Issuer Free Writing Prospectus
Filed Pursuant to Rule 433
Registration No. 333-152315
Walgreen Co.
Pricing Term Sheet
January 8, 2009
5.25% Notes due 2019
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Issuer:
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Walgreen Co.
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Security:
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5.25% Notes due 2019
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Size:
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$1,000,000,000
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Maturity:
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January 15, 2019
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Coupon:
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5.25%
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Price:
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99.477% of face amount
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Yield to maturity:
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5.318%
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Spread to Benchmark Treasury:
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2.875%
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Benchmark Treasury:
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3.75% UST due November 15, 2018
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Benchmark Treasury Price and Yield:
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111-12; 2.443%
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Interest Payment Dates:
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January 15 and July 15, commencing July 15, 2009
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Redemption Provisions:
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Make-whole call
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Treasury Rate plus 45 basis points
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Settlement:
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T+3; January 13, 2009
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CUSIP:
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931422AE9
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Ratings:
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A2 (stable) (Moody’s) / A+ (negative) (S&P)
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Joint Book-Running Managers:
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Banc of America Securities LLC, Goldman,
Sachs & Co., J.P. Morgan Securities Inc.
and Morgan Stanley & Co. Incorporated
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Co-Managers:
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Wells Fargo Securities, LLC and Loop Capital
Markets, LLC
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Note: A securities rating is not a recommendation to buy, sell or hold these notes. Each rating may
be subject to revision or withdrawal at any time, and should be evaluated independently of any
other rating.
The issuer has filed a registration statement (including a prospectus) with the SEC for the
offering to which this communication relates. Before you invest, you should read the prospectus in
that registration statement and other documents the issuer has filed with the SEC for more complete
information about the issuer and this offering. You may get these documents for free by visiting
EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer
participating in the offering will arrange to send you the prospectus if you request it by calling
Banc of America Securities LLC toll-free 1-800-294-1322, Goldman, Sachs & Co. at 1-866-471-2526,
J.P. Morgan Securities Inc. collect at 1-212-834-4533 or Morgan Stanley & Co. Incorporated at
1-866-718-1649.