1. Third Quarter 2008 Conference Call
June 23, 2008
© Copyright 2008 Walgreen Co.

2. Third Quarter 2008 Agenda
• Introduction / Safe Harbor Rick Hans
Divisional VP - IR & Finance
• Q3 Highlights Jeff Rein
Chairman & CEO
• Senior Management Additions Wade Miquelon
Senior VP & CFO
• Q3 Financials Bill Rudolphsen
Senior VP & CRO
• Current Environment Greg Wasson
President & COO
• Summary Jeff Rein
• Questions & Answers All
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3. 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.
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4. Third Quarter Highlights
• Record sales and earnings
• Strong front-of-store sales
• Outpacing industry prescription growth
• Continued organic growth – best locations,
strong brand
• Disciplined and sustainable SGA expense
control
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5. Controlling SG&A
Year-Over-Year % Increase
25.0%
20.0%
16.0%
15.0%
14.7%
SG&A
10.0%
10.0%
9.3%
Gross Profit
5.0%
0.0%
2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08
Note: SG&A data adjusted for Hurricane Katrina in the fourth quarter 2005 5
© Copyright 2008 Walgreen Co.
Source: Company Data

6. Senior Management Additions
Wade Miquelon
Chief Financial Officer
Bill Rudolphsen
Chief Risk Officer
Sona Chawla
Senior VP of E-commerce
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7. Senior Management Additions
Wade Miquelon
Chief Financial Officer
Bill Rudolphsen
Chief Risk Officer
Sona Chawla
Senior VP of E-commerce
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© Copyright 2008 Walgreen Co.

8. Senior Management Additions
Wade Miquelon
Chief Financial Officer
Bill Rudolphsen
Chief Risk Officer
Sona Chawla
Senior VP of E-commerce
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© Copyright 2008 Walgreen Co.

9. Senior Management Additions
Wade Miquelon
Chief Financial Officer
Bill Rudolphsen
Chief Risk Officer
Sona Chawla
Senior VP of E-commerce
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© Copyright 2008 Walgreen Co.

10. Third Quarter Financials
Percentage Change
Three Months Ended
May 31, 2008 May 31, 2007 May 31, 2006
Net Sales 9.6% 12.5% 12.4%
Net Earnings 2.0% 19.6% 14.2%
Comparable Drugstore Sales 3.4% 7.8% 7.6%
Comparable Front-End Sales 4.6% 5.6% 4.6%
Prescription Sales 8.9% 13.8% 13.5%
Comparable Prescription Sales 2.7% 9.0% 9.3%
Comparable Prescriptions (Units) 1.1% 5.4% 4.0%
Percent to Sales
Three Months Ended
May 31, 2008 May 31, 2007 May 31, 2006
Gross Margin 28.2% 28.3% 27.5%
Selling, General and Administrative 22.1% 22.1% 21.6%
Expenses
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*Fiscal 2008 third quarter includes a LIFO provision of $16.1 million
© Copyright 2008 Walgreen Co.
versus a $3.5 million credit in the previous year.

11. Additional Financial Information
• Q3 tax rate of 37.3% in 2008 vs. 35.2% in 2007
• Anticipated tax rate of 37.1% for FY2008
• Accounts receivable increased 19.5%, driven
primarily by the inclusion of OptionCare
• Inventories increased 9.4%, slower than sales
• Total short-term debt of $1.1 billion
• Cash flow from operations totaled $2.5 billion YTD
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12. Current Environment
• Excellent sales efforts and expense
management
• Increased promotional activity
• Our competitors have a pharmacy department,
Walgreens is a pharmacy
• Low-cost pharmacy provider
• Strong momentum toward e-prescribing
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13. Prescription Savings Club
• Walgreens offers discounts on
more than 5,000 drugs,
including a 90-day supply of
more than 400 generics for only
$12.99
• Encourages patients to have all
of their prescriptions filled at
Walgreens
• Allows our pharmacists to
screen more completely for
dangerous drug interactions 13
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14. Specialty Pharmacy is a
Natural Extension
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15. Prime Doubled Our Access to the Blues
Existing BCBS Clients Prime Therapeutics BCBS Clients
Questions and Answers
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16. Health and Wellness Division:
Adding New Points of Care
Worksite Clinics
Take Care Health Clinics
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17. Integrated, Cost-effective Solutions
Take CareSM
Health Clinics
Medical Campuses
Worksite
Clinics
Mail Service
Retail Stores
Home Care
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Specialty Pharmacy 14
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18. The Right Strategies for Growth
• Customers turn to Walgreens for value and
convenience
• As the market leader in retail pharmacy we have
tremendous assets to:
• Broaden access through expanded footprints
• Leverage the box to drive top and bottom line
productivity
• Expand into adjacent health care services to
strengthen the core
• Right growth initiatives to enhance shareholder
value
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19. Questions and Answers
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21. Appendix
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22. Calculation of Adjusted SG&A
4Q04 4Q05 4Q06
($s in millions)
SGA$ under GAAP $ 2,102.1 $ 2,434.9 $ 2,732.4
Less: Katrina Expense $ - $ 54.7 $ -
Adjusted SGA$ $ 2,102.1 $ 2,380.2 $ 2,732.4
Adjusted YOY % Increase 13.2% 14.8%
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