Blackhawk Network Holdings IPO Price Range is $20 to $22/Share

Blackhawk Network Holdings, Inc., a majority-owned subsidiary of Safeway Inc.

, today announced that it is filing an amended registration statement with the Securities and Exchange Commission in connection with an initial public offering, or IPO, of 10,000,000 shares of Blackhawk's Class A common stock (with an additional 1,500,000 shares subject to the underwriters' option to purchase additional shares) at an estimated offering price of $20 to $22 per share.  The IPO will consist solely of shares to be offered by existing stockholders, including Safeway Inc. Goldman, Sachs & Co., BofA Merrill Lynch, Citigroup and Deutsche Bank Securities will serve as joint-bookrunning managers, with   Goldman, Sachs & Co. serving as the global coordinator for the proposed offering.  Barclays, BMO Capital Markets, Credit Suisse, Piper Jaffray, Raymond James and Wells Fargo Securities will serve as co-managers for the proposed offering.  The offering will be made only by means of a prospectus.  A copy of the preliminary prospectus may be obtained from Goldman, Sachs & Co., Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at: (866) 471-2526, or by email to: prospectus-ny@ny.email.gs.com; BofA Merrill Lynch, Attention: Prospectus Department, 222 Broadway, New York,