The Jean Coutu Group Announces Completion of Substantial Issuer Bid

The Jean Coutu Group Announces Completion of Substantial Issuer Bid 
LONGUEUIL, QUEBEC -- (Marketwired) -- 11/20/13 -- The Jean Coutu
Group (PJC) Inc. (the "Jean Coutu Group" or the "Corporation")
(TSX:PJC.A) announces today that it has taken up 22,000,000 Class "A"
Subordinate Voting Shares without par value of the Corporation (the
"Shares") under its offer to purchase for cancellation up to
22,000,000 of its Shares at a price of $18.50 per Share (the
The Shares purchased represent approximately 20.46% of the Shares
issued and outstanding as of November 14, 2013 (the expiry date of
the Offer). After giving effect to the Offer, as of that date, the
Jean Coutu Group had 85,521,199 Shares issued and outstanding, as
well as 104,000,000 issued and outstanding Class "B" shares (multiple
voting) without par value, for a total of 189,521,199 issued and
outstanding equity shares. 
As the aggregate number of Shares deposited under the Offer exceeds
22,000,000 Shares, shareholders who have deposited Shares pursuant to
the Offer had approximately 86.45% of their deposited Shares
purchased by the Jean Coutu Group under the Offer. Certificates for
Shares not purchased under the Offer, including Shares not purchased
because of proration, will be returned to shareholders as soon as
practicable by Computershare Investor Services Inc. (the
"Depositary"), as depositary for the Offer. 
Payment and settlement of the purchased Shares will be effected to
registered shareholders by the Depositary on or about November 22,
2013 in accordance with the settlement procedures described in the
Of the Shares purchased pursuant to the Offer, approximately
18,154,490 have been purchased from The Fondation Marcelle et Jean
Coutu (the "Fondation"), a trust controlled by Mr. Jean Coutu and his
family which pursues purely philanthropic goals, resulting in Mr.
Jean Coutu's interest in the Jean Coutu Group, directly or
indirectly, individually or with members of his family, decreasing to
approximately 56.42% of all of the Jean Coutu Group's outstanding
equity securities, representing approximately 92.66% of the voting
interests in the Jean Coutu Group, as compared to 59.14% and 92.47%,
respectively, prior to the Offer. 
The Jean Coutu Group's normal course issuer bid, which was suspended
with the announcement of the Offer, is expected to resume on or about
November 25, 2013 in accordance with applicable securities laws.  
The full details of the Offer are described in the formal offer to
purchase, issuer bid circular and other related documents
(collectively, the "Offer Documents") mailed to shareholders on
October 10, 2013, copies of which were filed on SEDAR at  
This press release is for informational purposes only, and does not
constitute an offer to buy or the solicitation of an offer to sell
any securities of the Corporation.  
About The Jean Coutu Group. The Jean Coutu Group is one of the most
trusted names in Canadian pharmacy retailing. The Corporation
operates a network of 411 franchised stores located in the provinces
of Quebec, New Brunswick and Ontario under the banners of PJC Jean
Coutu, PJC Clinique, PJC Sante and PJC Sante Beaute, that employs
more than 19,000 people. Furthermore, the Jean Coutu Group owns Pro
Doc Ltd, a Quebec-based subsidiary and manufacturer of generic drugs. 
This press release contains "forward-looking statements" that involve
risks and uncertainties, and which are based on the Corporation's
current expectations, estimates, projections and assumptions made by
the Jean Coutu Group in light of its experience and its perception of
historical trends. All statements that address expectations or
projections about the future, including statements about the Offer,
are forward-looking statements. All statements other than statements
of historical facts, including statements regarding the Jean Coutu
Group's expectations with respect to the timing of payment and
settlement for Shares to be purchased under the Offer, the number of
Shares issued and outstanding after giving effect to the Offer, and
the timing for the resumption of the Jean Coutu Group's normal course
issuer bid. may be forward-looking statements within the meaning of
the Canadian securities legislation and regulations. Some of the
forward-looking statements may be identified by the use of
forward-looking terminology such as "may", "will", "expect",
"intend", "estimate", "project", "could", "anticipate", "plan",
"foresee", "believe" or "continue", the negatives of these terms, the
variations of them or the use of other similar terms. Although the
Corporation believes that the expectations reflected in these
forward-looking statements are reasonable, it can give no assurance
that these expectations will prove to have been correct. These
statements are not guarantees of future performance and involve a
number of risks, uncertainties and assumptions. While the list below
of cautionary statements is not exhaustive, some important factors
that could affect our future operating results, financial position
and cash flows and could cause our actual results to differ
materially from those expressed in these forward-looking statements,
include the success of the Corporation's business model, changes in
laws and regulations, or in their interpretations, changes to tax
regulations and accounting pronouncements, the accuracy of
management's assumptions, including those relating to the Offer
(including, without limitation, our assumptions, beliefs and
expectations regarding the completeness and accuracy of information
provided by the Depositary in respect of the Offer and the Jean Coutu
Group share capital), and other factors that are beyond our control. 
These and other factors could cause our actual performance and
financial results in future periods to differ materially from any
estimates or projections of future performance or results expressed
or implied by such forward-looking statements. Investors and others
are cautioned that undue reliance should not be placed on any
forward-looking statements. For more information on the risks,
uncertainties and assumptions that would cause the Corporation's
actual results to differ from current expectations, please also refer
to the Corporation's public filings available at and In particular, further details and descriptions of
these and other factors are disclosed in the Corporation's Annual
Information Form under "Risk Factors" as well as in the "Critical
Accounting Estimates", the "Risks and uncertainties" and the
"Strategies and outlook" sections of the MD&A for the fiscal year
ended March 2, 2013. We expressly disclaim any obligation or
intention to update or revise any forward-looking statements, whether
as a result of new information, future events or any other reason,
unless required by the applicable securities laws.
The Jean Coutu Group (PJC) Inc.
Andre Belzile
Senior Vice-President, Finance and Corporate Affairs
(450) 646-9611 
Helene Bisson
Vice-President, Communications
(450) 646-9611, Ext. 1165
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