An anonymous director reports

METRO INC. RENEWS ITS SHARE BUYBACK PROGRAM

Metro Inc. is renewing its normal course issuer bid program, and such renewal has been approved by the Toronto Stock Exchange. The corporation decided to renew the issuer bid program as an additional option for using excess funds. Thus, the corporation will be able to repurchase, in the normal course of business between Nov. 27, 2023, and Nov. 26, 2024, up to seven million of its common shares, representing approximately 3.06 per cent of its issued and outstanding shares on Nov. 13, 2023. On Nov. 13, 2023, there were 228,859,970 issued and outstanding shares, of which 227,722,789 were part of the outstanding public float of the corporation. The average daily trading volume of the corporation's common shares over the past six months was 452,204 shares.

Accordingly, under TSX requirements, the corporation is entitled on any trading day to purchase up to 113,051 common shares, subject to TSX requirements regarding block purchases. Repurchases will be made through the facilities of the TSX at market price, in accordance with its policies and regulations, or through the facilities of alternative Canadian trading systems as well as by other means as may be permitted by a securities regulatory authority, including by private agreements. The common shares so repurchased will be cancelled. Purchases made by way of private agreements under an issuer bid exemption order issued by a securities regulatory authority will be at a discount to the prevailing market price, as provided in the exemption order.

Under the existing normal course issuer bid program, which is for the period from Nov. 25, 2022, to Nov. 24, 2023, the corporation repurchased 6,916,900 common shares at a weighted average price of $72.02 per share for a total of $498.2-million as of Nov. 21, 2023. Repurchases were made through the facilities of the TSX at market price, in accordance with its policies and regulations, and through the facilities of alternative trading systems.

About Metro Inc.

With annual sales of more than $19-billion, Metro is a food and pharmacy leader in Quebec and Ontario, providing employment to more than 95,000 people. Its purpose is to nourish the health and well-being of its communities. As a retailer, franchisor, distributor, manufacturer and provider of e-commerce services, the company operates or services a network of 975 food stores under several banners, including Metro, Metro Plus, Super C and Food Basics, and 645 drugstores primarily under the Jean Coutu, Brunet, Metro Pharmacy and Food Basics Pharmacy banners.