Loblaw Companies Limited - Closing of Preferred Share Offering


    TORONTO, June 20 /CNW/ - Loblaw Companies Limited (TSX: L) announced the
completion today of the sale of 9.0 million cumulative redeemable convertible
Second Preferred Shares, Series A, to yield 5.95% per annum, to a syndicate of
underwriters co-led by RBC Dominion Securities Inc. and CIBC World Markets
Inc. for distribution to the public. The aggregate gross proceeds of the sale
were $225 million. The Preferred Shares, Series A have been listed and posted
to trade on the Toronto Stock Exchange under the symbol "L.PR.A".
    The Preferred Shares, Series A have not been and will not be registered
under the United States Securities Act of 1933, as amended, or under any state
securities laws, and may not be offered, sold, directly or indirectly, or
delivered within the United States of America and its territories and
possessions or to, or for the account or benefit of, United States persons
except in certain transactions exempt from the registration requirements of
such Act. This release does not constitute an offer to sell or a solicitation
to buy such securities in the United States.

    Loblaw Companies Limited is Canada's largest food distributor and a
leading provider of general merchandise products, drugstore and financial
products and services. Loblaw is also one of the largest private sector
employers in Canada, with over 140,000 full-time and part-time employees
executing its business strategy in more than 1,000 corporate and franchised
stores from coast to coast. Loblaw is a subsidiary of George Weston Limited
(TSX: WN).

For further information:

For further information: Inge van den Berg, Vice President, Public
Affairs, Tel: (905) 861-2221, Email: investor@loblaw.ca

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