Walgreen Co. Announces Regular Quarterly Dividend

April 9, 2003

DEERFIELD, Ill., April 9, 2003 – The board of directors of Walgreen Co. (NYSE: WAG) today declared a regular quarterly dividend of 3.75 cents per share, payable June 12, 2003, to shareowners of record May 21, 2003.

Walgreens, the nation’s largest drugstore chain, reported on March 24 record sales for the second quarter ended Feb. 28, 2003, of $8.4 billion, up 12.8 percent from a year earlier. Earnings were up 13.6 percent from a year ago to a record $371 million.

The company operates 4,014 drugstores in 43 states and Puerto Rico and plans to open approximately 425 new stores in fiscal 2003.

Contact:

Michael Polzin

(847) 914-2925