancecanbeprovidedthatwearenotcurrentlyaPFICorthatwewillnotbecomeaPFICinanyfuturetaxableyear.Prospective
investorsshouldconsulttheirowntaxadvisorsregardingourpotentialPFICstatus.

U.S. federal income tax treatment of a shareholder of a PFIC

IfweareclassifiedasaPFICforanytaxableyearduringwhichaU.S.Holderownssubordinatevotingshares,theU.S.Holder,absentcertainelections(including
themark-to-marketandQEFelectionsdescribedbelow),

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generallywillbesubjecttoadverserules(regardlessofwhetherwecontinuetobeclassifiedasaPFIC)withrespectto(i)anyexcessdistributions(generally,any
distributionsreceivedbytheU.S.Holderonitssubordinatevotingsharesinataxableyearthataregreaterthan125%oftheaverageannualdistributionsreceived
bytheU.S.Holderinthethreeprecedingtaxableyearsor,ifshorter,theU.S.Holdersholdingperiodforitssubordinatevotingshares)and(ii)anygainrealized
onthesaleorotherdisposition,includingapledge,ofitssubordinatevotingshares.

Undertheseadverserules(a)theexcessdistributionorgainwillbeallocatedratablyovertheU.S.Holdersholdingperiod,(b)theamountallocatedtothecurrent
taxableyearandanytaxableyearpriortothefirsttaxableyearinwhichweareclassifiedasaPFICwillbetaxedasordinaryincomeand(c)theamountallocated
toeachothertaxableyearduringtheU.S.HoldersholdingperiodinwhichwewereclassifiedasaPFIC(i)willbesubjecttotaxatthehighestrateoftaxineffect
fortheapplicablecategoryoftaxpayerforthatyearand(ii)willbesubjecttoaninterestchargeatastatutoryratewithrespecttotheresultingtaxattributableto
eachsuchothertaxableyear.

IfweareclassifiedasaPFIC,aU.S.Holderwillgenerallybetreatedasowningaproportionateamount(byvalue)ofstockorsharesownedbyusinanydirector
indirectsubsidiariesthatarealsoPFICsandwillbesubjecttosimilaradverseruleswithrespecttoanydistributionswereceivefrom,anddispositionswemakeof,
thestockorsharesofsuchsubsidiaries.YouareurgedtoconsultyourtaxadvisorsabouttheapplicationofthePFICrulestoanyofoursubsidiaries.

IfweareclassifiedasaPFICandthenceasetobesoclassified,aU.S.Holdermaymakeanelection(adeemedsaleelection)tobetreatedforU.S.federal
incometaxpurposesashavingsoldsuchU.S.HolderssubordinatevotingsharesonthelastdayourtaxableyearduringwhichwewereaPFIC.AU.S.Holderthat
makesadeemedsaleelectionwouldthenceasetobetreatedasowningstockinaPFICbyreasonofownershipofoursubordinatevotingshares.However,gain
recognizedasaresultofmakingthedeemedsaleelectionwouldbesubjecttotheadverserulesdescribedaboveandlosswouldnotberecognized.

PFIC mark-to-market election

Incertaincircumstances,aU.S.Holdercanavoidcertainoftheadverserulesdescribedabovebymakingamark-to-marketelectionwithrespecttoitssubordinate
votingshares,providedthatthesubordinatevotingsharesaremarketable.Subordinatevotingshareswillbemarketableiftheyareregularlytradedona
qualifiedexchangeorothermarketwithinthemeaningofapplicableU.S.TreasuryRegulations.TheNYSEisaqualifiedexchange.Youshouldconsultyour
owntaxadvisorwithrespecttosuchrules.

AU.S.Holderthatmakesamark-to-marketelectionmustincludeingrossincome,asordinaryincome,foreachtaxableyearthatweareaPFICanamountequalto
theexcess,ifany,ofthefairmarketvalueoftheU.S.HolderssubordinatevotingsharesatthecloseofthetaxableyearovertheU.S.Holdersadjustedtaxbasisin
itssubordinatevotingshares.AnelectingU.S.Holdermayalsoclaimanordinarylossdeductionfortheexcess,ifany,oftheU.S.Holdersadjustedtaxbasisinits
subordinatevotingsharesoverthefairmarketvalueofitssubordinatevotingsharesatthecloseofthetaxableyear,butthisdeductionisallowableonlytothe
extentofanynetmark-to-marketgainspreviouslyincludedinincome.AU.S.Holderthatmakesamark-to-marketelectiongenerallywilladjustsuchU.S.
Holderstaxbasisinitssubordinatevotingsharestoreflecttheamountincludedingrossincomeorallowedasadeductionbecauseofsuchmark-to-market
election.GainsfromanactualsaleorotherdispositionofsubordinatevotingsharesinayearinwhichweareaPFICwillbetreatedasordinaryincome,andany
lossesincurredonasaleorotherdispositionofsubordinatevotingshareswillbetreatedasordinarylossestotheextentofanynetmark-to-marketgainspreviously
includedinincome.

IfweareclassifiedasaPFICforanytaxableyearinwhichaU.S.Holderownssubordinatevotingsharesbutbeforeamark-to-marketelectionismade,theadverse
PFICrulesdescribedabovewillapplytoanymark-to-

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marketgainrecognizedintheyeartheelectionismade.Otherwise,amark-to-marketelectionwillbeeffectiveforthetaxableyearforwhichtheelectionismade
andallsubsequenttaxableyears.TheelectioncannotberevokedwithouttheconsentoftheInternalRevenueService(IRS)unlessthesubordinatevotingshares
ceasetobemarketable,inwhichcasetheelectionisautomaticallyterminated.

Amark-to-marketelectionisnotpermittedforthesharesofanyofoursubsidiariesthatarealsoclassifiedasPFICs.Prospectiveinvestorsshouldconsulttheirown
taxadvisorsregardingtheavailabilityof,andtheprocedureformaking,amark-to-marketelection.

PFIC QEF election

Insomecases,ashareholderofaPFICcanavoidtheinterestchargeandtheotheradversePFICconsequencesdescribedabovebyobtainingcertaininformation
fromsuchPFICandbymakingaQEFelectiontobetaxedcurrentlyonitsshareofthePFICsundistributedincome.Wedonot,however,expecttoprovidethe
informationregardingourincomethatwouldbenecessaryinorderforaU.S.HoldertomakeaQEFelectionwithrespecttosubordinatevotingsharesifweare
classifiedasaPFIC.

PFIC information reporting requirements

IfweareaPFICinanyyear,aU.S.HolderofsubordinatevotingsharesinsuchyearwillberequiredtofileanannualinformationreturnonIRSForm8621
regardingdistributionsreceivedonsuchsubordinatevotingsharesandanygainrealizedondispositionofsuchsubordinatevotingshares.Inaddition,ifwearea
PFIC,aU.S.HolderwillgenerallyberequiredtofileanannualinformationreturnwiththeIRS(alsoonIRSForm8621,whichPFICshareholdersarerequiredto
filewiththeirU.S.federalincometaxorinformationreturn)relatingtotheirownershipofsubordinatevotingshares.Thisnewfilingrequirementisinadditionto
thepre-existingreportingrequirementsdescribedabovethatapplytoaU.S.HoldersinterestinaPFIC(whichthisrequirementdoesnotaffect).

NOASSURANCECANBEGIVENTHATWEARENOTCURRENTLYAPFICORTHATWEWILLNOTBECOMEAPFICINTHEFUTURE.U.S.
HOLDERSSHOULDCONSULTTHEIROWNTAXADVISORSWITHRESPECTTOTHEOPERATIONOFTHEPFICRULESANDRELATED
REPORTINGREQUIREMENTSINLIGHTOFTHEIRPARTICULARCIRCUMSTANCES,INCLUDINGTHEADVISABILITYOFMAKINGANY
ELECTIONTHATMAYBEAVAILABLE.

Reporting Requirements and Backup Withholding

InformationreportingtotheU.S.InternalRevenueServicegenerallywillberequiredwithrespecttopaymentsonthesubordinatevotingsharesandproceedsofthe
sale,exchangeorredemptionofthesubordinatevotingsharespaidwithintheUnitedStatesorthroughcertainU.S.-relatedfinancialintermediariestoholdersthat
areU.S.taxpayers,otherthanexemptrecipients.Abackupwithholdingtaxmayapplytothosepaymentsifsuchholderfailstoprovideataxpayeridentification
numbertothepayingagentorfailstocertifythatnolossofexemptionfrombackupwithholdinghasoccurred(orifsuchholderotherwisefailstoestablishan
exemption).Weortheapplicablepayingagentwillwithholdonadistributionifrequiredbyapplicablelaw.Theamountswithheldunderthebackupwithholding
rulesarenotanadditionaltaxandmayberefunded,orcreditedagainsttheholdersU.S.federalincometaxliability,ifany,providedtherequiredinformationis
timelyfurnishedtotheIRS.

U.S.Holdersthatowncertainforeignfinancialassets(whichmayincludethesubordinatevotingshares)arerequiredtoreportinformationrelatingtosuchassets,
subjecttocertainexceptions,onIRSForm8938.Inadditiontotheserequirements,U.S.HoldersmayberequiredtoannuallyfileFinCENReport114,Reportof
ForeignBankandFinancialAccounts(FBAR)withtheU.S.DepartmentofTreasury.U.S.Holdersshouldconsulttheirowntaxadvisorsregardingthe
applicabilityofFBARandotherreportingrequirementsinlightoftheirindividualcircumstances.

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THE ABOVE DISCUSSION DOES NOT COVER ALL TAX MATTERS THAT MAY BE OF IMPORTANCE TO A PARTICULAR INVESTOR. YOU
ARE STRONGLY URGED TO CONSULT YOUR OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES TO YOU OF AN INVESTMENT IN
THE SUBORDINATE VOTING SHARES.

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Canadian Tax Implications For Non-Canadian Holders

Thefollowingsummarydescribes,asofthedatehereof,theprincipalCanadianfederalincometaxconsiderationsgenerallyapplicabletoapurchaserwhoacquires,
asabeneficialowner,subordinatevotingsharespursuanttothisofferingandwho,atallrelevanttimes,forthepurposesoftheapplicationoftheIncome Tax Act
(Canada)andtheIncomeTaxRegulations(collectively,theCanadianTaxAct),(1)isnot,andisnotdeemedtobe,residentinCanadaforpurposesofthe
CanadianTaxActandanyapplicableincometaxtreatyorconvention;(2)dealsatarmslengthwithus;(3)isnotaffiliatedwithus;(4)doesnotuseorhold,andis
notdeemedtouseorhold,subordinatevotingsharesinabusinesscarriedoninCanada;(5)hasnotenteredinto,withrespecttothesubordinatevotingshares,a
derivativeforwardagreementasthattermisdefinedintheCanadianTaxActand(6)holdsthesubordinatevotingsharesascapitalproperty(aNon-Canadian
Holder).Specialrules,whicharenotdiscussedinthissummary,mayapplytoaNon-CanadianHolderthatisaninsurercarryingonaninsurancebusinessin
Canadaandelsewhere.

ThissummaryisbasedonthecurrentprovisionsoftheCanadianTaxAct,andanunderstandingofthecurrentadministrativepoliciesoftheCanadaRevenue
Agency(CRA)publishedinwritingpriortothedatehereof.ThissummarytakesintoaccountallspecificproposalstoamendtheCanadianTaxActandthe
Canada-UnitedStatesTaxConvention(1980),asamended(theCanada-U.S.TaxTreaty)publiclyannouncedbyoronbehalfoftheMinisterofFinance(Canada)
priortothedatehereof(theProposedAmendments)andassumesthatallProposedAmendmentswillbeenactedintheformproposed.However,noassurances
canbegiventhattheProposedAmendmentswillbeenactedasproposed,oratall.Thissummarydoesnototherwisetakeintoaccountoranticipateanychangesin
laworadministrativepolicyorassessingpracticewhetherbylegislative,regulatory,administrativeorjudicialactionnordoesittakeintoaccounttaxlegislationor
considerationsofanyprovince,territoryorforeignjurisdiction,whichmaydifferfromthosediscussedherein.

Thissummaryisofageneralnatureonlyandisnot,andisnotintendedtobe,legalortaxadvicetoanyparticularshareholder.Thissummaryisnotexhaustiveof
allCanadianfederalincometaxconsiderations.Accordingly,youshouldconsultyourowntaxadvisorwithrespecttoyourparticularcircumstances.

Generally,forpurposesoftheCanadianTaxAct,allamountsrelatingtotheacquisition,holdingordispositionofthesubordinatevotingsharesmustbeconverted
intoCanadiandollarsbasedontheexchangeratesasdeterminedinaccordancewiththeCanadianTaxAct.Theamountofanydividendsrequiredtobeincludedin
theincomeof,andcapitalgainsorcapitallossesrealizedby,aNon-CanadianHoldermaybeaffectedbyfluctuationsintheCanadianexchangerate.

Dividends
DividendspaidorcreditedonthesubordinatevotingsharesordeemedtobepaidorcreditedonthesubordinatevotingsharestoaNon-CanadianHolderwillbe
subjecttoCanadianwithholdingtaxattherateof25%,subjecttoanyreductionintherateofwithholdingtowhichtheNon-CanadianHolderisentitledunderany
applicableincometaxconventionbetweenCanadaandthecountryinwhichtheNon-CanadianHolderisresident.Forexample,undertheCanada-U.S.TaxTreaty,
wheredividendsonthesubordinatevotingsharesareconsideredtobepaidtoorderivedbyaNon-CanadianHolderthatisabeneficialownerofthedividendsand
isaU.S.residentforthepurposesof,andisentitledtobenefitsof,theCanada-U.S.TaxTreaty,theapplicablerateofCanadianwithholdingtaxisgenerally
reducedto15%.

Dispositions
ANon-CanadianHolderwillnotbesubjecttotaxundertheCanadianTaxActonanycapitalgainrealizedonadispositionordeemeddispositionofasubordinate
votingshare,unlessthesubordinatevotingsharesaretaxableCanadianpropertytotheNon-CanadianHolderforpurposesoftheCanadianTaxActandtheNon-
CanadianHolderisnotentitledtoreliefunderanapplicableincometaxconventionbetweenCanadaandthecountryinwhichtheNon-CanadianHolderisresident.

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Generally,thesubordinatevotingshareswillnotconstitutetaxableCanadianpropertytoaNon-CanadianHolderataparticulartimeprovidedthatthe
subordinatevotingsharesarelistedatthattimeonadesignatedstockexchange(asdefinedintheCanadianTaxAct),whichincludestheNYSEandtheTSX,
unlessatanyparticulartimeduringthe60-monthperiodthatendsatthattime(i)oneoranycombinationof(a)theNon-CanadianHolder,(b)personswithwhom
theNon-CanadianHolderdoesnotdealatarmslength,and(c)partnershipsinwhichtheNon-CanadianHolderorapersondescribedin(b)holdsamembership
interestdirectlyorindirectlythroughoneormorepartnerships,hasowned25%ormoreoftheissuedsharesofanyclassorseriesofourcapitalstock,and(ii)more
than50%ofthefairmarketvalueofthesubordinatevotingshareswasderived,directlyorindirectly,fromoneoranycombinationof:(i)realorimmoveable
propertysituatedinCanada,(ii)Canadianresourceproperties(asdefinedintheCanadianTaxAct),(iii)timberresourceproperties(asdefinedintheCanadian
TaxAct)and(iv)optionsinrespectof,orinterestsin,orforcivillawrightsin,propertyinanyoftheforegoingwhetherornotthepropertyexists.Notwithstanding
theforegoing,incertaincircumstancessetoutintheCanadianTaxAct,subordinatevotingsharescouldbedeemedtobetaxableCanadianproperty.Non-
Canadian Holders whose subordinate voting shares may constitute taxable Canadian property should consult their own tax advisors .

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Underwriting
Thecompany,thesellingshareholdersandtheunderwritersnamedbelowhaveenteredintoanunderwritingagreementdatedMarch15,2017withrespecttothe
subordinatevotingsharesbeingoffered.Subjecttocertainconditions,eachunderwriterhasseverallyagreedtopurchasethenumberofsubordinatevotingshares
indicatedinthefollowingtableatapriceof$17.00persharepayableincashontheclosingdateofthisoffering.CIBCWorldMarketsInc.,CreditSuisse
Securities(USA)LLC,Goldman,Sachs&Co.andRBCCapitalMarkets,LLCaretherepresentativesoftheunderwriters.

Underwriters NumberofShares
CIBCWorldMarketsInc. 3,702,558
CreditSuisseSecurities(USA)LLC 3,702,558
Goldman,Sachs&Co. 3,702,558
RBCCapitalMarkets,LLC 2,538,896
MerrillLynch,Pierce,Fenner&Smith
Incorporated 1,166,089
MorganStanley&Co.LLC 1,166,089
BarclaysCapitalInc. 777,393
BMONesbittBurnsInc. 777,393
TDSecuritiesInc. 777,393
WellsFargoSecurities,LLC 777,393
CanaccordGenuityInc. 455,840
RobertW.Baird&Co.Incorporated*



455,840

Total 20,000,000

* RobertW.Baird&Co.IncorporatedanditsaffiliatesarenotregisteredtosellsecuritiesinanyCanadianjurisdictionand,accordingly,willonlysellsubordinate
votingsharesoutsideofCanada.

TheofferingisbeingmadeconcurrentlyintheUnitedStatesandineachoftheprovincesandterritoriesofCanada.Thesubordinatevotingshareswillbeofferedin
theUnitedStatesthroughthoseunderwriterswhoareregisteredtoofferthesubordinatevotingsharesforthesaleintheUnitedStatesandsuchotherregistered
dealersasmaybedesignatedbytheunderwriters.ThesubordinatevotingshareswillbeofferedineachoftheprovincesandterritoriesofCanadathroughthose
underwritersortheirCanadianaffiliateswhoareregisteredtoofferthesubordinatevotingsharesforsaleinsuchprovincesandterritoriesandsuchotherregistered
dealersasmaybedesignatedbytheunderwriters.Subjecttoapplicablelaw,theunderwriters,orsuchotherregistereddealersasmaybedesignatedbythe
underwriters,mayofferthesubordinatevotingsharesoutsideoftheUnitedStatesandCanada.

Theobligationsoftheunderwritersundertheunderwritingagreementaresubjecttocustomaryconditions,includingthedeliveryofcertaindocumentsandlegal
opinionsandtheconditionthatthereshallnothaveoccurredanyofthefollowing:(i)asuspensionormateriallimitationintradinginsecuritiesgenerallyonthe
NYSEandtheTSX;(ii)asuspensionormateriallimitationintradinginoursecuritiesontheNYSEandtheTSX;(iii)ageneralmoratoriumoncommercial
bankingactivitiesintheUnitedStatesorCanadadeclaredbytherelevantauthorities,oramaterialdisruptionincommercialbankingorsecuritiessettlementor
clearanceservicesintheUnitedStatesorCanada;(iv)theoutbreakorescalationofhostilitiesinvolvingtheUnitedStatesorCanadaorthedeclarationbythe
UnitedStatesorCanadaofanationalemergencyorwar;or(v)theoccurrenceofanyothercalamityorcrisisoranychangeinfinancial,politicaloreconomic
conditionsintheUnitedStatesorCanadaorelsewhere,iftheeffectofanysucheventspecifiedinclause(iv)or(v)intheunderwritersjudgmentmakesit
impracticableorinadvisabletoproceedwithourinitialpublicofferingorthedeliveryofoursubordinatevotingshares.Theunderwriters,however,areobligatedto
takeandpayforallofthesubordinatevotingsharesbeingoffered,ifanyaretaken,otherthanthesubordinatevotingsharescoveredbytheoptiondescribedbelow
unlessanduntilthisoptionisexercised.

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Theunderwritershaveanoptiontobuyuptoanadditional3,000,000subordinatevotingsharesfromcertainofthesellingshareholderstocoversalesbythe
underwritersofagreaternumberofsubordinatevotingsharesthanthetotalnumbersetforthinthetableabove.Theymayexercisethatoptionfor30days.Ifany
subordinatevotingsharesarepurchasedpursuanttothisoption,theunderwriterswillseverallypurchasesubordinatevotingsharesinapproximatelythesame
proportionassetforthinthetableabove.Ifanyadditionalsubordinatevotingsharesarepurchased,theunderwriterswilloffertheadditionalsubordinatevoting
sharesonthesametermsasthoseonwhichthesubordinatevotingsharesarebeingofferedunderthisprospectus.

Thefollowingtablesshowthepershareandtotalunderwritingcommissionstobepaidtotheunderwritersbythecompanyandthesellingshareholders.Wehave
agreedtoreimbursetheunderwritersforcertainoftheirexpensesinanamountupto$40,000assetforthintheunderwritingagreement.Suchamountsareshown
assumingbothnoexerciseandfullexerciseoftheunderwritersover-allotmentoption.

PaidbytheCompany

NoExercise FullExercise
Persubordinatevotingshare $ 1.1475 $ 1.1475
Total $ 7,238,607 $ 7,238,607

PaidbytheSellingShareholders

NoExercise FullExercise
Persubordinatevotingshare $ 1.1475 $ 1.1475
Total $ 15,711,393 $ 19,153,893

Subordinatevotingsharessoldbytheunderwriterstothepublicwillinitiallybeofferedattheinitialpublicofferingpricesetforthonthecoverofthis
prospectus.Anysharessoldbytheunderwriterstosecuritiesdealersmaybesoldatadiscountofupto$0.68850persharefromtheinitialpublicofferingprice.
Aftertheunderwritershavemadeareasonableefforttosellallofthesharesofferedbythisprospectusattheinitialpublicofferingpricestatedonthecoverpageof
thisprospectus,theunderwritersmaydecreasetheofferingpricefromtimetotime,andthecompensationrealizedbytheunderwriterswillbedecreasedbythe
amountthattheaggregatepricepaidbythepurchasersforthesharesislessthanthegrossproceedspaidbytheunderwriterstousandthesellingshareholders.The
offeringofthesharesbytheunderwritersissubjecttoreceiptandacceptanceandsubjecttotheunderwritersrighttorejectanyorderinwholeorinpart,andthe
rightisreservedtoclosethesubscriptionbooksatanytimewithoutnotice.

Thecompany,itsofficers,directors,andholdersofsubstantiallyallofthecompanyssharespriortothecompletionofthisoffering,includingtheselling
shareholders,haveagreedwiththeunderwriters,subjecttocertainexceptions,nottodisposeoforhedgeanyoftheirsubordinatevotingsharesormultiplevoting
sharesorsecuritiesconvertibleintoorexchangeableforsubordinatevotingsharesormultiplevotingsharesduringtheperiodfromthedateofthisprospectus
continuingthroughthedate180daysafterthedateofthisprospectus,exceptwiththepriorwrittenconsentoftherepresentatives.Thisagreementdoesnotapplyto
anyexistingemployeebenefitplans.SeeSharesEligibleforFutureSaleforadiscussionofcertaintransferrestrictions.

Atourrequest,theunderwritershavereserveduptofivepercentofsubordinatevotingsharestobesoldbyusandthesellingshareholdersandofferedbythis
prospectusforsale,atthepublicofferingprice,tocertainindividuals,throughadirectedshareprogram,includingemployees,directorsandotherpersons
associatedwithuswhohaveexpressedaninterestinpurchasingsharesintheoffering.Thenumberofsubordinatevotingsharesavailableforsaletothegeneral
publicwillbereducedbythenumberofreservedsharessoldtotheseindividuals.Anyreservedsharesnotpurchasedbytheseindividualswillbeofferedbythe
underwriterstothegeneralpubliconthesamebasisastheothersubordinatevotingsharesofferedunderthisprospectus.

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Priortotheoffering,therehasbeennopublicmarketforthesubordinatevotingshares.Theinitialpublicofferingpricehasbeennegotiatedamongthecompany
andtherepresentatives.Amongthefactorstobeconsideredindeterminingtheinitialpublicofferingpriceofthesubordinatevotingshares,inadditionto
prevailingmarketconditions,willbethecompanyshistoricalperformance,estimatesofthebusinesspotentialandearningsprospectsofthecompany,an
assessmentofthecompanysmanagementandtheconsiderationoftheabovefactorsinrelationtomarketvaluationofcompaniesinrelatedbusinesses.

OursubordinatevotingshareshavebeenapprovedforlistingontheNYSEintheUnitedStatesandconditionallyapprovedforlistingontheTSXunderthesymbol
GOOS.

Inconnectionwiththeoffering,theunderwritersmaypurchaseandsellsubordinatevotingsharesintheopenmarket.Thesetransactionsmayincludeshortsales,
stabilizingtransactionsandpurchasestocoverpositionscreatedbyshortsales.Shortsalesinvolvethesalebytheunderwritersofagreaternumberofsharesthan
theyarerequiredtopurchaseintheoffering,andashortpositionrepresentstheamountofsuchsalesthathavenotbeencoveredbysubsequentpurchases.A
coveredshortpositionisashortpositionthatisnotgreaterthantheamountofadditionalsharesforwhichtheunderwritersoptiondescribedabovemaybe
exercised.Theunderwritersmaycoveranycoveredshortpositionbyeitherexercisingtheiroptiontopurchaseadditionalsharesorpurchasingsubordinatevoting
sharesintheopenmarket.Indeterminingthesourceofsubordinatevotingsharestocoverthecoveredshortposition,theunderwriterswillconsider,amongother
things,thepriceofsubordinatevotingsharesavailableforpurchaseintheopenmarketascomparedtothepriceatwhichtheymaypurchaseadditionalsubordinate
votingsharespursuanttotheoptiondescribedabove.Nakedshortsalesareanyshortsalesthatcreateashortpositiongreaterthantheamountofadditionalshares
forwhichtheoptiondescribedabovemaybeexercised.Theunderwritersmustcoveranysuchnakedshortpositionbypurchasingsubordinatevotingsharesinthe
openmarket.Anakedshortpositionismorelikelytobecreatediftheunderwritersareconcernedthattheremaybedownwardpressureonthepriceofthe
subordinatevotingsharesintheopenmarketafterpricingthatcouldadverselyaffectinvestorswhopurchaseintheoffering.Stabilizingtransactionsconsistof
variousbidsfororpurchasesofsubordinatevotingsharesmadebytheunderwritersintheopenmarketpriortothecompletionoftheoffering.

Anynakedshortpositionwouldformpartoftheunderwritersover-allocationpositionandapurchaserwhoacquiressubordinatevotingsharesformingpartofthe
underwritersover-allocationpositionacquiressuchsubordinatevotingsharesunderthisprospectus,regardlessofwhethertheover-allocationpositionisultimately
filledthroughtheexerciseoftheunderwritersoptiontopurchaseadditionalsubordinatevotingsharesorsecondarymarketpurchases.

Theunderwritersmayalsoimposeapenaltybid.Thisoccurswhenaparticularunderwriterrepaystotheunderwritersaportionoftheunderwritingcommissions
receivedbyitbecausetherepresentativeshaverepurchasedsubordinatevotingsharessoldbyorfortheaccountofsuchunderwriterinstabilizingorshortcovering
transactions.

InaccordancewithrulesandpolicystatementsofcertainCanadiansecuritiesregulatoryauthoritiesandtheUniversalMarketIntegrityRulesforCanadian
Marketplaces(UMIR),theunderwritersmaynot,atanytimeduringtheperiodofdistribution,bidfororpurchasesubordinatevotingshares.Theforegoing
restrictionis,however,subjecttoexceptionsaspermittedbysuchrulesandpolicystatementsandUMIR.Theseexceptionsincludeabidorpurchasepermitted
undersuchrulesandpolicystatementsandUMIR,relatingtomarketstabilizationandmarketbalancingactivitiesandabidorpurchaseonbehalfofacustomer
wheretheorderwasnotsolicited.

Purchasestocoverashortpositionandstabilizingtransactions,aswellasotherpurchasesbytheunderwritersfortheirownaccounts,mayhavetheeffectof
preventingorretardingadeclineinthemarketpriceofthecompanyssubordinatevotingshares,andtogetherwiththeimpositionofthepenaltybid,maystabilize,
maintainorotherwiseaffectthemarketpriceofthesubordinatevotingshares.Asaresult,thepriceofthesubordinatevoting

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sharesmaybehigherthanthepricethatotherwisemightexistintheopenmarket.Theunderwritersarenotrequiredtoengageintheseactivitiesandmayendany
oftheseactivitiesatanytime.ThesetransactionsmaybeeffectedontheNYSE,TSX,intheover-the-countermarketorotherwise.

CertainoftheunderwritersarenotU.S.-registeredbroker-dealersand,therefore,totheextentthattheyintendtoeffectanysalesofthesecuritiesintheUnited
States,theywilldosothroughoneormoreU.S.registeredbroker-dealers,whichmaybeaffiliatesofsuchunderwriters,inaccordancewiththeapplicableU.S.
securitieslawsandregulations.

Selling Restrictions
OtherthanintheUnitedStatesandeachoftheCanadianprovincesandterritories,noactionhasbeentakenbyusortheunderwritersthatwouldpermitapublic
offeringofthesubordinatevotingsharesofferedbythisprospectusinanyjurisdictionwhereactionforthatpurposeisrequired.Thesubordinatevotingshares
offeredbythisprospectusmaynotbeofferedorsold,directlyorindirectly,normaythisprospectusoranyotherofferingmaterialoradvertisementsinconnection
withtheofferandsaleofanysuchsubordinatevotingsharesbedistributedorpublishedinanyjurisdiction,exceptundercircumstancesthatwillresultin
compliancewiththeapplicablerulesandregulationsofthatjurisdiction.Personsintowhosepossessionthisprospectuscomesareadvisedtoinformthemselves
aboutandtoobserveanyrestrictionsrelatingtotheofferingandthedistributionofthisprospectus.Thisprospectusdoesnotconstituteanoffertosellora
solicitationofanoffertobuyanysubordinatevotingsharesofferedbythisprospectusinanyjurisdictioninwhichsuchanofferorasolicitationisunlawful.

European Economic Area

InrelationtoeachMemberStateoftheEuropeanEconomicAreawhichhasimplementedtheProspectusDirective(each,aRelevantMemberState)anofferto
thepublicofanyofoursubordinatevotingsharesmaynotbemadeinthatRelevantMemberState,exceptthatanoffertothepublicinthatRelevantMemberState
ofanyofoursubordinatevotingsharesmaybemadeatanytimeunderthefollowingexemptionsundertheProspectusDirective,iftheyhavebeenimplementedin
thatRelevantMemberState:

(a) toanylegalentitywhichisaqualifiedinvestorasdefinedintheProspectusDirective;

(b) tofewerthan100or,iftheRelevantMemberStatehasimplementedtherelevantprovisionofthe2010PDAmendingDirective,150,naturalorlegalpersons
(otherthanqualifiedinvestorsasdefinedintheProspectusDirective),aspermittedundertheProspectusDirective,subjecttoobtainingthepriorconsentof
therepresentativesforanysuchoffer;or

(c) inanyothercircumstancesfallingwithinArticle3(2)oftheProspectusDirective,providedthatnosuchofferofoursubordinatevotingsharesshallresultin
arequirementforthepublicationbyusoranyunderwriterofaprospectuspursuanttoArticle3oftheProspectusDirective.

Forthepurposesofthisprovision,theexpressionanoffertothepublicinrelationtoanyofoursubordinatevotingsharesinanyRelevantMemberStatemeans
thecommunicationinanyformandbyanymeansofsufficientinformationonthetermsoftheofferandanyofoursubordinatevotingsharestobeofferedsoasto
enableaninvestortodecidetopurchaseanyofoursubordinatevotingshares,asthesamemaybevariedinthatMemberStatebyanymeasureimplementingthe
ProspectusDirectiveinthatMemberState,theexpressionProspectusDirectivemeansDirective2003/71/EC(andamendmentsthereto,includingthe2010PD
AmendingDirective,totheextentimplementedintheRelevantMemberState),andincludesanyrelevantimplementingmeasureintheRelevantMemberState,
andtheexpression2010PDAmendingDirectivemeansDirective2010/73/EU.

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United Kingdom
Eachunderwriterhasrepresentedandagreedthat:

(a) ithasonlycommunicatedorcausedtobecommunicatedandwillonlycommunicateorcausetobecommunicatedaninvitationorinducementtoengagein
investmentactivity(withinthemeaningofSection21oftheFinancialServicesandMarketsAct2000(FSMA)receivedbyitinconnectionwiththeissue
orsaleofoursubordinatevotingsharesincircumstancesinwhichSection21(1)oftheFSMAdoesnotapplytous;and

(b) ithascompliedandwillcomplywithallapplicableprovisionsoftheFSMAwithrespecttoanythingdonebyitinrelationtooursubordinatevotingshares
in,fromorotherwiseinvolvingtheUnitedKingdom.

Switzerland
ThesubordinatevotingsharesmaynotbepubliclyofferedinSwitzerlandandwillnotbelistedontheSIXSwissExchange(SIX),oronanyotherstock
exchangeorregulatedtradingfacilityinSwitzerland.Thisdocumentdoesnotconstituteaprospectuswithinthemeaningof,andhasbeenpreparedwithoutregard
tothedisclosurestandardsforissuanceprospectusesunderart.652aorart.1156oftheSwissCodeofObligationsorthedisclosurestandardsforlisting
prospectusesunderart.27ff.oftheSIXListingRulesorthelistingrulesofanyotherstockexchangeorregulatedtradingfacilityinSwitzerland.Neitherthis
documentnoranyotherofferingormarketingmaterialrelatingtothesharesortheofferingmaybepubliclydistributedorotherwisemadepubliclyavailablein
Switzerland.

Neitherthisdocumentnoranyotherofferingormarketingmaterialrelatingtotheoffering,usortheshareshavebeenorwillbefiledwithorapprovedbyany
Swissregulatoryauthority.Inparticular,thisdocumentwillnotbefiledwith,andtheofferofshareswillnotbesupervisedby,theSwissFinancialMarket
SupervisoryAuthorityFINMA(FINMA),andtheofferoftheshareshasnotbeenandwillnotbeauthorizedundertheSwissFederalActonCollective
InvestmentSchemes(CISA).TheinvestorprotectionaffordedtoacquirersofinterestsincollectiveinvestmentschemesundertheCISAdoesnotextendto
acquirersoftheshares.

Australia
Noplacementdocument,prospectus,productdisclosurestatementorotherdisclosuredocumenthasbeenlodgedwiththeAustralianSecuritiesandInvestments
Commission(ASIC),inrelationtotheoffering.Thisprospectusdoesnotconstituteaprospectus,productdisclosurestatementorotherdisclosuredocument
undertheCorporationsAct2001(theCorporationsAct),anddoesnotpurporttoincludetheinformationrequiredforaprospectus,productdisclosurestatement
orotherdisclosuredocumentundertheCorporationsAct.

AnyofferinAustraliaofthesharesmayonlybemadetopersons(theExemptInvestors)whoaresophisticatedinvestors(withinthemeaningofsection708(8)
oftheCorporationsAct),professionalinvestors(withinthemeaningofsection708(11)oftheCorporationsAct)orotherwisepursuanttooneormore
exemptionscontainedinsection708oftheCorporationsActsothatitislawfultooffertheshareswithoutdisclosuretoinvestorsunderChapter6Dofthe
CorporationsAct.

ThesharesappliedforbyExemptInvestorsinAustraliamustnotbeofferedforsaleinAustraliaintheperiodof12monthsafterthedateofallotmentunderthe
offering,exceptincircumstanceswheredisclosuretoinvestorsunderChapter6DoftheCorporationsActwouldnotberequiredpursuanttoanexemptionunder
section708oftheCorporationsActorotherwiseorwheretheofferispursuanttoadisclosuredocumentwhichcomplieswithChapter6DoftheCorporations
Act.AnypersonacquiringsharesmustobservesuchAustralianon-salerestrictions.

Thisprospectuscontainsgeneralinformationonlyanddoesnottakeaccountoftheinvestmentobjectives,financialsituationorparticularneedsofanyparticular
person.Itdoesnotcontainanysecurities

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recommendationsorfinancialproductadvice.Beforemakinganinvestmentdecision,investorsneedtoconsiderwhethertheinformationinthisprospectusis
appropriatetotheirneeds,objectivesandcircumstances,and,ifnecessary,seekexpertadviceonthosematters.

Hong Kong
ThesubordinatevotingshareshavenotbeenofferedorsoldandwillnotbeofferedorsoldinHongKong,bymeansofanydocument,otherthan(a)to
professionalinvestorsasdefinedintheSecuritiesandFuturesOrdinance(Cap.571)ofHongKongandanyrulesmadeunderthatOrdinance;or(b)inother
circumstanceswhichdonotresultinthedocumentbeingaprospectusasdefinedintheCompaniesOrdinance(Cap.32)ofHongKongorwhichdonotconstitute
anoffertothepublicwithinthemeaningofthatOrdinance.Noadvertisement,invitationordocumentrelatingtotheshareshasbeenormaybeissuedorhasbeen
ormaybeinthepossessionofanypersonforthepurposesofissue,whetherinHongKongorelsewhere,whichisdirectedat,orthecontentsofwhicharelikelyto
beaccessedorreadby,thepublicofHongKong(exceptifpermittedtodosounderthesecuritieslawsofHongKong)otherthanwithrespecttoshareswhichare
orareintendedtobedisposedofonlytopersonsoutsideHongKongoronlytoprofessionalinvestorsasdefinedintheSecuritiesandFuturesOrdinance
(Cap.571)andanyrulesmadeunderthatOrdinance.

Japan
ThesubordinatevotingshareshavenotbeenandwillnotberegisteredundertheFinancialInstrumentsandExchangeLawofJapan(LawNo.25of1948,as
amended)(theFIEL)and,accordingly,thesubordinatevotingshareshavenotbeenandwillnotbeofferedorsold,directlyorindirectly,inJapanorto,orforthe
benefitof,anyresidentofJapan(whichtermasusedhereinmeansanypersonresidentinJapan,includinganycorporationorotherentityorganizedunderthelaws
ofJapan)ortoothersforre-offeringorresale,directlyorindirectly,inJapanorto,orforthebenefitof,anyresidentofJapanexceptpursuanttoanexemptionfrom
theregistrationrequirementsof,andotherwiseincompliancewith,theFIELandanyotherapplicablelaws,regulationsandministerialguidelinespromulgatedby
relevantJapanesegovernmentalorregulatoryauthoritiesineffectattherelevanttime.

Peoples Republic of China

ThisprospectusmaynotbecirculatedordistributedinthePRCandthesubordinatevotingsharesmaynotbeofferedorsold,andwillnotofferorselltoany
personforre-offeringorresaledirectlyorindirectlytoanyresidentofthePRCexceptpursuanttoapplicablelawsandregulationsofthePRC.

Singapore
ThisprospectushasnotbeenregisteredasaprospectuswiththeMonetaryAuthorityofSingapore.Accordingly,thisprospectusandanyotherdocumentormaterial
inconnectionwiththeofferorsale,orinvitationforsubscriptionorpurchase,ofthesharesmaynotbecirculatedordistributed,normaythesharesbeofferedor
sold,orbemadethesubjectofaninvitationforsubscriptionorpurchase,whetherdirectlyorindirectly,topersonsinSingaporeotherthan(i)toaninstitutional
investorunderSection274oftheSecuritiesandFuturesAct,Chapter289ofSingapore(theSFA),(ii)toarelevantpersonpursuanttoSection275(1),orany
personpursuanttoSection275(1A),andinaccordancewiththeconditionsspecifiedinSection275,oftheSFA,or(iii)otherwisepursuantto,andinaccordance
withtheconditionsof,anyotherapplicableprovisionoftheSFA.

WherethesubordinatevotingsharesaresubscribedorpurchasedunderSection275oftheSFAbyarelevantpersonwhichis:

acorporation(whichisnotanaccreditedinvestor(asdefinedinSection4AoftheSFA))thesolebusinessofwhichistoholdinvestmentsandthe

entiresharecapitalofwhichisownedbyoneormoreindividuals,eachofwhomisanaccreditedinvestor;or

atrust(wherethetrusteeisnotanaccreditedinvestor)whosesolepurposeistoholdinvestmentsandeachbeneficiaryofthetrustisanindividualwho

isanaccreditedinvestor,

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securities(asdefinedinSection239(1)oftheSFA)ofthatcorporationorthebeneficiariesrightsandinterest(howsoeverdescribed)inthattrustshallnotbe
transferredwithinsixmonthsafterthatcorporationorthattrusthasacquiredthesubordinatevotingsharespursuanttoanoffermadeunderSection275oftheSFA
except:

toaninstitutionalinvestorortoarelevantpersondefinedinSection275(2)oftheSFA,ortoanypersonarisingfromanofferreferredtoin

Section275(1A)orSection276(4)(i)(B)oftheSFA;

wherenoconsiderationisorwillbegivenforthetransfer;

wherethetransferisbyoperationoflaw;

asspecifiedinSection276(7)oftheSFA;or

asspecifiedinRegulation32oftheSecuritiesandFutures(OffersofInvestments)(SharesandDebentures)Regulations2005ofSingapore.

Theunderwritersdonotexpectsalestodiscretionaryaccountstoexceedfivepercentofthetotalnumberofsubordinatevotingsharesoffered.

Thecompanyandthesellingshareholdersestimatethattheirshareofthetotalexpensesoftheoffering,excludingunderwritingcommissions,willbe
approximately$5,200,000.

Thecompanyandthesellingshareholdershaveagreedtoindemnifytheseveralunderwritersagainstcertainliabilities,includingliabilitiesundertheSecuritiesAct
of1933andapplicableCanadiansecuritieslaws.

Theunderwritersandtheirrespectiveaffiliatesarefullservicefinancialinstitutionsengagedinvariousactivities,whichmayincludesalesandtrading,commercial
andinvestmentbanking,advisory,investmentmanagement,investmentresearch,principalinvestment,hedging,marketmaking,brokerageandotherfinancialand
non-financialactivitiesandservices.Certainoftheunderwritersandtheirrespectiveaffiliateshaveprovided,andmayinthefutureprovide,avarietyofthese
servicestotheissuerandtopersonsandentitieswithrelationshipswiththeissuer,forwhichtheyreceivedorwillreceivecustomaryfeesandexpenses.

Intheordinarycourseoftheirvariousbusinessactivities,theunderwritersandtheirrespectiveaffiliates,officers,directorsandemployeesmaypurchase,sellor
holdabroadarrayofinvestmentsandactivelytradesecurities,derivatives,loans,commodities,currencies,creditdefaultswapsandotherfinancialinstrumentsfor
theirownaccountandfortheaccountsoftheircustomers,andsuchinvestmentandtradingactivitiesmayinvolveorrelatetoassets,securitiesand/orinstruments
oftheissuer(directly,ascollateralsecuringotherobligationsorotherwise)and/orpersonsandentitieswithrelationshipswiththeissuer.Theunderwritersandtheir
respectiveaffiliatesmayalsocommunicateindependentinvestmentrecommendations,marketcolorortradingideasand/orpublishorexpressindependentresearch
viewsinrespectofsuchassets,securitiesorinstrumentsandmayatanytimehold,orrecommendtoclientsthattheyshouldacquire,longand/orshortpositionsin
suchassets,securitiesandinstruments.

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Legal Matters
CertainlegalmattersinconnectionwiththisofferingwillbepasseduponforusbyRopes&GrayLLP,SanFrancisco,CA.Ropes&GrayLLPandsomeofits
attorneysarelimitedpartnersofRGIP,LP,whichisaninvestorincertaininvestmentfundsadvisedbyBainCapitalPartnersLLCandoftenaco-investorwithsuch
funds.Upontheconsummationoftheoffering,RGIP,LPwilldirectlyorindirectlyownlessthan1%ofthevotingpowerofouroutstandingvotingshares.The
validityoftheissuanceofoursubordinatevotingsharesofferedinthisprospectusandcertainotherlegalmattersastoCanadianlawwillbepasseduponforusby
StikemanElliottLLP,Canada.CertainlegalmattersastoCanadianlawwillbepasseduponfortheunderwritersbyOsler,Hoskin&HarcourtLLP,Toronto,
Canada.Thepartners,counselandassociatesofeachofStikemanElliottLLPandOsler,Hoskin&HarcourtLLP,respectivelyasagroup,beneficiallyowndirectly
andindirectly,lessthan1%ofouroutstandingsecuritiesofanyclass.TheunderwritersarebeingrepresentedbyLatham&WatkinsLLP,NewYork,NY.

Experts
OurauditorsareDeloitteLLPlocatedat22AdelaideStreetWest,Suite200,Toronto,Ontario,M5H0A9.DeloitteLLPisindependentwithrespecttothecompany
withinthemeaningoftheRulesofProfessionalConductoftheCharteredProfessionalAccountantsofOntario,andwithinthemeaningoftheSecuritiesActof
1933andtheapplicablerulesandregulationsthereunderadoptedbytheSecuritiesandExchangeCommission(SEC)andthePublicCompanyAccounting
OversightBoard(UnitedStates)(PCAOB).

ThefinancialstatementsasofMarch31,2016and2015,andforeachofthetwoyearsintheperiodendedMarch31,2016,andtheperiodfromDecember9,2013
toMarch31,2014andtheperiodfromApril1,2013toDecember8,2013,andtherelatedfinancialstatementscheduleincludedinthisprospectus,havebeen
auditedbyDeloitteLLP,anindependentregisteredpublicaccountingfirm,asstatedintheirreportappearingherein.Suchfinancialstatementsandfinancial
statementschedulehavebeensoincludedinrelianceuponthereportofsuchfirmgivenupontheirauthorityasexpertsinaccountingandauditing.

Other Considerations
Ourindependentregisteredpublicaccountingfirm,DeloitteLLP,informedourmanagementandauditcommitteethatDeloitteToucheTomatsuLimitedmember
firmshadprovidedimpermissibleministerialservicesdeemedtobemanagementfunctionsattwoportfoliocompaniesofBainCapitalduringtheauditedfiscal
yearsincludedwithinthisprospectusandsuchserviceswerenotconsistentwiththeSECsauditorindependencerules.TheDeloittememberfirmswerepaidless
than$10,000inaggregatefortheseservices.Noneoftheserviceswereprovidedto,paidforby,orinvolvedanyCanadaGooseentity.

Inlightofthecircumstancesnotedabove,DeloitteLLPadvisedusthattheirintegrity,objectivityorimpartialitywerenotimpairedwithrespecttoplanningand
performingtheauditsincludedinthisprospectus.WealsoreviewedandconsideredtheimpactthesemattersmayhavehadonDeloitteLLPsindependencewith
respecttoitundertheapplicableSEC,PCAOBandCharteredProfessionalAccountantsofOntarioindependencerules.Afterconsideringallthefactsand
circumstancesnotedabove,ourauditcommitteedeterminedthatthematterwouldnotimpairDeloitteLLPsabilitytoexerciseobjectiveandimpartialjudgmenton
allissuesencompassedwithintheirauditengagementsfortheperiodsincludedinthisprospectus.

Enforcement of Civil Liabilities

WeareincorporatedunderthelawsofBritishColumbia.Someofourdirectorsandofficers,andsomeoftheexpertsnamedinthisprospectus,areresidentsof
CanadaorotherwiseresideoutsideoftheUnitedStates,andallorasubstantialportionoftheirassets,andallorasubstantialportionofourassets,arelocated
outsideoftheUnitedStates.WehaveappointedanagentforserviceofprocessintheUnitedStates,butitmaybedifficultfor

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shareholderswhoresideintheUnitedStatestoeffectservicewithintheUnitedStatesuponthosedirectors,officersandexpertswhoarenotresidentsoftheUnited
States.ItmayalsobedifficultforshareholderswhoresideintheUnitedStatestorealizeintheUnitedStatesuponjudgmentsofcourtsoftheUnitedStates
predicateduponourcivilliabilityandthecivilliabilityofourdirectors,officersandexpertsundertheUnitedStatesfederalsecuritieslaws.Therecanbeno
assurancethatU.S.investorswillbeabletoenforceagainstus,membersofourboardofdirectors,officersorcertainexpertsnamedhereinwhoareresidentsof
CanadaorothercountriesoutsidetheUnitedStates,anyjudgmentsincivilandcommercialmatters,includingjudgmentsunderthefederalsecuritieslaws.

Other Expenses of Issuance and Distribution

Thefollowingtablesetsforththecostsandexpenses,otherthantheunderwritingcommissions,payablebytheregistrantinconnectionwiththesaleofsubordinate
votingsharesbeingregistered.AllamountslistedbelowareestimatesexcepttheSECregistrationfee,Canadiansecuritiesregulatoryfilingfees,NYSElistingfee,
TSXlistingfeeandFINRAfilingfee.

Item Amount to be paid

SECregistrationfee $ 42,659(1)
Canadiansecuritiesregulatoryfilingfees 84,525
FINRAfilingfee 55,865(1)
NYSElistingfee 229,355(1)
TSXfilingfee 237,300
Blueskyfeesandexpenses 13,106(1)
Printingandengravingexpenses 622,535(1)
Legalfeesandexpenses 2,750,000
Accountingfeesandexpenses 600,000
TransferAgentfeesandexpenses 8,588
Miscellaneousexpenses
556,067

Total
$ 5,200,000

(1) ExchangeratecalculatedbasedonthenoonbuyingrateofUS$1.00=C$1.3106certifiedforcustomspurposesbytheU.S.FederalReserveBankofNew
YorkonFebruary24,2017.

Where You Can Find More Information

WehavefiledwiththeSECaregistrationstatementonFormF-1undertheSecuritiesActwithrespecttothesubordinatevotingsharesofferedhereby.This
prospectus,whichconstitutesapartoftheregistrationstatement,doesnotcontainalloftheinformationsetforthintheregistrationstatementortheexhibitsand
schedulesfiledtherewith.Forfurtherinformationwithrespecttousandthesubordinatevotingsharesofferedhereby,pleaserefertotheregistrationstatementand
theexhibitsandschedulesfiledtherewith.Statementscontainedinthisprospectusregardingthecontentsofanycontractoranyotherdocumentthatisfiledasan
exhibittotheregistrationstatementarenotnecessarilycomplete,andeachsuchstatementisqualifiedinallrespectsbyreferencetothefulltextofsuchcontractor
otherdocumentfiledasanexhibittotheregistrationstatement.Acopyoftheregistrationstatementandtheexhibitsandschedulesfiledtherewithmaybeinspected
withoutchargeatthepublicreferenceroommaintainedbytheSEC,locatedat100FStreetN.E.,Washington,D.C.20549,andcopiesofalloranypartofthe
registrationstatementmaybeobtainedfromsuchofficesuponthepaymentofthefeesprescribedbytheSEC.PleasecalltheSECat1-800-SEC-0330forfurther
informationaboutthepublicreferenceroom.TheSECalsomaintainsawebsitethatcontainsreports,proxyandinformationstatementsandotherinformation
regardingregistrantsthatfileelectronicallywiththeSEC.Theaddressiswww.sec.gov.

Uponcompletionofthisoffering,wewillbesubjecttoperiodicreportingandotherinformationalrequirementsoftheExchangeActasapplicabletoforeignprivate
issuers.Accordingly,wearerequiredtofilereports,

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includingannualreportsonForm20-F,andotherinformationwiththeSEC.Althoughwearenotrequiredtoprepareandissuequarterlyreportsasaforeignprivate
issuer,wecurrentlyintendtofilequarterlyreportsonForm6-KwiththeSEC.Asaforeignprivateissuer,weareexemptfromtherulesoftheExchangeAct
prescribingthefurnishingandcontentofproxystatementstoshareholdersandSection16short-swingprofitreportingforourofficer,directorsandholdersofmore
than10%ofourvotingshares.

WewillalsobesubjecttothefullinformationalrequirementsofthesecuritiescommissionsinallprovincesandterritoriesofCanada.Youareinvitedtoreadand
copyanyreports,statementsorotherinformation,otherthanconfidentialfilings,thatweintendtofilewiththeCanadianprovincialandterritorialsecurities
commissions.ThesefilingsarealsoelectronicallyavailablefromtheCanadianSystemforElectronicDocumentAnalysisandRetrieval(SEDAR)
(http://www.sedar.com),theCanadianequivalentoftheSECsElectronicDocumentGatheringandRetrievalSystem.DocumentsfiledonSEDARarenot,and
shouldnotbeconsidered,partofthisprospectus.

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Index to Consolidated Financial Statements

and Financial Statement Schedules

Report of Independent Registered Public Accounting Firm dated January 13, 2017 F-2
ConsolidatedStatementsofIncome(Loss)andComprehensiveIncome(Loss)fortheyearsendedMarch31,2016,March31,2015,andtheperiods
fromDecember9,2013toMarch31,2014andApril1,2013toDecember8,2013 F-3
ConsolidatedStatementsofFinancialPositionasatMarch31,2016andMarch31,2015 F-4
ConsolidatedStatementsofChangesinEquityasatMarch31,2016,March31,2015,March31,2014,December9,2013andApril1,2013 F-5
ConsolidatedStatementsofCashFlowsfortheyearsendedMarch31,2016,March31,2015,andtheperiodsfromDecember9,2013toMarch31,
2014andApril1,2013toDecember8,2013 F-6
NotestotheConsolidatedFinancialStatements F-7
Schedule1CondensedParentCompanyFinancialInformation F-48

Unaudited financial information:

CondensedInterimConsolidatedStatementsofIncomeandComprehensiveIncomeforthethreeandninemonthsendedDecember31,2016and
December31,2015 F-53
CondensedInterimConsolidatedStatementsofFinancialPositionasatDecember31,2016andMarch31,2016 F-54
CondensedInterimConsolidatedStatementsofChangesinEquityfortheninemonthsendedDecember31,2016andDecember31,2015 F-55
CondensedInterimConsolidatedStatementsofCashFlowsfortheninemonthsendedDecember31,2016andDecember31,2015 F-56
NotestotheCondensedInterimConsolidatedFinancialStatements F-57

F-1
Table of Contents

Report of Independent Registered Public Accounting Firm

TotheBoardofDirectorsandShareholdersof
CanadaGooseHoldingsInc.
Toronto,Canada

WehaveauditedtheaccompanyingconsolidatedstatementsoffinancialpositionofCanadaGooseHoldingsInc.andsubsidiaries(theCompany),asof
March31,2016and2015,andtherelatedconsolidatedstatementsofincome(loss)andcomprehensiveincome(loss),consolidatedstatementsofchangesinequity,
andconsolidatedstatementsofcashflowsforeachoftheyearsthenended,andtheperiodfromDecember9,2013toMarch31,2014andtheperiodfromApril1,
2013toDecember8,2013.OurauditsalsoincludedthefinancialstatementscheduleofCondensedParentCompanyFinancialInformation.Thesefinancial
statementsandthefinancialstatementschedulearetheresponsibilityoftheCompanysmanagement.Ourresponsibilityistoexpressanopiniononthesefinancial
statementsandthefinancialstatementschedulebasedonouraudits.

WeconductedourauditsinaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard(UnitedStates)andCanadiangenerallyaccepted
auditingstandards.Thosestandardsrequirethatweplanandperformtheaudittoobtainreasonableassuranceaboutwhetherthefinancialstatementsarefreeof
materialmisstatement.TheCompanyisnotrequiredtohave,norwereweengagedtoperform,anauditofitsinternalcontroloverfinancialreporting.Ouraudits
includedconsiderationofinternalcontroloverfinancialreportingasabasisfordesigningauditproceduresthatareappropriateinthecircumstances,butnotforthe
purposeofexpressinganopinionontheeffectivenessoftheCompanysinternalcontroloverfinancialreporting.Accordingly,weexpressnosuchopinion.An
auditincludes,examiningonatestbasis,evidencesupportingtheamountsanddisclosuresinthefinancialstatements,assessingtheaccountingprinciplesusedand
significantestimatesmadebymanagement,aswellasevaluatingtheoverallfinancialstatementpresentation.Webelievethatourauditsprovideareasonablebasis
forouropinion.

Inouropinion,suchconsolidatedfinancialstatementspresentfairly,inallmaterialrespects,thefinancialpositionofCanadaGooseHoldingsInc.andsubsidiaries
asofMarch31,2016and2015,andtheresultsoftheiroperationsandtheircashflowsforeachoftheyearsthenended,andtheperiodfromDecember9,2013to
March31,2014andtheperiodfromApril1,2013toDecember8,2013,inaccordancewithInternationalFinancialReportingStandardsasissuedbythe
InternationalAccountingStandardsBoard.Also,inouropinion,suchfinancialstatementschedule,whenconsideredinrelationtothebasicconsolidatedfinancial
statementstakenasawhole,presentfairlyinallmaterialrespectstheinformationsetforththerein.

/s/DeloitteLLP

CharteredProfessionalAccountants
LicensedPublicAccountants
Toronto,Canada
January13,2017

F-2
Table of Contents

Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)

For the years ended
(inthousandsofCanadiandollars,exceptpershareamounts)

Successor Predecessor
December 9,
2013 to April 1 to
March 31 March 31 March 31, December 8,
Notes 2016 2015 2014 2013
$ $ $ $
Revenue 6 290,830 218,414 17,263 134,822
Costofsales

10 145,206





129,805





14,708






81,613

Grossprofit 145,624 88,609 2,555 53,209

Selling,generalandadministrativeexpenses 100,103 59,317 20,494 30,119
Depreciationandamortization

11,12 4,567





2,623





804






447

Operating income (loss) 40,954 26,669 (18,743) 22,643

Netinterestandotherfinancecosts 16 7,996 7,537 1,788 1,815
Income (loss) before income taxes 32,958 19,132 (20,531) 20,828
Incometaxexpense(recovery)

7 6,473





4,707





(5,054)






5,550

Net income (loss) 26,485 14,425 (15,477) 15,278

Othercomprehensiveloss
Itemsthatwillnotbereclassifiedtoearnings:
Assumptionofactuariallossonpost-employmentobligation,netoftaxof$70


(692)

Othercomprehensiveloss


(692)

Comprehensive income (loss) 25,793

14,425
(15,477)

15,278

Earnings (loss) per share 8,22

Basic 0.26 0.14 (0.15) 157,505.15
Diluted 0.26 0.14 (0.15) 157,505.15

Theaccompanyingnotestotheconsolidatedfinancialstatementsareanintegralpartofthisfinancialstatement.

F-3
Table of Contents

Consolidated Statements of Financial Position

As at March 31
(inthousandsofCanadiandollars)

Notes 2016 2015

Assets $ $
Current assets
Cash 7,226 5,918
Tradereceivables 9 17,475 14,109
Inventories 10 119,506 69,776
Othercurrentassets

18

10,525



4,087

Total current assets 154,732 93,890

Deferredincometaxes 7 3,642 1,781
Property,plantandequipment 11 24,430 12,571
Intangibleassets 12 125,677 122,046
Goodwill

13

44,537



44,537

Total assets



353,018



274,825

Liabilities
Current liabilities
Accountspayableandaccruedliabilities 14 38,451 23,369
Provisions 15 3,125 4,080
Incometaxespayable 7 7,155 398
Currentportionofcreditfacility

16

1,250



1,250

Total current liabilities 49,981 29,097

Provisions 15 8,554 6,211
Deferredincometaxes 7 12,769 14,951
Creditfacility 16 52,944 27,791
Subordinateddebt 16 85,306 82,342
Otherlong-termliabilities





762

Total liabilities 210,316 160,392

Shareholders equity

17

142,702



114,433

Total liabilities and shareholders equity

353,018



274,825

Theaccompanyingnotestotheconsolidatedfinancialstatementsareanintegralpartofthisfinancialstatement.

F-4
Table of Contents

Consolidated Statements of Changes in Equity

Balances as at March 31, 2016
(inthousandsofCanadiandollars)

ShareCapital Accumulated
Retained other
Common Preferred Contributed Earnings comprehensive
Notes Shares Shares Total Surplus (Deficit) loss Total
$ $ $ $ $ $ $
BalanceasatApril1,2013 100

1

101



6,694


6,795

Netincomeandcomprehensiveincomefortheperiod 15,278 15,278

Equitytransactions 1



1







1

EndingbalanceasatDecember8,2013 101

1

102



21,972



22,074

OpeningBalanceasatNovember21,2013

IssuanceofsharecapitalfortheAcquisitiononDecember9,2013

5





53,144



53,144





56,940












110,084

BalanceasatDecember9,2013







53,144



53,144





56,940












110,084

Netlossandcomprehensivelossfortheperiod (15,477) (15,477)

Issuanceofcommonshares 5,17

3,350






3,350


















3,350

BalanceasatMarch31,2014



3,350




53,144



56,494





56,940


(15,477)








97,957

Netincomeandcomprehensiveincomefortheyear 14,425 14,425

Issuanceofpreferredshares 16,17 1,751 1,751 1,751
Recognitionofshare-basedcompensation

17













300














300

BalanceasatMarch31,2015



3,350




54,895



58,245





57,240


(1,052)








114,433

Netincomefortheyear 26,485 26,485

Othercomprehensiveloss (692) (692)
Issuanceofpreferredshares 16,17 1,976 1,976 1,976
Recognitionofshare-basedcompensation

17













500














500

BalanceasatMarch31,2016 3,350

56,871
60,221
57,740

25,433

(692)

142,702

Theaccompanyingnotestotheconsolidatedfinancialstatementsareanintegralpartofthisfinancialstatement.

F-5
Table of Contents

Consolidated Statements of Cash Flows

For the years ended March 31
(inthousandsofCanadiandollars)

Successor Predecessor
December 9,
2013 to April 1 to
March 31 March 31 March 31, December 8,
Notes 2016 2015 2014 2013
$ $ $ $
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) 26,485 14,425 (15,477) 15,278
Itemsnotaffectingcash
Depreciationandamortization 11 5,916 3,394 1,029 966
Incometaxexpense(recovery) 7 6,473 4,707 (5,054) 5,550
Interestexpense 7,851 7,058 1,688 1,815
Unrealized(gain)lossonforwardexchangecontracts (5,366) (138) 339
Share-basedcompensation 17 500 300
Lossondisposalofassets 486 913
Changesinnon-cashoperatingitems 21 (37,848) (17,493) 5,636 (3,873)
Incometaxespaid (3,669) (1,936) 509 (2,719)
Interestpaid



(7,270)



(6,270)





(263)






(1,815)

Netcashfrom(usedin)operatingactivities



(6,442)



4,960



(11,593)




15,202

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchaseofproperty,plantandequipment 11 (15,070) (3,831) (689) (5,353)
Investmentinintangibleassets 12 (6,772) (2,172) (474) (1,008)
Acquisitionofassets,netofcashacquiredof$4,477) 5 (148,268)
Otherbusinesscombinations

5





(1,260)

Netcashfrom(usedin)investingactivities



(21,842)



(7,263)



(149,431)




(6,361)

CASH FLOWS FROM FINANCING ACTIVITIES:

Repaymentoflong-termdebt (4,188)
Borrowingsoncreditfacility 25,902 1,824 28,397
Repaymentsofcreditfacility (1,250) (1,250) (313)
Repaymentofshareholderadvances (1,527)
Issuanceofsubordinateddebt 16 2,964 2,626 79,716
IssuanceofClassAseniorpreferredshares 17 53,144
IssuanceofClassAjuniorpreferredshares 1,976 1,751
Issuanceofcommonshares

17











3,350

Netcashfrom(usedin)financingactivities



29,592



4,951



164,294




(5,715)

Increaseincash 1,308 2,648 3,270 3,126

Cash,beginningofperiod



5,918



3,270












1,351

Cash,endofperiod



7,226



5,918



3,270




4,477

Theaccompanyingnotestotheconsolidatedfinancialstatementsareanintegralpartofthisfinancialstatement.

F-6
Table of Contents

Notes to the Consolidated Financial Statements

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)
Note 1. The Company
Organization:
CanadaGooseHoldingsInc.anditssubsidiaries(theCompany)design,manufacture,andsellpremiumoutdoorapparelformen,women,youth,children,and
babies.TheCompanysapparelcollectionsincludevariousstylesofparkas,jackets,shells,vests,andaccessoriesforfall,winter,andspringseasons.The
Companysheadofficeislocatedat250BowieAvenue,Toronto,Canada.TheuseofthetermsCanadaGoosewe,usandourthroughoutthesenotestothe
consolidatedfinancialstatementsrefertotheCompany.OurfiscalyearendsonMarch31.

Statement of compliance
TheaccompanyingconsolidatedfinancialstatementshavebeenpreparedinaccordancewithInternationalFinancialReportingStandards(IFRS)asissuedbythe
InternationalAccountingStandardsBoard(IASB).

TheseconsolidatedfinancialstatementswereauthorizedforissuancebytheCompanysBoardofDirectorsonJanuary13,2017.

Basis of consolidation
SubsidiariesareentitiescontrolledbytheCompany.ControlexistswhentheCompanyhaspowerover,exposureorrightstovariablereturnsfromtheCompanys
involvementwiththeentity,andtheabilitytouseitspowerovertheentitytoaffecttheamountoftheCompanysreturns.Thefinancialaccountsandresultsof
subsidiariesareincludedintheconsolidatedfinancialstatementsoftheCompanyfromthedatethatcontrolcommencesuntilthedatethatcontrolceases.

TheaccompanyingconsolidatedfinancialstatementsincludetheaccountsandresultsoftheCompanyanditswhollyownedsubsidiaries:

Subsidiaries Location
CanadaGooseInc. Canada
CanadaGooseInternationalHoldingsLimited UnitedKingdom
CanadaGooseEuropeAB Sweden
CanadaGooseInternationalAG Switzerland
CanadaGooseServicesLimited UnitedKingdom
CanadaGooseUS,Inc. USA
CanadaGooseTradingInc. Canada

Basis of presentation:
OnNovember21,2013,aninvestmentfundadvisedbyBainCapitalPrivateEquityLP(alongwithcertainaffiliatesandanysuccessortoitsinvestment
managementbusiness,BainCapital),incorporatedCanadaGooseHoldingsInc.(aBritishColumbiacorporation)(theSuccessor).Pursuanttothepurchaseand
saleagreementdatedDecember9,2013(theAgreement),awhollyownedsubsidiaryoftheSuccessor,CanadaGooseProductsInc.(aBritishColumbia
corporation,whichlatercontinuedasanOntariocorporationunderthenameCanadaGooseInc.)acquiredalltheoperatingassetsoftheformerCanadaGooseInc.
(acorporationindirectlycontrolledbythePresidentandChiefExecutiveOfficeroftheCompany,FormerCanadaGooseInc.orthePredecessor)andsalesand
distributioncompaniesownedbyFormerCanadaGooseInc.whichconsistedof

F-7
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

CanadaGooseEuropeAB,CanadaGooseUS,Inc.andCanadaGooseTradingInc.(theAcquisition).AsaresultofthecompletionoftheAcquisition,funds
advisedbyBainCapitalown70%oftheCompanyandFormerCanadaGooseInc.(currentlynamedBlackFeatherHoldingsIncorporated)indirectlyowns30%of
theCompany.

AsfurtherdescribedinNote5totheseconsolidatedfinancialstatements,theAcquisitionwasaccountedforasabusinesscombinationusingtheacquisitionmethod
ofaccountingandtheSuccessorfinancialstatementsreflectanewbasisofaccountingthatisbasedonthefairvalueofassetsacquiredandliabilitiesassumedasof
theeffectivetimeoftheAgreement.PeriodspresentedpriortoDecember9,2013representtheoperationsofthePredecessorandtheperiodspresentedonandafter
December9,2013representtheoperationsoftheSuccessor.

ThefiscalyearendedMarch31,2014includesthe252dayPredecessorperiodfromApril1,2013throughDecember8,2013(PredecessorPeriod)andthe113
daySuccessorperiodfromDecember9,2013throughMarch31,2014(SuccessorPeriod).Accordingly,theCompanysaccumulateddeficitasofMarch31,
2014andMarch31,2015,andtheCompanysretainedearningsasatMarch31,2016representonlytheresultsofoperationssubsequenttoDecember9,2013,the
dateoftheAcquisition.ThePredecessorandSuccessorperiodshavebeenseparatedbyablacklineontheconsolidatedfinancialstatementstohighlightthefact
thatthefinancialinformationforsuchperiodshasbeenpreparedundertwodifferentcostbasesofaccounting.Allintercompanytransactionshavebeeneliminated.

Note 2. Significant accounting policies

(a) Business combinations

Acquisitionsofbusinessesareaccountedforusingtheacquisitionmethodasoftheacquisitiondate,whichisthedatewhencontrolistransferredto
theCompany.Theconsiderationtransferredinabusinesscombinationismeasuredatfairvalue,whichiscalculatedasthesumoftheacquisitiondate
fairvaluesoftheassetstransferred,liabilitiesincurredbytheCompanyandtheequityinterestsissuedbytheCompanyinexchangeforcontrolofthe
acquiree.TransactioncoststhattheCompanyincursinconnectionwithabusinesscombinationarerecognizedinthestatementofincomeasincurred.
Goodwillismeasuredastheexcessofthesumofthefairvalueofconsiderationtransferredoverthenetoftheacquisition-dateamountsofthe
identifiableassetsacquiredandtheliabilitiesassumed.
Whentheconsiderationtransferredinabusinesscombinationincludescontingentconsideration,thecontingentconsiderationismeasuredatits
acquisitiondatefairvalue.Contingentconsiderationisremeasuredatsubsequentreportingdatesatitsfairvalue,andtheresultinggainorloss
recognizedinthestatementofincome.

(b) Foreign currency translation

Functionalandpresentationcurrency
ItemsincludedintheconsolidatedfinancialstatementsoftheCompanyssubsidiariesaremeasuredusingthecurrencyoftheprimaryeconomic
environmentinwhicheachentityoperates(thefunctionalcurrency).TheconsolidatedfinancialstatementsarepresentedinCanadiandollars,whichis
theCompanysfunctionalcurrencyandthepresentationcurrency.
Foreigncurrencytransactionsaretranslatedintothefunctionalcurrencyusingtheexchangeratesprevailingatthedateofthetransactionsorvaluation
whenitemsarere-measured.Foreignexchangegainsandlossesresultingfromthesettlementofsuchtransactionsandfromthechangesatperiod-end

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

exchangeratesofmonetaryassetsandliabilitiesdenominatedinforeigncurrenciesarerecognizedinthestatementofincomeunderthecaption
selling,generalandadministrativeexpenses.
Foreignoperations
TheCompanysforeignoperationswereprincipallyconductedthroughCanadaGooseEuropeABandCanadaGooseUS,Inc.Althoughthese
operationsmayexposetheCompanytocertainlevelsofforeigncurrencyrisk,theunderlyingtransactionsarecarriedoutasanextensionofthe
Company,andasaresulttheseforeignoperationshaveaCanadiandollarfunctionalcurrency.
Thefinancialstatementsoftheseforeignoperationsaretranslatedusingtheexchangerateatthedateofthestatementoffinancialpositionexceptfor
property,plantandequipmentandequity,whicharetranslatedathistoricalrates.Transactionsincurrenciesotherthanthefunctionalcurrencyare
translatedattheexchangerateineffectatthedateofeachtransaction.Differencesinexchangeratesduringtheperiodbetweenthedateatransaction
denominatedinaforeigncurrencyisconsummatedandthedateonwhichitiseithersettledortranslated,arerecognizedinselling,generaland
administrativeexpenses.

(c) Seasonality
Weexperienceseasonalfluctuationsinourrevenueandoperatingresultsandhistoricallyhaverealizedasignificantportionofourrevenueandincome
fortheyearduringoursecondandthirdfiscalquarters.Thus,lower-than-expectedsecondandthirdquarternetrevenuecouldhaveanadverseimpact
onourannualoperatingresults.
Workingcapitalrequirementstypicallyincreaseduringthefirstandsecondquartersofthefiscalyearasinventorybuildstosupportpeakshippingand
sellingperiodsand,accordingly,typicallydecreaseduringthefourthquarterofthefiscalyearasinventoryisshippedandsold.Cashflowsfrom
operatingactivitiesistypicallyhigherinthefourthquarterofthefiscalyearduetoreducedworkingcapitalrequirementsduringthatperiod.

(d) Revenue recognition

RevenuecomprisesthefairvalueofconsiderationreceivedorreceivableforthesaleofgoodsintheordinarycourseoftheCompanysactivities.
Revenueispresentednetofsalestax,estimatedreturns,salesallowances,anddiscounts.TheCompanyrecognizesrevenuewhentheamountcanbe
reliablymeasured,itisprobablethatfutureeconomicbenefitswillflowtotheCompany,andwhenspecificcriteriahavebeenmetforeachofthe
Companysactivities,asdescribedbelow.

i) Wholesale
Wholesalerevenuecomprisessalestothirdpartyresellers(whichincludesdistributorsandretailers)oftheCompanysproducts.Wholesale
revenuefromthesaleofgoodsisrecognizedwhenthesignificantrisksandrewardsofownershipofthegoodshavepassedtothereseller,
whichisassoonastheproductshavebeenshippedtothereseller,thereisnocontinuingmanagementinvolvementorobligationaffectingthe
acceptanceofthegoods,netofanestimatedallowanceforsalesreturns.
TheCompany,atitsdiscretion,maycancelalloraportionofanyfirmwholesalesalesorder.TheCompanyisthereforeobligatedtoreturn
anyprepaymentsordepositsmadebyresellersforwhichtheproductisnotprovided.Alladvancepaymentsareincludedinaccruedliabilities
inthebalancesheet.

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March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

ii) Direct to Consumer

DirecttoConsumerrevenueconsistsofsalesthroughtheCompanyse-commerceoperations.Salesthroughe-commerceoperationsare
recognizedupondeliveryofthegoodstothecustomerandwhencollectionisreasonablyassured,netofanestimatedallowanceforsales
returns.
ItistheCompanyspolicytosellmerchandisetotheconsumerwitharighttoreturnwithinaspecificperiod.Accumulatedexperienceisused
toestimateandprovideforsuchreturns.
TheCompanyswarrantyobligationistoprovideanexchangeorrepairforfaultyproductsunderthestandardwarrantytermsandconditions.The
warrantyobligationisrecognizedasaprovision.

(e) Operating segments

AnoperatingsegmentisacomponentoftheCompanythatengagesinbusinessactivitiesfromwhichitmayearnrevenuesandincurexpenses,
includingrevenuesandexpensesthatrelatetotransactionswithanyoftheCompanysothercomponents.Segmentoperatingresultsarereviewed
regularlytomakedecisionsaboutresourcestobeallocatedtothesegmentandassessitsperformance,andforwhichdiscretefinancialinformationis
available.
TheCompanyclassifiesitsbusinessintwooperatingandreportablesegments:WholesaleandDirecttoConsumer.TheWholesalebusinesscomprises
salesmadetoamixoffunctionalandfashionableretailers,includingmajorluxurydepartmentstores,outdoorspecialitystores,andindividualshops.
TheCompanysproductsreachtheseretailersthroughanetworkofinternationaldistributorsanddirectdelivery.
TheDirecttoConsumerbusinesscomprisessalesthroughthecountry-specifice-commerceplatforms.Forperiodssubsequenttotheseconsolidated
financialstatements,thissegmentwillalsoincludetheoperatingperformanceofCompany-ownedretailstores.

(f) Earnings per share

Basicearnings(loss)pershareiscalculatedbydividingnetincomefortheyearattributabletoordinaryequityholdersofthecommonsharesbythe
weightedaveragenumberofordinaryClassAandClassBcommonsharesoutstandingduringtheyear.
Dilutedearnings(loss)pershareiscalculatedbydividingthenetincomeattributabletoordinaryequityholdersoftheCompanybytheweighted
averagenumberofordinarysharesoutstandingduringtheyearplustheweightedaveragenumberofordinarysharesthatwouldbeissuedonthe
conversionofsubordinateddebt,theconversionofpreferredsharesandtheexerciseofstockoptions.

(g) Income taxes

Currentanddeferredincometaxesarerecognizedintheconsolidatedstatementsofincomeandothercomprehensiveincome,exceptwhenitrelatesto
abusinesscombination,oritemsrecognizedinequityorinothercomprehensiveincome.
Currentincometax
Currentincometaxistheexpectedincometaxpayableorreceivableonthetaxableincomeorlossfortheperiod,usingtaxratesenactedor
substantivelyenactedatthereportingdate,andanyadjustmenttoincometaxpayableinrespectofpreviousyears.

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March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

Deferredincometax
Deferredincometaxisprovidedusingtheliabilitymethodfortemporarydifferencesatthereportingdatebetweentheincometaxbasesofassetsand
liabilitiesandtheircarryingamountsforfinancialreportingpurposes.
Deferredincometaxismeasuredusingenactedorsubstantivelyenactedincometaxratesexpectedtoapplyintheyearsinwhichthosetemporary
differencesareexpectedtoberecoveredorsettled.Adeferredtaxassetisrecognizedforunusedincometaxlossesandcreditstotheextentthatitis
probablethatfuturetaxableincomewillbeavailableagainstwhichtheycanbeutilized.
Thecarryingamountofdeferredtaxassetsisreviewedateachreportingdateandreducedtotheextentthatitisnolongerprobablethatsufficient
taxableincomewillbeavailabletoallowallorpartofthedeferredtaxassettobeutilized.Unrecognizeddeferredtaxassetsarereassessedateach
reportingdateandarerecognizedtotheextentthatithasbecomeprobablethatfuturetaxableincomewillallowthedeferredtaxassettoberecovered.
Deferredincometaxrelatingtoitemsrecognizedoutsideprofitorlossisrecognizedoutsideprofitorloss.Deferredtaxitemsarerecognizedin
correlationtotheunderlyingtransactioneitherinothercomprehensiveincomeordirectlyinequity.
Deferredtaxassetsanddeferredtaxliabilitiesareoffsetifalegallyenforceablerightexiststosetoffcurrentincometaxassetsagainstcurrentincome
taxliabilitiesandthedeferredtaxrelatestothesametaxableentityandthesametaxationauthority.
Deferredincometaxisprovidedontemporarydifferencesarisingoninvestmentsinsubsidiaries,exceptwherethetimingofthereversalofthe
temporarydifferenceiscontrolledbytheCompanyanditisprobablethatthetemporarydifferencewillnotreverseintheforeseeablefuture.

(h) Cash
Cashcomprisescashatbanksandonhand.TheCompanyusestheindirectmethodofreportingcashflowfromoperatingactivities.

(i) Trade receivables

Tradereceivablesconsistofamountsoutstandingfromcustomersasaresultofproductsalesandareinitiallyrecognizedatfairvalueandsubsequently
measuredatamortizedcostusingtheeffectiveinterestmethod,lessexpectedcreditlosses.Provisionsforuncollectibleamountsarerecordedagainst
tradereceivablesandarebasedonhistoricalexperience.

(j) Inventories
Rawmaterials,work-in-processandfinishedgoodsarevaluedatthelowerofcostandnetrealizablevalue.Costisdeterminedusingtheweighted
averagecostmethod.Thecostofwork-in-processandfinishedgoodsinventoriesincludethecostofrawmaterialsandanapplicableshareofthecost
oflabourandfixedandvariableproductionoverhead,includingdepreciationofproperty,plantandequipmentusedintheproductionoffinished
goodsanddesigncosts,andothercostsincurredinbringingtheinventoriestotheirpresentlocationandcondition.
TheCompanyestimatesnetrealizablevalueastheamountatwhichinventoriesareexpectedtobesold,takingintoconsiderationfluctuationsin
sellingpricesduetoseasonality,lessestimatedcostsnecessarytocompletethesale.

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March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

Inventoriesarewrittendowntonetrealizablevaluewhenthecostofinventoriesisestimatedtobeunrecoverableduetoobsolescence,damageor
decliningsellingprices.Whencircumstancesthatpreviouslycausedinventoriestobewrittendownbelowcostnolongerexistorwhenthereisclear
evidenceofanincreaseinsellingprices,theamountofthewrite-downpreviouslyrecordedisreversed.
Storagecosts,indirectadministrativeoverheadandcertainsellingcostsrelatedtoinventoriesareexpensedintheperiodthatthesecostsareincurred.

(k) Property, plant and equipment

Property,plantandequipmentisstatedatcost,netofaccumulateddepreciationandanyaccumulatedimpairmentlosses.Costincludesexpenditures
thataredirectlyattributabletotheacquisitionoftheasset,includingcostsincurredtopreparetheassetforitsintendeduseandcapitalizedborrowing
costs,whentherecognitioncriteriaaremet.ThecommencementdateforcapitalizationofcostsoccurswhentheCompanyfirstincursexpendituresfor
thequalifyingassetsandundertakestherequiredactivitiestopreparetheassetsfortheirintendeduse.
Property,plantandequipmentassetsaredepreciatedonastraight-linebasisovertheirestimatedusefullivestotheirestimatedresidualvaluewhenthe
assetsareavailableforuse.Whensignificantpartsofafixedassethavedifferentusefullives,theyareaccountedforasseparatecomponentsand
depreciatedseparately.Depreciationmethods,usefullivesandresidualvaluesarereviewedannuallyandareadjustedforprospectively,ifappropriate.
Estimatedusefullivesareasfollows:

Asset Estimated Useful Life

Plantequipment 10to15years
Computerequipment 5to8years
Leaseholdimprovements Lesserofthe
leasetermplus
onerenewalterm
oruseful
lifeoftheasset
Showdisplays 3to10years
Furnitureandfixtures 8to12years
Anitemofproperty,plantandequipmentandanysignificantpartinitiallyrecognizedisderecognizedupondisposalorwhennofutureeconomic
benefitsareexpectedfromitsuseordisposal.Anygainorlossarisingonderecognitionoftheasset,calculatedasthedifferencebetweenthenet
disposalproceedsandthecarryingamountoftheasset,isincludedinthestatementofincomeandothercomprehensiveincomewhentheassetis
derecognized.
Thecostofrepairsandmaintenanceoffixedassetsisexpensedasincurredandrecognizedinthestatementofincome.
Property,plantandequipmentarereviewedattheendofeachreportingperiodtodeterminewhetherthereisanyindicationofimpairment.Ifthe
possibilityofimpairmentisindicated,theentitywillestimatetherecoverableamountoftheassetandrecordanyimpairmentlossinthestatementof
income.

(l) Intangible assets

Intangibleassetsacquiredseparatelyaremeasuredoninitialrecognitionatcost.Thecostofintangibleassetsacquiredinabusinesscombinationisits
fairvalueasofthedateofacquisition.Followinginitialrecognition,intangibleassetswithfinitelivesarecarriedatcostlessanyaccumulated
amortizationandanyaccumulatedimpairmentlosses.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

Theusefullivesofintangibleassetsareassessedaseitherfiniteorindefinite.

Asset Estimated Useful Life

Brandname Indefinite
Domainname Indefinite
Customerlists 4Years
ERPsoftware 15years
IntangibleassetswithindefiniteusefullivespertaintotheCanadaGoosebrandnameanddomainnamewhichwereacquiredaspartofthe
Acquisition.Thebrandnameanddomainnameareconsideredtohaveanindefinitelifebasedonahistoryofstrongrevenueandcashflow
performanceandtheintentandabilityoftheCompanytosupportthebrandwithspendingtomaintainitsvaluefortheforeseeablefuture.Thebrand
nameistestedatleastannually,atthecash-generatingunitlevelforimpairment.Theassessmentofindefinitelifeisreviewedannuallytodetermine
whetherindefinitelifeassessmentcontinuestobesupportable.Ifnot,thechangeintheusefullifeassessmentfromindefinitetofiniteismadeona
prospectivebasis.
Intangibleassetswithfinitelivesareamortizedovertheusefuleconomiclifeonstraightlinebasisandassessedforimpairmentwheneverthereisan
indicationthattheintangibleassetmaybeimpaired.Theamortizationperiodandtheamortizationmethodforanintangibleassetwithafiniteuseful
lifearereviewedatleastateachfinancialyearend.Changesintheexpectedusefullifeortheexpectedpatternofconsumptionoffutureeconomic
benefitsembodiedintheassetareconsideredtomodifytheamortizationperiodormethod,asappropriate,andtreatedaschangesinaccounting
estimates.Theamortizationexpenseonintangibleassetswithfinitelivesisrecognizedinthestatementofincomeoveritsestimatedusefullife.
Anitemofintangibleassetsisderecognizedondisposalorwhennofutureeconomicbenefitsareexpectedfromitsuseordisposal.Gainsorlosses
arisingfromderecognition(thatis,ondisposalorretirementfromuse)ofanintangibleassetaremeasuredasthedifferencebetweenthenetdisposal
proceedsandthecarryingamountoftheassetandarerecognizedinthestatementofincomewhentheassetisderecognized.

(m) Goodwill
GoodwillrepresentsthedifferencebetweenthepurchasepriceofanacquiredbusinessandtheCompanysshareofthenetidentifiableassetsacquired
andliabilitiesandcertaincontingentliabilitiesassumed.Itisinitiallyrecordedatcostandsubsequentlymeasuredatcostlessanyaccumulated
impairmentlosses.
Forthepurposeofimpairmenttesting,goodwillacquiredinabusinesscombinationis,fromtheacquisitiondate,allocatedtocash-generatingunits
(CGU)basedonthelowestlevelwithintheentityinwhichthegoodwillismonitoredforinternalmanagementpurposes.Theallocationismadeto
thoseCGUsthatareexpectedtobenefitfromthebusinesscombinationinwhichthegoodwillarose.Anypotentialimpairmentofgoodwillis
identifiedbycomparingtherecoverableamountofaCGUtoitscarryingvalue.Goodwillisreducedbytheamountofdeficiency,ifany.Ifthe
deficiencyexceedsthecarryingamountofgoodwill,thecarryingvaluesoftheremainingassetsintheCGUarereducedbytheexcessonapro-rata
basis.TheCompanytestsgoodwillforimpairmentannuallyinthefourthquarteroftheyear.
TherecoverableamountofaCGUisthehigheroftheestimatedfairvaluelesscostsofdisposalorvalue-in-useoftheCGU.Inassessingvalue-in-use,
theestimatedfuturecashflowsarediscounted

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

usingapre-taxdiscountratethatreflectscurrentmarketassessmentsofthetimevalueofmoneyandtherisksspecifictotheasset.
TheCompanyhasevaluatedthatthegoodwillcontributestothecashflowsofthreeCGUs.

(n) Provisions
ProvisionsarerecognizedwhentheCompanyhasapresentobligation,legalorconstructive,asaresultofapastevent,itisprobablethatanoutflowof
resourcesembodyingeconomicbenefitswillberequiredtosettletheobligation,andareliableestimatecanbemadeoftheamountoftheobligation.
WheretheCompanyexpectssomeorallofaprovisiontobereimbursed,forexampleunderaninsurancecontract,thereimbursementisrecognizedas
aseparateassetbutonlywhenthereimbursementisvirtuallycertain.Theexpenserelatingtoanyprovisionispresentedinthestatementofincomenet
ofanyreimbursement.Iftheeffectofthetimevalueofmoneyismaterial,provisionsarediscountedusingacurrentpre-taxratethatreflects,where
appropriate,therisksspecifictotheliability.Wherediscountingisused,theincreaseintheprovisionduetothepassageoftimeisrecognizedinthe
statementofincome.
TheprovisionforwarrantyreturnsrelatestotheCompanysobligationfordefectivegoodssoldtocustomersthathaveyettobereturned.Accrualsfor
salesandwarrantyreturnsareestimatedonthebasisofhistoricalreturnsandarerecordedsoastoallocatethemtothesameperiodthecorresponding
revenueisrecognized.

(o) Employee future benefits

TheCompanysponsorsadefinedbenefitpensionplan,whichislimitedtocertainemployeesofCanadaGooseInternationalAGandisbasedon
statutoryrequirementsofSwitzerland.
ThemeasurementdateforthedefinedbenefitpensionplanisMarch31.TheobligationsassociatedwiththeCompanysdefinedbenefitpensionplan
isactuariallyvaluedusingtheprojectedunitcreditmethod,managementsbestestimateassumptions,salaryescalation,inflation,lifeexpectancy,and
acurrentmarketdiscountrate.Assetsaremeasuredatfairvalue.Theobligationinexcessofplanassetsisrecordedasaliability.Allactuarialgainsor
lossesarerecognizedimmediatelythroughOthercomprehensiveincome.

(p) Financial instruments

Fair values
Fairvalueisthepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderlytransactionbetweenmarketparticipantsatthe
measurementdate.Thefairvaluemeasurementisbasedonthepresumptionthatthetransactiontoselltheassetortransfertheliabilitytakesplace
either:

Intheprincipalmarketfortheassetorliability,or

Intheabsenceofaprincipalmarket,inthemostadvantageousmarketfortheassetorliability.
TheCompanyusesvaluationtechniquesthatitbelievesareappropriateinthecircumstancesandforwhichsufficientdataareavailabletomeasurefair
value,maximizingtheuseofrelevantobservableinputsandminimizingtheuseofunobservableinputs.Allassetsandliabilitiesforwhichfairvalueis
measuredordisclosedinthefinancialstatementsarecategorizedwithinthefairvaluehierarchy,

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March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

describedasfollows,basedonthelowestlevelinputthatissignificanttothefairvaluemeasurementasawhole:
Level 1: quotedprices(unadjusted)inactivemarketsforidenticalassetsorliabilitiesthatthereportingentityhastheabilitytoaccessatthe
measurementdate.
Level 2: inputsotherthanquotedpricesincludedwithinlevel1thatareobservablefortheassetorliability,eitherdirectlyorindirectly.
Level 3: areunobservableinputsfortheassetorliability.Unobservableinputsshallbeusedtomeasurefairvaluetotheextentthatobservable
inputsarenotavailable,therebyallowingforsituationsinwhichthereislittle,ifany,marketactivityfortheassetorliabilityatthe
measurementdate.
Forthepurposeoffairvaluedisclosures,theCompanyhasdeterminedclassesofassetsandliabilitiesonthebasisofthenature,characteristicsand
risksoftheassetorliabilityandthelevelofthefairvaluehierarchyasexplainedabove.
ThedeterminationofthefairvalueoffinancialinstrumentsisperformedbytheCompanystreasuryandfinancialreportingdepartmentsonaquarterly
basis.Therewasnochangeinthevaluationtechniquesappliedtofinancialinstrumentsduringallperiodspresented.Thefollowingtabledescribesthe
valuationtechniquesusedinthedeterminationofthefairvaluesoffinancialinstruments:

Type Valuation Approach

Cash,trade receivables, accounts payable and accrued liabilities, Thecarrying
current portion of long-term debt amount
approximatesfair
valueduetothe
shorttermmaturity
of
theseinstruments.

Derivatives (includedinothercurrentassetsoraccountspayableand Specificvaluation
accruedliabilities) techniquesusedto
valuederivative
financial
instruments
include:

-Quotedmarket
pricesordealer
quotesfor
similar
instruments;

-Observable
marketinformation
aswell
asvaluations
determinedby
external
valuatorswith
experienceinthe
financial
markets.

 Credit facility Thefairvalueis
basedonthe
present
valueof
contractualcash
flows,
discountedatthe
Companyscurrent
incremental
borrowingratefor
similar
typesofborrowing
arrangementsor,
where
applicable,quoted
marketprices.

Subordinated debt Thefairvalueis
basedonthe
equivalent
dollaramountof
commonshares
thatare
tobereceived
uponconversionof
the
subordinateddebt.
Financial instruments
FinancialassetsandfinancialliabilitiesarerecognizedwhentheCompanybecomesapartytothecontractualprovisionsofthefinancialinstrument.

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March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

Financialassetsandfinancialliabilitiesareinitiallymeasuredatfairvalue.Transactioncoststhataredirectlyattributabletotheacquisitionorissueof
financialassetsandfinancialliabilities(otherthanfinancialassetsandfinancialliabilitiesclassifiedatfairvaluethroughprofitorloss)areaddedto,or
deductedfrom,thefairvalueofthefinancialassetsorfinancialliabilities,asappropriate,oninitialrecognition.Transactioncostsdirectlyattributable
totheacquisitionoffinancialassetsorfinancialliabilitiesclassifiedatfairvaluethroughprofitorlossarerecognizedimmediatelyinprofitorloss.
Financialassetsandfinancialliabilitiesaremeasuredsubsequentlyasdescribedbelow.

a. Non-derivativefinancialassets
Non-derivativefinancialassetsincludecashandtradereceivablesandareclassifiedasloansandreceivablesandmeasuredatamortized
cost.TheCompanyinitiallyrecognizesreceivablesanddepositsonthedatethattheyareoriginated.TheCompanyderecognizesa
financialassetwhenthecontractualrightstothecashflowsfromtheassetexpire,orittransferstherightstoreceivethecontractual
cashflowsonthefinancialassetinatransactioninwhichsubstantiallyalltherisksandrewardsofownershipofthefinancialassetare
transferred.

b. Non-derivativefinancialliabilities
Non-derivativefinancialliabilitiesincludeaccountspayable,accruedliabilities,creditfacilityandsubordinateddebt.TheCompany
initiallyrecognizesdebtinstrumentsissuedonthedatethattheyareoriginated.Allotherfinancialliabilitiesarerecognizedinitiallyon
thetradedateatwhichtheCompanybecomesapartytothecontractualprovisionsoftheinstrument.Financialliabilitiesarerecognized
initiallyatfairvaluelessanydirectlyattributabletransactioncosts.Subsequenttoinitialrecognition,thesefinancialliabilitiesare
measuredatamortizedcostusingtheeffectiveinterestmethod.TheCompanyderecognizesafinancialliabilitywhenitscontractual
obligationsaredischargedorcancelledorexpire.

c. Derivativefinancialinstruments
TheCompanyisexposedtotheriskofcurrencyfluctuationsandhasenteredintocurrencyderivativecontractstohedgeitsexposureon
thebasisofplannedtransactions.Thesecontractsgenerallycoveraperiodoflessthanoneyear.TheCompanyshedgingactivitiesare
notdesignatedashedgesforaccountingpurposes.Derivativefinancialinstrumentsarerecognizedinitiallyatfairvalue;attributable
transactioncostsarerecognizedinthestatementofincomeasincurred.Subsequenttoinitialrecognition,derivativefinancial
instrumentsaremeasuredatfairvalue,andchangesthereinarerecognizedimmediatelyinthestatementofincome.
Embeddedderivativesareseparatedfromahostcontractandaccountedforseparatelyiftheeconomiccharacteristicsandrisksofthe
hostcontractandtheembeddedderivativearenotcloselyrelated.TheCompanymeasuresallderivativefinancialinstrumentsfrom
optionpricingmodels.TheCompanyhasreviewedallsignificantcontractualagreementsanddeterminedthatthesemandatory
conversionfeaturesontheCompanyssubordinateddebt,whicharecontingentuponaliquidityeventorsaleofsharesevent,qualifyas
anembeddedderivative.Giventheremoteprobabilityofoccurrence,theCompanyhasdeterminedthefairvalueoftheseembedded
derivativestobenil.

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March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

(q) Share-based payments

Share-basedpaymentsarevaluedbasedonthegrantdatefairvalueoftheseawardsandtheCompanyrecordscompensationexpenseoverthe
correspondingserviceperiod.Thefairvalueoftheshare-basedpaymentsisdeterminedusingacceptablevaluationtechniques,whichincorporatethe
Companysdiscountedcashflowestimatesandothermarketassumptions.OnDecember9,2013,astockoptionplan(thePlan)wasputinplace
whichallowsstockoptionstobegrantedtoselectedexecutivesoftheCompanywithvestingcontingentuponmeetingtheservice,performancegoals
andexiteventconditionsofthePlan.Therearethreetypesofstockoptions:TrancheAoptionsaretimebasedwhichgenerallyvestover5yearsof
service,with40%onthesecondanniversary,20%oneachofthethird,fourth,andfifthanniversary.TrancheBandTrancheCoptionsare
performancebasedawardsthatvestuponattainmentofperformanceconditionsandtheoccurrenceofanexitevent.Theexpenserelatedtothe
TrancheBandTrancheCoptionsisrecognizedratablyovertherequisiteserviceperiod,provideditisprobablethatthevestingconditionswillbe
achievedandtheoccurrenceofsuchexiteventisprobable.

(r) Leases
Operatingleasepaymentsnetofanyleaseinducementsarerecognizedasanexpenseinthestatementofprofitorlossonastraightlinebasisoverthe
leaseterm.

Note 3. Significant accounting judgments, estimates, and assumptions

ThepreparationoftheconsolidatedfinancialstatementsrequiresmanagementtomakeestimatesandjudgmentsinapplyingtheCompanysaccountingpoliciesthat
affectthereportedamountsanddisclosuresmadeintheconsolidatedfinancialstatementsandaccompanyingnotes.

Estimatesandassumptionsareusedmainlyindeterminingthemeasurementofbalancesrecognizedordisclosedintheconsolidatedfinancialstatementsandare
basedonasetofunderlyingdatathatmayincludemanagementshistoricalexperience,knowledgeofcurrenteventsandconditionsandotherfactorsthatare
believedtobereasonableunderthecircumstances.Managementcontinuallyevaluatestheestimatesandjudgmentsituses.Theseestimatesandjudgmentshave
beenappliedinamannerconsistentwithpriorperiodsandtherearenoknowntrends,commitments,eventsoruncertaintiesthatwebelievewillmateriallyaffect
themethodologyorassumptionsutilizedinmakingtheseestimatesandjudgementsinthesefinancialstatements.

ThefollowingaretheaccountingpoliciessubjecttojudgementsandkeysourcesofestimationuncertaintythattheCompanybelievescouldhavethemost
significantimpactontheamountsrecognizedintheconsolidatedfinancialstatements.

Inventories
Key Sources of Estimation Inventoriesarecarriedatthelowerofcostandnetrealizablevalue;inestimatingnetrealizablevalue,theCompanyusesestimates
relatedtofluctuationsininventorylevels,customerbehaviour,obsolescence,futuresellingprices,seasonalityandcostsnecessarytoselltheinventory.

Inventoryisadjustedtoreflectestimatedloss(shrinkage)incurredsincethelastinventorycount.Shrinkageisbasedonhistoricalexperience.

F-17
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

Impairment of non-financial assets (goodwill, intangible assets, and property, plant & equipment)
Judgments Made in Relation to Accounting Policies Applied ManagementisrequiredtousejudgmentindeterminingthegroupingofassetstoidentifytheirCGUs
forthepurposesoftestingnon-financialassetsforimpairment.JudgmentisfurtherrequiredtodetermineappropriategroupingsofCGUsforthelevelatwhich
goodwillandintangibleassetsaretestedforimpairment.Forthepurposeofgoodwillandintangibleassetsimpairmenttesting,CGUsaregroupedatthelowest
levelatwhichgoodwillandintangibleassetsaremonitoredforinternalmanagementpurposes.Inaddition,judgmentisusedtodeterminewhetheratriggering
eventhasoccurredrequiringanimpairmenttesttobecompleted.TheCompanyhasconcludedthatithasthreeCGUsandtestsgoodwillandtheseintangibleassets
forimpairmentonthatbasis.

Key Sources of Estimation IndeterminingtherecoverableamountofaCGUoragroupofCGUs,variousestimatesareemployed.TheCompanydeterminesvalue

inusebyusingestimatesincludingprojectedfuturerevenues,margins,andcapitalinvestmentconsistentwithstrategicplanspresentedtotheBoard.Fairvalueless
costsofdisposalareestimatedwithreferencetoobservablemarkettransactions.Discountratesareconsistentwithexternalindustryinformationreflectingtherisk
associatedwithCompanyandcashflows.

Income and other taxes

Key Sources of Estimation Indeterminingtherecoverableamountofdeferredtaxassets,theCompanyforecastsfuturetaxableincomebylegalentityandtheperiod
inwhichtheincomeoccurstoensurethatsufficienttaxableincomeexiststoutilizetheattributes.InputstothoseprojectionsareBoard-approvedfinancialforecasts
andstatutorytaxrates.

Judgments Made in Relation to Accounting Policies Applied Thecalculationofcurrentanddeferredincometaxesrequiresmanagementtomakecertainjudgments

regardingthetaxrulesinjurisdictionswheretheCompanyperformsactivities.Applicationofjudgmentsisrequiredregardingtheclassificationoftransactionsand
inassessingprobableoutcomesofclaimeddeductionsincludingexpectationsaboutfutureoperatingresults,thetimingandreversaloftemporarydifferencesand
possibleauditsofincometaxandothertaxfilingsbythetaxauthorities.

Functional currency
Judgments Made in Relation to Accounting Policies Applied TheCompanyassessestherelevantfactorsrelatedtotheprimaryeconomicenvironmentinwhichits
entitiesoperatetodeterminethefunctionalcurrency.Wheretheassessmentofprimaryindicatorsismixed,Managementassessesthesecondaryindicators,
includingtherelationshipbetweentheforeignoperationsandreportingentity.

Financial instruments
Key Sources of Estimation Thecriticalassumptionsandestimatesusedindeterminingthefairvalueoffinancialinstrumentsare:equityprices;futureinterestrates;
therelativecreditworthinessoftheCompanytoitscounterparties;estimatedfuturecashflows;discountrates;andvolatilityutilizedinoptionvaluations.

Judgments Made in Relation to Accounting Policies Applied TheCompanyssubordinateddebtandpreferredsharescontainredemptionfeaturesuponthe

occurrenceofaqualifyingliquidityevent.Thesefeaturesgiverisetoderivativeswhichhavebeendeterminednottobecloselyrelatedtothehost.Novaluehas
beenattributedtothesederivatives.

F-18
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

Trade receivables
Key Sources of Estimation: TheCompanyhasasignificantnumberofcustomerswhichminimizestheconcentrationofcreditrisk.TheCompanydoesnothaveany
customerswhichaccountformorethan10%ofsalesoraccountsreceivable.Wemakeongoingestimatesrelatingtotheabilitytocollectouraccountsreceivable
andmaintainanallowanceforestimatedlossesresultingfromtheinabilityofourcustomerstomakerequiredpayments.Indeterminingtheamountofthe
allowance,weconsiderourhistoricallevelofcreditlossesandmakejudgmentsaboutthecreditworthinessofsignificantcustomersbasedonongoingcredit
evaluations.

Share-based payments
Key Sources of Estimation Thecriticalassumptionsandestimatesusedindeterminingthefairvalueofshare-basedpaymentsontheirgrantdateare:fairvalueof
theentityonthegrantdate;volatilityofsharepriceforanon-publiclytradedentity;expectedforfeiturerate;andexpectedterm.

Judgments Made in Relation to Accounting Policies Applied TheCompanysshare-basedpaymentarrangementscontainbothmarketandnon-marketperformance

conditionsinrelationtoaliquidityevent,thetimingofwhichcannotbecertainonthegrantdate.Asaresult,Managementhasappliedjudgmentinrelationtothe
timingofsuchaneventandtheimpactonprobabilityofvesting.

Warranty
Key Sources of Estimation Thecriticalassumptionsandestimatesusedindeterminingthewarrantyprovisionatthestatementoffinancialpositiondateare:number
ofjacketsexpectedtorequirerepairorreplacement;proportiontoberepairedversusreplaced;periodinwhichthewarrantyclaimisexpectedtooccur;costof
repair;costofjacketreplacement;risk-freerateusedtodiscounttheprovisiontopresentvalue.

Business combinations
Key Sources of Estimation Inabusinesscombination,theidentifiableassetsacquiredandliabilitiesassumedwillberecognizedattheirfairvalues.TheCompany
makesjudgementsandestimatesindeterminingthefairvalues.Theexcessofthepurchasepriceoverthefairvaluesofidentifiableassetsacquiredandliabilities
assumedwillberecognizedasgoodwill,ifpositive,andifnegative,itisrecognisedinthestatementofincome.

Note 4. Standards issued but not yet effective

Certainnewstandards,amendments,andinterpretationstoexistingIFRSstandardshavebeenpublishedbutarenotyeteffectiveandhavenotbeenadoptedearly
bytheCompany.ManagementanticipatesthatallofthepronouncementswillbeadoptedintheCompanysaccountingpolicyforthefirstperiodbeginningafter
theeffectivedateofthepronouncement.Informationonnewstandards,amendments,andinterpretationsareprovidedbelow.

In2016,theIASBissuedIFRS16,Leases(IFRS16),replacingIAS17,Leasesandrelatedinterpretations.Thestandardintroducesasingleon-statementof
financialpositionrecognitionandmeasurementmodelforlessees,eliminatingthedistinctionbetweenoperatingandfinanceleases.Lessorscontinuetoclassify
leasesasfinanceandoperatingleases.IFRS16becomeseffectiveforannualperiodsbeginningonorafterJanuary1,2019,andistobeappliedretrospectively.
EarlyadoptionispermittedifIFRS15,RevenuefromContractswithCustomers(IFRS15)hasbeenadopted.TheCompanyiscurrentlyassessingtheimpact
ofthenewstandardonitsconsolidatedfinancialstatements.

F-19
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

In2014,theIASBissuedIFRS15,replacingIAS18,Revenue,IAS11,ConstructionContracts,andrelatedinterpretations.Thenewstandardprovidesa
comprehensiveframeworkfortherecognition,measurementanddisclosureofrevenuefromcontractswithcustomers,excludingcontractswithinthescopeofthe
accountingstandardsonleases,insurancecontractsandfinancialinstruments.IFRS15becomeseffectiveforannualperiodsbeginningonorafterJanuary1,2018,
andistobeappliedretrospectively.Earlyadoptionispermitted.TheCompanyiscurrentlyassessingtheimpactofthenewstandardonitsconsolidatedfinancial
statements.

InJuly2014,theIASBissuedthefinalversionofIFRS9,whichreflectsallphasesofthefinancialinstrumentsprojectandreplacesIAS39,Financial
Instruments:RecognitionandMeasurement,andallpreviousversionsofIFRS9.Thestandardintroducesnewrequirementsforclassificationandmeasurement,
impairment,andhedgeaccounting.IFRS9ismandatorilyeffectiveforannualperiodsbeginningonorafterJanuary1,2018.Earlyadoptionispermitted.The
Companyiscurrentlyassessingtheimpactofthenewstandardonitsconsolidatedfinancialstatements.

AmendmentstoIAS7,StatementofCashFlows(IAS7)wereissuedbytheIASBinJanuary2016.Theamendmentclarifiesthatentitiesshallprovide
disclosuresthatenableusersoffinancialstatementstoevaluatechangesinliabilitiesarisingfromfinancingactivities.TheamendmenttoIAS7iseffectivefor
annualperiodsbeginningonorafterJanuary1,2017.TheCompanyiscurrentlyassessingtheimpactofthenewstandardonitsconsolidatedfinancialstatements.

InJanuary2016,theInternationalAccountingStandardsBoard(IASB)issuedamendmentstoclarifytherequirementsforrecognizingdeferredtaxassetson
unrealizedlosses.Theamendmentsclarifytheaccountingfordeferredtaxwhereanassetismeasuredatfairvalueandthatfairvalueisbelowtheassetstaxbase.
Theyalsoclarifycertainotheraspectsofaccountingfordeferredtaxassets.TheamendmentsareeffectivefortheyearbeginningonorafterJanuary1,2017.The
Companyiscurrentlyassessingtheimpactoftheseamendmentsonitsfinancialstatements.

InJune2016,theIASBissuedanamendmenttoIFRS2,Share-basedPayment,clarifyingtheaccountingforcertaintypesofshare-basedpaymenttransactions.The
amendmentsproviderequirementsonaccountingfortheeffectsofvestingandnon-vestingconditionsofcash-settledshare-basedpayments,withholdingtax
obligationsforshare-basedpaymentswithanetsettlementfeature,andwhenamodificationtothetermsofashare-basedpaymentchangestheclassificationofthe
transactionfromcash-settledtoequity-settled.TheamendmentsareeffectivefortheyearbeginningonorafterJanuary1,2018.TheCompanyiscurrently
assessingtheimpactofthisamendmentonitsfinancialstatements.

AmendmentstoIAS1,PresentationofFinancialStatements(IAS1)wereissuedbytheIASBinDecember2014.Theamendmentsclarifyprinciplesforthe
presentationandmaterialityconsiderationsforthefinancialstatementsandnotestoimproveunderstandabilityandcomparability.TheamendmentstoIAS1are
effectiveforannualperiodsbeginningonorafterJanuary1,2016.TheCompanyisevaluatingtheimpactofthisstandardonitsconsolidatedfinancialstatements.

Note 5. Business combinations

Acquisition of the Former Canada Goose Inc.
OnDecember9,2013,theCompanyenteredintoapurchaseagreementwherebyitpurchasedandassumedalloftheassetsandliabilitiesoftheformerCanada
GooseInc.anditswholly-ownedsubsidiaries.TheAcquisitionwas

F-20
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

recordedusingtheacquisitionmethodofaccountinginaccordancewiththeguidanceforbusinesscombinationsresultinginanadjustmenttothebasisofallthe
acquirednetassetstotheirrespectivefairvaluesandtherecordingofintangibleassetsandgoodwillasoftheAcquisitiondateofDecember9,2013.

Thetotalpurchasepriceof$209,685wasallocatedtotangibleassetsacquired,liabilitiesassumedandidentifiableintangibleassetsbasedontheirrespectivefair
valuesasfollows:

Net assets $
Cashacquired 4,477
Tradereceivables 34,384
Inventories 43,544
Othercurrentassets 2,118
Property,plantandequipment 9,398
Accountspayableandaccruedliabilities (28,663)
Provisions (6,593)
Incometaxespayable (1,161)
Deferredincometaxes

(14,182)

Total net assets

43,322

Identifiable intangible assets

Brandname 112,977
Domainname 337
Customerlist 8,655
ERPsoftware

1,447

Total identifiable intangible assets 123,416

Goodwill

42,947

Allocated purchase price 209,685

Theconsiderationpaidcomprisedthefollowing:

Cash,financedthrough: $
ClassAseniorpreferredshares 53,144
Subordinateddebt 79,716
Long-termdebt



19,885

152,745

Issuanceof:1
ClassBseniorpreferredshares 22,776
ClassBjuniorpreferredshares



34,164

56,940

209,685

1 Asthecombinedvalueofthesepreferredshareswasinexcessoftheirrespectivelegalstatedcapital,thevaluewasallocatedtocontributedsurplus.

F-21
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

Tradereceivablesandothercurrentassets,accountspayable,accruedliabilities,incometaxespayableandprovisionswerestatedattheirhistoricalcarryingvalues,
whichapproximatetheirfairvaluegiventheshorttermnatureoftheseassetsandliabilities.

Inventorieswererecordedatestimatedfairvalue,basedonnetrealizablevalue.Inthisvaluationapproach,fairvalueisestimatedbasedonanapproximationofthe
sellingpricelessthesumofcosttocompleteandaprofitallowanceforthecompletingandsellingeffortofthebuyer.

Theestimateoffairvalueofproperty,plantandequipmentwasbasedonmanagementsassessmentoftheacquiredassetscondition,aswellasanevaluationof
thecurrentmarketvalueforsuchassets.Inaddition,theCompanyalsoconsideredthelengthoftimeoverwhichtheeconomicbenefitoftheseassetsisexpectedto
berealizedandadjustedtheusefullifeofsuchassetsaccordinglyasofthevaluationdate.

TheCompanyrecordedidentifiableintangibleassetsbasedontheirestimatedfairvalue;thevalueoftheintangibleassetsderivesprimarilyfromtheCanadaGoose
brand.Managementusedtherelieffromroyaltyapproachtocalculatefairvalue.Thismethodentailsquantifyingroyaltypaymentswhichwouldberequiredifthe
assetwasownedbyathirdpartyandlicensedtoacompany.Theimputedroyaltypaymentstreamisthenadjustedfortaxesanddiscountedtopresentvalueusinga
risk-adjusteddiscountrate.

Theexcessofthepurchasepriceovertheamountsallocatedtospecificassetsandliabilitiesisincludedingoodwill.Thepremiuminthepurchasepricepaid
reflectstheexpectedfuturegrowthpotentialfromoperatingtheCompanysbusiness.Noneofthegoodwillrecognizedisexpectedtobedeductibleforincometax
purposes.

TotalacquisitioncostsrecognizedduringtheSuccessorperiodDecember9,2013March31,2014andthePredecessorperiodApril1,2013December8,2013
were$3,268and$2,293,respectively. DuringtheperiodendedMarch31,2014,6ClassAcommonshareswereissuedinexchangeforreimbursementofexpenses
intheamountof$3,350relatedtotheAcquisition.

IftheAcquisitionhadoccurredonApril1,2013,proformarevenueandnetincomeforthe12-monthperiodendedMarch31,2014wouldhavebeen$152,085and
$3,023,respectively.

Other Acquisitions
OnJanuary8,2015,theCompanyacquiredtheassetsofamanufacturingbusinessfortotalcashconsiderationof$1,800.TheacquisitionprovidestheCompany
withadditionalmanufacturingcapacityandcapabilitiesandhasbeenaccountedforasabusinesscombination.Theresultsofoperationshavebeenconsolidated
withthoseoftheCompanybeginningJanuary8,2015.

Thefairvalueofthetangibleassetsacquiredisafollows,withtheexcessofthepurchasepriceoverthefairvalueofthetangibleassetsacquiredaccountedforas
goodwill.

Assets acquired: $
Tangible assets
Property,plantandequipment(note11) 200
Inventory



10

210
Goodwill

1,590

Total assets acquired 1,800

F-22
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

Thepurchasepricewaspaidasto$1,260ontheclosingdateofthetransaction,withtheremainingbalancepayable$270sixmonthsfollowingtheclosingdateand
$270payabletwelvemonthsfollowingtheclosingdate.

Note 6. Segment Information

TheCompanyhastworeportableoperatingsegments:WholesaleandDirecttoConsumer.Theaccountingpoliciesofthereportableoperatingsegmentsarethe
sameasthosedescribedintheCompanyssummaryofsignificantaccountingpolicies.TheCompanymeasureseachreportableoperatingsegmentsperformance
basedonrevenueandsegmentoperatingincome,whichistheprofitmetricutilizedbytheCompanyschiefoperatingdecisionmaker,whoisthePresidentand
ChiefExecutiveOfficer,forassessingtheperformanceofoperatingsegments.Neitherreportableoperatingsegmentisreliantonanysingleexternalcustomer.

TheCompanydoesnotreporttotalassetsortotalliabilitiesbasedonitsoperatingsegments.

TheCompanysDirecttoConsumerbusinesscommencedintheyearendedMarch31,2015withtheestablishmentofane-commerceplatformforCanadian
customersthroughtheCompanyswebsite.Priortothisperiod,noactivityoccurredintheDirecttoconsumersegmentandthereforeinformationhasnotbeen
presented.

For the year ended March 31, 2016

Direct to
Wholesale Consumer Unallocated Total
$ $ $ $
Revenue 257,807 33,023 290,830
Costofsales

136,396



8,810








145,206

Grossprofit 121,411 24,213 145,624

Selling,generalandadministrativeexpenses 27,045 14,132 58,926 100,103
Depreciationandamortization















4,567


4,567

Operating income

94,366



10,081



(63,493)


40,954

Netinterestandotherfinancecosts




7,996

Income before income taxes 32,958

For the year ended March 31, 2015

Direct to
Wholesale Consumer Unallocated Total
$ $ $ $
Revenue 210,418 7,996 218,414
Costofsales

127,675





2,130






129,805

Grossprofit 82,743 5,866 88,609

Selling,generalandadministrativeexpenses 37,166 1,385 20,766 59,317
Depreciationandamortization








2,623


2,623

Operating income

45,577



4,481

(23,389)


26,669

Netinterestandotherfinancecosts




7,537

Income before income taxes 19,132

F-23
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

TheCompanydeterminesthegeographiclocationofrevenuebasedonthelocationofitscustomers.

December 9, Predecessor
2013 to April 1 to
March 31 December 8
2016 2015 2014 2013
Revenue $ $ $ $
Canada 95,238 75,725 8,539 64,001
UnitedStates 103,413 56,990 4,165 29,401
RestofWorld 92,179
85,699
4,559
41,420

290,830
218,414
17,263
134,822

Note 7. Income taxes

Thecomponentsoftheprovisionforincometaxareasfollows:

Successor Predecessor
December 9,
2013 to April 1 to
March 31 March 31 March 31, December 8
2016 2015 2014 2013
$ $ $ $
Current income tax expense (recovery)
Currentperiod 10,469 1,045 (410) 7,297
Adjustmentinrespectofpriorperiods



(45)





5



25





(86)

10,424





1,050



(385)





7,211

Deferred income tax expense (recovery)

Originationandreversaloftemporarydifferences (3,936) 3,666 (4,673) (1,613)
Effectofchangeinincometaxrates (8) 1 (1)
Adjustmentinrespectofpriorperiods



(7)





(10)



4





(47)

(3,951)





3,657



(4,669)





(1,661)

Income tax expense (recovery) 6,473

4,707
(5,054) 5,550

F-24
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

TheeffectiveincometaxratesdifferfromtheweightedaveragebasicCanadianfederalandprovincialstatutoryincometaxratesforthefollowingreasons:

Successor Predecessor
December 9,
2013 to April 1 to
March 31 March 31 March 31, December 8
2016 2015 2014 2013
$ $ $ $
Income (loss) before income taxes

32,958



19,132





(20,531)




20,828

25.32% 25.26% 25.26% 25.29%

Incometaxatexpectedstatutoryrate 8,345 4,833 (5,186) 5,267
Non-deductible(taxable)items 276 30 9 339
Effectoftaxratesinforeignjurisdictions 1,465 227 (23) 83
Non-deductible(taxable)foreign-exchangeloss(gain) 115 (354) 16 22
Changeinmannerofrecovery (3,545)
Otheritems

(183)





(29)



130




(161)

Income tax expense (recovery) 6,473

4,707
(5,054) 5,550

Thecomponentsofdeferredtaxassetsandliabilitiesareasfollows:

March 31 March 31
2016 2015
$ $
Lossescarriedforward 2,177 187
Employeefuturebenefits 70
Otherliabilities 1,720 1,987
Unrealizedprofitoninventory 1,184 77
Provisions



1,811


1,576

Totaldeferredtaxasset



6,962


3,827

Intangibleassets (13,651) (16,412)

Property,plantandequipment



(2,438)




(585)

Totaldeferredtaxliabilities



(16,089)


(16,997)

Netdeferredtaxliabilities (9,127)

(13,170)

Thedeferredtaxassetsandliabilitiesarepresentedinthestatementoffinancialpositionasfollows:

March 31 March 31
2016 2015
$ $
Deferredtaxasset 3,642 1,781
Deferredtaxliabilities

(12,769)



(14,951)

(9,127)
(13,170)

AllthedeferredincometaxassetswererecognizedbecauseitisprobablethatfuturetaxableincomewillbeavailabletotheCompanytoutilizethebenefits.

F-25
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

ThecorporateentitieswithinCanadaGoosehavethefollowingtax-losscarry-forwardsthatareexpectedtoexpireinthefollowingyears,ifnotutilized.

$
2023 14,427
2034 707
2036 2,055
2037andthereafter



7

17,196

TheCompanydoesnotrecognizetaxonunremittedearningsfromforeignsubsidiariesasitismanagementsintenttoreinvesttheseearningsindefinitely.
Unremittedearningsfromforeignsubsidiarieswere$9,581asatMarch31,2016(2015$3,317,2014$1,325,andDecember8,2013$1,980).

Note 8. Earnings per share

Basicearningspershareamountsarecalculatedbydividingnetprofitfortheperiodattributabletoordinaryequityholdersoftheparentbytheweightedaverage
numberofcommonsharesoutstandingduringtheperiod.

Dilutedearningspershareamountsarecalculatedbydividingthenetincomeattributabletoordinaryequityholdersoftheparentbytheweightedaveragenumber
ofcommonsharesoutstandingduringtheperiodplustheweightedaveragenumberofcommonshares,ifany,thatwouldbeissuedonconversionofallthedilutive
potentialeffects.TheCompanyhasissuedpreferredsharesandsubordinateddebtandcertainstockoptions(TrancheBandTrancheCoptions,note17)thatare
convertible/exercisableintocommonsharesimmediatelypriortotheclosingofqualifyingliquidityeventorsaleofshares.Suchinstrumentsarenotconsidered
dilutiveuntiltheoccurrenceoftheeventthatwouldresultinconversionorexercise,andarenotincludedinthedeterminationofdilutedearningspershare.

Wherethenumberofcommonsharesandstockoptionsoutstandingchangesasaresultofasharesplit,thecalculationofbasicanddilutedearningspershareforall
periodspresentedisadjustedretrospectively;accordingly,theearningspersharehasbeencalculatedbelowaftergivingeffecttothesubdivisionofthecommon
sharesandtherelatedadjustmentstothenumberandexercisepricesofstockoptionswhichtookplaceonDecember2,2016(note22).

For the year ended March 31 For the period For the period
December 9, 2013 to April 1, 2013 to
2016 2015 March 31, 2014 December 8, 2013
$ $ $ $
Net income

26,485

14,425

(15,477)

15,278

Weighted average class A and class B common shares outstanding 100,000,000 100,000,000 100,000,000 97
Weightedaveragenumberofsharesonexerciseofstockoptions



1,680,207




1,211,134

Diluted weighted average number of class A and class B common shares

outstanding

101,680,207



101,211,134



100,000,000



97

Earningspershare
Basic 0.26 0.14 (0.15) 157,505.15
Diluted 0.26 0.14 (0.15) 157,505.15

F-26
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

Note 9. Trade receivables

2016 2015
$ $
Tradereceivables 18,894 15,295
Less:allowancefordoubtfulaccounts

(1,419) (1,186)

Tradereceivables,net 17,475 14,109

ThefollowingarethecontinuitiesoftheCompanysexpectedcreditlossesonaccountsreceivablefromcustomers:

Successor Predecessor
December 9,
2013 to April 1 to
March 31 March 31 March 31, December 8,
2016 2015 2014 2013
$ $ $ $
Balance at the beginning of the period (1,186) (629) (628) (286)
Impairmentlossesrecognizedonreceivables (499) (729) 22 (478)

Amountswrittenoffduringtheyearasuncollectible 192 209 6 123

Foreignexchangetranslationgainsandlosses



74




(37)



(29)



13

Balance at the end of the year (1,419)

(1,186)
(629) (628)

Note 10. Inventories

2016 2015
$ $
Rawmaterials 46,648 27,729
Work-in-process 4,706 5,168
Finishedgoods



68,152

36,879

Total inventories at the lower of cost and net realizable value 119,506
69,776

IncludedininventoryasatMarch31,2016areprovisionsintheamountof$3,773(March31,2015$2,813).

InconnectionwiththeAcquisition,acquiredassetsandliabilitieswererecordedontheCompanysconsolidatedstatementoffinancialpositionattheirfairvalue.
Thisresultedinafairvalueincreasetoinventoryonthedateofacquisitionof$5,767representingthedifferencebetweeninventorycostanditsfairvalue.This
differencewasrecognizedasachargetocostofgoodssoldduringtheyearendedMarch31,2015andtheperiodendedMarch31,2014of$2,861and$2,906,
respectively,astherelatedinventorywassold.

F-27
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

Amountschargedtocostofsalescomprisethefollowing:

Successor Predecessor
December 9,
2013 to April 1 to
March 31 March 31 March 31, December 8
2016 2015 2014 2013
$ $ $ $
Costofgoodsmanufactured 143,857 129,034 14,483 81,094
Depreciation

1,349





771





225


519

145,206
129,805
14,708 81,613

Note 11. Property, plant and equipment

ThefollowingtablepresentschangesinthecostandtheaccumulateddepreciationontheCompanysproperty,plantandequipment:

Furniture
Plant Computer Leasehold Show and
equipment equipment improvements displays fixtures Total
Cost $ $ $ $ $ $
March 31, 2014 1,147 716 6,562 622 1,040 10,087
Additions 1,122 706 1,106 749 148 3,831
Businessacquisition(note5)

200




















200

March 31, 2015

2,469


1,422

7,668

1,371



1,188

14,118

Additions 2,740 1,258 7,726 1,708 1,638 15,070

Disposals





(7)



(587)





(280)

(874)

March 31, 2016

5,209


2,673

15,394

2,492



2,546

28,314

Furniture
Plant Computer Leasehold Show and
equipment equipment improvements displays fixtures Total
Accumulated depreciation $ $ $ $ $ $
March 31, 2014 35

32
190
40
21
318

Additions

173


190



610 178






78

1,229

March 31, 2015

208


222

800
218


99

1,547

Additions 378 435 1,108 518 287 2,726

Disposal




(3)



(241)






(145)

(389)

March 31, 2016

586


654

1,908
495


241

3,884

Net book value

March 31, 2015 2,261

1,200
6,868 1,153

1,089
12,571

March 31, 2016 4,623

2,019
13,486
1,997

2,305
24,430

F-28
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

Note 12. Intangible Assets

ThefollowingtablepresentsthechangesincostandaccumulatedamortizationoftheCompanysintangibleassetswithfinitelives:

Intangible assets with finite lives

ERP Computer Customer
software software lists Total
Cost $ $ $ $
March 31, 2014 1,658
243

8,655
10,556

Additions 1,305 868 2,173

Disposals

(913)












(913)

March 31, 2015

2,050



1,111


8,655

11,816

Additions

947





5,825






6,772

March 31, 2016

2,997



6,936


8,655

18,588

ERP Computer Customer

software software lists Total
Accumulated amortization $ $ $ $
March 31, 2014
29
721
750

Amortization


170
2,164
2,334

March 31, 2015

199

2,885

3,084

Amortization



430




547



2,164

3,141

March 31, 2016

430


746

5,049

6,225

Net book value

March 31, 2015 2,050

912
5,770
8,732

March 31, 2016 2,567

6,190
3,606
12,363

Intangibleassetscomprisethefollowing:

2016 2015
$ $
Intangibleassetswithfinitelives 12,363 8,732
Intangibleassetswithindefinitelives
Brandname 112,977 112,977
Domainname



337



337

125,677
122,046

Indefinite life intangible assets

IndefinitelifeintangibleassetsrecordedbytheCompanyasaresultoftheAcquisitionarecomprisedofthebrandandthedomainnameassociatedwiththe
Companyswebsite.TheCompanyexpectstorenewthe

F-29
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

registrationofthebrandnames,anddomainnamesateachexpirydateindefinitely,andexpectstheseassetstogenerateeconomicbenefitinperpetuity.Assuch,
theCompanyassessedtheseintangiblestohaveindefiniteusefullives.

TheCompanycompleteditsannualimpairmenttestsintheyearofacquisitionandin2016and2015forindefinitelifeintangibleassetsandconcludedthatthere
wasnoimpairment.

Key Assumptions
Thekeyassumptionsusedtocalculatethevalue-in-use(VIU)arethoseregardingdiscountrates,revenuegrowthrates,andchangesinmargins.Theseassumptions
areconsistentwiththeassumptionsusedtocalculateVIUforgoodwill(note13).

Note 13. Goodwill

Thecomponentsofgoodwillarisingfrombusinesscombinations(Note5)areasfollows:

Date acquired $
Acquisition December8,2013 42,947
Other

January8,2015

1,590

BalanceasatMarch31,2016and2015 44,537

TheCompanycompleteditsannualimpairmenttestsintheyearofacquisitionandin2016and2015forgoodwillandconcludedthattherewasnoimpairment.

Key Assumptions
Thekeyassumptionsusedtocalculatethefairvaluelesscostsofdisposalarethoseregardingdiscountrates,revenuegrowthrates,andchangesinmargins.These
assumptionsareconsideredtobeLevel3inthefairvaluehierarchy.

Theweightedaveragecostofcapitalwasdeterminedtobe14.5%(201514.0%)andwasbasedonarisk-freerate,anequityriskpremiumadjustedforbetasof
comparablepubliclytradedcompanies,anunsystematicriskpremium,smallcountryriskpremium,country-specificriskpremium,anafter-taxcostofdebtbased
oncorporatebondyieldsandthecapitalstructureoftheCompany.CashflowprojectionswerediscountedusingtheCompanysafter-taxweightedaveragecostof
capital.

TheCompanyincludedfiveyearsofcashflowsinitsdiscountedcashflowmodel.Thecashflowforecastswereextrapolatedbeyondthefiveyearperiodusingan
estimatedlongtermgrowthrateof5.0%(20155.0%).ThebudgetedgrowthisbasedonthestrategicplansapprovedbytheCompanysBoard.

F-30
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

Note 14. Accounts payables and accrued liabilities

Accountspayableandaccruedliabilitiesconsistofthefollowing:

2016 2015
$ $
Tradepayables 23,408 12,552
Accruedliabilities 7,032 3,811
Employeebenefits(note19) 4,228 4,063
Amountsduetorelatedparties(note19) 1,910 1,830
Otherpayables

1,873



1,113

Total 38,451
23,369

Note 15. Provisions

Provisionsconsistprimarilyofamountsrecordedinrespectofcustomerwarrantyobligationsandterminationsofsalesagentsanddistributors.

Theprovisionforwarrantyclaimsrepresentsthepresentvalueofmanagementsbestestimateofthefutureoutflowofeconomicresourcesthatwillberequired
undertheCompanysobligationsforwarrantiesundersaleofgoods.Theestimatehasbeenmadeonthebasisofhistoricalwarrantytrendsandmayvaryasaresult
ofnewmaterials,alteredmanufacturingprocessesorothereventsaffectingproductqualityandproduction.

Thesalescontractprovisionrelatestomanagementsestimatedcostoftheterminationofcertainthirdpartydealers,agentsanddistributors.

Termination
Warranty of sales
obligations contracts Other Total
$ $ $ $
Balance as at March 31, 2014 4,836 3,693 337 8,866
Additionalprovisionsrecognized 2,556 1,727 190 4,473
Reductionsresultingfromsettlement (1,770) (1,286) (3,056)
Other











8





8

Balance as at March 31, 2015

5,622


4,134


535



10,291

Additionalprovisionsrecognized 2,735 2,593 250 5,578

Reductionsresultingfromsettlement (1,478) (2,725) (4,203)
Other











13





13

Balance as at March 31, 2016

6,879


4,002


798



11,679

Provisionsareclassifiedascurrentandnon-currentliabilitiesbasedonmanagementsexpectationofthetimingofsettlement,asfollows:

2016 2015
$ $
Currentprovisions 3,125 4,080
Non-currentprovisions 8,554 6,211

11,679 10,291

F-31
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

Note 16. Long-term debt

Credit facility
TheCompanyhaslong-termborrowingscomprisingarevolvingcreditfacilityintheamountofupto$75,000withanincreaseincommitmentsto$100,000during
thepeakseason(August1November30)andatermcreditfacilityintheamountof$12,188(collectively,therevolvingcreditfacilityandthetermcreditfacility,
theCreditFacility).TheCreditFacilitybearsinterestatthebankprimerateplus1%perannumorbankersacceptancerateplus2%perannumandispayable
whendue.TheCreditFacilityhasafinalterminationdateofDecember9,2018.TheCreditFacilityissecuredbygeneralassignmentsandsecurityagreements
includingtheassignmentofcash,inventory,equipmentandtradereceivablesandcontainfinancialandnon-financialcovenantswhichcouldimpacttheCompanys
abilitytodrawfunds.TheCompanywasincompliancewithallcovenantsasatMarch31,2016,andMarch31,2015.

ThecreditagreementgoverningourCreditFacilitycontainsanumberofrestrictivecovenantsthatimposeoperatingandfinancialrestrictionsonus,including
restrictionsonourabilitytoincurcertainliens,makeinvestmentsandacquisitions,incurorguaranteeadditionalindebtedness,paydividendsormakeother
distributionsinrespectof,orrepurchaseorredeemourcommonorpreferredshares,orenterintocertainothertypesofcontractualarrangementsaffectingour
subsidiariesorindebtedness.

Advancesundertherevolvingcreditfacilityshallonlybeusedforworkingcapitalandothergeneralcorporatepurposesincludingpermittedacquisitions.

Thetermcreditfacilityisanon-revolvingfacilityandnoamountsrepaidunderthetermcreditfacilitymaybere-borrowedexceptforconversionsandrollovers.
Thelimitsofthetermcreditfacilitywillbeautomaticallyandpermanentlyreducedbytheamountofanyrepayment.Theprincipalamountofthetermcredit
facilityisrepayablein19equalquarterlyinstalmentsof$313eachcommencingonMarch31,2014andtheremainingbalancerepayableatthematuritydate.

2016 2015
CreditFacility $ $
Revolvingcreditfacility 45,515 19,155
Termcreditfacility

9,687





10,938

55,202 30,093
Less:deferredfinancingfees

1,008





1,052

54,194 29,041
Less:Currentportionoftermcreditfacility

1,250





1,250

Long-term portion of Credit Facility 52,944

27,791

AsatMarch31,2016,thecompanyhadlettersofcreditoutstandingundertheCreditFacilityof$294(US$227(2015$159,US$125).

FutureminimumprincipalrepaymentsofthetermcreditfacilityasatMarch31,2016are:

$
2017 1,250
2018 1,250
2019

52,702

55,202

F-32
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

Subordinated debt
TheCompanyssubordinateddebtcomprisesseniorandjuniornotesthatareduetoanentityrelatedtothemajorityshareholderoftheCompanyandhasamaturity
dateofNovember30,2023(collectively,SubordinatedDebt).TheseniorsubordinateddebtwasissuedaspurchaseconsiderationintheAcquisitionandbears
interestattherateof6.7%perannum.Thejuniorsubordinateddebtisissuedtosettleallorsomeoftheaccruedinterestontheseniorsubordinateddebt.Any
accruedandunpaidinterestontheprincipalamountispayableincashannuallyonthelastbusinessdayofNovembereachyearbeginninginNovember2014.The
entireunpaidprincipalandaccruedinterestamountsareautomaticallyconvertibletoClassAcommonsharesinconnectionwithaqualifyingandnon-qualifying
liquidityeventorsaleofshares,wind-up,changeincontrolthroughabusinesscombination,merger,orasimilartransaction,asaleofsubstantiallyallofthe
Companysassets,orasaleofalloftheoutstandingequityoftheCompany.TheCompanysSubordinatedDebtcontainsaredemptionfeaturethatgiverisetoa
derivativewhichhavebeendeterminednottobecloselyrelatedtothehost.Novaluehasbeenattributedtothisderivative.

Senior Junior
Subordinated Subordinated
Note Note Total
$ $ $
March31,2014 79,716


79,716

Issuance







2,626


2,626

March31,2015



79,716



2,626


82,342

Issuance







2,964


2,964

March31,2016



79,716



5,590


85,306

Net interest and other finance costs

Netinterestandotherfinancecostsconsistofthefollowing:

Successor Predecessor
December 9,
2013 to April 1 to
March 31 March 31 March 31, December 8
2016 2015 2014 2013
$ $ $ $
Interestexpense
Creditfacility 2,236 1,551 351 1,283
Subordinateddebt 5,598 5,398 1,335
Bankoverdraft 17 109 2 145
Other 14 61 101 387
Standbyfees



136



427

Interestexpenseandotherfinancingcosts 8,001 7,546 1,789 1,815

Interestincome



(5)



(9)




(1)

7,996
7,537

1,788 1,815

F-33
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

Note 17. Equity instruments

17.1 Share capital
Authorized
TheauthorizedsharecapitaloftheCompanyconsistsofanunlimitednumberofshareswithoutparvalue,asfollows:
ClassAcommonshares,voting.
ClassBcommonshares,voting.
ClassBjuniorpreferredshares,non-voting,nodividends,automaticconversionintoavariablenumberofClassBseniorpreferredsharesandClassCjunior
preferredsharesinaccordancewiththeCompanysshareholderagreementimmediatelypriortoclosingofqualifyingandnon-qualifyingliquidityeventorsaleof
shares.

ClassBseniorpreferredshares,voting;non-cumulativedividendofuptoamaximumamountequaltotheClassBseniorliquidityprice;automaticconversioninto
avariablenumberofClassBcommonsharesinaccordancewiththeCompanysshareholderagreementimmediatelypriortoclosingofqualifyingliquidityevent
orsaleofshares.

ClassAseniorpreferredshares,voting;non-cumulativedividendofuptoamaximumamountequaltotheClassAseniorliquidityprice;automaticconversioninto
avariablenumberofClassAcommonsharesinaccordancewiththeCompanysshareholderagreementimmediatelypriortoclosingofqualifyingliquidityevent
orsaleofshares.

ClassAjuniorpreferredshares,non-voting,nodividends,automaticconversionintoavariablenumberofClassAcommonsharesinaccordancewiththe
Companysshareholderagreementintheeventofliquidityeventorsaleofshares.

ClassCjuniorpreferredshares,non-voting,nodividends,automaticconversionintoavariablenumberofClassBcommonsharesinaccordancewiththe
Companysshareholderagreementintheeventofliquidityeventorsaleofshares.NoClassCjuniorpreferredshareshavebeenissuedtodate.

F-34
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

Eachclassofpreferredsharesisconvertibletocommonsharesasfollows:

Qualifying transaction (liquidity Non-qualifying event (liquidity

ClassAseniorpreferredshares
ClassAjuniorpreferredshares
ClassBseniorpreferredshares
ClassBjuniorpreferredshares
ClassCjuniorpreferredshares
event or sale of shares in event or sale of shares less
excess of initial subscription than or equal to subscription
price of $1.00) price of $1.00)
ConverttoClassAcommonsharesona1:1basis EntitledtotheClassASeniorLiquidityPriceor
participateinliquidationproceeds(1)
ConverttoClassAcommonsharesbasedonClassAJuniorLiquidityPricedividedbythefairvalueof
commonshares(2)
ConverttoClassBcommonsharesona1:1basis EntitledtotheClassBSeniorLiquidityPriceor
participateinliquidationproceeds(3)
ConverttoClassBseniorpreferredsharesbydividing EntitledtooneClassBseniorpreferredshareand
ClassBJuniorOriginalIssuePrice(4)bythefairvalue oneClassCjuniorpreferredshareequaltothe
ofcommonsharesandoneClassCjuniorpreferred ClassCJuniorIssuePrice
shareequaltotheClassCJuniorShareIssuePrice(5)
ConverttoClassBcommonsharesbasedontheClassCJuniorIssuePriceDividedbythefairvalueofthe
commonshares

Notes:
(1) ClassASeniorLiquidityPrice$1.00persharelesstheamountofanyClassAseniorpreferredsharedistributionssinceissuance.
(2) ClassAJuniorLiquidityPrice$1.00persharemultipliedby1.06tothepowerofcompleteannualperiodssincefiscal2014.
(3) ClassBSeniorLiquidityPrice$1.00persharelesstheamountofanyClassBseniorpreferredsharedistributionssinceissuance.
(4) ClassBJuniorOriginalIssuePrice$1.00persharelessanyClassBseniorpreferredsharedistributionssinceissuance.
(5) ClassCJuniorIssuePriceThedifferencebetweentheClassBJuniorLiquidityPriceandtheClassBOriginalIssuePriceforwhichtheClassBJunior
LiquidityPriceisequalto$1.00persharemultipliedby1.06tothepowerofcompleteannualperiodssincefiscal2014.

F-35
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

Issued
CommonandpreferredsharesissuedasatMarch31,2015and2016areasfollows:

2016 2015
Number $ Number $
Common shares
ClassA 70,000,000 3,350 70,000,000 3,350
ClassB 30,000,000






30,000,000

Commonsharesoutstanding 100,000,000



3,350


100,000,000


3,350

Preferred shares
ClassAseniorpreferred 53,144,000 53,144 53,144,000 53,144
ClassBseniorpreferred

22,776,000






22,776,000

75,920,000 53,144




75,920,000 53,144

ClassAjuniorpreferred 3,426,892 3,727 1,659,577 1,751

ClassBjuniorpreferred 34,164,000






34,164,000

37,590,892 3,727





35,823,577 1,751

Preferredsharesoutstanding 113,510,892 56,871

111,743,577 54,895

Subsequenttotheendoftheyear,onDecember2,2016,theCompanysubdivideditsClassAandClassBcommonsharesonthebasisof10,000,000common
sharesforeveryshareaspartofacapitalreorganization(note22).AftertheRecapitalization,theCompanyhas100,000,000ClassAandClassBcommonshares
outstanding.Theabovetablereflectsthenumberofcommonsharesoutstandingaftergivingeffecttothesharesplit.Thecalculationofbasicanddilutedearnings
pershare(note8)isbasedonthenumberofcommonsharesandstockoptionsoutstandingaftergivingeffecttothesharesplit.

DuringtheperiodendedMarch31,2014,60,000,000ClassAcommonshareswereissuedinexchangeforreimbursementofexpensesintheamountof$3,350
relatedtotheAcquisition.

17.2 Share-based payments

UnderthetermsoftheCompanysstockoptionplan(thePlan),optionsmaybegrantedonClassBcommonsharesandClassAjuniorpreferredshares,toa
maximumof12,231,435options,toselectexecutivesoftheCompany,withvestingcontingentuponmeetingtheservice,performancegoalsandexitevent
conditionsofthePlan.Alloptionsissuedexpiretenyearsafterthegrantdate.

Service-vested options
Service-vestedoptions,whichareherebyreferredtoTrancheAoptions,aresubjecttotheexecutivescontinuingemploymentandgenerallyarescheduledtovest
40%onthesecondanniversaryofthedateofgrant,20%onthethirdanniversary,20%onthefourthanniversaryand20%onthefifthanniversary.

F-36
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

Performance-vested exit event options

Therearetwotypesofperformance-vestedoptionstiedtoanexitevent,whichareherebyreferredtoasTrancheBandTrancheCoptions,areeligibletovestona
pro-ratabasisuponanexiteventpursuanttowhichtheaggregatecommonequityvalueisinexcessofspecifiedratesofreturnontotalinvestment,subjecttothe
executivescontinuedemploymentthroughthedateoftheexitevent.

Compensationexpenseforshare-basedcompensationgrantedismeasuredatthefairvalueatthegrantdatewherethereisasharedunderstanding,usingtheMonte
Carlovaluationmodel.

Stockoptiontransactionsareasfollows:

Exercise price range Number of shares

Options outstanding, March 31, 2014 and December 9, 2013
Optionsgrantedtopurchaseshares:
TrancheA $ 1.00to$2.06 3,078,966
TrancheB $ 1.00to$2.06 3,078,979
TrancheC

$ 1.00to$2.06


3,078,994

Options outstanding, March 31, 2015 9,236,939

Optionsgrantedtopurchaseshares:
TrancheA $ 2.06to$3.55 983,926
TrancheB $ 2.06to$3.55 983,933
TrancheC

$ 2.06to$3.55


983,940

2,951,799

Optionscancelled:
TrancheA $ 1.00to$1.25 (407,719)
TrancheB $ 1.00to$1.25 (407,719)
TrancheC

$ 1.00to$1.25


(407,719)

(1,223,157)

Options outstanding, March 31, 2016 10,965,581

Duringfiscalyear2015,theCompanygrantedTrancheAoptionstoacquire2,214,334sharesat$1.00persharethatvest40%onDecember9,2015,20%on
December9,2016,20%onDecember9,2017and20%onDecember9,2018.Alloptionsgrantedsubsequentlyvest40%onthesecondanniversaryofthedateof
grant,20%onthethirdanniversary,20%onthefourthanniversaryand20%onthefifthanniversary.Alloptionsbecomeeligibletovestonachangeofcontrol
transactionwithcertainotherspecifiedevent-basedcriteria.

AsatMarch31,20161,068,500optionsarevested(2015Nil).

F-37
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

ThefollowingtablesummarizesinformationaboutstockoptionsoutstandingandexercisableatMarch31,2016:

Options Outstanding Options Exercisable

Weighted Average Weighted Average
Exercise Remaining Remaining
price Number Life in Years Number Life in Years
TrancheA $ 1.00 2,214,324 7.8 1,068,500 7.8
TrancheB $ 1.00 2,214,333 7.8
TrancheC $ 1.00 2,214,344 7.8
TrancheA $ 1.25 175,739 8.6
TrancheB $ 1.25 175,741 8.6
TrancheC $ 1.25 175,743 8.6
TrancheA $ 2.06 984,142 9.1
TrancheB $ 2.06 984,150 9.1
TrancheC $ 2.06 984,158 9.1
TrancheA $ 3.55 280,968 8.9
TrancheB $ 3.55 280,969 8.9
TrancheC

$ 3.55

280,970



8.9










10,965,581





1,068,500

Subsequenttotheendoftheyear,onDecember2,2016,theCompanyamendedthetermsofitsstockoptionplanandadjustedthetermsofitsoutstandingstock
optionstogiveeffecttothesubdivisionofitscommonsharesandrelatedRecapitalizationtransactions(note22).AftertheRecapitalization,therearestockoptions
outstandingtopurchase6,359,785commonsharesatexercisepricesrangingfrom$0.02to$8.94pershare.Thetablesabovedonotgiveeffecttothesharesplit
andrelatedchangestothetermsofthestockoptionsoutstanding.Thecalculationofbasicanddilutedearningspershare(note8)isbasedonthenumberof
commonsharesandstockoptionsoutstandingaftergivingeffecttothesharesplit.

Accounting for share-based awards

Compensationexpenseisrecognizedforallawardsovertherelatedvestingperiodsbasedonthegrantdatefairvalueoftheawards.Forservice-vestedrestricted
shares,compensationexpenseisrecognizedratablyoverthevestingperiod.Forperformance-vestedexiteventoptions,nocompensationexpensewillbe
recognizeduntilitisprobablethatanexiteventmeetingthevestingconditionswilloccur.FortheyearendedMarch31,2016,theCompanyrecorded$500(2015
$300,2014nil)ascontributedsurplusandcompensationexpenseforthevestingofstockoptions.Stock-basedcompensationexpenseisincludedinselling,
generalandadministrativeexpenses.

Valuation of stock-based awards

Thefairvalueofstock-basedawardsisdeterminedusingacceptablevaluationtechniques,whichprimarilyconsistoftheincomeapproachfortheestimationofthe
equityvalueoftheCompanyandtheMonteCarlomethodforthevaluationofthestock-basedawards.ThesevaluationtechniquesincorporatetheCompanys
discountedcashflowestimatesandotherkeyassumptions.Assumptionsinestimatingdiscountedcashflowsinclude,amongotheritems,revenueandoperating
expensegrowthrates,terminalvaluegrowthrate,discountrate,capitalexpenditures,andworkingcapitallevels.Theseassumptionsareconsistentwiththoseused
intheCompanysannualimpairmenttesting.Otherkeyassumptionsinclude,amongotheritems,probabilityofanexiteventanddistributionovertime,discount
forlackofmarketability,anexpecteddividendyieldof%,risk-freediscountratebasedonaGovernmentofCanadaBondforaperiodconsistentwiththe
expectedlifeoftheawards,andavolatilityassumptionbasedonmedianandhistoricaldataofsimilarpublicentities.

F-38
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

Indeterminingtheamountofshare-basedcompensation,theCompanyusedtheMonteCarlomethodtoestablishthefairvalueofoptionsgrantedbyapplyingthe
followingassumptionsandinputs:

2016 2015
Stockpricevaluation $2.65to$3.86 $1.10to$2.65
Exerciseprice $2.06to$3.55 $1.00to$2.06
Risk-freeinterestrate 0.51% 0.57%
Expectedlifeinyears 10 10
Expecteddividendyield % %
Volatility 30% 30%
Fairvalueofoptionsissuedintheperiods $ 1.41 $ 0.12

Note 18. Financial Instruments and fair values

Managementassessedthatthefairvaluesofcash,tradereceivables,accountspayableandaccruedliabilitiesapproximatetheircarryingamountslargelyduetothe
short-termmaturitiesoftheseinstruments.

Managementassessedthatthecreditfacilityhadafairvalueof$46,179(2015$49,822),determinedusingadiscountedcashflowmodeloverthetermofthedebt
andadiscountrateof8.5%(20158%).Thefairvalueofthesubordinateddebtisbasedontheequivalentdollaramountofcommonsharesthataretobereceived
uponconversionofthesubordinateddebt,andisequaltothecarryingamountofthedebt.

TheCompanysderivativefinancialassetsandfinancialliabilitiesaremeasuredatfairvalueattheendofeachreportingperiod.Thefollowingtablegives
informationabouthowthefairvaluesofthesefinancialassetsandfinancialliabilitiesaredetermined(inparticular,thevaluationtechnique(s)andinputsused).

Financial assets/ Fair value Relationship of unobservable inputs to

financial liabilities hierarchy Valuation technique(s) and key input(s) fair value
Forwardforeign Level2 Futurecashflowsareestimatedbasedonforward Increases(decreases)intheforwardexchangerate
currencycontracts exchangerates(fromobservableforwardexchangerates increase(decrease)fairvalue.
attheendofthereportingperiod)and Increases(decreases)indiscountratedecrease
contractforwardrates,discountedataratethatreflects (increase)fairvalue.
thecreditriskofvariouscounterparties.
Conversionoptionon Level3 Thefairvalueoftheconversionfeatureisdetermined
subordinateddebt usingaprobabilityweightedoptionpricingmodeland
thefollowingcriticalinputs:

Exiteventprobability.Conversionratio.
Enterprisevalue.

Anunrealizedmark-to-marketgainof$5,366(2015$138;2014$339loss;December8,2013$743loss)onforwardexchangecontractshasbeenrecorded
selling,generalandadministrativeexpensesinthestatementofincome.

F-39
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

ThefollowingtablepresentsthefairvaluesandfairvaluehierarchyoftheCompanysfinancialinstrumentsandexcludesfinancialinstrumentscarriedatamortized
costthatareshort-terminnature:

March 31, 2016 March 31, 2015

Carrying Fair Carrying Fair
Level 1 Level 2 Level 3 value value Level 1 Level 2 Level 3 value value
$ $ $ $ $ $ $ $ $ $
Financial assets
Cash 7,226 7,226 7,226 5,918 5,918 5,918
Derivativesincludedinothercurrentassets 4,422 4,422 4,422
Financial liabilities
Derivativesincludedinaccountspayableandaccrued
liabilities 944 944 944
Creditfacility 55,202 55,202 46,179 30,093 30,093 49,822
Subordinateddebt 85,306 85,306 85,306 82,342 82,342 82,342

Therewerenotransfersbetweenthelevelsofthefairvaluehierarchy.

Note 19. Related party disclosures

Duringtheyear,theCompanyincurredmanagementfeesof$1,092(2015$894)andinterestexpenseof$5,598(2015$5,398)onthesubordinateddebttoan
entityrelatedtothemajorityshareholder.Thesetransactionsareinthenormalcourseofoperationsandaremeasuredattheexchangeamount,whichisthe
considerationestablishedandagreedtobytheparties.

AsatMarch31,2016,accruedinterestduetothesameentityfor$1,910(2015$1,830)isincludedintheaccountspayableandaccruedliabilities.

Amounts owed
Balanceswithrelatedparties to related parties
$
March31,2016 1,910
March31,2015 1,830

Terms and conditions of transactions with related parties

Outstandingbalancesattheperiodendareunsecured,interestfree,andsettlementoccursincashorcommonsharepurchases.

F-40
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

Key management compensation

KeymanagementconsistsoftheBoardofDirectorsandtheChief-levelsuiteofemployees.

Successor Predecessor
December 9,
2013 to April 1 to
March 31 March 31 March 31, December 8
2016 2015 2014 2013
$ $ $ $
Shorttermemployeebenefits 3,484 4,042 714 1,568
Longtermemployeebenefits 12
Share-basedcompensation



186




144

For the periods ended

3,682




4,186




714




1,568

Note 20. Financial risk management objectives and policies

TheCompanysprimaryriskmanagementobjectiveistoprotecttheenterprisesassetsandcashflow,inordertoincreasetheCompanysenterprisevalue.

Capital management
TheCompanymanagesitscapital,whichconsistsofcashprovidedfromfinancing(commonsharesandpreferredshares),long-termdebtandsubordinateddebt,
withtheprimaryobjectivebeingsafeguardingsufficientworkingcapitaltosustainandgrowoperations.TheBoardofDirectorshasnotestablishedcapital
benchmarksorothertargets.TheCompanywillcontinuallyassesstheadequacyofitscapitalstructureandcapacityandmakeadjustmentswithinthecontextofthe
Companysstrategy,economicconditions,andtheriskcharacteristicsofthebusiness.

TheCompanyiscapitalizedwithamixofdebt(long-termandsubordinateddebt)andwithequity(commonsharesandpreferredshares).TheCompanyisexposed
tomarketrisk,creditrisk,andliquidityrisk.TheCompanysseniormanagementandBoardofDirectorsoverseesthemanagementoftheserisks.Itisthe
Companyspolicythatnotradinginderivativesforspeculativepurposesshallbeundertaken.TheBoardofDirectorsreviewsandagreespoliciesformanaging
eachoftheseriskswhicharesummarizedbelow.

Market risk
Marketriskistheriskthatthefairvalueoffuturecashflowsofafinancialinstrumentwillfluctuatebecauseofchangesinmarketprices.Marketpricescomprise
interestrateriskandforeigncurrencyrisk.

Interest rate risk

TheCompanyisexposedtointerestrateriskonitsfloatingrateborrowings,astherequiredcashflowstoservicethedebtwillfluctuateasaresultofchangesin
marketrates.TheCompanyssubordinateddebtbearsinterestatafixedrateofinterestof6.7%perannum.Theentireunpaidprincipalandaccruedinterest
amountsareautomaticallyconvertibletoClassAseniorpreferredsharesinconnectionwithaliquidityeventorsaleofshares.Theholderalsohadarightto
paymentupondemand.ThecreditfacilityisheldinCanadianandUScurrenciesandbearsinterestatbankprimeplus1%orbankersacceptancerateplus2%.The
rateissubjecttothefinancial

F-41
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

performanceoftheCompany.Fortheprimerateloanthisratemayvarybetween1.5%to3.37%,whilethebankersacceptanceratemayvarybetween2.5%to
4.375%;bothnotesincludeastandbyfeerateof0.875%.Fortheyear-endedMarch31,2016,a1%increaseintheinterestratewouldresultinadditionalinterest
expenseof$627.

Foreign currency risk

TheCompanysconsolidatedfinancialstatementsareexpressedinCanadiandollars,howeverasubstantialportionoftheCompanyssalesandpurchasesare
denominatedinU.S.dollars,Euros,BritishPoundsSterling,whilealowerproportionoftheCompanystransactionsareinSwedishKrona,DanishKrone,and
SwissFranc.ThisresultsinaportionoftheCompanysnetassetsdenominatedinU.S.dollars,Euro,PoundSterling,SwedishKrona,andDanishKroner,through
subsidiarieswithafunctionalcurrencythatisthesameasthatoftheCompany.NetassetsdenominatedinforeigncurrenciesaretranslatedintoCanadiandollarsat
theforeigncurrencyexchangerateineffectatthestatementoffinancialpositiondate.Asaresult,theCompanyisexposedtoforeigncurrencytranslationgains
andlosses.Thosegainsandlossesarisingfromthetranslationoftheforeigncurrencydenominatedassetsofforeignsubsidiarieswithafunctionalcurrencythatis
thesameasthatoftheCompanyareincludedinoperatingincome.TheCompanyestimatesthatbasedonthenetassetsheldbyforeignoperationsthathavethe
samefunctionalcurrencyasthatoftheCompanyattheendof2016,anappreciationoftheCanadiandollarof$0.01relativetotheU.S.dollar,Euro,andBritish
PoundSterlingwouldresultinalossof$569inincomebeforetaxes(2015$627).

AtMarch31,2016,theCompanyhadforeignexchangeforwardcontractstobuyCanadiandollarsrepresentingnotionalamountsofUS$30,500tosellU.S.dollars,
4,000tosellEuros,and1,500tosellPoundsSterling(March31,2015tobuyCanadiandollars:notionalamountsofUS$16,200tosellU.S.dollars,12,000to
sellEuros,and2,000tosellPoundsSterling;tosellCanadiandollars1,000tobuyEurosand1,000tobuyPoundsSterling).

RevenuesandexpensesofallforeignoperationsaretranslatedintoCanadiandollarsattheforeigncurrencyexchangeratesthatapproximatetheratesineffectat
thedateswhensuchitemsarerecognized.AppreciatingforeigncurrenciesrelativetotheCanadiandollarwillpositivelyimpactoperatingincomeandnetincome,
whiledepreciatingforeigncurrenciesrelativetotheCanadiandollarwillhavetheoppositeimpact.

TheCompanyisalsoexposedtofluctuationsinthepricesofU.S.dollardenominatedpurchasesasaresultofchangesinU.S.dollarexchangerates.Adepreciating
CanadiandollarrelativetotheU.S.dollarwillnegativelyimpactoperatingincomeandnetincome,whileanappreciatingCanadiandollarrelativetotheU.S.dollar
willhavetheoppositeimpact.

Credit risk
Creditriskistheriskthatcounterpartywillnotmeetitsobligationsunderafinancialinstrumentorcustomercontract,leadingtoafinancialloss.

Creditriskarisesfromthepossibilitythatcertainpartieswillbeunabletodischargetheirobligations.TheCompanyhasasignificantnumberofcustomerswhich
minimizestheconcentrationofcreditrisk.TheCompanydoesnothaveanycustomerswhichaccountformorethan10%ofsalesoraccountsreceivable.The
Companyhasenteredintoanagreementwithathirdpartywhohasinsuredtheriskoflossforupto90%ofaccountsreceivablefromcertaindesignatedcustomers
basedonatotaldeductibleof$50.AsatMarch31,2016,accounts

F-42
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

receivabletotalingapproximately$16,785(March31,2015$12,497,March31,2014$3,666)wasinsuredunderthisagreement.Inaddition,theCompany
routinelyassessesthefinancialstrengthofitscustomersand,asaconsequence,believesthatitsaccountsreceivablecreditriskexposureislimited.Customer
depositsarereceivedinadvancefromcertaincustomersforseasonalorders,andappliedtoreduceaccountsreceivablewhengoodsareshipped.Credittermsare
normallysixtydaysforseasonalorders,andthirtydaysforre-orders.

Theagingtradereceivablesisasfollows:

Neither Past due but not

past due impaired
nor < 30 31-60 > 60
Total impaired days days days
$ $ $ $ $
March31,2016 18,894 5,507 3,757 4,254 5,376
March31,2015 15,295 3,085 3,555 2,099 6,556

Liquidity risk
LiquidityriskistheriskthattheCompanywillnotbeabletomeetitsfinancialobligationsastheyfalldue.TheCompanysapproachtomanagingliquidityisto
ensure,asfaraspossible,thatitwillalwayshavesufficientliquiditytomeetitsliabilitieswhendue,undernormalandstressedconditions.TheCompanymanages
liquidityriskbyreviewingitscapitalandoperatingrequirementsonanongoingbasis.TheCompanycontinuouslyreviewsbothactualandforecastedcashflowsto
ensurethattheCompanyhasappropriatecapitalcapacity.

ThefollowingtablesummarizestheamountofcontractualundiscountedfuturecashflowrequirementsforfinancialinstrumentsasatMarch31,2016:

2020 to
Contractual obligations 2017 2018 2019 2024 Total
$ $ $ $ $
Accountspayableandaccruedliabilities 38,451 38,451
SubordinatedDebt 85,306 85,306
Long-termcreditfacility 1,250 1,250 52,702 55,202

TheCompanyaccruesexpenseswhenincurred.Accountsaredeemedpayableonceapasteventoccursthatrequirespaymentbyaspecificdate.

F-43
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

Commitments
Leases
TheCompanyhasleasecommitmentsforthefutureperiods,expiringasfollows:

As at
March 31,
2016
$
Notlaterthan1year 5,407
Laterthan1yearandnotlaterthan3years 14,069
Laterthan4yearsandnotlaterthan5years 13,908
Laterthan5years



30,753

64,137

Operatingleasesrelatetoleasesofrealestatewithleasetermsofbetween5and10years.Alloperatingleasecontractsover5yearscontainclausesfor5-yearly
marketrentalreviews.TheCompanydoesnothaveanoptiontopurchasetheleasedlandattheexpiryoftheleaseperiods.

Forward exchange contracts

TheCompanyenteredintoanumberofforwardexchangecontractsduringtheyeartosellU.S.dollars,Euro,andPoundSterling.Severalcontractswere
outstandingasatMarch31,2016andthereforeanunrealizedmark-to-marketgainof$5,366(2015$138;2014$339loss;December8,2013$743loss)has
beenrecordedinselling,generalandadministrativeexpenses.AsatMarch31,2016,theCompanyhasaderivativeassetof$4,422,whichisincludedinother
currentassets(2015aderivativeliabilityof$944includedinaccountspayableandaccruedliabilities).

Note 21. Selected cash flow information

Changesinnon-cashworkingcapitalitemsconsistofthefollowing:

Successor Predecessor
December 9,
2013 to April 1 to
March 31 March 31 March 31, December 8,
2016 2015 2014 2013
Tradereceivables (3,366) (9,241) 29,516 (28,663)
Inventories (49,778) (10,622) (15,373) 15,394
Othercurrentassets (2,016) 840 (3,011) (755)
Accountspayableandaccruedliabilities 15,945 105 (7,769) 9,769
Provisions 1,388 1,425 2,273 382
Other



(21)

(37,848)



(17,493)



5,636

(3,873)

F-44
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

Non-cashtransactionsintheyearinclude:

Successor Predecessor
December 9,
2013 to April 1 to
March 31 March 31 March 31, December 8,
2016 2015 2014 2013
IssuanceofClassBseniorpreferredshares 22,776
IssuanceofClassBjuniorpreferredshares 34,164

Note 22. Subsequent events

Refinancing the Credit Facility
OnJune3,2016,theCompanyenteredintoanagreementwithasyndicateoflendersforanasset-backedloan(theRevolvingFacility)intheamountof$150,000
withanincreaseincommitmentsto$200,000duringthepeakseason(June1November30)andarevolvingcreditcommitmentcomprisingaletterofcredit
commitmentintheamountof$25,000,witha$5,000sub-commitmentforlettersofcreditissuedinacurrencyotherthanDollars,U.S.DollarsorEuros,anda
swinglinecommitmentfor$25,000.TheRevolvingFacilityhasafive-yeartermandbearsinterestatprimeplusanapplicablemargin,whichispayablequarterly.
TheRevolvingFacilityissecuredbyinventoriesandtradereceivablesandcontainsfinancialandnon-financialcovenantswhichcouldimpacttheCompanys
abilitytodrawfunds.TheCompanyincurreddeferredfinancingchargesintheamountof$1,497inconnectionwiththeRevolvingFacility.

TheCompanyusedtheproceedsfromtheRevolvingFacilitytorepayandextinguishtheexistingcreditfacility.Asaresultoftheextinguishmentoftheexisting
creditfacility,deferredfinancingchargesintheamountof$1,081werechargedtoexpense.

Business combination
OnApril18,2016,subsequenttotheyear-end,theCompanyacquiredtheassetsofamanufacturingbusinessforcashconsiderationof$1,500.

Thefairvalueofthetangibleassetsacquiredisafollows,withtheexcessofthepurchasepriceoverthefairvalueofthetangibleassetsacquiredaccountedforas
goodwill.TheCompanyhasnotyetfinalizeditspurchaseaccountinginrespectofthisacquisitionpendingfinalizationofthefairvalueofthetangibleassets
acquired.

Assets acquired $
Tangible assets
Property,plantandequipment

1,000

1,000
Goodwill

500

Total assets acquired

1,500

Thepurchasepricewaspaidasto$500ontheclosingdateofthetransaction,withanamountpayableof$500onAugust1,2017andcontingentconsiderationwith
afairvalueof$500,owingtotheformerownersuponsatisfactionofadditionalrequirements.Thecontingentconsiderationwillberemeasuredatitsfairvalueat
subsequentreportingdatesandanyresultinggainorlossincludedinthestatementofincome.

F-45
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

Recapitalization transactions
OnDecember2,2016,theBoardofDirectorsapprovedandtheCompanycompletedaseriesofsharecapitalanddebttransactions(collectively,the
Recapitalization)tosimplifyitssharecapitalstructureandtoreturncapitaltoitsshareholders.Theeffectofthesetransactionsissummarizedasfollows:

a) Thecompanyenteredintoaseniorsecuredloanagreement(theTermLoan).

b) WiththeproceedsoftheTermLoan,theCompanyrepaiditssubordinateddebtandaccruedinterest.

c) TheCompanyamendeditsarticlestopermitasharecapitalreorganizationwiththeresultthatitsclassesofpreferredshareswerecancelledandits
existingcommonsharesweresubdivided.TheamendmentspermittheCompanyinfuturetoissuepreferredsharesinseries,ofwhich,exceptfor
63,576,003ClassDpreferredshares,nonearecurrentlyoutstanding.

d) TheproceedsoftheTermloanwerealsousedinconnectionwiththesharecapitalreorganizationtoredeemcertainoutstandingshares,tomakecertain
returnofcapitaldistributionsonoutstandingcommonshares,andtofundasecured,non-interestbearingloantoDTRLLC,acompanyindirectly
controlledbythePresident,ChiefExecutiveOfficerandshareholderoftheCompany.

e) TheCompanyamendedthetermsofitsstockoptionplanandchangedthetermsofoutstandingstockoptionstoconformwiththerevisedsharecapital

terms.

Term Loan
OnDecember2,2016,inconnectionwiththeRecapitalization,theCompanyenteredintoaseniorsecuredloanagreementwithasyndicateoflenders,theTerm
Loan,thatissecuredonasplitcollateralbasisalongsidetheCreditFacility,inanaggregateprincipalamountof$216,738(US$162,582).TheCompanyincurred
anoriginalissuediscountof$6,376andtransactioncostsof$2,052ontheissuanceoftheTermLoan.TheTermLoancurrentlybearsinterestatarateofLIBOR
plusanapplicablemarginof5%,payablequarterlyorattheendofthethencurrentinterestperiod(whicheverisearlier)inarrears.

TheTermLoanisdueonDecember2,2021,andisrepayableinquarterlyamountsofUS$406beginningJune30,2017.AmountsowingundertheTermLoan
mayberepaidatanytimewithoutpremiumorpenalty,butoncerepaidmaynotbereborrowed.

TheTermLoanissecuredbyinventoryandtradereceivablesandcontainsfinancialandnon-financialcovenantswhichcouldimpacttheCompanysabilitytodraw
funds.

Subordinated debt
OnDecember2,2016,inconnectionwiththeRecapitalization,theCompanyrepaidtheoutstandingamountofitssubordinateddebtplusaccruedinterestowingto
anentityrelatedtothemajorityshareholderoftheCompanyasfollows:

$
Seniorsubordinatednote 79,716
Juniorsubordinatednote 5,590
Accruedinterest

5,732

91,038

TherepaymentwasfinancedwiththeproceedsoftheTermLoan.

F-46
Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2016
(inthousandsofCanadiandollars,exceptpersharedata)

Shareholders equity
InconnectionwiththeRecapitalization,thefollowingsharecapitaltransactionswerecompletedonDecember2,2016:
The53,144,000outstandingClassAseniorpreferredshareswereredeemedfortheircapitalamountof$53,144.

The3,426,892outstandingClassAjuniorpreferredshareswereredeemedundertheirtermsfortheirliquidityvalueof$4,063.

ThecompanyhassubdividedtheexistingClassAandClassBcommonsharesonthebasisof10,000,000commonsharesforeveryshare.

Areturnofcapitalof$698waspaidontheClassAcommonshares.

Inaseriesoftransactions,theoutstandingClassBseniorpreferredshares,theClassBjuniorpreferredsharesandtheClassBcommonshareshavebeenexchanged
into63,576,003ClassDpreferredshareswithafixedvalueof$63,576and30,000,000ClassAcommonshares.

AftertheRecapitalization,theCompanyhas100,000,000ClassAcommonsharesand63,576,003ClassDpreferredsharesoutstanding.Therearestockoptions
outstandingtopurchase6,306,602ClassAcommonsharesatexercisepricesrangingfrom$0.02to$8.94pershare.

Wherethenumberofcommonsharesandstockoptionsoutstandingchangesasaresultofasharesplit,thecalculationofbasicanddilutedearningspershareforall
periodspresentedisadjustedretrospectively;accordingly,theearningspershareforallperiodspresentedinthestatementofincomeandinnote8havebeen
calculatedaftergivingeffecttothesubdivisionofthecommonsharesandtherelatedadjustmentstothenumberandexercisepricesofstockoptions.

Shareholder advance
InconnectionwiththeRecapitalization,theCompanymadeasecurednon-interestbearingshareholderadvanceof$63,576toDTRLLC,anentityindirectly
controlledbythePresidentandChiefExecutiveOfficer.Theshareholderadvancewillbeextinguishedbyitssettlementagainsttheredemptionpriceforthe
redemptionoftheClassDpreferredshares.DTRLLChaspledgedalloftheClassDpreferredsharesascollateralfortheshareholderadvance.Redemptionofthe
ClassDpreferredsharesandsettlementoftheshareholderadvanceisexpectedtooccurpriortothetimetheregistrationstatementrelatingtothisofferingisfiledin
theUnitedStates.

F-47
Table of Contents

SCHEDULEICONDENSEDFINANCIALINFORMATIONOF
CANADAGOOSEHOLDINGSINC.
(PARENTCOMPANY)

AlloperatingactivitiesoftheCompanyareconductedbythesubsidiaries.CanadaGooseHoldingsInc.isaholdingcompanyanddoesnothaveanymaterial
assetsorconductbusinessoperationsotherthaninvestmentsinsubsidiaries.ThecreditagreementofCanadaGoose,Inc,awhollyownedsubsidiaryofCanada
GooseHoldingsInc.,containsprovisionswherebyCanadaGooseInc.hasrestrictionsontheabilitytopaydividends,loanfundsandmakeotherupstream
distributionstoCanadaGooseHoldingsInc.

Thesecondensedparentcompanyfinancialstatementshavebeenpreparedusingthesameaccountingprinciplesandpoliciesdescribedinthenotestothe
consolidatedfinancialstatements.Refertotheconsolidatedfinancialstatementsandnotespresentedaboveforadditionalinformationanddisclosureswithrespect
tothesecondensedfinancialstatements.

F-48
Table of Contents

PARENTCOMPANYINFORMATION
CanadaGooseHoldingsInc.
ScheduleICondensedStatementsofIncome(Loss)

31-Mar
For the period from
December 9, 2013
2016 2015 to March 31, 2014
Equity in comprehensive income (loss) of subsidiary 26,155 14,640 (12,129)
Selling,generalandadministrationexpenses 500 300 3,350
OtherExpenses(income)
NetInterestincomeandotherfinancecosts



(8)



(8)



(2)

Income (loss) before tax

25,663



14,348



(15,477)

Incometaxrecovery

(130)



(77)

Net income (loss) 25,793

14,425
(15,477)

Theaccompanyingnotestothecondensedfinancialstatementsareanintegralpartofthisfinancialstatement.

F-49
Table of Contents

PARENTCOMPANYINFORMATION
CanadaGooseHoldingsInc.
ScheduleICondensedStatementsofFinancialPosition

YearEndedMarch31
2016 2015
Current Assets
Cash 99 8
Othercurrentassets

35

Total Current Assets 134 8

Intercompanynotereceivable 87,219 84,173

Investmentinsubsidiaries 142,477 114,346
Deferredincometaxes

212


79

Total Assets 230,042 198,606

Accountspayableandaccruedliabilities 1,910 1,829

Intercompanyaccountspayable 123
Incometaxpayable

1


2

Total Current Liabilities 2,034 1,831

Subordinateddebt

85,306


82,342

Total Liabilities 87,340 84,173

Equity
Sharecapital 60,221 58,245
Contributedsurplus 57,740 57,240
Retainedearnings

24,741


(1,052)

Equity 142,702



114,433

Total Liabilities & Shareholder Equity 230,042

198,606

Theaccompanyingnotestothecondensedfinancialstatementsareanintegralpartofthisfinancialstatement.

F-50
Table of Contents

PARENTCOMPANYINFORMATION
CanadaGooseHoldingsInc.
ScheduleICondensedStatementsofCashFlows

31-Mar
For the period from
December 9, 2013
2016 2015 to March 31, 2014
CASHFLOWSFROMOPERATINGACTIVITIES

Netincome(loss) 25,793 14,425 (15,477)

Itemsnotaffectingcash:
Equityinundistributedearningsofsubsidiary (26,155) (14,640) 12,129
Netinterestincome (8) (8)
Incometaxes (130) (77)
Share-basedcompensation



500



300

0 (3,348)

Changesinassetsandliabilities 87 3 (4,479)

Incometaxespaid (4) (2)

Interestreceived 5,525 4,894
Interestpaid

(5,517)



(4,887)

Net cash from (used in) operating activities

91

8

(7,827)

CASHFLOWSFROMINVESTINGACTIVITIES
AcquisitionofCanadaGooseInc.netassetsandsubsidiaries (148,268)
Investmentinsubsidiary (1,976) (1,751)
Loantosubsidiary

(2,964)



(2,626)

Net cash used in investing activities (4,940) (4,377) (148,268)

CASHFLOWSFROMFINANCINGACTIVITIES
IssueofClassAseniorpreferredshares 53,144
IssueofClassAjuniorpreferredshares 1,976 1,751
Issueofcommonshares 3,350
Issuanceofsubordinateddebt 2,964 2,626 79,716
Borrowingsonacquisition















19,885

Net cash from financing activities

4,940



4,377



156,095

Increase in cash

91

8

Cash,beginningofperiod



8

Cash, end of period 99

8

Theaccompanyingnotestothecondensedfinancialstatementsareanintegralpartofthisfinancialstatement.

F-51
Table of Contents

PARENTCOMPANYINFORMATION
CanadaGooseHoldingsInc.
ScheduleINotestotheCondensedFinancialStatements
(inthousandsofCanadiandollars)
1. BASIS OF PRESENTATION
CanadaGooseHoldingsInc.(theParentCompany)isaholdingcompanythatconductssubstantiallyallofitsbusinessoperationsthroughitssubsidiary.The
ParentCompany(aBritishColumbiacorporation)wasincorporatedonNovember21,2013.

TheParentCompanyhasaccountedfortheearningsofitssubsidiaryundertheequitymethodintheseunconsolidatedcondensedfinancialstatements.

2. COMMITMENTS AND CONTINGENCIES

TheParentCompanyhasnomaterialcommitmentsorcontingenciesduringthereportedperiods.

3. DUE TO A RELATED PARTY

SeetheAnnualConsolidatedFinancialStatementsNote16inreferencetoSubordinatedDebtforadescriptionofthearrangement.

F-52
Table of Contents

Condensed Interim Consolidated Statements of Income and Comprehensive Income

(unaudited)

(inthousandsofCanadiandollars,exceptpershareamounts)
Three months ended Nine months ended
December 31 December 31
Notes 2016 2015 2016 2015
$ $ $ $
Revenue 5 209,051 115,504 352,681 248,909
Cost of sales

8 88,767



51,575 168,403





122,107

Gross profit 120,284 63,929 184,278 126,802

Selling, general and administrative expenses 62,005 31,933 110,270 72,851
Depreciation and amortization

1,965



1,104 4,901





3,585

Operating income 56,314 30,892 69,107 50,366

Net interest and other finance costs

11
3,087



2,215 8,620






6,017

Income before income taxes 53,227 28,677 60,487 44,349

Income tax expense


14,139



7,231 15,416






8,662

Net income 39,088 21,446 45,071 35,687

Other comprehensive loss
Itemsthatwillnotbereclassifiedtoearnings:
Assumptionofactuariallossonpost-employmentobligation,netoftaxexpenseof$39forthe
threemonthsandtaxrecoveryof$36fortheninemonths 146 (261)
Cumulativetranslationadjustment





(468)









(468)

Othercomprehensiveloss





(322)









(729)

Comprehensive income 38,766

21,446
44,342
35,687

Earnings per share 6

Basic 0.39 0.21 0.45 0.36
Diluted 0.38 0.21 0.44 0.35

Theaccompanyingnotestothecondensedinterimconsolidatedfinancialstatementsareanintegralpartofthisfinancialstatement

F-53
Table of Contents

Condensed Interim Consolidated Statements of Financial Position

(unaudited)
As at December 31, 2016 and March 31, 2016

(inthousandsofCanadiandollars)
December 31, March 31,
Notes 2016 2016
Assets $ $
Current assets
Cash 30,180 7,226
Tradereceivables 7 88,982 17,475
Inventories 8 96,680 119,506
Othercurrentassets

15



11,539


10,525

Total current assets 227,381 154,732

Deferredincometaxes 3,954 3,642
Property,plantandequipment 37,379 24,430
Intangibleassets 128,311 125,677
Goodwill





45,037


44,537

Total assets 442,062

353,018

Liabilities
Current liabilities
Accountspayableandaccruedliabilities 9 64,242 38,451
Provisions 10 12,473 3,125
Incometaxespayable 4,500 7,155
Currentportionoflong-termdebt





1,637


1,250

Total current liabilities 82,852 49,981

Provisions 10 9,718 8,554
Deferredincometaxes 14,292 12,769
Creditfacility 52,944
Revolvingfacility 11 57,816
Termloan 11 206,851
Subordinateddebt 11 85,306
Otherlong-termliabilities





2,434




762

Total liabilities 373,963 210,316

Shareholders equity



68,099


142,702

Total liabilities and shareholders equity 442,062

353,018

Theaccompanyingnotestothecondensedinterimconsolidatedfinancialstatementsareanintegralpartofthisfinancialstatement.

F-54
Table of Contents

Condensed Interim Consolidated Statements of Changes in Shareholders Equity

(unaudited)
For the nine months ended December 31, 2016 and 2015

(inthousandsofCanadiandollars)
Accumulated
Retained Other
Contributed Earnings Comprehensive
Share Capital Surplus (Deficit) Loss Total
Common Preferred
Notes Shares Shares Total
$ $ $ $ $ $ $
Balance as at March 31, 2016 3,350 56,871 60,221 57,740 25,433 (692) 142,702
Recapitalizationtransactions: 12
RedemptionofClassAseniorpreferredshares (53,144) (53,144) (53,144)
RedemptionofClassAjuniorpreferredshares (3,727) (3,727) (336) (4,063)
ReturnofcapitalonClassAcommonshares (698) (698) (698)
ExchangeallClassBpreferredandcommonshares
forClassDpreferredsharesandClassAcommon
shares (56,940) (6,636) (63,576)
Netincomefortheperiod 45,071 45,071
Othercomprehensiveloss,netoftax (729) (729)
Recognitionofshare-basedcompensation
13




















2,536










2,536

Balance as at December 31, 2016

2,652





2,652


3,336


63,532



(1,421)


68,099

Balance as at March 31, 2015 3,350 54,895 58,245 57,240 (1,052) 114,433
Netincomefortheperiod 35,687 35,687
Issuanceofpreferredshares 1,976 1,976 1,976
Recognitionofshare-basedcompensation

13















375









375

Balance as at December 31, 2015 3,350

56,871
60,221
57,615
34,635

152,471

Theaccompanyingnotestothecondensedinterimconsolidatedfinancialstatementsareanintegralpartofthisfinancialstatement.

F-55
Table of Contents

Condensed Interim Consolidated Statements of Cash Flows

(unaudited)
For the nine months ended December 31
(inthousandsofCanadiandollars)

Notes 2016 2015

$ $
CASH FLOWS FROM OPERATING ACTIVITIES:
Netincome 45,071 35,687
Itemsnotaffectingcash
Depreciationandamortization 6,471 4,643
Incometaxexpense 15,416 8,662
Interestexpense 7,543 5,901
Unrealizedlossonforwardexchangecontracts 344 1,129
Unrealizedforeignexchangeloss 1,538
Writeoffdeferredfinancingchargesonrefinancing 946
Share-basedcompensation

13
2,536





375

79,865 56,397
Changesinnon-cashoperatingitems 17 (18,249) (56,206)
Incometaxespaid (17,017) (3,289)
Interestpaid

(7,895)



(6,848)

Net cash from (used in) operating activities

36,704



(9,946)

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchaseofproperty,plantandequipment (15,209) (15,191)
Investmentinintangibleassets (6,053) (4,826)
Businesscombination

4

(500)

Net cash used in investing activities

(21,762)



(20,017)

CASH FLOWS FROM FINANCING ACTIVITIES:

Borrowingsonrevolvingfacility,netofdeferredfinancingchargesof$2,271 57,554
Borrowingsoncreditfacility 43,637
Repaymentsofcreditfacility (55,274) (939)
Recapitalizationtransactions:
Borrowingsontermloan,netofdeferredfinancingchargesof$2,052andoriginalissuediscountof$2,167 11 212,519
Repaymentofsubordinateddebt 11 (85,306)
RedemptionofClassAseniorpreferredshares 12 (53,144)
RedemptionofClassAjuniorpreferredshares 12 (4,063)
ReturnofcapitalonClassAcommonshares 12 (698)
Shareholderadvance 14 (63,576)
Issuanceofsubordinateddebt 2,964
IssuanceofClassAseniorpreferredshares





1,976

Net cash from financing activities

8,012



47,638

Increaseincash 22,954 17,675

Cash, beginning of period



7,226

5,918

Cash, end of period 30,180

23,593

Theaccompanyingnotestothecondensedinterimconsolidatedfinancialstatementsareanintegralpartofthisfinancialstatement.

F-56
Table of Contents

Notes to the Condensed Interim Consolidated Financial Statements

(unaudited)
December 31, 2016
(inthousandsofCanadiandollars,exceptpershareamounts)
Note 1. The Company
CanadaGooseHoldingsInc.anditssubsidiaries(theCompanyorCGHI)design,manufacture,andsellpremiumoutdoorapparelformen,womenand
children.TheCompanysapparelcollectionsincludevariousstylesofparkas,jackets,vests,andaccessoriesforfall,winter,andspringseasons.TheCompanys
headofficeislocatedat250BowieAvenue,Toronto,Canada.TheuseofthetermsCanadaGoosewe,usandourthroughoutthesenotestothecondensed
interimconsolidatedfinancialstatementsrefertotheCompany.OurfiscalyearendsonMarch31.

TheCompanycomprisesCGHIanditswholly-ownedsubsidiary,CanadaGooseInc.(CGI).CGImanufacturescoldweatherouterwearandwholly-ownsCanada
GooseUS,Inc.(CGUS),CanadaGooseTradingInc.(CGTI),andCanadaGooseInternationalHoldingsLimited(U.K.Holdings).U.K.Holdingswholly-
ownsCanadaGooseEuropeAB(CGE),CanadaGooseInternationalAG(SwissCo)andCanadaGooseServicesLimited(U.K.Serviceco).

Operating Segments
TheCompanyclassifiesitsbusinessintwooperatingandreportablesegments:WholesaleandDirecttoConsumer.TheWholesalebusinesscomprisessalesmade
toamixoffunctionalandfashionableretailers,includingmajorluxurydepartmentstores,outdoorspecialitystores,andindividualshops.TheCompanysproducts
reachtheseretailersthroughanetworkofinternationaldistributorsanddirectdelivery.

TheDirecttoConsumerbusinesscomprisessalesthroughthecountry-specifice-commerceplatformsanditsretailstores.

Financialinformationforthetworeportableoperatingsegmentsisincludedinnote4.

Seasonality
Weexperienceseasonalfluctuationsinourrevenueandoperatingresultsandhistoricallyhaverealizedasignificantportionofourrevenueandincomefortheyear
duringoursecondandthirdfiscalquarters.

Workingcapitalrequirementstypicallyincreaseduringthefirstandsecondquartersofthefiscalyearasinventorybuildstosupportpeakshippingandselling
periodsand,accordingly,typicallydecreaseduringthefourthquarterofthefiscalyearasinventoryhasbeenshippedandsold.Cashprovidedbyoperating
activitiesistypicallyhigherinthefourthquarterofthefiscalyearduetoreducedworkingcapitalrequirementsduringthatperiod.

Note 2. Significant accounting policies

Statement of Compliance
ThecondensedinterimconsolidatedfinancialstatementsarepreparedinaccordancewithInternationalAccountingStandard(IAS)34,InterimFinancial
Reporting,asissuedbytheInternationalAccountingStandardsBoard(IASB).

ThecondensedinterimconsolidatedfinancialstatementsoftheCompanyasatDecember31,2016andMarch31,2016andforthethreeandninemonthperiods
endedDecember31,2016and2015wereauthorizedforissueinaccordancewitharesolutionoftheCompanysBoardofDirectorsonFebruary6,2017.

F-57
Table of Contents

Notes to the Condensed Interim Consolidated Financial Statements

(unaudited)
December 31, 2016
(inthousandsofCanadiandollars,exceptpershareamounts)

Basis of presentation
ThesignificantaccountingpoliciesandcriticalaccountingestimatesandjudgmentsasdisclosedintheCompanysMarch31,2016annualconsolidatedfinancial
statementshavebeenappliedconsistentlyinthepreparationofthesecondensedinterimconsolidatedfinancialstatements.Thecondensedinterimconsolidated
financialstatementsarepresentedinCanadiandollars,theCompanysfunctionalandpresentationcurrency.

ThedisclosurescontainedintheseinterimstatementsdonotincludealltherequirementsinIFRS.Accordingly,thesecondensedinterimconsolidatedfinancial
statementsshouldbereadinconjunctionwiththeCompanysMarch31,2016annualconsolidatedfinancialstatementsandtheaccompanyingnotesandhavebeen
preparedusingtheaccountingpoliciesdescribedinNote2totheannualfinancialstatements,exceptasnotedbelow.

TheCompanyadoptedamendmentstoIAS1,PresentationofFinancialStatementswhichiseffectiveforannualperiodsbeginningonorafterJanuary1,2016.The
amendmentsclarifyprinciplesforthepresentationandmaterialityconsiderationsforthefinancialstatementsandnotestoimproveunderstandabilityand
comparability.Implementationofthestandardhasnothadamaterialeffectonthecondensedinterimconsolidatedfinancialstatements.

Principles of consolidation
ThecondensedinterimconsolidatedfinancialstatementsincludethecompaniesdescribedinNote1.Allintercompanyaccountsandtransactionshavebeen
eliminated.

Note 3. Recapitalization transactions

OnDecember2,2016,theCompanycompletedaseriesofsharecapitalanddebttransactions(collectively,theRecapitalization)tosimplifyitssharecapital
structureandreturncapitaltoitsshareholders.Theeffectofthesetransactionsissummarizedasfollows:

a) TheCompanyenteredintoaseniorsecuredloanagreement(theTermLoan)(note11).

b) WiththeproceedsoftheTermLoan,theCompanyrepaiditsSubordinatedDebtandaccruedinterest(note11).

c) TheCompanyamendeditsarticlesofincorporationtopermitasharecapitalreorganizationwiththeresultthatitsclassesofpreferredshareshavebeenor
willbecancelledanditsexistingcommonsharesweresubdivided.TheamendmentsauthorizetheCompanytoissuepreferredsharesinseriesinthefuture
(note12).

d) TheproceedsoftheTermLoanwerealsousedinconnectionwiththesharecapitalreorganizationtoredeemcertainoutstandingshares,tomakecertain
returnofcapitaldistributionsonoutstandingcommonshares(note12),andtofundasecured,non-interestbearingloantoDTRLLC,acompanyindirectly
controlledbythePresidentandChiefExecutiveOfficerandshareholderoftheCompany,whichwillbeextinguishedbyitssettlementagainsttheredemption
ofpreferredsharesissuedinthesharereorganization(note14).

e) TheCompanyamendedthetermsofitsstockoptionplanandchangedthetermsofoutstandingstockoptionstoconformwiththerevisedsharecapitalterms
(note13).

Note 4. Business combination

OnApril18,2016,theCompanyacquiredtheassetsofanapparelmanufacturingbusinessforconsiderationof$1,500.Managementdeterminedthattheassetsand
processescomprisedabusinessandthereforeaccountedfor

F-58
Table of Contents

Notes to the Condensed Interim Consolidated Financial Statements

(unaudited)
December 31, 2016
(inthousandsofCanadiandollars,exceptpershareamounts)

thetransactionasabusinesscombination.TheCompanypaid$500ontheclosingdateofthetransaction,withanamountpayableof$500dueonMay1,2017and
contingentconsiderationwithafairvalueof$500owingtotheformerownersuponsatisfactionofadditionalrequirements.Thecontingentconsiderationwillbe
remeasuredatitsfairvalueatsubsequentreportingdatesandanyresultinggainorlossincludedintheconsolidatedstatementofincomeandcomprehensive
income.TheresultsofoperationshavebeenconsolidatedwiththoseoftheCompanybeginningonApril18,2016.

Thefairvalueofthetangibleassetsacquiredisasfollows,withtheexcessofthepurchasepriceoverthefairvalueofthetangibleassetsacquiredaccountedforas
goodwill.Thegoodwillrecognizedisexpectedtobedeductibleforincometaxpurposes.TheCompanyhasnotyetfinalizeditspurchaseaccountinginrespectof
thisacquisitionpendingfinalizationofthefairvalueofthetangibleassetsacquired.

Assets acquired
$
Property,plantandequipment

1,000

1,000
Goodwill

500

Total assets acquired

1,500

Note 5. Segment information

TheCompanyhastworeportableoperatingsegments:WholesaleandDirecttoConsumer.TheCompanymeasureseachreportableoperatingsegments
performancebasedonrevenueandsegmentoperatingincome,whichistheprofitmetricutilizedbytheCompanyschiefoperatingdecisionmaker,whoisthe
PresidentandChiefExecutiveOfficer,forassessingtheperformanceofoperatingsegments.Neitherreportableoperatingsegmentisreliantonanysingleexternal
customer.

F-59
Table of Contents

Notes to the Condensed Interim Consolidated Financial Statements

(unaudited)
December 31, 2016
(inthousandsofCanadiandollars,exceptpershareamounts)

For the three months ended December 31, 2016

Direct to
Wholesale Consumer Unallocated Total
$ $ $ $
Revenue 137,034 72,017 209,051
Costofsales

71,531





17,236







88,767

Grossprofit 65,503 54,781 120,284

Selling,generalandadministrativeexpenses 10,545 13,115 38,345 62,005
Depreciationandamortization














1,965


1,965

Operating income

54,958



41,666


(40,310)


56,314
Netinterestandotherfinancecosts




3,087

Income before income taxes 53,227

For the three months ended December 31, 2015

Direct to
Wholesale Consumer Unallocated Total
$ $ $ $
Revenue 98,615 16,889 115,504
Costofsales



47,729

3,846








51,575

Grossprofit 50,886 13,043 63,929

Selling,generalandadministrativeexpenses 10,857 5,167 15,909 31,933
Depreciationandamortization













1,104


1,104

Operating income

40,029

7,876



(17,013)


30,892

Netinterestandotherfinancecosts




2,215

Income before income taxes 28,677

For the nine months ended December 31, 2016

Direct to
Wholesale Consumer Unallocated Total
$ $ $ $
Revenue 273,910 78,771 352,681
Costofsales

148,971





19,432







168,403

Grossprofit 124,939 59,339 184,278

Selling,generalandadministrativeexpenses 23,970 17,798 68,502 110,270
Depreciationandamortization














4,901


4,901

Operating income

100,969



41,541


(73,403)


69,107

Netinterestandotherfinancecosts




8,620

Income before income taxes 60,487

F-60
Table of Contents

Notes to the Condensed Interim Consolidated Financial Statements

(unaudited)
December 31, 2016
(inthousandsofCanadiandollars,exceptpershareamounts)

For the nine months ended December 31, 2015

Direct to
Wholesale Consumer Unallocated Total
$ $ $ $
Revenue 229,158 19,751 248,909
Costofsales

117,398



4,709







122,107

Grossprofit 111,760 15,042 126,802

Selling,generalandadministrativeexpenses 22,281 7,036 43,534 72,851
Depreciationandamortization











3,585

3,585

Operating income

89,479



8,006



(47,119)

50,366

Netinterestandotherfinancecosts




6,017

Income before income taxes 44,349

TheCompanydoesnotreporttotalassetsortotalliabilitiesbasedonitsoperatingsegments.

Note 6. Earnings per share

TrancheAoptionstopurchasecommonshares(note13)aredilutiveandareincludedinthedeterminationofdilutedearningspershare.TrancheBandTrancheC
optionstopurchasecommonsharesarecontingentlyissuableuponattainmentofperformancecriteriaandtheoccurrenceofanexitevent,andarenotincludedin
dilutedearningspershareuntilthecriteriaforissuancehavebeensatisfied.

OnDecember2,2016,inconnectionwiththeRecapitalization,theCompanysubdivideditsoutstandingClassAandClassBsharesonthebasisof10,000,000
sharesforeachoutstandingcommonshare(note12).Thetermsoftheoutstandingstockoptionswereadjustedtoconformtothesharestructureafterthe
Recapitalization(note13).Theeffectofthesharesubdivisionandcorrespondingadjustmenttothenumberandtermsoftheoutstandingstockoptionshasbeen
appliedretrospectivelytoprioraccountingperiodsincalculatingbasicanddilutedearningspershare.

Three months ended Nine months ended

December 31 December 31
2016 2015 2016 2015
$ $ $ $
Net income
39,088

21,446

45,071

35,687

WeightedaveragenumberofclassAcommonsharesoutstanding 100,000,000 100,000,000 100,000,000 100,000,000

Weightedaveragenumberofsharesonexerciseofstockoptions:
1,811,155


1,655,606

1,751,470

1,622,219

Diluted weighted average number of class A common shares

outstanding 101,811,155
101,655,606
101,751,470
101,622,219

Earningspershare
Basic 0.39 0.21 0.45 0.36
Diluted 0.38 0.21 0.44 0.35

F-61
Table of Contents

Notes to the Condensed Interim Consolidated Financial Statements

(unaudited)
December 31, 2016
(inthousandsofCanadiandollars,exceptpershareamounts)

Note 7. Trade receivables

December 31 March 31
2016 2016
$ $
Tradeaccountsreceivable 84,795 18,894
Creditcardreceivables



7,484

92,279 18,894
Less:allowancefordoubtfulaccountsandsalesallowances



(3,297)


(1,419)

Tradereceivables,net

88,982


17,475

Theagingtradereceivablesisasfollows:

Past due
Total Current < 30 days 31-60 days > 60 days
$ $ $ $ $
Tradeaccountsreceivable 84,795 55,250 21,364 4,489 3,692
Creditcardreceivables 7,484 7,484
December 31, 2016 92,279 62,734 21,364 4,489 3,692
Tradeaccountsreceivable 18,894 5,507 3,757 4,254 5,376
March 31, 2016 18,894 5,507 3,757 4,254 5,376

TheCompanyhasenteredintoanagreementwithathirdpartywhohasinsuredtheriskoflossforupto90%oftradeaccountsreceivablesfromcertaindesignated
customersbasedonatotaldeductibleof$50.AsatDecember31,2016,accountsreceivabletotalingapproximately$63,732(March31,2016$16,785),were
insuredunderthisagreement.

Note 8. Inventories

December 31 March 31
2016 2016
$ $
Rawmaterials 36,373 46,648
Work-in-process 4,243 4,706
Finishedgoods

56,064


68,152

Total inventories at the lower of cost and net realizable value 96,680 119,506

IncludedininventoryasatDecember31,2016areprovisionsintheamountof$4,641(March31,2016$3,773).

F-62
Table of Contents

Notes to the Condensed Interim Consolidated Financial Statements

(unaudited)
December 31, 2016
(inthousandsofCanadiandollars,exceptpershareamounts)

Amountschargedtocostofsalescomprisethefollowing:

For the three months ended For the nine months ended
December 31 December 31
2016 2015 2016 2015
$ $ $ $
Costofgoodsmanufactured 88,193 51,229 166,833 121,049
Depreciation

574




346




1,570






1,058

88,767

51,575
168,403
122,107

Note 9. Accounts payable and accrued liabilities

Accountspayableandaccruedliabilitiesconsistofthefollowing:

December 31 March 31
2016 2016
$ $
Tradepayables 20,582 23,408
Accruedliabilities 23,836 7,032
Employeebenefits 7,074 4,228
Amountsduetorelatedparties(note14) 1,910
Otherpayables



12,750

1,873

Total 64,242
38,451

Note 10. Provisions

Provisionsconsistprimarilyofamountsrecordedinrespectofcustomerwarrantyobligations,terminationsofsalesagentsanddistributors,assetretirement
obligations,andbeginninginthecurrentfiscalyear,salesreturnsonDirecttoConsumersales.

Theprovisionforwarrantyclaimsrepresentsthepresentvalueofmanagementsbestestimateofthefutureoutflowofeconomicresourcesthatwillberequired
undertheCompanysobligationsforwarrantiesundersaleofgoods.Theestimatehasbeenmadeonthebasisofhistoricalwarrantytrendsandmayvaryasaresult
ofnewmaterials,alteredmanufacturingprocessesorothereventsaffectingproductqualityandproduction.

Thesalescontractprovisionrelatestomanagementsestimatedcostofthedepartureofcertainthirdpartydealers,agentsanddistributors.

F-63
Table of Contents

Notes to the Condensed Interim Consolidated Financial Statements

(unaudited)
December 31, 2016
(inthousandsofCanadiandollars,exceptpershareamounts)

DirecttoConsumersaleshavealimitedrightofreturn,typicallywithin30days,whichwasextendedduringtheholidayshoppingperiodtoaccommodateahigher
volumeofactivity.ThebalanceasatDecember31,2016relatestoseasonalDirecttoConsumersalesovertheholidaysellingseason.

Sales Sales
Warranty Contracts returns Other Total
$ $ $ $ $
Balance as at March 31, 2016 6,879
4,002

798
11,679

Additionalprovisionsrecognized 3,963 98 9,347 261 13,669

Reductionsresultingfromsettlement (2,152) (1,019) (3,171)
Other













14



14

Balance as at December 31, 2016 8,690

3,081
9,347
1,073
22,191

Provisionsareclassifiedascurrentandnon-currentliabilitiesbasedonmanagementsexpectationofthetimingofsettlement,asfollows:

December 31 March 31
2016 2016
$ $
Currentprovisions 12,473 3,125
Non-currentprovisions



9,718



8,554

22,191
11,679

Note 11. Long-term debt

Revolving Facility
OnJune3,2016,theCompanyenteredintoanagreementwithasyndicateoflendersforaseniorsecuredasset-basedrevolvingfacility(theRevolvingFacility)
intheamountof$150,000withanincreaseincommitmentsto$200,000duringthepeakseason(June1November30)andarevolvingcreditcommitment
comprisingaletterofcreditcommitmentintheamountof$25,000,witha$5,000sub-commitmentforlettersofcreditissuedinacurrencyotherthanCanadian
dollars,U.S.DollarsorEuros,andaswinglinecommitmentfor$25,000.TheRevolvingFacilityhasa5-yeartermandcanbedrawninCanadiandollars,US
dollars,Eurosorothercurrencies.AmountsowingundertheRevolvingFacilitymaybeborrowed,repaidandre-borrowedforgeneralcorporatepurposes.

TheRevolvingFacilityhasmultipleinterestratechargeoptionsthatarebasedontheCanadianprimerate,BankersAcceptancerate,thelendersAlternateBase
Rate,EuropeanBaseRate,LIBORrate,orEURIBORrateplusanapplicablemargin,withinterestpayablequarterly.TheCompanyhaspledgedsubstantiallyallof
itsassetsascollateralfortheRevolvingFacility.TheRevolvingFacilitycontainsfinancialandnon-financialcovenantswhichcouldimpacttheCompanysability
todrawfunds.AsatDecember31,2016andduringtheperiodtheCompanywasincompliancewithallcovenants.

TheamountoutstandingatDecember31,2016withrespecttotheRevolvingFacilityis$59,825($57,816netofdeferredfinancingchargesof$2,009).

F-64
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Notes to the Condensed Interim Consolidated Financial Statements

(unaudited)
December 31, 2016
(inthousandsofCanadiandollars,exceptpershareamounts)

AsatDecember31,2016,theCompanyhadlettersofcreditoutstandingundertheRevolvingFacilityof$554(March31,2016$297).

TheCompanyusedtheproceedsfromtheRevolvingFacilitytorepayandextinguishitspreviousrevolvingcreditfacilityandtermcreditfacility.Asaresultofthe
extinguishmentoftherevolvingcreditfacilityandtermcreditfacility,deferredfinancingchargesintheamountof$946wereexpensedintheninemonthsended
December31,2016asnetinterestandotherfinancecosts.

Term Loan
OnDecember2,2016,inconnectionwiththeRecapitalization,theCompanyenteredintoaseniorsecuredloanagreementwithasyndicateoflenders,theTerm
Loan,thatissecuredonasplitcollateralbasisalongsidetheRevolvingFacility,inanaggregateprincipalamountof$216,738(US$162,582).TheCompany
incurredanoriginalissuediscountof$6,502andtransactioncostsof$3,427ontheissuanceoftheTermLoan.TheTermLoanbearsinterestatarateofLIBOR
plus5%payablequarterlyorattheendofthethencurrentinterestperiod(whicheverisearlier)inarrears,providedthatLIBORmaynotbelessthan1%.The
Companyrecognizedthefairvalueoftheembeddedderivativeliabilityrelatedtotheinterestratefloorof$1,375attheinceptionoftheTermLoan.Thederivative
willberemeasuredateachreportingperiod.

TheTermLoanisdueonDecember2,2021,andisrepayableinquarterlyamountsofUS$406beginningJune30,2017.AmountsowingundertheTermLoan
mayberepaidatanytimewithoutpremiumorpenalty,butoncerepaidmaynotbereborrowed.

TheCompanyhaspledgedsubstantiallyallofitsassetsascollateralfortheTermLoan.TheTermLoancontainsfinancialandnon-financialcovenantswhichcould
impacttheCompanysabilitytodrawfunds.AsatDecember31,2016andduringtheperiodtheCompanywasincompliancewithallcovenants.

AstheTermLoanisdenominatedinUS$,theCompanyremeasurestheoutstandingbalanceplusaccruedinterestateachbalancesheetdate.Theamount
outstandingatDecember31,2016withrespecttotheTermLoanisasfollows:

$
TermLoan 218,298
Less:Unamortizedcosts

(9,810)

208,488
Less:CurrentportionofTermLoan

(1,637)

Long-termportionofTermLoan 206,851

FutureminimumprincipalrepaymentsoftheTermLoanasatDecember31,2016are:

Fiscal year US$

2018 1,626
2019 1,626
2020 1,626
2021 1,626
2022

156,078

162,582

F-65
Table of Contents

Notes to the Condensed Interim Consolidated Financial Statements

(unaudited)
December 31, 2016
(inthousandsofCanadiandollars,exceptpershareamounts)

Subordinated debt
OnDecember2,2016,inconnectionwiththeRecapitalization,theCompanyrepaidtheoutstandingamountsofitssubordinateddebtplusaccruedinterestowingto
anentityrelatedtothemajorityshareholderoftheCompanyasfollows:

$
Seniorsubordinatednote 79,716
Juniorsubordinatednote 5,590
Accruedinterest

5,732

91,038

TherepaymentwasfinancedfromtheproceedsoftheTermLoan.

Net interest and other finance costs

Netinterestandotherfinancecostsconsistofthefollowing:

For the three months ended For the nine months ended
December 31 December 31
2016 2015 2016 2015
$ $ $ $
Interestexpense
Revolvingfacility 856 2,093
Termloan 1,233 1,233
Creditfacility
Revolvingcreditfacility 723 337 1,483
Termcreditfacility 73 56 228
Subordinateddebt 956 1,407 3,822 4,173
Bankindebtedness 4 2 17
Other 3 3 14 9
Standbyfees 39 5 119 111
Writeoffdeferredfinancingcostsonrefinancing




946


Interestexpenseandotherfinancingcosts 3,087 2,215 8,622 6,021
Interestincome




(2)

(4)
Net interest and other financing charges

3,087

2,215
8,620

6,017

Note 12. Shareholders equity

InconnectionwiththeRecapitalization,thefollowingsharecapitaltransactionswerecompletedonDecember2,2016:

1. The53,144,000outstandingClassAseniorpreferredshareswereredeemedfortheircapitalamountof$53,144.

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Table of Contents

Notes to the Condensed Interim Consolidated Financial Statements

(unaudited)
December 31, 2016
(inthousandsofCanadiandollars,exceptpershareamounts)

2. The3,426,892outstandingClassAjuniorpreferredshareswereredeemedundertheirtermsfortheirliquidityvalueof$4,063.Theexcessoftheredemption
pricepaidoverthestatedcapitalamountforthesharesof$336hasbeenchargedtoretainedearnings.

3. TheCompanyhassubdividedtheexistingClassAandClassBcommonsharesonthebasisof10,000,000commonsharesforeveryshare.

4. Areturnofcapitalof$698waspaidontheClassAcommonshares.

5. Inaseriesoftransactions,theoutstandingClassBseniorpreferredshares,theClassBjuniorpreferredsharesandtheClassBcommonshareshavebeen
exchangedinto63,576,003ClassDpreferredshareswithafixedvalueof$63,576and30,000,000ClassAcommonshares.Asaresultoftheexchange,
$56,940waschargedasareductionofcontributedsurplus,and$6,636waschargedtoretainedearnings.

6. TheClassDpreferredsharesarenon-voting,redeemablebytheCompany,retractablebytheholder,andareinpreferenceandprioritytoanypaymentor
distributionoftheassetsoftheCompanytotheholdersofanyotherclassofshares;accordingly,theredemptionvalueof$63,576isrecordedasafinancial
liability.TheClassDpreferredsharesarealsopledgedascollateralfortheshareholderadvanceof$63,576(note14);whenthesharesareredeemedor
retracted,theredemptionamountwillautomaticallybeappliedtosettletheshareholderadvance.TheobligationrelatedtotheClassDpreferredsharesand
theshareholderadvancereceivablehavebeenrecordedatthenetliabilityvalueofnilinthesecondensedinterimconsolidatedfinancialstatements.
SubsequenttotheendoftheperiodonJanuary31,2017,theClassDpreferredshareswereredeemedandtheshareholderadvancewassettledinfull.

AftertheRecapitalization,theauthorizedandissuedsharecapitaloftheCompanyisasfollows:

Authorized:
TheauthorizedsharecapitaloftheCompanyconsistsofanunlimitednumberofcommonshareswithoutparvalueandanunlimitednumberofpreferredshares
withoutparvalue,issuableinseries.

F-67
Table of Contents

Notes to the Condensed Interim Consolidated Financial Statements

(unaudited)
December 31, 2016
(inthousandsofCanadiandollars,exceptpershareamounts)

Issued:
Theeffectoftherecapitalizationtransactionsontheissuedandoutstandingsharecapitalofthecompanyisdescribedbelow:

Common Shares Preferred Shares

Class A senior Class A junior Class B senior Class B junior Class D
Class A Class B preferred preferred preferred preferred preferred
Number $ Number $ Number $ Number $ Number $ Number $ Number $
Balance, as at March 31, 2016 7 3,350 3 53,144,000 53,144 3,426,892 3,727 22,776,000 34,164,000
Recapitalizationtransactions:
RepurchaseClassAseniorpreferred
shares (53,144,000) (53,144)
RedeemClassAjuniorpreferred
shares (3,426,892) (3,727)
SubdivideClassAandClassB
commonshares 69,999,993 29,999,997
ReturnofcapitalonClassA
commonshares (698)
ExchangeallClassBpreferredand
commonsharesforClassD
preferredsharesandClassA
commonshares

30,000,000 (30,000,000)


















(22,776,000) (34,164,000)










63,576,003

Balance, as at December 31, 2016 100,000,000 2,652

63,576,003

Note 13. Share-based payments

UnderthetermsoftheCompanysstockoptionplan(thePlan),optionsmaybegrantedonClassAcommonshares,toamaximumof11,111,111options,to
selectexecutivesoftheCompany,withvestingcontingentuponmeetingtheservice,performancegoalsandexiteventconditionsofthePlan.Alloptionsareissued
atanexercisepricethatisnotlessthanmarketvalueatthetimeofgrantandexpiretenyearsafterthegrantdate.

Service-vested options
Service-vestedoptions,whichareherebyreferredtoasTrancheAoptions,aresubjecttotheexecutivescontinuingemploymentandgenerallyarescheduledto
vest40%onthesecondanniversaryofthedateofgrant,20%onthethirdanniversary,20%onthefourthanniversaryand20%onthefifthanniversary.

Performance-vested exit event options

Therearetwotypesofperformance-vestedoptionstiedtoanexitevent,whichareherebyreferredtoasTrancheBandTrancheCoptions,thatareeligibletovest
onapro-ratabasisuponanexiteventpursuanttowhichtheaggregatecommonequityvalueisinexcessofspecifiedratesofreturnontotalinvestment,subjectto
theexecutivescontinuedemploymentthroughthedateoftheexitevent.

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Table of Contents

Notes to the Condensed Interim Consolidated Financial Statements

(unaudited)
December 31, 2016
(inthousandsofCanadiandollars,exceptpershareamounts)

Compensationexpenseforshare-basedcompensationgrantedismeasuredatthefairvalueatthegrantdateusingtheMonteCarlovaluationmodel.

InconnectionwiththeRecapitalization,onDecember2,2016alloftheoutstandingoptionswereamendedtobecomeoptionstoacquireClassAcommonsharesof
theCompany,andthenumberandexercisepriceoftheoutstandingoptionswereadjustedtoconformwiththerevisedsharecapitalstructure(note12).

IntheninemonthperiodendedDecember31,2016theCompanygranted1,131,865optionsunderitsstockoptionplantopurchaseClassAcommonsharesat
exercisepricesrangingfrom$4.62to$8.94pershareaftergivingeffecttotheRecapitalization.Optionstopurchase222,222sharesatapriceof$1.79pershare
werecancelled.

AftertheRecapitalizationthereare6,359,785optionsoutstanding,ofwhich791,765arevested.Oftheoutstandingstockoptions,2,119,920areTrancheAoptions
thatareservicevestedoptions;theremainderareTrancheBandTrancheCoptions,performance-vestedexiteventoptionsthatvestonapro-ratabasisuponthe
occurrenceofanexitevent.

ThefollowingtablesummarizesinformationaboutstockoptionsoutstandingandexercisableatDecember31,2016,aftergivingeffecttotheRecapitalization
adjustments:

Options Outstanding Options Exercisable

Weighted Weighted
Average Average
Exercise Remaining Remaining
price Number Life in Years Number Life in Years
$ 0.02 3,561,258 7 695,471 7
$ 1.90 55,555 7 18,518 7
$ 0.25 222,222 8 18,518 8
$ 2.37 55,555 8 29,629 8
$ 1.79 1,333,330 8 29,629 8
$ 4.62 1,078,682 9
$ 8.94

53,183



10

6,359,785
791,765

Oneachvestingdate,TrancheBandTrancheCoptionsbecomeeligibletovestupontheoccurrenceofanexitevent.AsatDecember31,2016thereare1,583,542
TrancheBandTrancheCoptionsthatareeligibletovestimmediatelyupontheoccurrenceofanexitevent.

Accounting for share-based awards

DuringtheninemonthperiodendedDecember31,2016,theCompanysregularreviewofequityinstrumentsexpectedtovestresultedinincreasestocumulative
expensesrecognizedasshare-basedcompensationintheperiod.ForthethreeandninemonthsendedDecember31,2016,theCompanyrecorded$1,035and
$2,536,respectively,ascontributedsurplusandcompensationexpenseforthevestingofstockoptions(2015$125and$375,respectively).Share-based
compensationexpenseisincludedinselling,generalandadministrativeexpenses.

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Notes to the Condensed Interim Consolidated Financial Statements

(unaudited)
December 31, 2016
(inthousandsofCanadiandollars,exceptpershareamounts)

TheassumptionsusedtomeasurethefairvalueofoptionsgrantedduringthethreeandninemonthsendedDecember31,2016undertheMonteCarlooption
pricingmodelatthegrantdatewereasfollows:

For the nine months ended

December 31
2016
Stockpricevaluation $ 5.93to$9.51
Exerciseprice $ 4.62to$8.94
Risk-freeinterestrate 0.51%
Expectedlifeinyears 10
Expecteddividendyield %
Volatility 30%
Fairvalueofoptionsissuedintheperiod $8.94

Note 14. Related party transactions

DuringthethreeandninemonthperiodsendedDecember31,2016,theCompanyincurredmanagementfeesof$1,348and$1,560,respectively(2015$477and
$647,respectively)andinterestexpenseof$955and$3,822,respectively(2015$1,407and$4,173,respectively)onthesubordinateddebtduetoarelatedentity,
andtravelexpensesof$555(December31,2015$371)paidtocompaniesrelatedtotheshareholders.Thesetransactionsareinthenormalcourseofoperations
andaremeasuredatthefairvalue,whichistheconsiderationestablishedandagreedtobytheparties.

AsatMarch31,2016accruedinterestduetothesameentityof$1,910wasincludedintheaccountspayableandaccruedliabilities.Thesubordinateddebtand
accruedinteresthasbeenrepaidinfullasatDecember31,2016.

IntheninemonthperiodendedDecember31,2016,expensespaidtoanaffiliatecontrolledbythemajorityshareholderforITservicesintheamountof$110
(December31,2015$168)wererecognized.

InconnectionwiththeRecapitalization,theCompanymadeasecured,demand,non-interestbearingshareholderadvanceof$63,576toanentityindirectly
controlledbythePresidentandChiefExecutiveOfficer,tobeextinguishedbyitssettlementagainsttheredemptionpricefortheredemptionoftheClassD
preferredshares.DTRLLCpledgedalloftheClassDpreferredsharesascollateralfortheshareholderadvance.SubsequenttotheendoftheperiodonJanuary31,
2017,theClassDpreferredshareswereredeemedandtheshareholderadvancewassettledinfull.

Note 15. Financial instruments and fair value

Managementassessedthatthefairvaluesofcash,tradereceivables,andaccountspayableandaccruedliabilitiesapproximatetheircarryingamountsasat
December31andMarch31,2016,largelyduetotheshort-termmaturitiesoftheseinstruments.

ManagementassessedthatthetermloanhadafairvaluethatapproximateditsamortizedcostduetotheshorttimethathaselapsedsincetheCompanyenteredinto
thearrangement(March31,2016nil).ThefairvalueofthesubordinateddebtasatMarch31,2016isbasedontheequivalentdollaramountofcommonshares
thataretobereceiveduponconversionofthesubordinateddebt,andisequaltothecarryingamountofthedebt.

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Notes to the Condensed Interim Consolidated Financial Statements

(unaudited)
December 31, 2016
(inthousandsofCanadiandollars,exceptpershareamounts)

Derivative Financial Instruments

DuringthethreeandninemonthperiodsendedDecember31,2016theCompanyenteredintoforeignexchangeforwardcontractstosellU.S.dollars,Euro,and
PoundSterling.Anunrealizedmark-to-marketgainof$127andlossof$344wasrecordedinselling,generalandadministrativeexpensesinthethreeandnine
monthperiodsendedDecember31,2016,respectively(2015againof$2,469andlossof$1,129inthethreeandninemonthperiods,respectively).Asat
December31,2016,theCompanyhasderivativeliabilitiesof$1relatedtoforeignexchangeforwardcontractswhichareincludedinaccountspayableandaccrued
liabilities(aderivativeassetof$4,422inothercurrentassetsasatMarch31,2016).OnDecember2,2016theCompanyenteredintoatermloanagreement(note
11)andrecognizedthefairvalueofarelatedderivativeliabilityintheamountof$1,375whichisincludedinotherlong-termliabilities.

AsatDecember31,2016,theCompanyhadforeignexchangeforwardcontractsrepresentingnotionalamountsofUS$11,500tobuyCanadiandollarsandsellU.S.
dollars,5,000tobuyCanadiandollarsandsellEuros,4,500tobuyCanadiandollarsandsellPoundsSterling,andCHF1,000tobuySwissFrancsandsell
Canadiandollars(asatMarch31,2016notionalamountsofUS$30,500tobuyCanadiandollarsandsellU.S.dollars,4,000tobuyCanadiandollarsandsell
Euros,and1,500tobuyCanadiandollarsandsellPoundsSterling).

DuringtheninemonthsendedDecember31,2016,theCompanysettledforeignexchangeforwardcontractsandrealizedagainof$4,079(2015nil),whichhas
beenrecordedinselling,generalandadministrativeexpenses.

Fair Value
ThefollowingtablepresentsthefairvaluesandfairvaluehierarchyoftheCompanysfinancialinstrumentsandexcludesfinancialinstrumentscarriedatamortized
costthatareshort-terminnature:

December 31, 2016 March 31, 2016

Carrying Fair Carrying Fair
Level 1 Level 2 Level 3 value Value Level 1 Level 2 Level 3 value Value
$ $ $ $ $ $ $ $ $ $
Financial assets
Cash 30,180 30,180 30,180 7,226 7,226 7,226
Derivativesincludedinothercurrentassets 4,422 4,422 4,422
Financial liabilities
Derivativesincludedinaccountspayableand
accruedliabilities 1 1 1
Derivativesincludedinotherlong-termliabilities 1,375 1,375 1,375
Creditfacility 59,825 59,825 47,177 55,202 55,202 46,179
Termloan 218,298 218,298 218,298
Subordinateddebt 85,306 85,306 85,306

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Notes to the Condensed Interim Consolidated Financial Statements

(unaudited)
December 31, 2016
(inthousandsofCanadiandollars,exceptpershareamounts)

Note 16. Leases

TheCompanyhasoperatingleasecommitmentsforfutureperiods,expiringasfollows:

$
Notlaterthan1year 9,921
Laterthan1yearandnotlaterthan3years 20,596
Laterthan4yearsandnotlaterthan5years 21,178
Laterthan5years

44,612

96,307

BeginninginthethreemonthperiodendedDecember31,2016,theCompanyalsohasanobligationtopaycontingentrentbasedonapercentageofsalesin
connectionwitharetailstorelease.

Note 17. Selected cash flow information

Changesinnon-cashworkingcapitalitemsconsistofthefollowing:

For the nine months ended

December 31
2016 2015
$ $
Tradereceivables (71,507) (64,519)
Inventories 22,826 (18,275)
Othercurrentassets (1,357) 5,747
Accountspayableandaccruedliabilities 21,274 18,072
Provisions 10,512 2,400
Other



3



369

Change in non-cash working capital (18,249)

(56,206)

For the nine months ended

December 31
2016 2015
$ $
Non-cashtransaction:
IssuanceofClassDpreferredsharesinexchangeforClassBsenior
preferredsharesandClassBjuniorpreferredshares



63,576

F-72
Table of Contents

Canada Goose Holdings Inc.

Subordinate Voting Shares

Prospectus

CIBC Capital Markets Credit Suisse Goldman, Sachs & Co. RBC Capital Markets

BofA Merrill Lynch Morgan Stanley Barclays BMO Capital Markets TD Wells Fargo Securities

Baird Canaccord Genuity

March 15, 2017

Through and including April 9, 2017 (25 days after the commencement of this offering), all dealers that effect transactions in our subordinate voting
shares, whether or not participating in this offering, may be required to deliver a prospectus. This delivery is in addition to a dealers obligation to deliver
a prospectus when acting as an underwriter and with respect to their unsold allotments or subscriptions.