Proprietary & Confidential, Property of Walgreen Co.

Walgreen Co. November 13, 2012

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Safe Harbor

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• 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.

Proprietary & Confidential, Property of Walgreen Co.

Lazard Capital Markets Healthcare Conference November 13, 2012

Snehal Shah

Manager of Investor Relations

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Rick Hans, CFA

DVP, Investor Relations

Who We Are

Over 8,000 Health & Daily Living Destinations

Serving 40 million customers a week

Residing on the best corners in America

~19% retail pharmacy market share

75,000 healthcare professionals

The most trusted brand in pharmacy

Strong financial foundation

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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%

Fiscal Year 2012 Highlights

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Announced and closed strategic partnership with Alliance Boots Acquired USA Drug pharmacy chain, Crescent Infusion, and BioScrip Signed multi-year agreements with Express Scripts and Optum Health Launched Balance Rewards Loyalty program Expanded Well Experience format to 350 stores

Generated record operating cash flow of $4.4 billion Returned $1.9 billion to shareholders

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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-9.3%

-7.7%

-7.0%

-6.5%

-4.8% -4.5% -4.3%

-3.8%

-3.1%

-2.5%

-3.3%

-10%

-8%

-6%

-4%

-2%

0%

Jun-12 Jul-12 Aug-12 Sep-12 Oct-12

-5.6%

Comp ending Oct. 25th

Two-Year Stack %

One-Year % Change

One-Year & Two-Year Percentage Change

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Comparable Store Script Number Trends

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Front-End Comparable Store Sales Trends

-4%

-2%

0%

2%

4%

6%

8%

Two-Year Stack %

One-Year % Change

Jan Feb Mar Apr May Jun Jul Aug Sep

One-Year & Two-Year Percentage Change

Oct

Walgreens Five Key Strategies

Advance community pharmacy to play a greater role in healthcare through integration and expanded services

Deliver an outstanding customer experience through enhanced employee engagement

Expand across new channels and markets

Reinvent our cost structure through continuous improvement and innovation

Transform our traditional drugstore to a retail health and daily living store

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Welcoming Our Valued Customers Home

Convenient -closest to our customers -industry leading accessibility - 24 hour stores, drive thrus

Easy -transfer in a matter of minutes -in person, pharmacy app, transfer by scan

Trusted -long-established pharmacist relationships -comprehensive health & well being services

Incentivized -recently launched BalanceTM Rewards program -$25 gift cards for returning patients

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Deliver an outstanding customer experience

through enhanced employee engagement

More than 28M customers enrolled as of October 31, 2012

Enroll instantly at point of sale, online, or with mobile app

Collect points with loyalty card, AARP card, phone number, or mobile phone

Points Earned Reward

5,000 $5

10,000 $10

18,000 $20

30,000 $35

40,000 $50

Customers Appreciate Balance TM Rewards

Advance community pharmacy to play a

greater role in healthcare through integration and

expanded services

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The Walgreens Well Experience

Partnering with the Leader in International Health & Beauty

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

FY 2016 Goals

FY 2012 Actuals FY 2016 Goals*†

Revenue $71.6 Billion >$130 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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