An anonymous director reports

LOBLAW COMPANIES LIMITED TO ISSUE $400 MILLION OF SENIOR UNSECURED NOTES

Loblaw Companies Ltd. has agreed to issue, on a private placement basis, to qualified accredited investors in each of the provinces of Canada, $400-million aggregate principal amount of senior unsecured notes of the company that will bear interest at a rate of 5.115 per cent per annum and will mature on March 4, 2054.

The notes are being offered on an agency basis by a syndicate of agents led by TD Securities, CIBC Capital Markets, RBC Capital Markets, BMO Capital Markets and Scotia Capital. Subject to customary closing conditions, the offering is expected to close on March 4, 2024.

The net proceeds of the offering may be used by the company to partially fund the repayment of its outstanding $400-million aggregate principal amount of 3.918 per cent senior unsecured notes maturing June 10, 2024, and for general corporate purposes.

It is a condition of closing of the offering that the notes be rated at least BBB (high) with a stable trend by DBRS Ltd. and at least BBB by Standard and Poor's Rating Services. The notes will be unsecured obligations of the company and will rank equally with all existing and future unsecured and unsubordinated indebtedness of the company.

About Loblaw Companies Ltd.

Loblaw is Canada's food and pharmacy leader, and the nation's largest retailer. Loblaw provides Canadians with grocery, pharmacy, health and beauty, apparel, general merchandise, financial services, and wireless mobile products and services. With more than 2,500 corporate franchised and associate-owned locations, Loblaw, its franchisees and associate-owners employ more than 220,000 full-time and part-time employees, making it one of Canada's largest private-sector employers.

Loblaw's purpose, Live Life Well, puts first the needs and well-being of Canadians who make one billion transactions annually in the company's stores. Loblaw is positioned to meet and exceed those needs in many ways: convenient locations; more than 1,100 grocery stores that span the value spectrum from discount to specialty; full-service pharmacies at nearly 1,400 Shoppers Drug Mart and Pharmaprix locations, and close to 500 Loblaw locations; PC Financial services; Joe Fresh fashion and family apparel; and four of Canada's top-consumer brands in Life Brand, Farmer's Market, no name and President's Choice.

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