Executive Summary

• On December 6, Walgreens Boots Alliance announced an agreement to invest in China-based Sinopharm Holding Guoda Drugstores (GuoDa).
• Walgreens Boots Alliance plans to acquire a 40% minority stake in GuoDa, subject to regulatory review and approval and customary closing conditions.
• GuoDa operates more than 3,500 retail pharmacies in approximately 70 cities across 19 provinces, autonomous regions and municipalities in China. The company employs close to 20,000 people.