INVESTORS:                                                     MEDIA:
John Standley                                                  Karen Rugen
717-214-8857                                                   717-730-7766
Kevin Twomey
717-731-6540
or investor@riteaid.com

FOR IMMEDIATE RELEASE


           RITE AID PRICES OFFERING OF SENIOR SECURED NOTES DUE 2015

CAMP HILL, PA, January 4, 2005- Rite Aid Corporation (NYSE, PCX: RAD)
announced today the terms of an offering of $200.0 million of its 7.5% senior
secured notes due 2015. The transaction is expected to close on January 11,
2005. Rite Aid intends to use the net proceeds from the offering, together
with available cash, to repay at maturity its 7.625% senior notes due April
2005 and its 6.0% fixed-rate senior notes due December 2005. Until the stated
maturity dates, Rite Aid intends to use the net proceeds from this offering to
repay temporarily borrowings under its revolving credit facility and
obligations under its accounts receivable securitization program.

The notes due 2015 have not been registered under the Securities Act and may
not be offered or sold in the United States without registration or an
applicable exemption from registration requirements.

Rite Aid Corporation is one of the nation's leading drugstore chains with
annual revenues of $16.6 billion and approximately 3,400 stores in 28 states
and the District of Columbia.

This press release may contain forward-looking statements, which are subject
to certain risks and uncertainties that could cause actual results to differ
materially from those expressed or implied in the forward-looking statements.
Factors that could cause actual results to differ materially from those
expressed or implied in such forward-looking statements include our high level
of indebtedness, our ability to make interest and principal payments on our
debt and satisfy the other covenants contained in our senior secured credit
facility and other debt agreements, our ability to improve the operating
performance of our existing stores in accordance with our long term strategy,
our ability to hire and retain pharmacists and other store personnel, the
outcomes of pending lawsuits and governmental investigations, competitive
pricing pressures, continued consolidation of the drugstore industry, the
efforts of third-party payors to reduce prescription drug reimbursements and
encourage mail order, changes in state or federal legislation or regulations,
the success of planned advertising and merchandising strategies, general
economic conditions and inflation, interest rate movements, access to capital
and our relationship with our suppliers. Consequently, all of the
forward-looking statements made in this press release are qualified by these
and other factors, risks and uncertainties. Readers are also directed to
consider other risks and uncertainties discussed in documents filed by the
Company with the Securities and Exchange Commission. Forward-looking
statements can be identified through the use of words such as "may", "will",
"intend", "plan", "project", "expect", "anticipate", "could", "should",
"would", "believe", "estimate", "contemplate", and "possible".


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