Walgreens Boots Alliance, Inc. entered into a revolving credit agreement with the designated borrowers and lenders led by Wells Fargo Bank, National Association as administrative agent and swing line lender.

The Credit Agreement includes (i) a $1.25 billion senior unsecured 364-day revolving credit facility (the “364-Day Facility”) and (ii) a $2.25 billion senior unsecured 18-month revolving credit facility, with a swing line subfacility commitment amount of $350 million (the “18-Month Facility” and together with the 364-Day Facility, the “Facility”). The 364-Day Facility’s termination date is the earlier of (i) 364 days from the Effective Date (subject to the extension thereof pursuant to the Credit Agreement) and (ii) the date of termination in whole of the aggregate amount of the revolving commitments under the 364-Day Facility pursuant to the Credit Agreement. The 18-Month Facility’s termination date is the earlier of (i) 18 months from the Effective Date (subject to the extension thereof pursuant to the Credit Agreement) and (ii) the date of termination in whole of the aggregate amount of the revolving commitments under the 18-Month Facility pursuant to the Credit Agreement.

The Company will be a borrower under the Credit Agreement. Subject to the terms of the Credit Agreement, the Company and any Designated Borrowers (the “Borrowers”) may borrow, repay and reborrow amounts borrowed under the Facility while the commitments thereunder are in effect. The ability of the Borrowers to request each loan under the Facility from time to time after the Effective Date is subject to the satisfaction (or waiver) of certain customary conditions set forth therein. Loans under the Credit Agreement will be available in U.S. dollars, British Pound Sterling and Euro. Pursuant to the terms of the Credit Agreement, the Company will provide a guarantee (the “Parent Guarantee”) of any obligations of any Designated Borrower under the Credit Agreement.