Proprietary & Confidential, Property of Walgreen Co.

Walgreen Co. November 15, 2012

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Safe Harbor

• Certain statements and projections of future results made in

this presentation constitute forward-looking statements that are based on current market, competitive and regulatory expectations that involve risk and uncertainty. Except to the extent required by law, we undertake no obligation to update publicly any forward-looking statement after this presentation, whether as a result of new information, future events, changes in assumptions or otherwise.

• Please see our latest Form 10-K filing and subsequent

Exchange Act filings for a discussion of risk factors as they relate to forward-looking statements.

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Proprietary & Confidential, Property of Walgreen Co.

Credit Suisse Healthcare Conference November 15, 2012

Wade Miquelon

Executive Vice President, Chief CFO, & President, International

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Walgreen’s Core Assets and Strengths

> 8,000 Health & Daily Living Destinations … residing on the best corners in America Serving over 40 million customers a week

75,000 healthcare professionals

The most trusted brand in pharmacy

Strong financial foundation

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World’s largest buyer of prescriptions & other health and daily living items

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Walgreen’s Core Assets and Strengths

> 8,000 Health & Daily Living Destinations … residing on the best corners in America Serving over 40 million customers a week

75,000 healthcare professionals

The most trusted brand in pharmacy

Strong financial foundation Most passionate CFO on the planet!

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World’s largest buyer of prescriptions & other health and daily living items

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GAAP FY11 FY12 Change

Net Sales $72,184 $71,633 (0.8%)

Operating Income (EBIT) $4,365 $3,464 (20.6%)

Net Earnings $2,714 $2,127 (21.6%)

Diluted EPS $2.94 $2.42 (17.7%)

Cash Flow from Operations $3,643 $4,431 21.6%

FY12 Financial Results

$ in Millions except EPS

Non-GAAP FY11 FY12 Change

Adjusted Operating Income (EBIT)* $4,358 $4,097 (6.0%)

Adjusted Net Earnings $2,710 $2,565 (5.4%)

Adjusted Diluted EPS** $2.93 $2.93 0.0%

* Excludes LIFO provision and acquisition-related amortization in all periods presented. FY11 also excludes gain from sale of Walgreens Health Initiatives, Inc. FY12

also excludes Alliance Boots transaction costs. See Appendix.

** FY12 Adjusted Net Earnings and Adjusted Diluted EPS also exclude the effect of non-deductible expenses for tax related to the Alliance Boots transaction and

adjusted Diluted EPS also excludes the effect of share issuance relating to that transaction See Appendix.

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2012 Highlights & Milestones Expanded Well Experience format to 350 stores and launched “Well at Walgreens” campaign Launched Balance Rewards Loyalty program Signed multi-year agreements with Express Scripts, Optum Health and many others Acquired USA Drug pharmacy chain, Crescent Infusion, and BioScrip Numerous online/multi-channel awards Announced and closed strategic partnership with Alliance Boots Generated record operating cash flow of $4.4 billion Returned $1.9 billion to shareholders

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Growth & Shareholder Return Strategies

Advance community pharmacy to play a greater role in healthcare

Deliver an outstanding customer experience through enhanced employee engagement

Expand into new channels and markets

Continuous improvement and innovation to enhance value proposition

Transform traditional drugstores to a health and daily living destination

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Advance community pharmacy to play a greater role in healthcare

Deliver an outstanding customer experience through enhanced employee engagement

Expand into new channels and markets

Continuous improvement and innovation to enhance value proposition

Transform traditional drugstores to a health and daily living destination

Strategies of Today’s Focus

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From Location…Location…Location…

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America Lives Closest to Walgreens

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% of U.S. Population within 3 miles

63%

57%

40%

36%

Walgreens 65%

58%

43%

41%

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To Experience…Experience…Experience…

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The Walgreens “Well Experience”

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“Making Beauty Beautiful” in a Big Beautiful Way

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Fresh Alternatives for Fresh Seeking Customers

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Own Brands … Way Way Beyond Private Label

Delivering Value and Differentiation

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BTW…Well Experience also Extends to Healthcare

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Points Earned Reward

5,000 $5

10,000 $10

18,000 $20

30,000 $35

40,000 $50

>30 Million Balance Rewards Members

… in less than 2 months 18

Rewarding Loyal Customers and Patients

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Extending Affordable and Accessible

Healthcare Services

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#1 30 day and 90 Day at Retail Generic Utilization and Conversion Flu Shots and other vaccinations

8,000 Health & Daily Living Destinations

400 worksite Take Care clinics

380 in-store Take Care clinics

150 Hospital on-site clinics >100 Home Infusion Sites

Expanded Healthcare Services and Touch-points to

Improve Healthcare Outcomes for Patients/Payers/Partners

Screenings, consultations, diagnostics Acute and chronic primary care Home Infusion and specialty

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.com

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Multi-Channel Offering is Redefining “Close” to Customers

in Health and Daily Living

Web Mobile Social

6,600,000 3,200,000 42,000,000 visits per week visits per week reached per week

Store Visits Are Just the Beginning

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Walgreens & Alliance Boots: The First Global

Pharmacy-Led Health & Well-being Enterprise

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About our Partner Alliance Boots

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A Compelling Strategic Rationale

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COMPLEMENTARY CAPABILITIES & ASSETS

PLATFORM FOR FUTURE GROWTH REVENUE & PROFIT POOL DIVERSIFICATION

SUBSTANTIAL SYNERGY POTENTIAL 1 2

3 4

Procurement Prescription drugs

Branded goods Private brands Indirect spend

Revenue Enhancing Beauty

Own brands Wellness solutions

Best & Next Practices Store formats

Loyalty E-commerce

Prevention & adherence Pharmacy

Walgreens Today Combined Vision

US Pharmacy: Health & Daily Living

Global Pharmacy:

Health & Wellbeing

Global Wholesale &

Distribution

Exercise option to acquire remaining

55% of Alliance Boots equity

• Exercisable during six month period

beginning 2.5 years after Step One close

• Walgreens assumes Alliance Boots then-

outstanding net debt

1 Walgreens purchased 45% of

Alliance Boots equity •Option to purchase remaining 55% of

Alliance Boots equity

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Enables significant synergies and value creation potential

Ensures Alliance Boots and Walgreens continued solid execution on current business

Enables thoughtful planning of combined future global enterprise

Two-Step Transaction: Optimal balance of strong financial returns while mitigating risk

Step

Step

Step 1 Step 2† Total†

Cash $4.0 B **$4.9 B† $8.9 B

Walgreens Shares Issued

~83.4 M ~144.3 M† ~227.7M

Transaction Summary

**Assumes a FX rate of $1.55 per Pounds Sterling. To be paid in 3.1 B Pounds Sterling †Subject to adjustment if Walgreens share price below $31.18 at time of exercise

Unique/Thoughtful Transaction Structure

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.com

.com

Unparalleled Global Brand Portfolio

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Positioned For Success… How I see it

Tailwinds Headwinds

Well Experience Beauty Trends Fresh Needs

Private Label Opportunity Loyalty Connection

Consumer Under Pressure

Strong promotional environment

Express Scripts Recapture

Healthcare/ Landscape Reform

Expanded Scope of Services

Performance Networks (e.g. Part D)

Aging Population

AMP (Medicaid)

General Payer Pressure

Alliance Boots Merger Benefits -Synergies -Scale -Market Expansion

Growth of Omni-channel

Global Economic Uncertainty

Growth of Omni-Channel

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FY 2016 Goals

FY 2012 Actuals FY 2016 Goals*†

Revenue $71.6 Billion >$130 Billion

GAAP Operating Income $3.5 Billion $8.5 - 9.0 Billion

Adjusted Operating Income $4.1 Billion $9.0 - $9.5 Billion

Synergies - >$1 Billion

Operating Cash Flow 4.4 Billion ~$8 Billion

*All figures assume constant currency and exercise of option to acquire remaining 55% interest

**Net debt defined as balance sheet debt less cash

***Projected shares outstanding assumes no share repurchase †Forward-Looking Statements – See cautionary note in attached Appendix.

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FY13 and Beyond…The Best is Yet to Come

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Questions & Answers

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