Canadian Tire announces normal course issuer bid



    TORONTO, Feb. 7 /CNW/ - Canadian Tire Corporation, Limited (CTC, CTC.a)
today announced that it intends to make a normal course issuer bid (NCIB) to
purchase, from February 19, 2008 to February 18, 2009 through the facilities
of the Toronto Stock Exchange (TSX), certain of its outstanding Class A
Non-Voting Shares. As at February 7, 2008, there were 78,108,423 Class A
Non-Voting Shares issued and outstanding. The number of Class A Non-Voting
Shares which may be purchased during the period of the bid will not exceed
3.6 million Class A Non-Voting Shares, which is approximately 5.8 percent of
62.5 million shares, the approximate public float of Class A Non-Voting Shares
issued and outstanding as of February 7, 2008.
    Canadian Tire has a policy of purchasing Class A Non-Voting Shares to
offset the dilutive effects of the issuance of Class A Non-Voting Shares
pursuant to employee profit sharing, stock option and share purchase
arrangements and the Dividend Reinvestment Plan. Canadian Tire intends to
continue that policy by purchasing an appropriate number of Class A Non-Voting
Shares pursuant to the NCIB. In addition, Canadian Tire may purchase
additional Class A Non-Voting Shares if the Board of Canadian Tire determines,
after consideration of market conditions and Canadian Tire's financial
flexibility and investment opportunities, that a purchase of additional Class
A Non-Voting Shares is an appropriate means of enhancing the value of the
remaining Class A Non-Voting Shares.
    The number of Class A Non-Voting Shares purchased during 2007 pursuant to
an NCIB was 457,000. The average price at which such purchases were made was
$76.46 per Class A Non-Voting Share, including commissions.
    Any purchases made pursuant to the NCIB will be made in accordance with
the rules of the TSX and will be made at the market price of the Class A
Non-Voting Shares at the time of the acquisition. Canadian Tire will make no
purchases of Class A Non-Voting Shares other than open market purchases which
may be made during the period that the NCIB is outstanding. Subject to any
block purchases made in accordance with the rules of the TSX, Canadian Tire
will be subject to a daily repurchase restriction of 59,141 Class A Non-Voting
Shares, which represent 25 percent of the average daily trading volume of
Canadian Tire's Class A Non-Voting Shares on the TSX for the six months ended
January 31, 2008.

    Canadian Tire Corporation, Limited (TSX: CTC.a, CTC), operates more than
1,160 general merchandise and apparel retail stores, gas stations and car
washes in an inter-related network of businesses engaged in retail, financial
services and petroleum. Canadian Tire Retail, Canada's most shopped general
merchandise retailer, with 473 stores operated by Associate Dealers across
Canada offers a unique mix of products and services through three specialty
categories in which the organization is the market leader - Automotive, Sports
and Leisure, and Home Products. www.canadiantire.ca offers Canadians the
opportunity to shop online. PartSource is an automotive parts specialty chain
with 71 stores designed to meet the needs of purchasers of automotive parts -
professional automotive installers and serious do-it-yourselfers. Canadian
Tire Petroleum is one of the country's largest and most productive independent
retailers of gasoline, operating 266 gas bars, 258 convenience stores and
kiosks, and 74 car washes. Mark's Work Wearhouse is one of the country's
leading apparel retailers operating 358 stores in Canada. Under the Clothes
that Work(TM) marketing strategy, Mark's sells apparel and footwear in work,
work-related, casual and active-wear categories, as well as health-care and
business-to-business apparel. www.marks.com offers Canadians the opportunity
to shop online. Canadian Tire Financial Services manages over 4.6 million
Canadian Tire MasterCard accounts and markets related financial products and
services for retail and petroleum customers. Canadians can also access
Financial Services online at www.ctfs.com. Over 57,000 Canadians work across
Canadian Tire's organization from coast-to-coast in the enterprise's retail,
financial services, and petroleum businesses.

    %SEDAR: 00000534EF




For further information:

For further information: Media: Caroline Casselman, (416) 480-8159,
caroline.casselman@cantire.com; Investors: Huw Thomas, (416) 480-3568,
huw.thomas@cantire.com

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Canadian Tire Corporation, Limited

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