Omnicare Announces Conversion Rate Adjustment for Convertible Notes; Series A and Series B Trust PIERS to Accrue Contingent Interest

CINCINNATI, March 27, 2015 - Omnicare, Inc. (NYSE: OCR) (the "Company") announced today an adjustment to the conversion rate of its 3.75% Convertible Senior Subordinated Notes due 2025 (the "2025 Notes").  Effective March 10, 2015, the adjusted conversion rate for the 2025 Notes is 37.6440 shares of common stock per $1,000 principal amount, or approximately $26.56 per share. 

The conversion rate for the 2025 Notes was previously 37.2532 shares of common stock per $1,000 principal amount and was adjusted in connection with the Company's regular quarterly dividend of $0.22 per share paid on March 27, 2015 to all stockholders of record on March 12, 2015. 

Omnicare also announced that, for the period from March 15, 2015 to June 14, 2015, its Series A and Series B Trust Preferred Income Equity Redeemable Securities (NYSE: OCR.PRA and OCR.PRB) (the "Trust PIERS") will, subject to the terms of the Trust PIERS, accrue contingent interest at a rate of 0.125% of the average trading price of the Trust PIERS for the five trading days ended March 12, 2015, in addition to the continued accrual of regular cash interest.  As previously announced, the Trust PIERS have accrued and paid contingent interest (ranging from $0.07 to $0.11 per $50 stated liquidation amount of Trust PIERS) for each quarterly interest period since June 2013. 

Contingent cash interest, which Omnicare has determined to be approximately $0.1148 per $50 stated liquidation amount of Trust PIERS for the current interest period, will be payable to holders of the Trust PIERS as of the record date of June 12, 2015.  The payment of contingent cash interest is expected to be made on June 15, 2015.   

About Omnicare

Omnicare, Inc., a Fortune 500 company based in Cincinnati, Ohio, provides comprehensive pharmaceutical services to patients and providers across the United States.  As the market leader in professional pharmacy, related consulting and data management services for skilled nursing, assisted living and other chronic care institutions, Omnicare leverages its unparalleled clinical insight into the geriatric market along with some of the industry's most innovative technological capabilities to the benefit of its long-term care customers.  Omnicare also provides specialty pharmacy and key commercialization services for the bio-pharmaceutical industry through its Specialty Care Group.  For more information, visit www.omnicare.com.   

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Contact:
Patrick C. Lee
(513) 719-1507
patrick.lee@omnicare.com