-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 NY+63UjxoUh9T5BeuaN0Dmg71Nx/x03wS+uO2X9DYkjQYCCON9cfq3xX6+6hM0zR
 i8DLrpanWH1T9ItkqWM1Iw==

<SEC-DOCUMENT>0001467499-09-000002.txt : 20090716
<SEC-HEADER>0001467499-09-000002.hdr.sgml : 20090716
<ACCEPTANCE-DATETIME>20090716160608
ACCESSION NUMBER:		0001467499-09-000002
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20090716
DATE AS OF CHANGE:		20090716
EFFECTIVENESS DATE:		20090716

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Army & Air Force Exchange Service
		CENTRAL INDEX KEY:			0001467499
		IRS NUMBER:				751232789
		STATE OF INCORPORATION:			X1

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-132846
		FILM NUMBER:		09948348

	BUSINESS ADDRESS:	
		STREET 1:		3711 S. WALTON WALKER BLVD
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75236
		BUSINESS PHONE:		214 312-3507

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 650059
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75265-0059
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0401</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001467499</cik>
        <entityName>Army &amp; Air Force Exchange Service</entityName>
        <issuerAddress>
            <street1>3711 S. WALTON WALKER BLVD</street1>
            <street2></street2>
            <city>DALLAS</city>
            <stateOrCountry>TX</stateOrCountry>
            <zipCode>75236</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>214 312-3507</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>UNITED STATES</jurisdictionOfInc>
        <entityType>Other</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Harold</firstName>
                <middleName></middleName>
                <lastName>Lavender</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3911 S. Walton Walker Blvd</street1>
                <street2></street2>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>75236</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>CFO of AAFES</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Keith</firstName>
                <middleName></middleName>
                <lastName>Thurgood</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>3711 S. Walton Walker</street1>
                <street2></street2>
                <city>Dallas</city>
                <stateOrCountry>TX</stateOrCountry>
                <zipCode>75236</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Major General Thurgood is the Commanding General of the Army &amp; Air Force Exchanges Service</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Retailing</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-06-17</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isDebtType>true</isDebtType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>500000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>JPMorgan Securities Inc.</recipientName>
                <recipientCRDNumber>79</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>270 Park Ave, 8th Floor</street1>
                    <street2></street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10038</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>650000000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>36</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>1350000</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Army &amp; Air Force Exchange Service</issuerName>
                <signatureName>Edwin E Llewellyn III</signatureName>
                <nameOfSigner>Edwin E Llewellyn III</nameOfSigner>
                <signatureTitle>Asst. General Counsel</signatureTitle>
                <signatureDate>2009-07-16</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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