Montreal, September 3, 2008 - METRO INC. announces that the renewal of its issuer bid program as an additional option for using excess funds has been approved by the Toronto Stock Exchange. Thus, the Company will be able to repurchase, in the normal course of business, between September 5, 2008 and September 4, 2009, up to 6,000,000 of its Class A Subordinate Shares representing approximately 8.2 % of its outstanding public float on August 29, 2008. On August 29, 2008, there were 110 591 394 issued and outstanding shares of which 72 755 666 were part of the outstanding public float of the Company. The average daily trading volume of Company's Class A Subordinate Shares over the last six (6) completed months was 222 464 shares. Accordingly, under the Exchange Rules and Policies, the Company is entitled on any trading day to purchase up to 55 616 Class A Subordinate Shares.Repurchases will be made through the stock exchange at market price and in accordance with its policies and regulations. The Class A Subordinate Shares so repurchased will be cancelled. Under the existing normal course issuer bid program, from September 5, 2007 to August 29, 2008, the Company repurchased 4,000,000 Class A Subordinate shares at a weighted average price of $26.55 per share for a total of $106.2 million, including, in the first quarter of 2008, 1,500,000 shares repurchased from A&P US at $27.25 per share for a total of $40.9 million, following the exercise of the option to purchase granted to the Company by A&P US.

METRO INC.
With annual sales of nearly $11 billion and over 65,000 employees, METRO INC. is a leader in the food and pharmaceutical sectors in Québec and Ontario where it operates a network of close to 600 food stores under the Metro, Metro Plus, Super C, and Food Basics banners as well as more than 250 pharmacies under the Brunet, Clini Plus, The Pharmacy and Drug Basics banners.


Source: METRO INC.

 
Information:

Richard Dufresne, Senior Vice-President, Chief Financial Officer
(514) 643-1003