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CtW Investment Group Challenges Longs' Anti-Trust Arguments (NYSE: LDG)
Date:9/29/2008

WASHINGTON, Sept. 29 /PRNewswire/ -- In a letter to Dr. Mary S. Metz, the chairwoman of the Longs (NYSE: LDG) board's Governance Committee, the CtW Investment Group questions the Longs' board's refusal to enter into negotiations with Walgreens and challenges the arguments put forward by the board regarding anti-trust risks associated with Walgreens' proposed purchase of Longs. Citing analysis prepared by expert anti-trust counsel Doyle, Barlow, and Mazard (DBM), and in stark contrast to Longs' assertion that a Walgreens merger would entail significant anti-trust-related regulatory delays, CtW argues that the proposed Walgreens merger could be approved even without a second request for information. Moreover, CtW Investment Group contends that even if regulators require a longer review period, the cost to shareholders will be much smaller than Longs has projected.

The letter to Dr. Mary S. Metz and the anti-trust analysis prepared by Doyle, Barlow, and Mazard are available at http://www.ctwinvestmentgroup.com.

** Note: For additional information or comment please contact Richard Clayton at 202-255-6433. Full text of the letter to Longs Board's Governance Committee chairwoman Dr. Mary S. Metz is below.**

September 29, 2008

Dr. Mary S. Metz

Chairperson, Governance and Nominating Committee

Longs Drug Stores Corporation

141 North Civic Drive

Walnut Creek, California 94596

Dear Dr. Metz,

We are perplexed by the Longs board's repeated refusal to recognize that there are potential acquirers, including but not limited to Walgreens, willing to offer shareholders a higher price than $71.50 per share. The board has explain
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SOURCE CtW Investment Group
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