You are the engagement manager conducting the financial statement audit of your selected company. You are now required to use your planning memo as a guide to prepare detailed audit

Annual Report 2022

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Fiscal 2022 Annual Report | 3

Aritzia is a vertically- integrated, innovative design house and boutique. We believe in high-quality, beautifully designed product. We believe in aspirational environments and experiences. We believe in personalized and engaging client service. And we believe that all of this should be attainable.

We call this Everyday Luxury.

4 |

From our Founder, Chief Executive Officer & Chairman

Fiscal 2022 Highlights

Fiscal 2022 marked another outstanding year for Aritzia as our business continued to accelerate beyond our expectations – across all geographies and all channels. This year, arguably our strongest performing year in our 38-year history, we saw net revenue grow to almost $1.5 billion, an increase of 74% from fiscal 2021 and 52% from fiscal 2020. Our team did a phenomenal job as they embraced the challenge of keeping up with our extraordinary demand, while meticulously navigating the ongoing headwinds of the global landscape, to deliver exceptional results for our business and bring our much-loved Everyday Luxury experience of engaging service, beautiful product, aspirational environments and captivating communications to our new and loyal clients.

SALES CHANNEL GROWTH

Driving this exceptional performance was the continued investment in our sales channels. In eCommerce, we further enhanced our digital and omni-channel capabilities to maintain our strong momentum. eCommerce net revenue grew to $564 million, an increase of 33% from last year and 150% from two years ago. In Retail, we reopened and expanded our boutique portfolio. Despite dealing with store closures, capacity restrictions, and labour shortages, our Retail business surged. Retail net revenue grew to $930 million, an increase of 116% from last year and 23% from two years ago. Of particular note, our comparable boutiques flourished as they surpassed pre-pandemic productivity levels in both Canada and the United States by double- digits, achieving comparable sales growth1 of 59% from last year and 15% from two years ago.

GEOGRAPHY EXPANSION

Our increased investment into the United States continues to pay off, as we opened 6 new boutiques in key markets, such as Los Angeles and Nashville, to a tremendous client response. As a result, our United States business accelerated at an unprecedented pace as net revenue grew to $676 million in Canadian dollars, an increase of 132% from last year and 100% from two years ago, and accounted for 45% of net revenue in fiscal 2022.

PRODUCT EXPANSION

This year, we meaningfully extended our beautiful product assortment across breadth, with new styles, and depth, with new colours, sizes, and lengths. We also laid the foundation for exciting new products and categories, as we completed our acquisition and foray into menswear with Reigning Champ and our first- ever Swim collection, which launched at the beginning of fiscal 2023.

BRAND AWARENESS AND CUSTOMER EXPANSION

Brand awareness and customer expansion continues to be a priority as we further accelerated our awareness and brought Everyday Luxury to significantly more clients than ever before. We continued to make significant progress on our path to getting famous in the United States, as we more than doubled our active client base.

1 Please see the sections entitled “How We Assess the Performance of Our Business” and “Non-IFRS Measures including Retail Industry Metrics” of our MD&A dated May 5, 2022 (as included in this Annual Report and available on SEDAR at www.sedar.com) for further details concerning comparable sales growth.

Fiscal 2022 Annual Report | 5

Aritzia Community™ | Social and Environmental Responsibility

It is more important than ever, and our responsibility as an industry leader and global corporate citizen, that we continue to prioritize our commitments to our people and planet. In fiscal 2022, we remained focused on further strengthening our environmental and social contributions to accelerate the positive impact Aritzia is making across our operations and wider value chain, to ensure we deliver Everyday Luxury, today and tomorrow.

As the pandemic continued to evolve throughout the year, we remained unwavering in our commitment to ensuring the health and safety of our people, clients, and communities. We operated with best-in-class testing frequency and diligent contract tracing, in close partnership with government health authorities to navigate the uncertainty of the pandemic responsibly. Additionally, we provided financial continuity for our people through the pandemic as we paid $7 million in Fiscal 2022 through the Aritzia Community™ Relief Fund, on top of the $25 million from fiscal 2021.

We continued to uplift and empower our people, clients, and communities by prioritizing diversity, equity and inclusion (DE&I) as well. We were steadfast in our commitment to listening, learning, and taking action in fiscal 2022. This year, we further embedded DE&I into our organization as we partnered with an external consultant for strategic support and to serve as our fractional Chief Diversity Officer. For our people, we launched a series of events during key affinity months, introduced training sessions, and welcomed guest speakers with subject matter expertise to build allyship from within. That being said, it was just as important to us to take action with communities as well. To do this, we grew Aritzia Community™ and expanded our partnerships with incredible organizations throughout the year. In fiscal 2022, we donated 100% of the proceeds from two limited-edition product capsule collections, 4,000 warm winter coats valued at over $1 million, and $250,000 to celebrate Giving Tuesday – a global day of giving, while continuing to deliver on our seasonal product donation program. To date, Aritzia Community™ has contributed more than $40 million in product donations, financial support and volunteer hours to non-profits and partners,

positively impacting the lives of more than 445,000 people, and we are just getting started.

In fiscal 2022, we made significant progress on our sustainability goals across our business. As we have expanded our product assortment, we have also adopted more sustainable manufacturing practices. Focusing not only on what we make, but also how we make it. In fiscal 2022, we grew our use of sustainable fabrics from 40% in our 2021 collections to 60% in our 2022 Spring/Summer collection. It is not just our product but the packaging it comes in that is more sustainable. In fiscal 2022, we shifted all of our Retail and eCommerce paper-based packaging to contain recycled or sustainably certified materials. Additionally, we evaluated 98% of our finished goods suppliers against Aritzia’s environmental criteria using the Higg Facility Environmental Module to ensure alignment with business requirements and through our social impact monitoring program, conducted third-party assessments at 100% of our finished goods suppliers against Aritzia’s Supplier Code of Conduct. Our commitment to the planet extends into all facets of our business. For the second consecutive year, Aritzia achieved carbon neutrality across all our stores, offices, and distribution centers. We disclosed through CDP Climate Change for the second year as well, and received recognition on the CDP Supplier Engagement Leadership board. We also joined the United Nations Global Compact, signaling our commitment to the values of responsible business.

6 |

Brian Hill

Chief Executive Officer

Looking Forward As we set our sights on the future, our business has never been stronger or better positioned to capitalize on the extraordinary growth opportunities being presented to us. The foundation our team has built, since we opened our first boutique in 1984, continues to empower our ability to deliver our much-loved Everyday Luxury experience for new and loyal clients.

In my 38 years with Aritzia, I have not only gained valuable perspective of our business, but more so, an incredible appreciation for our people and the contributions each of them have made to our tremendous success. No one more so than Jennifer Wong. Which is why we could not be more excited for her to lead us into the future as our next CEO.

Jennifer and I began our partnership 35 years ago. She knows our business inside and out. Over those 35 years, Jennifer has run almost all departments within the organization. She has been instrumental to our accelerated growth, and has delivered many of the milestones that we have shared in these annual reports. Jennifer’s unparalleled leadership style and dedication to excellence exemplifies our values, which she was integral in developing, and she deeply resonates with and inspires our people. I believe there is no better time and no one better to lead Aritzia. With her long-term, lasting approach to strategic growth, I believe she is perfect for leading us into the future.

Under Jennifer’s leadership, we will announce our multi-year growth plan later this year, and continue to fuel our accelerated growth by driving digital innovation in our eCommerce channel and Omni capabilities, growing our boutique portfolio, expanding our product assortment across depth, breadth and new categories, and acquiring new clients, all while continuing to strategically invest in the infrastructure required to scale for years to come.

I would like to thank our investors, our almost 7,000 extraordinary team members, and our clients for their enduring loyalty to Aritzia. I have been privileged to lead this team and could not be more excited to continue working on Aritzia’s long-term growth, as Executive Chair, maintaining full-time functional area leadership of Product, Marketing, Real Estate Development, and Business Development, while supporting Jennifer as she leads our people and business into the future, where our outlook has never been brighter.

Sincerely,

Fiscal 2022 Annual Report | 7

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Aritzia is an innovative design house and boutique. We conceive, create, develop and retail fashion brands with a depth of design and quality that provides compelling value. Each of our exclusive brands has its own vision and distinct aesthetic point of view. As a group, they are united by an effortless appeal, a focus on fit and an of-the-moment point of view. Our expansive range of fashion apparel and multi-brand strategy enables us to appeal to our clients across multiple aspects of their lifestyles and life stages, producing strong and enduring client loyalty. Exclusive brands currently represent 95% of Aritzia’s net revenue.

Brands and Products

Fiscal 2022 Annual Report | 9

We connect our clients to the energy of our culture through the products we sell and the environments we create. We sell our products through our boutiques and aritzia.com, giving us complete control of the presentation of our brand and the relationships with our clients.

We carefully consider each Aritzia destination – physical and digital – individually, taking care to provide our clients with aspirational shopping experiences and exceptional service at every interaction.

We believe there are synergies between our boutiques and aritzia.com, with the success of each channel benefiting the other through increased brand awareness and affinity. We continue to build out omni- channel capabilities to seamlessly provide an Everyday Luxury experience for our clients to shop wherever, whenever and however.

Destinations

1

Dallas

San Jose

San Francisco

Portland

Seattle

Victoria Vancouver

Whistler

Edmonton

Calgary Saskatoon

Winnipeg

Chicago

Troy

Toronto

MontrealOttawa

Halifax

Boston

Suburban New York

Manhattan

New Jersey

1

2

1

2

7

3

1

1

6 2

5

3 1

3 2

1

1

13

30

5 Los Angeles

1

1 Washington DC

1 Quebec City

San Diego

1 Denver

1Minneapolis

1

3

Houston1

Austin1

1King of Prussia

Honolulu1

Canada 68

United States 41 109

boutiques1

1 Nashville

Tysons 1

1Columbus

1 Las Vegas

1 Miami

10 |

Future Growth

We have a thoughtful approach to growth that is focused on profitability over the long-term. Supported by accelerating trends, we continue to make strategic investments across our people, processes and technology to capitalize on the unprecedented opportunities.

1. eCommerce and Omni Innovation

Our eCommerce business was launched in fiscal 2013, quickly surpassing our growth expectations. Annual increases in online traffic drove eCommerce revenue growth of more than 36% on a compounded annual basis from fiscal 2016 to 2020. Our eCommerce business grew 33% in fiscal 2022 on top of the 88% growth in fiscal 2021. eCommerce revenue was 38% of total net revenue in fiscal 2022, compared to 23% in fiscal 2020, pre-pandemic. Going forward, we will continue to invest in digital capabilities to provide a seamless Everyday Luxury experience for our clients to drive accelerated eCommerce and omni-channel growth.

2. Geographic Expansion

Operating as our most effective yet profitable marketing tool, boutique openings are a key pillar of Aritzia’s growth strategy. Our boutiques drive sales, build brand awareness, propel significant client acquisition, and fuel our eCommerce channel. Payback on our new boutiques continue to accelerate, trending between 12 to 24 months.

We are seeing unprecedented opportunities for us to acquire prime real estate. We believe that we have a meaningful opportunity to expand our boutique network, particularly in the United States, where we have identified a minimum of 100 locations that meet our exacting criteria. We will continue to take a disciplined approach to boutique openings, with a fastidious focus on location selectivity.

Fiscal 2022 Annual Report | 11

3. Product Expansion

Product innovation is a core competency for us and has been critical to our success. We always look beyond what ‘is’ to what ‘could be’ by continuously monitoring the evolving fashion landscape, our brand portfolio, our product mix and our client base to identify opportunities for innovation and growth. With the accelerated shift to digital and as our eCommerce channel reaches critical mass, our product strategy can now be based on the unlimited opportunities that online provides. We see meaningful potential to double our product offering by fiscal 2025 through:

— Depth (sizes, lengths, colours) — Breadth (new style development) — New categories (including swim, intimates

and men’s)

We believe our innovation strategy drives traffic to our boutiques and aritzia.com and increases brand loyalty by guiding our mix of brands and products to meet our clients’ needs. It also allows us to reinforce the appeal of our brands across a broader range of fashion needs, increasing our addressable market and ‘share of our client’s closet’.

4. Brand Awareness and Customer Expansion

Increased brand awareness is driven through real estate and marketing strategies designed to attract new clients and deepen loyalty of existing clients. These strategies are propelling our brand with our active client base more than doubling in the United States during fiscal 2022. Our premier real estate locations, aspirational boutique designs and high- touch service highlight the unique ethos and aesthetic of our exclusive brands and Aritzia’s overall dedication to delivering Everyday Luxury. We extend this experience online, through digital marketing, reaching beyond our retail footprint to acquire customers in relevant segments and keep them engaged with digitally native content experiences.

12 |

Our Philosophy

Our Priorities

ENVIRONMENT, SOCIAL & GOVERNANCE

Aritzia recognizes that social and environmental factors are integral to our long-term success. We’re committed to supporting all the people our organization touches, while protecting the planet that communities and our business rely on. In order to deliver Everyday Luxury, today and tomorrow, our goal is to continue strengthening our positive impact socially and environmentally across our operations and wider value chain.

Aritzia’s social and environmental priorities span across our value chain. From raw material sourcing, third party manufacturing suppliers, product use and end-of-life, as well as across our boutiques and offices to our Distribution Centres. These initiatives are embedded throughout our organization with oversight shared across multiple departments. To ignite meaningful change, we take an evidence-based approach with a focus on delivering long-term impact. As part of our social and environmental strategy, we have identified the following priorities:

1. Attract, develop and retain a high performing team of world-class talent

2. Deliver positive social impact through our products and supply chain

3. Drive sustainable practices and solutions across the product lifecycle

4. Build sustainable and efficient infrastructure across our boutiques, cafes, offices, DCs and logistics

Fiscal 2022 Annual Report | 13

Key Achievements in Fiscal 2022

ENVIRONMENT

— Adopted more sustainable fabrics across 40% of our 2021 collections and 60% of our Spring/Summer 2022 collections, including organic and recycled cotton, recycled polyester and nylon, amongst others;

— Evaluated 98% of our finished goods suppliers against Aritzia’s environmental criteria through the Higg Facility Environmental Module to ensure alignment with business requirements;

— For the second consecutive year, Aritzia has achieved carbon neutrality across our operations (boutiques, offices and distribution centres), which account for 100% of Aritzia’s Scope 1 and 2 emissions – this is achieved by reducing energy use, sourcing renewable energy credits in the equivalent of our electricity consumption, and offsetting remaining emissions;

— Completed our second CDP Climate Change submission and received recognition on the CDP Supplier Engagement Leadership board; and

— Added Sustainable Product filters on aritzia.com for our clients.

GOVERNANCE

— Published Aritzia’s ESG Executive Summary, outlining our priorities on investors.aritzia.com;

— Formally approved and formed an Environmental and Social Board Committee to guide and have oversight of key social and environmental considerations; and

— Signed on as a participant to the United Nations Global Compact.

For further details, please visit: https://www. aritzia.com/en/aritzia/corporateresponsibility/ sustainability.html

SOCIAL

— Conducted third party assessments at 100% of finished goods suppliers against Aritzia’s Supplier Code of Conduct through our social impact monitoring program;

— Ensured financial continuity for our people through the COVID-19 pandemic, by paying $25 million in fiscal 2021 and $7 million in fiscal 2022 through the Aritzia Community™ Relief Fund;

— Continued our investment in DE&I and secured an external consultant to support strategic DE&I implementation into our organization and serve as our fractional Chief Diversity Officer, and continued to emphasize internal engagement of our employees with a series of affinity month activations, training sessions and guest speakers with subject matter expertise in DE&I;

— Donated 4,000 warm winter coats valued at over $1 million to our Aritzia Community™ partner organizations across the U.S. and Canada; and

— Celebrated Giving Tuesday – a global day of giving – with a commitment to donate $10 of every purchase on that day to Aritzia Community™ partner organizations; we reached our $250,000 donation goal.

14 |

Proven Results

(1) Adjusted EBITDA and Adjusted Net Income are non-IFRS measures, see “Non-IFRS Measures including Retail Industry Metrics” in our Annual Information Form dated May 5, 2022 for an explanation of the composition of these non-IFRS measures, how these non-IFRS measures provide useful information to an investor, and the purposes for which management uses these non-IFRS measures. A quantitative reconciliation of Adjusted EBITDA and Adjusted Net Income to Net Income can be found on page 8 of our annual Management’s Discussion & Analysis (“MD&A”) for Fiscal 2022 dated May 5, 2022, which has been included in this Annual Report, page 7 of our annual MD&A for Fiscal 2021 dated May 11, 2021, page 15 of our annual MD&A for Fiscal 2020 dated May 28, 2020, page 12 of our annual MD&A for Fiscal 2019 dated May 9, 2019, and page 13 of our annual MD&A for Fiscal 2018 dated May 10, 2018, filed on SEDAR at www.sedar.com, which reconciliations are incorporated herein by reference.

$133 $161 $173

$77

$289

FY2018 FY2019 FY2020 FY2021 FY2022

$981 $857

$1,495

$874

$743

FY2018 FY2019 FY2020 FY2021 FY2022

$76

$95 $97

$26

$177

FY2018 FY2019 FY2020 FY2021 FY2022

Net Income ($ millions)Net Revenue ($ millions)

Adjusted EBITDA(1) ($ millions)

MMaarrggiinn 17.6% 9.0%

eCommerce

Retail

19% CAGR

Adjusted Net Income(1) ($ millions)

24% CAGR

MMaarrggiinn 9.9% 3.0%19.4% 11.8%

$57

$79 $91

$19

$157

FY2018 FY2019 FY2020 FY2021 FY2022

29% CAGR

22% CAGR

18.4%17.9% 10.2% 10.8%

Fiscal 2022 Annual Report | 15

Operational and Financial Summary

(1) These measures are non-IFRS financial measures. Please see the sections entitled “How We Assess the Performance of Our Business”, “Selected Consolidated Financial Information” and “Non- IFRS Measures including Retail Industry Metrics” of our annual MD&A dated May 5, 2022 (as included in this Annual Report), our annual MD&A for fiscal 2021 dated May 11, 2021, our annual MD&A for fiscal 2020 dated May 28, 2020, our annual MD&A for fiscal 2019 dated May 9, 2019, and our annual MD&A for fiscal 2018 dated May 10, 2018, and all available on SEDAR at www.sedar.com, for further details concerning Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per Diluted Share, capital cash expenditures (net of proceeds from lease incentives), and free cash flow, including definitions and reconciliations to the relevant reported IFRS measure.

(in thousands of Canadian dollars, unless otherwise noted) Fiscal 2022

52 Weeks Fiscal 2021 52 Weeks

Fiscal 2020 52 Weeks

Fiscal 2019 53 Weeks

Fiscal 2018 52 Weeks

Financial Summary: Net revenue $ 1,494,630 $ 857,323 $ 980,589 $ 874,296 $ 743,267 Cost of goods sold 839,678 544,818 577,165 531,383 447,776

Gross profit

654,952

312,505

403,424

342,913

295,491

Operating expenses Selling, general and administrative

392,802

250,726

243,362

215,297

183,857

Stock-based compensation expense 26,131 10,691 7,790 11,540 17,240

Income from operations

236,019

51,088

152,272

116,076

94,394 Finance expense 25,202 28,420 28,319 4,821 5,221 Other expense (income) (8,783) (3,534) (2,185) (395) 1,890

Income before income taxes

219,600

26,202

126,138

111,650

87,283

Income tax expense 62,683 6,975 35,544 32,922 30,190

Net income $

156,917 $

19,227 $

90,594 $

78,728 $

57,093

Net income per diluted share $ 1.36 $ 0.17 $ 0.81 $ 0.67 $ 0.49

Adjusted EBITDA(1) $

289,385 $

76,812 $

172,572 $

161,045 $

132,716 Adjusted Net Income(1) $ 176,736 $ 26,028 $ 97,388 $ 94,543 $ 75,934 Adjusted Net Income(1) per Diluted Share $ 1.53 $ 0.23 $ 0.87 $ 0.81 $ 0.65 Weighted average number of diluted shares outstanding (thousands) 115,784 112,844 112,128 117,358 116,280

Cash and cash equivalents $ 265,245 $ 149,147 $ 117,750 $ 100,897 $ 112,475 Capital cash expenditures (net of proceeds from lease incentives)(1) $ (52,607) $ (42,529) $ (36,253) $ (49,862) $ (59,253) Free cash flow(1) $ 221,937 $ 36,306 $ 117,246 $ 38,874 $ 44,342

Percentage of Net Revenue: Net revenue Cost of goods sold

100.0%

56.2% 100.0% 63.5%

100.0% 58.9%

100.0% 60.8%

100.0% 60.2%

Gross profit 43.8%

36.5%

41.1%

39.2%

39.8% Operating expenses Selling, general and administrative

26.3%

29.2%

24.8%

24.6%

24.7%

Stock-based compensation expense 1.7% 1.2% 0.8% 1.3% 2.3%

Income from operations 15.8%

6.0%

15.5%

13.3%

12.7% Finance expense 1.7% 3.3% 2.9% 0.6% 0.7% Other expense (income) (0.6%) (0.4%) (0.2%) (0.0%) 0.3%

Income before income taxes

14.7%

3.1%

12.9%

12.8%

11.7%

Income tax expense 4.2% 0.8% 3.6% 3.8% 4.1%

Net income

10.5%

2.2%

9.2%

9.0%

7.7%

Adjusted EBITDA(1) 19.4% 9.0% 17.6% 18.4% 17.9%

Adjusted Net Income(1) 11.8% 3.0% 9.9% 10.8% 10.2%

Other Performance Metrics: Year-over-year net revenue growth (decline)

74.3%

(12.6%)

12.2%

17.6%

11.4% Comparable sales growth(1) Boutiques: Number of boutiques, end of period

n/a

106

n/a

101

7.6%

96

9.8%

91

6.6%

85 New bo

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