Legal DisclaimersAdditional Information and Where to Find It In connection with the proposed transaction between Walgreens Boots
Alliance, Inc. (the “Company”) and affiliates of Sycamore Partners Management, L.P. (“Sycamore Partners”), the Company will file with the Securities and Exchange Commission (the “SEC”) a definitive proxy statement on
Schedule 14A relating to its special meeting of stockholders, which will be mailed to the Company’s stockholders, and the Company and certain affiliates of the Company will jointly file a transaction statement on Schedule 13E-3. The Company may file or furnish other documents with the SEC regarding the proposed transaction. INVESTORS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT, THE SCHEDULE
13E-3 AND ANY TRANSACTION OTHER RELEVANT . DOCUMENTS FILED BY THE COMPANY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, SYCAMORE PARTNERS AND
THE PROPOSED website Stockholders at investor may obtain .walgreensbootsalliance free copies of the .proxy com under statement the link and “Financials the Schedule and 13E Filings” -3 (when and then
available) under and the other link “SEC documents Filings” the or by Compa contacting ny files the with Company’s the SEC from Investor the SEC’s Relations website team at by www e-mail
.sec at .gov Investor or through .Relations@wba the Investors .com portion . of the Company’s Participants in the Solicitationand The executive Company and officers its directors is contained and in executive the Company’s officers proxy
may be statement deemed for to be its participants 2025 annual in meeting the solicitation of stockholders of proxies filed from with the the Co SEC mpany’s on December stockholders 13, 2024 in connection (https://www with.sec the
.gov/ix?doc=/Archives/edgar/data/1618921/000155837024016214/tmb proposed transaction. Information regarding the Company’s directors -20250130xdef14a.htm) under the sections entitled “Corporate governance,” “Security ownership of
certain beneficial owners and management” and “Executive compensation.” To the extent that holdings of the Company’s securities have changed since the amounts set forth in the Company’s proxy statement for its 2025 annual
meeting of stockholders, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Other information regarding the participants in the proxy solicitation and a description of their interests will
be contained in the proxy statement and other relevant materials to be filed with the SEC relating to the proposed transaction. These documents can be obtained (when available) free of charge from the sources indicated above. Forward-Looking
StatementsThis communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking
statements include all statements that do not relate solely to historical or current facts, such as statements regarding our expectations, intentions or strategies regarding the future. In some cases, you can identify forward-looking statements by
the use of forward-looking “intend,” terminology “long-term,” such “may,” as “accelerate,” “model,” “ongoing,” “aim,” “ambition,” “opportunity,”
“anticipate,” “outlook,” “approximate,” “plan,” “position,” “aspire,” “possible,” “assume,” “potential,” “believe,” “predict,”
“can,” “continue,” “preliminary,” “could,” “project,” “create,” “seek,” “enable,” “should,” “estimate,” “strive,” “expect,”
“target,” “extend,” “transform,” “forecast,” “trend,” “future,” “vision,” “goal,” “will,” “guidance,” “would,” and variations of
these terms or other similar expressions, although not all forward-looking statements contain these words. Such statements include, but are not limited to, statements regarding the proposed transaction, our ability to consummate the proposed
transaction on the expected timeline or at all, the anticipated benefits of the proposed transaction, and the terms, the impact of the proposed transaction on our future business, results of operations and financial condition and the scope of the
expected financing in connection with the proposed transaction. Forward-looking statements are based on current estimates, assumptions and beliefs and are subject to known and unknown risks and uncertainties, many of which completed are beyond in
our a timely control, manner that may or at cause all; (ii) actual the ability results of to affiliates vary materially of Sycamore from those Partners indicated to obtain by such the necessary forward-looking financing statements arrangements
. Such set risks forth and in uncertainties the commitment include, letters but received are not limited in connection to: (i) the with risk the that proposed the proposed transaction; transaction (iii) the may failure not be to satisfy
any of the conditions to the consummation of the proposed transaction, including the receipt of certain regulatory approvals and stockholder approval; (iv) the occurrence of any event, change or other circumstance or condition that could give
rise to the termination of the transaction agreements, including in circumstances requiring the Company to pay a termination fee; (v) the effect of the announcement or pendency of the proposed transaction on the Company’s business
relationships, operating results and business generally; (vi) the risk that the proposed transaction disrupts the Company’s current plans and operations; (vii) the Company’s ability to retain and hire key personnel and maintain
relationships with key resulting business from partners the proposed and customers, transaction; and (x) others potential with litigation whom it does relating business; to the (viii) proposed risks related transaction to diverting that
could management’s be instituted at against tention the from parties the Company’s to the transaction ongoing agreements business operations; or their respective (ix) significant directors, or unexpected managers costs, or officers,
charges including or expenses the effects of any outcomes related thereto; (xi) uncertainties related to the continued availability of capital and financing and rating agency actions; (xii) certain restrictions during the pendency of
the proposed transaction that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; (xiii) uncertainty as to timing of completion of the proposed transaction; (xiv) the risk that the
holders of Divested Asset Proceed Rights will receive less-than-anticipated payments or no payments with respect to the Divested Asset Proceed Rights after the closing of the proposed transaction and that such rights will expire valueless;
(xv) the impact of adverse general and industry-specific economic and market statements conditions; and as a (xvi) result other of new risks information, described in future the Company’s developments filings or with otherwise, the
SEC except . Forward as required looking statements by law. All forward included—looking herein statements are made only in this as of communication the date hereof are and qualified the Company in their does entirety not undertake by this
cautionary any obligation statement to update . any forward-looking © 2025 Walgreens Boots Alliance, Inc. All rights reserved.
