Walgreens Prices $1.3 Billion, 5-Year Bond Offering

Business Wire,  July 15, 2008  

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DEERFIELD, Ill. -- Walgreen Co. (NYSE: WAG)(NASDAQ: WAG) today announced it has priced an offering of $1.3 billion aggregate principal amount of 4.875% senior notes due 2013.

Banc of America Securities LLC and J.P. Morgan Securities Inc. are acting as active book-running managers of the offering, Goldman, Sachs & Co. and Morgan Stanley are acting as passive book-running managers of the offering and Wells Fargo Securities and Loop Capital Markets LLC are acting as co-managers of the offering.

Net proceeds from the offering will be used by Walgreen Co. for repayment of short-term debt incurred under its commercial paper program and general corporate purposes.

The offering is expected to close on July 17, 2008, subject to customary closing conditions.

The offering is being made under an automatic shelf registration statement filed with the Securities and Exchange Commission on July 14, 2008. This announcement is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any offers of the notes will be made exclusively by means of a prospectus and prospectus supplement.

Copies of the preliminary and final prospectus supplements relating to the offering may be obtained from Banc of America Securities LLC by email to dg.prospectus_distribution@bofasecurities.com or by mail to Banc of America Securities LLC, Prospectus Department, 100 W. 33rd St., 3rd Floor, New York, New York, 10001; or from J.P. Morgan Securities Inc., Investment Grade Syndicate Desk, 270 Park Ave., New York, New York, 10017, telephone: 212-834-4533 or fax: 212-834-6081.

Walgreens (www.walgreens.com) operates 6,297 drugstores in 49 states, the District of Columbia and Puerto Rico. Its Walgreens Health Services division assists pharmacy patients and prescription drug and medical plans through Walgreens Health Initiatives Inc. (a pharmacy benefit manager), Walgreens Mail Service Inc., Walgreens Home Care Inc., Walgreens Specialty Pharmacy LLC and SeniorMed LLC (a pharmacy provider to long-term care facilities). The Walgreens Health and Wellness division includes Take Care Health Systems, which is comprised of: Take Care Consumer Solutions, managers of 183 convenient care clinics at Walgreens drugstores, and Take Care Employer Solutions, managers of worksite-based health and wellness services at 355 employer campuses.

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