Karabus Management joins PricewaterhouseCoopers Canada

TORONTO, October 14, 2008 — PricewaterhouseCoopers (PwC) Canada announced today that it has acquired leading retail advisory firm, Karabus Management. The combination brings significant opportunities for both companies to expand their retail consulting capabilities and assist retailers to improve their business performance.

Under the terms of the agreement, Karabus will become a wholly-owned subsidiary of PwC and have access to PwC's significant resources and global network to drive substantial future growth. Karabus will continue to be led by its Founder and CEO, Antony Karabus, together with the entire Karabus senior leadership team that has built its market-leading position in retail performance improvement.

While PwC will continue to develop and grow its existing client offerings to retailers, Karabus will bring their specialized ability to help retailers improve their profitability through key services including: merchandise optimization, inventory and category management, store operations effectiveness and cost efficiency, financial performance improvement, turnaround services, retail IT effectiveness and strategy and supply chain management.

Established in 1990, Karabus is singularly focused on helping retailers improve their financial performance in a highly competitive retail marketplace. Karabus employs approximately 50 retail specialists who are based in more than 15 North American markets.

"The uniqueness of the combined Karabus and PwC service offerings has already created substantial benefits for both our firms and retailers," says Chris Clark, PwC's Canadian Senior Partner and CEO. "We're delighted to have Antony and the entire Karabus team join PwC to provide our retail clients with this significant additional expertise".

According to Antony Karabus, CEO of Karabus Management, "This collaboration provides our firm with the resources and global reach needed to allow us to capitalize on the substantial market opportunities in the retail industry. The mutual respect developed over many years of working together with PwC will take our firm to a new level and position us to provide retailers with the most comprehensive solutions to drive improved operational and financial performance."

About PricewaterhouseCoopers
PricewaterhouseCoopers (www.pwc.com) provides industry-focused assurance, tax and advisory services to build public trust and enhance value for its clients and their stakeholders. More than 146,000 people in 150 countries across our network share their thinking, experience and solutions to develop fresh perspectives and practical advice. In Canada, PricewaterhouseCoopers LLP (www.pwc.com/ca) and its related entities have more than 5,200 partners and staff in offices across the country.

“PricewaterhouseCoopers” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership, or, as the context requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate and independent legal entity.

About Karabus Management
Karabus Management (www.karabus.com) is a leading North American retail advisory firm that helps retailers significantly improve their operational and financial performance. The firm's 50 dedicated retail consultants work with many of North America's leading retailers. For more information, please visit the company's website at www.karabus.com.