KROGER COMPLETES NEW BANK CREDIT FACILITIES

CINCINNATI, OH, May 23, 2002 -- The Kroger Co. (NYSE: KR) today announced it has executed new revolving credit facilities totaling $1.95 billion.

The facilities consist of: a 364-day credit agreement in the amount of $1.25 billion, which replaces a similarly dated facility in the amount of $812.5 million that was due to expire this month; and a five-year credit facility in the amount of $700 million that replaces a $1.875 billion facility acquired by Kroger during its merger with Fred Meyer, Inc. in 1999.

“These credit facilities are an important part of Kroger's financial strategy," said Scott Henderson, Kroger vice president and treasurer. "Commitment levels exceeded our expectations and we appreciate the continuing support of our banks."

Citibank, N.A. and JPMorgan Chase Bank are co-Administrative Agents for the consortium of bank lenders. Bank of America, N.A.; Bank One, NA; The Bank of Tokyo-Mitsubishi, Ltd.; and Union Bank of California are co-Syndication Agents. Copies of the credit agreements will be filed with the Securities and Exchange Commission in a Form 8-K

Headquartered in Cincinnati, Ohio, Kroger is one of the nation’s largest retail grocery chains. At the end of fiscal 2001, the Company (either directly or through its subsidiaries) operated 2,418 supermarkets and multi-department stores in 32 states under approximately two dozen banners, including Kroger, Ralphs, Fred Meyer, Food 4 Less, King Soopers, Smith’s, Fry’s and Fry’s Marketplace, Dillon, QFC and City Market. Kroger also operates 789 convenience stores, 427 fine jewelry stores, 227 supermarket fuel centers and 41 food processing plants. For more information about Kroger, please visit our web site at www.kroger.com.

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