BRAMPTON, ONTARIO, May 10, 2022 - Loblaw Companies Limited (TSX: L; “Loblaw”) today confirmed the closing of the previously announced acquisition of Lifemark Health Group (“Lifemark”) from Audax Private Equity.

Lifemark is a leading provider of outpatient physiotherapy, massage therapy, occupational therapy, chiropractic, mental health and other ancillary rehabilitation services in Canada. With this acquisition, Loblaw through its wholly-owned subsidiary Shoppers Drug Mart Inc., adds to its growing role as a healthcare service provider, with a network of health and wellness solutions, accessible in-person and digitally.

About Loblaw Companies Limited

Loblaw Companies Limited is Canada’s food and pharmacy leader, with a network of more than 2,400 corporate, franchised and Associate-owned locations in communities across the country. Loblaw’s purpose – Live Life Well^® – supports the needs and well-being of Canadians who make one billion visits each year to the company’s stores.

Led by Shoppers Drug Mart, the leader in Canada’s retail drug store marketplace and the number one provider of pharmacy products and services, Loblaw offers full-service pharmacies and a range of services like prescriptions, med checks, vaccinations, minor-ailment diagnoses, and nutrition consultations in more than 1,800 locations in 10 provinces and 2 territories, including in Shoppers Drug Mart, PharmaPrix, Loblaw pharmacy, DRUGStore Pharmacy and CENTRESante locations.

About Lifemark Health Group

Lifemark Health Group is a Canadian leader in community rehabilitation, workplace health and wellness and medical assessment services. With over 20 years of service excellence, Lifemark Health Group is a comprehensive and trusted health provider with 3 million patient visits annually, and employs over 5,000 highly trained clinicians, medical experts and team members.

As Canada’s largest physiotherapy company, Lifemark is passionate about enriching the health of Canadians through movement. Lifemark’s commitment to health and wellness extends beyond patient care, to the entire team, as evidenced through an award-winning culture.

About Audax Private Equity

Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $30 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $9 billion in more than 150 platforms and over 1050 add-on companies, and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 30 employees and over 100 investment professionals, the firm is a leading capital partner for North American middle market companies. For more information, visit the Audax Private Equity website www.audaxprivateequity.com

Forward Looking Statements

This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Loblaw’s current expectation regarding future events. There can be no assurance regarding the ability of Loblaw to successfully grow its business as described in this press release.

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 current Annual MD&A and 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.