An anonymous director reports

LOBLAW COMPANIES LIMITED COMPLETES ISSUANCE OF $400 MILLION OF SENIOR UNSECURED NOTES

Loblaw Companies Ltd. has completed its previously announced issuance, on a private placement basis, to qualified accredited investors in each of the provinces of Canada, of $400-million aggregate principal amount of senior unsecured notes of the company. The offering comprised $400-million aggregate principal amount of series 2054 notes bearing interest at a rate of 5.115 per cent per annum and maturing on March 4, 2054.

The company intends to use the net proceeds of the offering to partially finance 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.

The notes are unsecured and rank equally with all existing and future unsecured and unsubordinated indebtedness of the company.

DBRS Ltd. has provided the notes with a credit rating of BBB (high) with a stable trend and Standard and Poor's Rating Services has provided the notes with a credit rating of BBB.

The notes were sold 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. The notes have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

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.

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