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Elephant Pharmacy issues $9.5 million of Series B Convertible Preferred Stock; Affiliates of CVS Corporation and JPMorgan lead round
Hadley Partners serves as private placement agent
Berkeley, California – June 2004

Elephant Pharmacy, Inc., an innovative health and wellness retailer, announced that it has issued $9.5 million of Series B Convertible Preferred Stock to fund the growth of its business. The company intends to use the proceeds to launch a chain of stores in affluent urban markets around the country and to launch its personal care and wellness products in both its stores as well as through other channels. Funding came from affiliates of CVS Corporation and JPMorgan, as well as existing and new investors. Hadley Partners served as private placement agent in connection with the offering.

“We are very excited to close the funding that will enable us to roll out our concept into other markets. This capital will also enable us to continue to build awareness of the Elephant brand, and to develop our portfolio of Elephant-branded personal care and wellness products,” said Stuart Skorman, founder and chairman of Elephant Pharmacy, Inc. “We are extremely pleased that Hadley Partners was our partner in this critical fundraising. Not only do they understand our target consumers, but they worked with us over many months to ensure a successful fundraising.”

This announcement is for informational purposes only, and does not represent either an offer to sell securities or a solicitation of offers to purchase securities.

About Elephant Pharmacy, Inc. (www.elephantpharmacy.com)

Elephant Pharmacy aspires to be the leading upscale health and wellness retailer in the United States. The company will achieve this by offering its customers both the largest selection of natural health and beauty products available anywhere and the conventional remedies (including prescriptions) that modern science makes available. The company intends to change the way its target consumers shop for their health, prescription, beauty and wellness needs. Elephant Pharmacy was founded in December 2001 and opened its first store in Berkeley, California in November 2002.

About Hadley Partners, Inc.

Founded in 1999, Hadley Partners always seeks to provide the highest-quality merger & acquisition advisory, private placement and financial advisory services. We have a world-class team of veteran bankers that bring Wall Street experience to middle-market and emerging growth companies. Our goal is to develop relationships of trust with the leaders of these companies and with investors that pursue investment opportunities in such companies. We provide our services in a fair and flexible manner, and we always put our clients’ interests first. Hadley Partners is a registered broker-dealer, and a member of the National Association of Securities Dealers and the Securities Investor Protection Corporation.

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