1. REVIEW OF FINANCIAL
RESULTS
Second Quarter 2010
October 6, 2009

2. Forward-looking Statement
Disclaimer
This presentation contains forward-looking statements that involve risks and uncertainties, and which are based on the
Company’s current expectations, estimates, projections and assumptions and were made by the Jean Coutu Group in light of its
experience and its perception of historical trends. All statements that address expectations or projections about the future,
including statements about the Company’s strategy for growth, costs, operating or financial results, are forward-looking
statements. All statements other than statements of historical facts, including statements regarding the prospects of the
Company’s industry and the Company’s prospects, plans, financial position and business strategy may constitute forward-
looking statements within the meaning of the Canadian securities legislation and regulations. Some of the forward-looking
statements may be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate",
"project", "could", "anticipate", "plan", "foresee", "believe" or "continue" or the negatives of these terms or variations of them or
similar terminology. Although the Company believes that the expectations reflected in these forward-looking statements are
reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are not
guarantees of future performance and involve a number of risks, uncertainties and assumptions. These statements do not reflect
the potential impact of any non-recurring items or of any mergers, acquisitions, dispositions, asset write-downs or other
transactions or charges that may be announced or that may occur after the date hereof. While the list below of cautionary
statements is not exhaustive, some important factors that could affect our future operating results, financial position and cash
flows and could cause our actual results to differ materially from those expressed in these forward-looking statements are our
equity interest in Rite Aid Corporation ("Rite Aid"), general economic, financial or market conditions, the investment in ABCP, the
cyclical and seasonal variations in the industry in which we operate, the changes in the regulatory environment as it relates to
the sale of prescription drugs, the ability to attract and retain pharmacists, the intensity of competitive activity in the industry in
which we operate, labour disruptions, including possibly strikes and labour protests, changes in laws and regulations, or in their
interpretations, changes in tax regulations and accounting pronouncements, the success of the Company’s business model, the
supplier and brand reputations and the accuracy of management’s assumptions and other factors that are beyond our control.
These and other factors could cause our actual performance and financial results in future periods to differ materially from any
estimates or projections of future performance or results expressed or implied by such forward-looking statements. Investors
and others are cautioned that undue reliance should not be placed on any forward-looking statements. For more information on
the risks, uncertainties and assumptions that would cause the Company’s actual results to differ from current expectations,
please also refer to the Company’s public filings available at www.sedar.com and www.jeancoutu.com. In particular, further
details and descriptions of these and other factors are disclosed in the Company’s Annual Information Form under "Risk
Factors" and in the "Risks and uncertainties" section of the MD&A for the fiscal year ended February 28, 2009. We expressly
disclaim any obligation or intention to update or revise any forward-looking statements, whether as a result of new information,
future events or otherwise, unless required by the applicable securities laws.
1

3. Mr. François J. Coutu
President and Chief Executive Officer

4. Financial Results
Highlights / Q2 2010
Highlights franchising Q2 2010 Q2 2009 Variation 6 months 6 months Variation
(millions $Can) 2010 2009
Retail sales (1)
Pharmacy 9,1% 8,9%
Front-end 3,7% 3,7%
Total 878,9 823,6 6,7% 1 762,8 1 651,7 6,7%
Distribution center sales
Pharmacy 9,8% 9,8%
Front-end 6,3% 6,9%
Total 549,0 509,9 7,7% 1 108,6 1 026,6 8,0%
Other revenues 59,7 57,6 3,6% 119,4 115,2 3,6%
Revenues franchising 608,7 567,5 7,3% 1 228,0 1 141,8 7,5%
(1) Franchised outlets’ retail sales are not included in the Company’s
consolidated financial statements
3

5. Financial Results
Highlights / Q2 2010
Summary of Results Q2 2010 Q2 2009 6 months 6 months
(millions $Can, except EPS) 2010 2009
Sales 549,0 509,9 1 108,6 1 026,6
Gross profit 50,9 44,8 106,4 89,7
as a % of sales 9,3% 8,8% 9,6% 8,7%
Other revenues 59,7 57,6 119,4 115,2
General and operating expenses 52,3 47,0 105,7 96,4
as a % of revenues 8,6% 8,3% 8,6% 8,4%
Operating income before amortization 61,4 56,8 126,1 111,2
as a % of revenues 10,1% 10,0% 10,3% 9,7%
Share of loss in Rite Aid 24,3 73,1 55,2 126,5
Net earnings (loss) 14,9 -39,1 25,2 -59,3
Earnings (loss) per share 0,07 $ -0,16 $ 0,11 $ -0,24 $
Earnings (loss) per share before specific items 0,06 $ -0,16 $ 0,09 $ -0,24 $
Earnings per share before specific items and share
of loss in Rite Aid 0,16 $ 0,14 $ 0,32 $ 0,27 $
4

6. Network Performance
Retail Sales Growth / Comparable Stores
Combined Front-End Pharmacy
%
7
6
5
4
3
2
1
0
-1
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009 2010
5

7. Franchising Activities
Highlights / Private Label
• Launch of 17 new
products and increase of
penetration rate to reach
10.7% compared with
10.5% for the second
quarter of last year
6

8. Franchising Activities
Photo Category
• Development of
26,311,000 digital
photos during the
second quarter, an
increase of 4.1%
over last year’s
comparable period
7

9. Franchising Activities
Marketing Initiatives
• Passion insert included
in Clin d’Œil Magazine
- Nearly 77 000 copies
distributed
8

10. Franchising Activities
Highlights / Real Estate Development
• Opening of 5 new
pharmacies,
including one
relocation during
the last quarter
St-Jérôme, QC
Chambly, QC
Laval, QC
9

11. Franchising Activities
Highlights / Grand Reopenings
• 4 renovation
projects and
2 store
expansions
completed
during the
last quarter
ÎlesHochelaga, Mtl, QC
de la Madeleine, QC
Fabreville, QC
Côte des Neiges, Mtl, QC
10

12. Franchising Activities
« My Jean Coutu, My Health Solution »
• Distribution of
6,600 free
reusable bags
in exchange of
expired
medication in
the quarter
11

13. Rite Aid
Highlights / Q2 2010
Rite Aid Summary of Results Q2 2010 Q2 2009 6 months 6 months
(millions $US, ex cept EPS) 2010 2009
Revenues 6 321,9 6 500,2 12 853,0 13 113,1
Gross profit 1 688,3 1 778,2 3 462,3 3 586,4
as a % of revenues 26,7% 27,4% 26,9% 27,3%
Selling, general and administrative expenses 1 645,9 1 780,6 3 356,6 3 573,6
as a % of revenues 26,0% 27,4% 26,1% 27,3%
Adjusted EBITDA 216,5 219,9 465,7 461,0
as a % of revenues 3,4% 3,4% 3,6% 3,5%
Net loss -116,0 -222,0 -214,5 -378,6
Basic and diluted loss per share -$0,14 -$0,27 -$0,25 -$0,47
• Rite Aid revised its guidance for its 2010 fiscal year :
- Sales in a range of $US 25.7 B to $US 26.2 B
- Comparable sales growth of -1.0% to 1.0%
- Adjusted EBITDA in a range of $US 900 M to $US 1 B
- Net loss in a range of $US 390 M to $US 615 M
12

14. Mr. André Belzile
Senior Vice President, Finance and
Corporate Affairs

15. Financial Results
Additional Information on non-GAAP Measures
Non-GAAP Measures Q2 2010 Q2 2009 6 months 6 months
(millions $Can) 2010 2009
Net earnings (loss) 14,9 -39,1 25,2 -59,3
Share of loss in Rite Aid 24,3 73,1 55,2 126,5
Financing expenses -1,9 1,5 -4,1 2,8
Income Taxes 16,6 15,8 35,3 30,5
Operating Income 53,9 51,3 111,6 100,5
Amortization 7,5 5,5 14,5 10,7
Operating income before amortization 61,4 56,8 126,1 111,2
14

16. Financial Results
Additional Information on Non-GAAP Measures
Non-GAAP Measures Q2 2010 Q2 2009 6 months 6 months
(millions $Can, except EPS) 2010 2009
Net earnings (loss) 14,9 -39,1 25,2 -59,3
Unrealized foreign exchange losses (gains) on
monetary items - 0,2 -0,8 0,2
Change in fair value of third party asset-backed
commercial paper -2,1 - -4,0 -
Earnings (loss) before specific items 12,8 -38,9 20,4 -59,1
Share of loss in Rite Aid 24,3 73,1 55,2 126,5
Earnings before specific items and share
of loss in Rite Aid 37,1 34,2 75,6 67,4
Earnings (loss) per share 0,07 $ -0,16 $ 0,11 $ -0,24 $
Unrealized foreign exchange losses (gains) on
monetary items - - - -
Change in fair value of third party asset-backed
commercial paper -0,01 $ - -0,02 $ -
Earnings (loss) per share before specific items 0,06 $ -0,16 $ 0,09 $ -0,24 $
Share of loss in Rite Aid 0,10 $ 0,30 $ 0,23 $ 0,51 $
Earnings per share before specific items and share
of loss in Rite Aid 0,16 $ 0,14 $ 0,32 $ 0,27 $
15

17. Financial Position
Consolidated Highlights
Balance Sheet As at As at
(millions $Can, except ratios and NBV) August 29, 2 009 Feb. 28 , 2009
Long term debt (including current portion) 257,7 275,7
Ratio of long term debt (including current portion)
to operating income before amortization 1,04x 1,18x
Ratio of long term debt (including current portion)
to total capitalization 36,0% 37,7%
Shareholders' equity 458,8 455,6
Net Book Value per share 1,94 $ 1,93 $
Investments 51,9 110,1
Total Assets 981,7 1 014,4
16

18. Financial Position
Consolidated Highlights
• Cash flow provided by operating activities before
net changes in non-cash asset and liability items of
$45.2 M in the second quarter of 2010 fiscal year
• Cash flow used in investing activities of $26.0 M for
the second quarter of 2010 fiscal year:
- Purchase of capital assets of $14.0 M for real estate
development
- Investment in incentives to franchisees of $12.9 M for the
acquisition of independent pharmacies
• Cash flow used in financing activities of $12.9 M
17

19. REVIEW OF FINANCIAL
RESULTS
Second Quarter 2010
October 6, 2009