09 July 2008

Alliance Boots notes today's announcement by Moody's Investors Service Limited lowering the corporate family rating of the Group from B1 to B2 and its rating of Alliance Boots' £315m of public debt, which will mature by May 2009, from B2 to Caa1.

We also note Moody's intended withdrawal of the ratings.  Moody's action to withdraw the credit ratings results from the Group's decision not to seek a rating for its parent, Alliance Boots GmbH, a private company, upon which Moody's issuer rating is conditional.

As at the date of its most recently published financial information, 31 March 2008, the Group had £413m of cash and cash equivalents and £620 million of undrawn committed facilities.

No further statement will be made in relation to this announcement.

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For further information, please contact:

Gavin Anderson & Company
Richard Constant
James Benjamin
Tel. +44 (0)207 554 1400

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