x
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ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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o
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TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
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Page
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REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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1
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FINANCIAL
STATEMENTS:
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Statements
of Net Assets Available for Benefits as of December 31, 2008 and
2007
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2
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Statement
of Changes in Net Assets Available for Benefits for the Year Ended
December 31, 2008
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3
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Notes
to Financial Statements as of December 31, 2008 and 2007, and for the
Year Ended December 31, 2008
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4–11
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SUPPLEMENTAL
SCHEDULE:
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Form 5500,
Schedule H, Line 4i — Schedule of Assets (Held at End of
Year) as of December 31, 2008
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13
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NOTE:
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All
other schedules required by Section 2520.103-10 of the Department of
Labor’s Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974 have been omitted because
they are not applicable.
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2008
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2007
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|||||||
ASSETS:
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Participant-directed
investments — at fair value
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$ | 2,581,514 | $ | 3,227,464 | ||||
Employee
contributions receivable
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8,088 | |||||||
Net
assets available for benefits — at fair value
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2,581,514 | 3,235,552 | ||||||
ADJUSTMENTS
FROM FAIR VALUE TO CONTRACT VALUE
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||||||||
FOR
FULLY BENEFIT - RESPONSIVE INVESTMENT
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||||||||
CONTRACTS
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7,573 | 1,102 | ||||||
NET
ASSETS AVAILABLE FOR BENEFITS
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$ | 2,589,087 | $ | 3,236,654 |
ADDITIONS:
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||||
Employee
contributions
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$ | 375,921 | ||
Investment
income
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67,107 | |||
Total
additions
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443,028 | |||
DEDUCTIONS:
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Net
depreciation in fair value of investments
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778,260 | |||
Benefit
payments
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311,376 | |||
Administrative
expenses
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959 | |||
Total
deductions
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1,090,595 | |||
DECREASE
IN NET ASSETS AVAILABLE FOR BENEFITS
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(647,567 | ) | ||
NET
ASSETS AVAILABLE FOR BENEFITS — Beginning of year
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3,236,654 | |||
NET
ASSETS AVAILABLE FOR BENEFITS — End of year
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$ | 2,589,087 |
1.
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PLAN
DESCRIPTION
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2.
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SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
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3.
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FAIR
VALUE MEASUREMENTS
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Quoted
Prices in
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Significant
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|||||||||||||||
Active
Markets
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Other
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Significant
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||||||||||||||
for
Identical
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Observable
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Unobservable
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||||||||||||||
Assets
(Level 1)
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Inputs
(Level 2)
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Inputs
(Level 3)
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Total
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Rite
Aid Common Stock
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$ | 3,438 | $ | 3,438 | ||||||||||||
Mutual
Funds
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988,053 | 988,053 | ||||||||||||||
Custom
Funds
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434,083 | 434,083 | ||||||||||||||
Common
and Collective Trusts
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2,980 | 2,980 | ||||||||||||||
Stable
Value Fund
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995,859 | 995,859 | ||||||||||||||
Participant
Loans
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157,101 | 157,101 | ||||||||||||||
Total
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$ | 1,425,574 | $ | 998,839 | 157,101 | $ | 2,581,514 |
For
the year ended December 31, 2008
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Participant
Notes Receivable
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Total
Fair Value
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Beginning
Balance
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$ | 178,415 | $ | 178,415 | ||||
Total
gains or losses (realized/unrealized):
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Purchases,
sales, issuances and settlements, net
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(21,314 | ) | (21,314 | ) | ||||
Transfers
in and/or out of Level 3
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Ending
Balance
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$ | 157,101 | $ | 157,101 |
4.
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SYNTHETIC
GUARANTEED INVESTMENT CONTRACT
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2008
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2007
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Average
yields:
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Based
on annualized earnings (1)
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4.80 | % | 5.05 | % | ||||
Based
on interest rate credited to participants (2)
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4.25 | 4.47 |
(1)
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Computed
by dividing the annualized one-day actual earnings of the contract on the
last day of the plan year by the fair value of the investments on the same
date.
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(2)
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Computed
by dividing the annualized one-day earnings credited to participants on
the last day of the plan year by the fair value of the investments on the
same date.
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5.
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INVESTMENTS
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2008
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2007
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Stable
Value Fund
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$ | 995,859 | $ | 932,679 | ||||
Dodge
& Cox Balanced Fund
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256,800 | 434,038 | ||||||
Vanguard
Institutional Index Fund
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243,455 | 363,133 | ||||||
Northern
Trust Global Advisors Large-Cap Growth Fund
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190,907 | 315,134 | ||||||
Participant
Loan Fund
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157,101 | 178,415 | ||||||
Northern
Trust Global Advisors International Equity Fund
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155,305 | 241,388 | ||||||
T.
Rowe Price Retirement 2010
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118,259 | 168,100 |
Investments:
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Rite
Aid Corporate Stock
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$ | (19,087 | ) | |
Mutual
Funds
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(533,052 | ) | ||
Custom
Funds
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(269,266 | ) | ||
Common
and Collective Trusts
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130 | |||
Stable
Value Funds
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43,015 | |||
Net
appreciation (depreciation) in fair value of investments
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$ | (778,260 | ) |
6.
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TAX
STATUS
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7.
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PLAN
TERMINATION
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8.
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PARTY-IN-INTEREST
TRANSACTIONS
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9.
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CONTINGENCY
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10.
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RECONCILIATION
OF FINANCIALS TO FORM 5500
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Net
assets available for benefits per the financial
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statements
at contract value
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$ | 2,589,087 | ||
Adjustment
from contract value to fair value for fully
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benefit-responsive
investment contracts
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(7,573 | ) | ||
Net
assets available for benefits per Form 5500, Schedule H, Part I (line
L)
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$ | 2,581,514 |
Total
contributions
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$ | 375,921 | ||
Total
investment income
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67,107 | |||
Net
depreciation in fair value of investments
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(778,260 | ) | ||
Prior
year adjustment from fair value to contract value for
fully
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1,102 | |||
benefit-responsive
investment contracts
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Current
year adjustment from fair value to contract value for
fully
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(7,573 | ) | ||
benefit-responsive
investment contracts
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Total
loss per Form 5500, Schedule H, Part II (line 2d)
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$ | (341,703 | ) |
Identity
of Issuer, Borrower,
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At
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||||||||
Lessor
or Similar Party and Description
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Number
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Fair
Market
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of
Shares
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Value
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Common
and collective trust — *T. Rowe Price
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Bond
Index Trust
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114 | $ | 2,980 | |||||
Mutual
Funds:
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*T.
Rowe Price
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Retirement
2010
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10,549 | 118,259 | ||||||
*T.
Rowe Price
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Retirement
2025
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13,449 | 106,787 | ||||||
*T.
Rowe Price
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Retirement
2020
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6,590 | 73,210 | ||||||
*T.
Rowe Price
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Retirement
2015
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7,635 | 63,370 | ||||||
*T.
Rowe Price
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Retirement
2030
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2,812 | 31,391 | ||||||
*T.
Rowe Price
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Retirement
2040
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1,876 | 20,781 | ||||||
*T.
Rowe Price
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Retirement
2045
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2,293 | 16,924 | ||||||
*T.
Rowe Price
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International
Equity Index Fund
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1,653 | 14,447 | ||||||
*T.
Rowe Price
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Retirement
2035
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1,771 | 13,797 | ||||||
*T.
Rowe Price
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Retirement
2005
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542 | 4,683 | ||||||
*T.
Rowe Price
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Extended
Equity Market Index Fund
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178 | 1,681 | ||||||
*T.
Rowe Price
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Retirement
Income Fund
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55 | 572 | ||||||
*T.
Rowe Price
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Retirement
2050
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30 | 180 | ||||||
*T.
Rowe Price
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Retirement
2055
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1 | 2 | ||||||
Dodge
& Cox
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Balanced
Fund
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5,010 | 256,800 | ||||||
Vanguard
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Instl
Index Fund
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2,950 | 243,455 | ||||||
Pimco
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Total
Return Instl Fund
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2,093 | 21,223 | ||||||
Vanguard
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Small-Cap
Index Fund
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24 | 491 | ||||||
Total
mutual funds
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988,053 | ||||||||
Custom
Funds:
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Northern
Trust Global Advisors
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Large-Cap
Growth Fund
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24,413 | 190,907 | ||||||
Northern
Trust Global Advisors
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International
Equity Fund
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13,084 | 155,305 | ||||||
Northern
Trust Global Advisors
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Large-Cap
Value Fund
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6,220 | 56,486 | ||||||
Northern
Trust Global Advisors
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Mid-Cap
Fund
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2,076 | 19,536 | ||||||
Northern
Trust Global Advisors
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Small-Cap
Fund
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1,183 | 11,849 | ||||||
Total
custom funds
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434,083 | ||||||||
Stable
Value Fund Synthetic Guaranteed
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Investment
Contract — Prudential and *T. Rowe Price
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Stable
Value Fund
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81,447 | 995,859 | ||||||
Company
Stock Fund:
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*Rite
Aid Corporation
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Company
Stock Fund
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11,092 | 3,438 | ||||||
*Participant
notes
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Loan
Fund**
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157,101 | |||||||
Total
Assets Held at End
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$ | 2,581,514 |
*
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Party-in-interest
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**
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The loans range in
interest rates from 5.0% to 9.25% and expire through
2013.
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RITE
AID 401(k) DISTRIBUTION EMPLOYEES
SAVINGS
PLAN
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By:
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/s/ Chuck Carlsen
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Chuck
Carlsen, not in his individual capacity, but solely as an authorized
signatory for the Employee Benefits Administration
Committee
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Exhibit
Number
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Description
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23.1
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Consent
of Independent Registered Public Accounting
Firm
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