Toys R Us Inc

Toys R Us — Presentation (March 2018)

48 slides from Toys R Us's investor presentation, Mar 15, 2018

1. Slide 1: U.S. Big Box Store Financial Information FY'16 Sales

   TRU—Real Estate Cleansing Materials U.S. “Big Box” Store Financial Information FY’16 Sales $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $ — 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53

2. Slide 2: U.S. Big Box Store Financial Information FY'16 4-Wall EBITDAR

   TRU—Real Estate Cleansing Materials U.S. “Big Box” Store Financial Information FY’16 4-Wall EBITDAR $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $ — 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50

3. Slide 3: U.S. Big Box Store Financial Information FYE'16 Inventory

   TRU—Real Estate Cleansing Materials U.S. “Big Box” Store Financial Information FYE’16 Inventory $3,000 $2,500 $2,000 $1,500 $1,000 $500 $ — 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 5

4. Slide 4: U.S. Big Box Store Financial Information FY'17 Sales

   TRU—Real Estate Cleansing Materials U.S. “Big Box” Store Financial Information FY’17 Sales $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $ — 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56

5. Slide 5: U.S. Big Box Store Financial Information FY'17 4-Wall EBITDAR

   TRU—Real Estate Cleansing Materials U.S. “Big Box” Store Financial Information FY’17 4-Wall EBITDAR $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $ — ($1,000) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 5

6. Slide 6: U.S. Big Box Store Financial Information FY'17 Inventory

   TRU—Real Estate Cleansing Materials U.S. “Big Box” Store Financial Information FY’17 Inventory $2,500 $2,000 $1,500 $1,000 $500 $ — 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59

7. Slide 7: Third-Party Rent Expense

   TRU—Real Estate Cleansing Materials U.S. “Big Box” Store Financial Information Third-Party Rent Expense 2,500 2,000 1,500 1,000 500 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 5

8. Slide 8: Master Lease Rent Expense

   TRU—Real Estate Cleansing Materials U.S. “Big Box” Store Financial Information Master Lease Rent Expense 1,600 1,400 1,200 1,000 800 600 400 200 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54

9. Slide 9: Initial Lease Term

   TRU—Real Estate Cleansing Materials U.S. “Big Box” Store Financial Information Initial Lease Term 90 80 70 60 50 40 30 20 10 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61

10. Slide 10: Owned Stores Lit Value

    $ $ $ $ $ ( in 5,000 25,000 5,000 25,000 5,000 25,000 5,000 25,000 0 10,000 15,000 20,000 0 10,000 15,000 20,000 0 10,000 15,000 20,000 0 10,000 15,000 20,000 559 397 230 4 561 398 231 5 thousands) 564 400 232 9 Owned 569 401 237 22 572 405 238 30 573 407 240 38 577 409 243 39 579 412 244 50 580 413

11. Slide 11: Owned Stores Dark Value

    $ $ $ $ $ ( in 3,000 6,000 9,000 15,000 3,000 6,000 9,000 15,000 3,000 6,000 9,000 15,000 3,000 6,000 9,000 15,000 0 12,000 0 12,000 0 12,000 0 12,000 651 495 273 8 656 496 274 16 thousands) Owned 659 501 276 29 663 502 280 43 664 503 284 55 667 504 297 61 Stores 669 509 302 64 – 671 510 310 66 679

12. Slide 12: Ground Lease Stores Lit Value

    $ $ $ $ $ ( in 5,000 20,000 5,000 20,000 5,000 20,000 5,000 20,000 0 10,000 15,000 0 10,000 15,000 0 10,000 15,000 0 10,000 15,000 559 397 230 4 561 398 231 5 thousands) 564 400 232 9 Ground 569 401 237 22 572 405 238 30 573 407 240 38 Note: 577 409 243 39 412 244 50 579 580 413 245 53 Lease 414 249

13. Slide 13: Ground Lease Stores Dark Value

    $ $ $ ( in 3,000 6,000 9,000 12,000 3,000 6,000 9,000 12,000 0 0 492 29 496 84 thousands) Ground 503 101 Note: 509 106 517 164 525 175 Lease Excludes 545 183 ground 547 187 548 190 Stores leases 550 225 at – 555 233 Delaware 565 234 571 239 Dark and 575 241 MAP 592 242 (no 605 247 Value dark 607 254

14. Slide 14: Lease Options

    TRU—Real Estate Cleansing Materials U.S. “Big Box” Store Financial Information Lease Options 3 1/5 Year 136 4/5 Year 295 3/5 Year 442 5/5 Year 602 5/5 Year 726 2/5 Year 4 3/5 Year 137 5/5 Year 297 5/5 Year 444 8/5 Year 604 4/3 Year 727 7/5 Year 6 4/5/ Year 141 4/5 Year 299 2/5 Year 447 2/5 Year 605

15. Slide 15: List of Landlords

    TRU—Real Estate Cleansing Materials U.S. “Big Box” Store Financial Information List of Landlords 101 & Scottsdale, LLC CFT NV Developments, LLC FORUM LONE STAR, L.P. Kin Properties Inc. PARK BROOKE HAZLET LLC Sunset Hills Owner LLC 1189 STCW, LLC Chandler Pavilions, LLC Frederick J. Meno, Receiver K

16. Slide 16: Store-level lease and occupancy costs

    Project Sunrise ($ in Thousands) Lease Building Toy JUV Primary CAM CAM Insurance Insurance Utilities Utilities R&M R&M Row # Store # Store Name Chain Entity DMA Type Address City State Zip Size (SF) Selling (SF) Selling (SF) Region DC 2016 2017 2016 2017 2016 2017 2016 2017 1 5669 Tustin BRU Delawa

17. Slide 17: Store-level lease and occupancy costs

    Project Sunrise ($ in Thousands) Lease Building Toy JUV Primary CAM CAM Insurance Insurance Utilities Utilities R&M R&M Row # Store # Store Name Chain Entity DMA Type Address City State Zip Size (SF) Selling (SF) Selling (SF) Region DC 2016 2017 2016 2017 2016 2017 2016 2017 62 6445 Reno BRU Propco

18. Slide 18: Store-level lease and occupancy costs

    Project Sunrise ($ in Thousands) Lease Building Toy JUV Primary CAM CAM Insurance Insurance Utilities Utilities R&M R&M Row # Store # Store Name Chain Entity DMA Type Address City State Zip Size (SF) Selling (SF) Selling (SF) Region DC 2016 2017 2016 2017 2016 2017 2016 2017 123 6570 S. Richmond BRU

19. Slide 19: Store-level lease and occupancy costs

    Project Sunrise ($ in Thousands) Lease Building Toy JUV Primary CAM CAM Insurance Insurance Utilities Utilities R&M R&M Row # Store # Store Name Chain Entity DMA Type Address City State Zip Size (SF) Selling (SF) Selling (SF) Region DC 2016 2017 2016 2017 2016 2017 2016 2017 184 9290 Fort Wayne BRU

20. Slide 20: Store-level lease and occupancy costs

    Project Sunrise ($ in Thousands) Lease Building Toy JUV Primary CAM CAM Insurance Insurance Utilities Utilities R&M R&M Row # Store # Store Name Chain Entity DMA Type Address City State Zip Size (SF) Selling (SF) Selling (SF) Region DC 2016 2017 2016 2017 2016 2017 2016 2017 245 5652 Scottsdale TRU

21. Slide 21: Store-level lease and occupancy costs

    Project Sunrise ($ in Thousands) Lease Building Toy JUV Primary CAM CAM Insurance Insurance Utilities Utilities R&M R&M Row # Store # Store Name Chain Entity DMA Type Address City State Zip Size (SF) Selling (SF) Selling (SF) Region DC 2016 2017 2016 2017 2016 2017 2016 2017 306 6311 Carle Place TRU

22. Slide 22: Store-level lease and occupancy costs

    Project Sunrise ($ in Thousands) Lease Building Toy JUV Primary CAM CAM Insurance Insurance Utilities Utilities R&M R&M Row # Store # Store Name Chain Entity DMA Type Address City State Zip Size (SF) Selling (SF) Selling (SF) Region DC 2016 2017 2016 2017 2016 2017 2016 2017 367 7804 Oklahoma City T

23. Slide 23: Store-level lease and occupancy costs

    Project Sunrise ($ in Thousands) Lease Building Toy JUV Primary CAM CAM Insurance Insurance Utilities Utilities R&M R&M Row # Store # Store Name Chain Entity DMA Type Address City State Zip Size (SF) Selling (SF) Selling (SF) Region DC 2016 2017 2016 2017 2016 2017 2016 2017 428 8366 Reading TRU Pro

24. Slide 24: Store-level lease and occupancy costs

    Project Sunrise ($ in Thousands) Lease Building Toy JUV Primary CAM CAM Insurance Insurance Utilities Utilities R&M R&M Row # Store # Store Name Chain Entity DMA Type Address City State Zip Size (SF) Selling (SF) Selling (SF) Region DC 2016 2017 2016 2017 2016 2017 2016 2017 489 8905 Colerain TRU Pr

25. Slide 25: Store-level lease and occupancy costs

    Project Sunrise ($ in Thousands) Lease Building Toy JUV Primary CAM CAM Insurance Insurance Utilities Utilities R&M R&M Row # Store # Store Name Chain Entity DMA Type Address City State Zip Size (SF) Selling (SF) Selling (SF) Region DC 2016 2017 2016 2017 2016 2017 2016 2017 550 9525 Tulsa TRU Delaw

26. Slide 26: Store-level lease and occupancy costs

    Project Sunrise ($ in Thousands) Lease Building Toy JUV Primary CAM CAM Insurance Insurance Utilities Utilities R&M R&M Row # Store # Store Name Chain Entity DMA Type Address City State Zip Size (SF) Selling (SF) Selling (SF) Region DC 2016 2017 2016 2017 2016 2017 2016 2017 611 6318 Woodbridge SBS

27. Slide 27: Store-level lease and occupancy costs

    Project Sunrise ($ in Thousands) Lease Building Toy JUV Primary CAM CAM Insurance Insurance Utilities Utilities R&M R&M Row # Store # Store Name Chain Entity DMA Type Address City State Zip Size (SF) Selling (SF) Selling (SF) Region DC 2016 2017 2016 2017 2016 2017 2016 2017 672 8002 Tukwila SBS Del

28. Slide 28: Store-level lease and occupancy costs

    Project Sunrise ($ in Thousands) Lease Building Toy JUV Primary CAM CAM Insurance Insurance Utilities Utilities R&M R&M Row # Store # Store Name Chain Entity DMA Type Address City State Zip Size (SF) Selling (SF) Selling (SF) Region DC 2016 2017 2016 2017 2016 2017 2016 2017 733 8889 North Raleigh S

29. Slide 29: To be read in conjunction with the attached Notes and Summary of Assumptions

    To be read in conjunction with the attached Notes and Summary of Assumptions

30. Slide 30: Notes and assumptions to cash forecast

    such information, the For cast, Projectons wll be realized approximately 127 CADIUSD. Note Receipts Nowe2 Merchandise vendors Projected merchandise receits Note3Non-merchandise vendors Non-Merchandise vendors include disbursements to logistics, procurement, |T and ecommerce, be paid on current trade

31. Slide 31: TRU Canada Merchandise AP & Expense AP Summary

    TRU Canada Merchandise AP & Expense AP Summary Per TRU @ March 2, 2018 Merchandise AP CAD $ Post-filing (including unbooked) 33,611,814 Pre-filing 63,202,534 Grand Total 96,814,348 Per TRU @ Jan 25, 2018 Merchandise AP CAD $ Post-filing 13,772,574 Pre-filing 4,305,698 Grand Total 18,078,272

32. Slide 32: Fas sonnet

    Fas sonnet = 22 8 @ a2 8 3 3 eS a EEE a z — re = ml ‘camnceam Sea a a a a Femrencn TE Ee Se ee ee

33. Slide 33: Inventory & Payables Roll-Forward: U.S. Only

    Toys “R” Us Inventory & Payables Roll-Forward: U.S. Only ($ in MMs) Retail Week: Feb Wk 4 Mar Wk 1 Mar Wk 2 Mar Wk 3 Mar Wk 4 Apr Wk 1 Apr Wk 2 Apr Wk 3 Week Ending: 3/3/18 3/10/18 3/17/18 3/24/18 3/31/18 4/7/18 4/14/18 4/21/18 Total Inventory Roll-Forward Beginning Inventory $ 1,367.0 $ 1,353.6 $ 1

34. Slide 34: Summary US Only Income Statement Forecast (Periods)

    Project Sunrise Summary US Only $ in 000s Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast P12018 P22018 P32018 P42018 P52018 P62018 P72018 P82018 P92018 P102018 P112018 P122018 FY2017 3/3/2018 3/31/2018 5/5/2018 6/2/2018 6

35. Slide 35: Summary US Only Income Statement Forecast (Quarters)

    Project Sunrise Summary US Only $ in 000s Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Q12018 Q22018 Q32018 Q42018 Q12019 Q22019 Q32019 Q42019 5/5/2018 8/4/2018 11/3/2018 2/2/2019 FY2018 5/4/2019 8/3/2019 11/2/2019 2/1/2020 FY2019 Sales $ 938,381 $ 749,98

36. Slide 36: Summary US Only Balance Sheet Forecast (Periods)

    Project Sunrise Summary US Only $ in 000s Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast P12018 P22018 P32018 P42018 P52018 P62018 P72018 P82018 P92018 P102018 P112018 P122018 FY2017 3/3/2018 3/31/2018 5/5/2018 6/2/2018 6

37. Slide 37: Summary US Only Balance Sheet Forecast (Quarters)

    Project Sunrise Summary US Only $ in 000s Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Q12018 Q22018 Q32018 Q42018 Q12019 Q22019 Q32019 Q42019 5/5/2018 8/4/2018 11/3/2018 2/2/2019 FY2018 5/4/2019 8/3/2019 11/2/2019 2/1/2020 FY2019 Current Assets: Cash & C

38. Slide 38: Summary US Only Cash Flow Forecast (Periods)

    Project Sunrise Summary US Only $ in 000s Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast P12018 P22018 P32018 P42018 P52018 P62018 P72018 P82018 P92018 P102018 P112018 P122018 3/3/2018 3/31/2018 5/5/2018 6/2/2018 6/30/2018 8/4/201

39. Slide 39: Summary US Only Cash Flow Forecast (Quarters)

    Project Sunrise Summary US Only $ in 000s Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Q12018 Q22018 Q32018 Q42018 Q12019 Q22019 Q32019 Q42019 5/5/2018 8/4/2018 11/3/2018 2/2/2019 FY2018 5/4/2019 8/3/2019 11/2/2019 2/1/2020 FY2019 Cash Flows From Operatin

40. Slide 40: FY2018 to FY2019 Bridge: Baseline to Adjusted

    Project Sunrise FY2018 to FY2019 Bridge US Only $ in thousands FY2018 “Baseline” to “Adjusted” Bridging Items FY2018 Wave 1 Store Closures Wave 2 Store Closures Other U.S. Removal of Build Buyback Removal of Build Buyback U.S. “Baseline” Contribution Reclassification to GoB Costs Contribution Reclas

41. Slide 41: FY2018 to FY2019 Bridge: Adjusted to Run-Rate

    Project Sunrise FY2018 to FY2019 Bridge US Only $ in thousands Bridging FY2018 “Adjusted” to “RunRate” Bridging Items FY2018 Items FY2019 Wave 2 Store Closures Other Annualization of U.S. U.S. Removal of Build Buyback Annualization of “RunRate” U.S. U.S. “Adjusted” Contribution Reclassification to S

42. Slide 42: U.S. Liquidity Schedule FY2018

    Project Sunrise U.S. Liquidity Schedule $ in 000s Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast P122017 P12018 P22018 P32018 P42018 P52018 P62018 P72018 P82018 P92018 P102018 P112018 P122018 2/3/2018 3/3/2018 3/31/2018 5/5/2018 6

43. Slide 43: U.S. Liquidity Schedule FY2019

    Project Sunrise U.S. Liquidity Schedule $ in 000s Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast P12019 P22019 P32019 P42019 P52019 P62019 P72019 P82019 P92019 P102019 P112019 P122019 3/2/2019 3/30/2019 5/4/2019

44. Slide 44: ABL Borrowing Base

    Project Sunrise ABL Borrowing Base $ in USD Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast P122017 P12018 P22018 P32018 P42018 P52018 P62018 P72018 P82018 P92018 P102018 P112018 P122018 2/3/2018 3/3/2018 3/31/2018 5/5/2018 6/2/201

45. Slide 45: ABL Borrowing Base (Quarterly)

    Project Sunrise ABL Borrowing Base $ in USD Forecast Forecast Forecast Forecast Forecast Q12019 Q22019 Q32019 Q42019 5/4/2019 8/3/2019 11/2/2019 2/1/2020 FY2019 Domestic Borrowing Base: U.S. Credit Card Receivables Eligible US Credit Card Receivables 20,419,868 15,037,350 11,074,462 10,221,374 10,22

46. Slide 46: FILO Borrowing Base

    Project Sunrise FILO Borrowing Base $ in USD Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast P122017 P12018 P22018 P32018 P42018 P52018 P62018 P72018 P82018 P92018 P102018 P112018 P122018 2/3/2018 3/3/2018 3/31/2018 5/5/2018 6/2/20

47. Slide 47: FILO Borrowing Base (Quarterly)

    Project Sunrise FILO Borrowing Base $ in USD Forecast Forecast Forecast Forecast Forecast Q12019 Q22019 Q32019 Q42019 5/4/2019 8/3/2019 11/2/2019 2/1/2020 FY2019 Domestic Borrowing Base: U.S. Credit Card Receivables Eligible US Credit Card Receivables 20,419,868 15,037,350 11,074,462 10,221,374 10,2

48. Slide 48: Baseline YoY % United States

    Project Sunrise Baseline YoY % United States P12017 P22017 P32017 P42017 P52017 P62017 P72017 P82017 P92017 P102017 P112017 P122017 2/25/2017 3/25/2017 4/29/2017 5/27/2017 6/24/2017 7/29/2017 8/26/2017 9/23/2017 10/28/2017 11/25/2017 12/23/2017 2/3/2018 FY2017 Q12017 Q22017 Q32017 Q42017 Baseline Yo

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