Mr. Galen Weston reports

LOBLAW ESG REPORT REVEALS 8% REDUCTION IN GREENHOUSE GAS (GHG) EMISSIONS, AMONG MANY OTHER ACHIEVEMENTS DESIGNED TO FIGHT CLIMATE CHANGE AND ADVANCE SOCIAL EQUITY

Today, Loblaw Companies Ltd. released its 2022 environmental, social and governance (ESG) report. The company's 16th annual report highlighting progress against its many ESG initiatives, including its two priority areas: fighting climate change and advancing social equity.

"We have a unique opportunity, and responsibility, to positively impact the communities we serve. This view is central to our purpose -- helping Canadians live life well," said Galen G. Weston, president and chairman, Loblaw Companies. "We have a decades-long track record of leadership and action in protecting the environment, in enhancing the social diversity that defines Canada, and in delivering reliable and ethical corporate governance practices. This report proudly provides clarity on our commitments, our progress and our plans to push ahead."

The 2022 Loblaw ESG (environmental, social and governance) report outlines the company's progress against its many priorities, including the following:

• Achieving net-zero by 2040 (scope 1 and 2 for its enterprise operating footprint -- including franchise and associate-owned operations) and 2050 (scope 3 emissions):
  • Reduced its greenhouse gas emissions 8 per cent relative to 2020 baseline;
  • Completed 250 carbon reduction projects;
  • Published its inaugural TCFD-aligned report as a result of completing a climate risk assessment, evaluating the company's risk exposure and opportunities across multiple climate scenarios.
• Tackling plastic waste:
  • Achieved 35-per-cent compliance relative to the Golden Design Rules for control brand and in-store plastic packaging;
  • Initiated the phased elimination of plastic shopping bags;
  • Announced a new goal to transition 100 per cent of Joe Fresh e-commerce packaging to recyclable materials by 2025.
• Eliminating food waste sent to landfill by 2030:
  • Achieved its goal of ensuring 100 per cent of its eligible corporate, franchised supermarkets, associate-owned Shoppers Drug Mart stores and distribution centres were connected and actively donating to a local food recovery agency.
• Be Canada's most diverse and inclusive employer:
  • Increased representation of women in executive roles to 39 per cent, and is on track to achieve 2024 goal of 40-per-cent representation;
  • Achieved its 2024 goal of having women represent 45 per cent of management roles and 45 per cent of its board of directors;
  • Achieved its 2024 goal of having visible minorities represent 28 per cent of executive roles;
  • Increased representation of visible minorities in management roles to 29 per cent and its board of directors to 18 per cent, on track to achieve 2024 goals of 30 per cent and 25 per cent representation respectively.
• Support for communities and the health and well being of children and women:
  • Raised and donated more than $110-million to support research, charities and non-profits across Canada;
  • Fed more than 800,000 kids as part of President's Choice Children's Charity's mission to tackle childhood hunger in Canada and feed one million kids annually by 2025;
  • Announced a new commitment to Feed More Families, with a pledge to donate one billion pounds of food to charities by 2028;
  • Through partnerships in Ontario and Manitoba, LOVE YOU by Shoppers Drug Mart, will provide 28 million period products.

About Loblaw Companies Ltd.

Loblaw Companies is Canada's food and pharmacy leader, as well as its largest retailer and private sector employer. With approximately two billion transactions each year in its unmatched network of 2,500 stores and national e-commerce options, Loblaw brings food, pharmacy, beauty, apparel and financial services to customers through many of Canada's favourite and most-trusted brands: President's Choice, No Name, Loblaws, Shoppers Drug Mart, No Frills, Real Canadian Superstore, T&T, Joe Fresh, PC Express and PC Financial. The company's loyalty program, PC Optimum, has more than 18 million members and is one of Canada's largest, and most-loved reward programs.

Loblaw's purpose is to help Canadians live life well. It makes good food affordable, health, beauty and wellness accessible, saving for the future possible, and essential style achievable.