Mr. Roy MacDonald reports

LOBLAW COMPANIES LIMITED ENTERS INTO AUTOMATIC SHARE PURCHASE PLAN TO PURCHASE COMMON SHARES OF EQ

In connection with Loblaw Companies Ltd.'s previously announced transaction involving the sale of President's Choice Bank and certain other affiliated entities to EQB Inc. and a long-term strategic relationship with EQB, Loblaw has entered into an automatic share purchase plan (ASPP) with a broker in order to facilitate the purchase of common shares in the capital of EQB.

Purchases under the ASPP will be made by Loblaw's broker pursuant to parameters set by Loblaw when it is not in possession of any material non-public information about EQB and its securities. The ASPP has been entered into in accordance with the requirements of the TSX and applicable Canadian securities laws. Pursuant to the terms of the ASPP, Loblaw's broker may acquire up to 1.22 million EQB common shares, including any EQB common shares acquired by the broker on behalf of Loblaw prior to entering the ASPP. The ASPP will terminate once the maximum amount has been purchased by the broker or upon closing of the transaction, if earlier, unless terminated earlier in accordance with its terms. Outside of the effective period of the ASPP, Loblaw may purchase EQB common shares at its discretion to the extent permitted by applicable law.

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 2,800 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 in close to 500 grocery stores; 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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