(TSX: L) (TSX: L.PR.B) â?? Loblaw Companies Limited ("Loblaw" or the "Company") announced today its intention to redeem for cash all of its 9,000,000 outstanding Second Preferred Shares, Series B (the "Series B Shares") on January 8, 2025 (the "Redemption Date") at a redemption price equal to $25.00 per share, for an aggregate amount of $225 million, together with all accrued and unpaid dividends up to but excluding the Redemption Date in the amount of $0.02944 per Series B Share (collectively, the "Redemption Price"), less any tax required to be deducted and withheld by the Company.

Formal notice will be delivered to the sole registered holder of the Series B Shares in accordance with the terms of the Series B Shares contained in the Company's articles.

The Series B Share redemption will not impact the Company's previously announced quarterly dividend on the Series B Shares, payable on December 31, 2024 to shareholders of record on December 15, 2024. After the Series B Shares are redeemed, holders of Series B Shares will cease to be entitled to dividends and will not be entitled to exercise any rights as holders other than to receive the Redemption Price.

Non-registered holders of Series B Shares should contact their broker or other intermediary for information regarding the redemption process for the Series B Shares in which they hold a beneficial interest. The Company's transfer agent for the Series B Shares is Computershare Trust Company of Canada ("Computershare"). Questions regarding the redemption process may be directed to Computershare at 1-800-564-6253 or by email to corporateactions@computershare.com.

Following the redemption on January 8, 2025, the Series B Shares will be delisted from and no longer trade on the Toronto Stock Exchange ("TSX").

About Loblaw Companies Limited

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- and part-time employees, making it one of Canada's largest private sector employers.

Loblaw's purpose â?? Live Life WellÂR â?? 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 MartÂR and PharmaprixÂR locations and close to 500 Loblaw locations; PC FinancialÂR services; Joe FreshÂR fashion and family apparel; and four of Canada's top-consumer brands in Life BrandÂR, Farmer's Marketâ?¢, no nameÂR and President's ChoiceÂR. For more information, visit Loblaw's website at www.loblaw.ca and Loblaw's issuer profile at www.sedarplus.ca.

Forward-Looking Statements

This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Loblaw's current expectations regarding future events, including Loblaw's intention to redeem the Series B Shares and the subsequent delisting thereof from the TSX. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Loblaw's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed in Loblaw's 2024 Third Quarter Report to Shareholders and current Annual Information Form. Loblaw does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. All forward-looking statements contained in this press release are made as of the date hereof and are qualified by these cautionary statements.

SOURCE Loblaw Companies Limited

SOURCE: Loblaw Companies Limited

For further information please contact: Roy MacDonald, Vice President, Investor
Relations, investor@loblaw.ca

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