OMNICARE, INC. TO DOUBLE ITS HEADQUARTERS IN NORTHERN KENTUCKY

Up to 240 High-Quality Jobs Will Be Created

Contacts: Danny G. Fore, President, Northern Kentucky Tri-ED (859) 344-0040

COVINGTON, KY – March 25, 2004 – Omnicare, Inc., a leading geriatric pharmaceutical care company, plans for a 50,185 square foot expansion of its headquarters operation in Northern Kentucky, more than doubling its 42,400 square feet of existing office space at its Covington RiverCenter location. The expansion will add approximately 240 new jobs to the current 80 RiverCenter employees. Expansion at the RiverCenter location will begin immediately and be largely complete by year-end 2004.

This expansion will facilitate the centralization and accommodation of certain corporate functions. The 240 new jobs will consist of accounting and other corporate support positions as well as professional services. "We’re extremely pleased with Omnicare's expansion plans, adding significant high-quality jobs to an already successful corporate headquarters operation." said Danny G. Fore, president of Northern Kentucky Tri-ED.

"Omnicare has been experiencing substantial growth over the past several years" stated Joel Gemunder, CEO of Omnicare, Inc. "In order to efficiently support this growth, we find Covington an excellent choice for the consolidation and centralization of various support functions located across the United States."

"The City of Covington is pleased to have Omnicare as a corporate headquarters since 1998. The City looks forward to this large expansion and continuing to be part of Omnicare's future growth in Covington," said Mayor Butch Callery.

Established in 1981, Omnicare, Inc. is a Fortune 500 company based in Covington, Kentucky. It is the nation's largest provider of professional pharmacy, related consulting and data management services for skilled nursing, assisted living and other institutional healthcare providers. Omnicare also provides clinical research for the pharmaceutical and biotechnology industries in 29 countries worldwide. Omnicare moved its headquarters to Northern Kentucky in 1998.

Founded in 1987, the Northern Kentucky Tri-County Economic Development Corporation (Tri-ED) serves as the primary economic development marketing agency for Boone, Kenton and Campbell counties in Northern Kentucky. Through February 2004, Northern Kentucky Tri-ED has been responsible for 371 locations or expansions in Northern Kentucky, representing 37,067 direct new jobs and over $3.46 billion in new investment. For more information on Northern Kentucky Tri-ED, visit www.NorthernKentuckyUSA.com.

The Kentucky Cabinet for Economic Development is the primary state agency in Kentucky responsible for creating new jobs and new investment in the state. New business investment in Kentucky in 2003 totaled more than $1.56 billion with the creation of just over 13,800 new jobs. Information on available development sites, workforce training, incentive programs, community profiles, small business development and other resources is available at http://www.thinkkentucky.com/.