This document summarizes John Spina's presentation at the 2008 Bank of America Health Care Conference. The presentation outlines Walgreen's strategy to expand its footprint through new retail stores and adjacent healthcare services to drive earnings growth. Walgreen aims to become a leader in retail pharmacy and healthcare with goals of 10,000 points of care by 2012, 8% annual square footage growth, and 15% earnings growth. The presentation highlights Walgreen's strengths as an efficient operator in a favorable industry with multiple platforms for continued expansion.

1. Confidential
Bank of America
2008 Health Care Conference
John Spina, Treasurer
May 15, 2008
Las Vegas
© Copyright 2008 Walgreen Co.

2. Safe Harbor
• Certain statements and projections of future
results made in this presentation constitute
forward-looking information that is based on
current market, competitive and regulatory
expectations that involve risk and uncertainty.
• Please see our Form 10-K for a discussion of
factors as they relate to forward-looking
statements dated August 31, 2007.
2
© Copyright 2008 Walgreen Co.

3. Walgreens At a Glance
The nation’s largest and
fastest growing drugstore
chain
Solid track record: 33 years of
record sales and earnings
Highly respected brand and
growing market share
Highest sales and earnings
per square foot among peers
Strong cost discipline and
best in class execution
Focused on driving sales and
improving returns
3
© Copyright 2008 Walgreen Co.

4. New Stores Deliver Growing Sales
Returns Improve as they Mature
Average Front-End Sales/Store by Class Year
(000’s)
57% improvement 9.5%
$3,500
from year 1 to 5 $3,192
$2,988
7.7%
$3,000
ars
$2,738
Ye
$2,453 rs
$2,500 a
39.0%
0-1
Ye 6.9%
2
$2,037 1- ears
10+ Years
2-3 Y
$2,000
3-4 Ye
ars 6.3%
4-5
$1,500
Ye
ars
$1,000 5.6%
5-10 Years
$500
25.0%
$0
36% of stores are less than 5 years old
Year Year Year Year Year
1 2 3 4 5
4
Note: Data based on net new drugstores, excluding acquired stores and stores converting to or from 24-
© Copyright 2008 Walgreen Co. hour format. Class Year is calculated on a Calendar Year basis; includes only stores open at least 12
months as of 12/31/2007.

5. We Build Markets – Las Vegas
60
50
Store Count
40
30
20
10
0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Fiscal Year
• First store opened in 1996
• Currently enjoy #1 market share.
• Strip location among most profitable in chain
• January 2008 – purchased the files of 27 Rite Aid stores
5
© Copyright 2008 Walgreen Co.

6. Multiple Growth Platforms
Store
Health &
Pharmacy
Wellness
Retail
Sales
Medical Specialty
Campus Pharmacy
6
© Copyright 2008 Walgreen Co.

7. Walgreens Strategy
Retail and health care trends have created a more
complex and competitive environment
As the market leader in retail pharmacy we have
tremendous assets to:
• Broaden access through expanded footprints
• Leverage the box to drive top and bottom line productivity
• Expand into adjacent health care services to strengthen the core
Our goal:
• 10,000 points of care by 2012
• 8% annual square footage growth
• 15% earnings CAGR
• Significant value creation for shareholders
7
© Copyright 2008 Walgreen Co.

8. Why Walgreens?
Efficient Operators
• Store Productivity Leads Industry
• Not Experiencing Diminishing Returns
Favorable Trends
• Aging Population – Baby Boomers
• Healthcare Spend
Multiple Growth Platforms
• Retail Drugstores – Focus on Market Growth
• WHS
• Health & Wellness
Historically Low Valuation
8
© Copyright 2008 Walgreen Co.