LIQUOR STORES INCOME FUND. RBC Capital Markets Trust Investor Symposium January 23 & 24, 2007

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1 LIQUOR STORES INCOME FUND RBC Capital Markets Trust Investor Symposium January 23 & 24, 2007

2 Management Team Irv Kipnes Chief Executive Officer Rick Crook President & Chief Operating Officer Pat de Grace Vice President of Finance & Chief Financial Officer 2

3 Simple Structure LIQ.UN 100% Trust 74.3% Vendors 25.7% Partnership 105 Stores 3

4 Simple Business Convenient locations Strong real estate expertise Liquor products comprise 99%+ of sales Experienced liquor store operators Cash business Proven strategies for continued growth 4

5 Favorable Regulatory Environment Legislated level playing field Separate and distinct business requirement in the Alberta Act Uniform wholesale and postage stamp delivery costs 5

6 Ideal Income Fund Assets Stable revenues & margins with EBITDA growth of 21.1% Attractive industry growing at 5% to 2005 Alberta s largest liquor store retailer by number of stores 6

7 Strong and Consistent Revenue Growth 5.0% CAGR $ $ $ Billions Spirits Wine Coolers Beer Total BCLDB sales are $2.25 billion. Historic information is not available. 7

8 Strong Sales Growth 14.4% CAGR $157.4 $ Millions $46.7 $56.6 $59.7 $63.2 $69.0 $96.5 $107.2 $113.7 $

9 Reliable and Growing EBITDA 21.1% CAGR $12.9 $9.1 $ Millions $5.2 $7.5 $8.0 $2.3 $2.4 $3.1 $2.9 $

10 Outstanding Product Merchandising Major competitive advantage Optimal traffic flow Upscale attractive designs Broader product offering Higher margin product focus Our average sales in Alberta stores are $2.5 million compared to industry average of $1.5 million. 10

11 Brand Marketing Targeted local advertising Club Card loyalty program 11

12 Strong Financial Capacity Completed three new issues for proceeds of $93.1 million on 5 million units Credit facility $63.8 million Operating line $32 million balloon to $38 million Acquisition loan $15 million Fixed asset loan $14.5 million Other $2.3 million Approximately $16 million currently used including approximately $9 million for seasonal inventory requirements Approximately $56 million available for acquisition & development including working capital required Debt to economic value approximately 20% assuming full credit facility utilization and $19 unit price 12

13 Strong Alignment with Unitholders Management, directors, and vendors currently hold >25.7% of units (fully diluted) including recent market purchases Long Term Incentive Plan now operative 15.7% of outstanding units subordinated to exchangeable units and Fund units to December

14 Real Estate Competitive Advantage Convenient high traffic shopping locations 60% of stores anchored by major tenants Long-term leases 14

15 Growth in the Mix! New stores Acquired or developed 55 stores since IPO Cash distributions To date three increases in distributions: May % to $1.075 per year February % to $1.20 per year November % to $1.40 per year 15

16 Track Record of Consistent Store Growth 35 stores developed 70 stores acquired 18.0% CAGR Developed Acquisitions 16

17 Largest Number of Liquor Stores In Alberta Vancouver, BC 2 stores Richmond, BC 1 store * To December 2006 Kamloops, BC 1 store Slave Lake 3 stores St. Albert 3 stores Grande Prairie 2 stores Edson 2 stores Stony Plain 2 stores Calgary 34 stores Kelowna, BC 2 stores Banff 1 store Victoria, BC 1 store Canmore 2 stores Chilliwack, BC 1 store Fort McMurray 5 stores Edmonton 32 stores Sherwood Park 2 stores Leduc 3 stores Red Deer 3 stores Airdrie 1 store High River 1 store Lethbridge 1 store 17

18 Alberta - Chain Store Ownership Single-Sto re Owners o f Chains < Chains > 5 Stores - 19 Calgary Co-Op - 14 Western Cellars (Sobeys) Real Canadian Liquo r Stores (Loblaws) - 28 Liquor Barn - 59 LSIF - 97 Total Stores Alberta 1050 approximately (Source: Alberta Liquor and Gaming Commission (AGLC)) 18

19 September 2006 YTD Operating Results Sales $ 150,987,655 $ 106,758,276 Cost of sales & expenses Operating margin Percent of sales Units outstanding Earnings / unit Distributable cash / unit 139,028,468 $ 11,959, % 11,496,300 $0.85 $ ,608,440 $ 8,149, % 9,921,095 $0.67 $

20 Historic Unit Price Liquor Stores Income Fund Historic Unit Price / 09/ 0 28/ 12/04 28/ 03/ 0 28/ 06/ 0 28/ 09/ 0 28/ 12/05 28/ 03/ 0 28/ 06/ 0 28/ 09/ 0 28/ 12/ 06 20

21 Risk Factors The Fund s results of operations, business prospects, financial condition, cash distributions to Unitholders and the trading price of the Fund s units are subject to a number of risks. These risk factors include: risks relating to government regulation; competition; the Company's ability to locate and secure acceptable store sites and to adapt to changing market conditions; risks relating to future acquisitions and development of new stores; failure to successfully integrate acquisitions; dependence on key personnel; the Company s ability to hire and retain staff at current wage levels, risks related to future unionization, supply interruption; reliance on information and control systems; dependence on capital markets to fund the Company's growth strategy beyond its available credit facilities; dependence of the Fund on the Company; leverage and restrictive covenants in agreements relating to current and future indebtedness of the Company; restrictions on the potential growth of the Company as a consequence of the payment by the Company of a substantial amount of its operating cash flow; income tax related risks; and the Vendors' right to approve certain material transactions. For a discussion of these risks and other risks associated with an investment in Fund Units, see Risk Factors detailed the Fund s Annual Information Form, which is available at 21

22 Non-GAAP Measures References to EBITDA are to earnings before interest, income taxes, depreciation and amortization and references to distributable cash are to cash available for distribution to Unitholders in accordance with the distribution policies of the Fund. Management believes that, in addition to income or loss, EBITDA and cash available for distribution before debt service, changes in working capital, capital expenditures and income taxes are useful supplemental measures of performance. Specifically, management believes that EBITDA is the appropriate measure from which to make adjustments to determine the distributable cash of the Fund. Distributable cash of the Fund is a measure generally used by Canadian open-ended trusts as an indicator of financial performance. As one of the factors that may be considered relevant by prospective investors is the cash distributed by the Fund relative to the price of the Fund Units, management believes that distributable cash of the Fund is a useful supplemental measure that may assist prospective investors in assessing an investment in the Fund. EBITDA and distributable cash are not earnings measures recognized by GAAP and do not have standardized meanings prescribed by GAAP. Investors are cautioned that EBITDA and distributable cash should not replace net income or loss (as determined in accordance with GAAP) as an indicator of the Fund's performance, of its cash flows from operating, investing and financing activities or as a measure of its liquidity and cash flows. The Fund's methods of calculating EBITDA and distributable cash may differ from the methods used by other issuers. Therefore, the Fund's EBITDA and distributable cash may not be comparable to similar measures presented by other issuers. Operating margin for purposes of disclosure under Operating Results have been derived by adding interest expense, income tax expense, amortization of property and equipment, intangibles and pre-opening costs and noncontrolling interest to net earnings for the period. Operating margin as so calculated is not a measure recognized by GAAP and does not have a standardized meaning prescribed by GAAP. Investors are cautioned that operating margin as so calculated should not replace net income or loss (as determined in accordance with GAAP) as an indicator of the Fund's performance, of its cash flows from operating, investing and financing activities or as a measure of its liquidity and cash flows. The Fund's method of calculating operating margin as so calculated may differ from the methods used by other issuers. Therefore, the Fund's operating margin as so calculated may not be comparable to similar measures presented by other issuers. 22

23 Forward Looking Information This presentation contains forward-looking statements. This management s discussion and analysis contains forward-looking statements. All statements other than statements of historical fact contained in this management s discussion and analysis are forward-looking statements, including, without limitation, statements regarding the future financial position, cash distributions, business strategy, proposed acquisitions, budgets, litigation, projected costs and plans and objectives of or involving the Fund or Liquor Stores LP. You can identify many of these statements by looking for words such as believes, expects, will, intends, projects, anticipates, estimates, continues or similar words or the negative thereof. These forward-looking statements include statements with respect to the amount and timing of the payment of the distributions of the Fund. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur. Forwardlooking statements are subject to risks, uncertainties and assumptions, including, but not limited to, those discussed elsewhere in this management s discussion and analysis. There can be no assurance that such expectations will prove to be correct. Some of the factors that could affect future results and could cause results to differ materially from those expressed in the forward-looking statements contained herein include, but are not limited to, those discussed under Risk Factors. The information contained in this management s discussion and analysis, including the information set forth under Risk Factors, identifies additional factors that could affect the operating results and performance of the Fund and Liquor Stores LP. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this management s discussion and analysis is made as of the date of this management s discussion and analysis and the Fund assumes no obligation to update or revise them to reflect new events or circumstances except as expressly required by applicable securities law. 23

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