1. 2007
Annual Meeting
of Shareholders

2. Safe Harbor Statement
The following constitutes a quot;Safe Harborquot; statement under the private securities
litigation reform act of 1995. Except for the historical information contained herein,
the matters discussed in this presentation are forward-looking statements that
involve risks and uncertainties, which could cause our actual results to differ
materially from those described in the forward-looking statements.
These risks include but are not limited to general business conditions, the timely
development and opening of new stores, the impact of competition, and other risks
detailed from time to time in the Company's SEC reports, including the reports on
Form 10-k for the fiscal year ended September 24, 2006.
In addition to those risks, there are risks and uncertainties associated with the tender
offer made by the Company for Wild Oats Markets’ common stock. Those risks
include risks that the transaction will not be consummated on the terms or timeline
first announced. Further information concerning those risks are included in the
Company’s filings with the SEC in response to the tender offer.
The Company does not undertake any obligation to update forward-looking
statements.

3. • World’s leading natural &
organic foods supermarket
• 31% CAGR in sales since IPO
• Fiscal 2006 sales of $5.6
billion
• Currently 192 stores in 32
states, Canada, & U.K.
• 42,000 Team Members
• Member of S&P 500 and
Nasdaq-100 indices
• #449 of the Fortune 500
• 5th most valuable U.S. public
food retailer after Wal-mart,
Kroger, Safeway & Supervalu

4. our
Stakeholder Philosophy
Our “bottom line” ultimately depends on our ability to
satisfy all of our stakeholders.
Our goal is to balance the needs and desires of
our customers, Team Members, shareholders, vendors,
communities and the environment while creating value for all.
By growing the collective pie, we create larger slices for all of
our stakeholders.
Our Core Values reflect this sense of collective fate and are
the soul of our company.

5. we’re about
More Than
Just Food
• We are a mission-driven
company, and that is
important to our customers
• We are the authentic retailer
of natural & organic products
• We are a lifestyle brand
• We have created a unique
environment that functions
as a “third place”

6. selling the highest quality
natural & organic
products available
Core Value #1
We define quality by
evaluating the ingredients,
freshness, safety, taste,
nutritive value and
appearance of all of the
products we carry.
We appreciate and celebrate
the difference natural and
organic products can make in
the quality of one's life.

7. our
Quality Standards
• We carefully evaluate each and every product we sell
• We feature foods that are free of artificial preservatives, colors, flavors,
sweeteners, and hydrogenated fats
• We are passionate about great tasting food and the pleasure of
sharing it with others
• We are committed to foods that are fresh, wholesome and safe to eat
• We seek out and promote organically grown foods
• We provide food and nutritional products that support health
and well-being

8. satisfying & delighting
our customers
Core Value #2
Only by satisfying our customers’
needs first do we have the
opportunity to satisfy the needs of
our other stakeholders.
We do all we can to make food
shopping fun!

9. Austin 1980
Where it All Began

10. the latest generation
Food Venues

11. the latest generation
Big Wine

12. the latest generation
Talking Stores

13. the latest generation
Talking Stores

14. the latest generation
Talking Stores

15. Whole Foods Market
our
pile on the flavor,
Private Brand
not the additives
Opportunity
• We are the strongest brand with
our customers
• As of 1Q07:
– 1900 SKUs
– 17% of grocery & Whole
Body sales
• We expect private label to grow
to a much higher percentage of
our sales over time

16. our
Whole Trade Guarantee
Ensures a premium price to producers.
Provides higher wages and better working
conditions for workers.
Promotes a more sustainable environment.
Meets our high quality standards.
• Whole Trade Elements: Quality, Price, Labor & Environment
• Launching in late March
• Partnering with leading environmental and labor equity certifying agencies

17. supporting Team Member
2007
World’s leading excellence
happiness & natural &
organic foods supermarket
Core Value #3
•Fiscal 2006 sales of $5.6
billion
•Currently 19x stores in 31
states, strive to create anU.K.
We Canada, and the
•xx,000 Team Members
empowered work environment
•Member of S&P 500 and
that celebrates success and sees
NASDAQ-100 Indices
•#449 of as an opportunity
failure the Fortune 500
for growth.
•5th most valuable U.S.
public food retailer after Wal-
Mart, Kroger, Safeway &
SuperValu sets us apart.
Our culture

18. Estimated distribution of
our options outstanding as of
2007 2005 in the U.S.
Guiding Principle
World’s leading natural &
organic foods supermarket
of Shared Fate All
•Fiscal 2006 sales of $5.6
Others
billion
25%
•Currently salary information
• Open 19x stores in 31
states, Canada, and the U.K.
• Salary cap – 19x
•xx,000 Team Members Top 5
•Member of options granted to
• 94% of S&P 500 and
Execs
non-executives 75%
NASDAQ-100 Indices
• Gainsharing
•#449 of the Fortune 500
•5th Benefits vote by Team
• most valuable U.S.
Members every three years
public food retailer after Wal-
In 2004, U.S. CEOs
Mart, Kroger, Safeway &
• Fully paid health insurance received $431 for every
SuperValu
• Personal Wellness Accounts $1 the average worker
earned.
Data Sources: Business Week (1980-2000)
Institute for Policy Studies-United for a Fair
Economy (2004), Profits with Principles

19. Happy Team Members create Happy Shareholders
Fortune quot;100 Best“ Returns vs.
Stock Market 1998-2005
15%
14.2%
• #5 in 2007
10%
10.7%
• highest ranking ever
• 10 years in a row 100
100
6.0% 6.3%
5%
• 1 of only 18 Best
Best
S&P Russell
Buy &
Reset
companies to make list
500 3000
Hold
Yearly
since its inception 0%
Source: Russell Investment Group

20. creating wealth through profits & growth
Core Value #4
Growth Since IPO 9/24/06 9/29/91 CAGR
Number of Stores 186 10 22%
Sales $5.6 B $92.5 M 31%
Earnings per Share $1.41 $0.08 21%
Team Members 41,500 1,100 27%
Stock Price $59.29 $2.13 25%
*Stock price & EPS are split-adjusted.

21. 2006
Another Great Year
• 19% sales growth
• 11% comp store sales growth
– 3rd consecutive year of
double-digit increase
• Opened 13 new stores
• Entered four new markets
• $899 sales per square foot
• $39 million improvement in
EVA
• Implemented our 3rd stock
split

22. Dividends Declared
we produce
Per Share
(stock split adjusted)
Consistent Cash Flow
$2.00
Special
In FY06, we:
• Produced $453 million in cash
from operations
• Received $222 million in stock
option proceeds
• Invested $340 million in capital
expenditures $0.60
$0.47
• Paid $358 million in dividends $0.30
• Declared our fourth dividend
2004
2005
2006
increase post Q4
• Repurchased $100 million of stock Subject to capital availability and a
• Ended the year with $256 million determination that cash dividends continue
to be in the best interest of our
in cash and investments shareholders, it is the intention of the Board
of Directors to continue to pay a quarterly
dividend.

23. we are
Gaining Market Share
5-Yr Range 5-Year
1Q07
Low High Average
Sales Growth 17% 23% 20% 12%
Comp Store Sales Growth 8.6% 14.9% 11.5% 7.0%
Two-Year Comps* 18.6% 27.8% 22.7% 20.0%
YOY Square Footage Growth 10% 14% 12% 9%
*Sum of two years.

24. we are producing
Consistent Results
5-Yr Range 5-Year
1Q07
Low High Average
Gross Profit 34.2% 35.1% 34.8% 34.3%
Direct Store Expenses 25.2% 25.5% 25.4% 25.8%
Store Contribution 9.0% 9.6% 9.4% 8.4%
G&A 3.1% 3.6% 3.2% 3.0%

25. we are delivering
Strong Returns
Total
Square Avg. NOPAT
Comparable Stores (1Q07) Feet Comps ROIC*
Over 11 years old 1,366,400 3.8% 77%
Between 8 and 11 years old 953,800 4.6% 65%
Between 5 and 8 years old 1,349,000 6.5% 40%
Between 2 and 5 years old 1,417,500 9.3% 25%
Less than 2 years old (incl. relos) 1,022,200 15.2% 4%
All Comparable stores 6,108,900 7.0% 35%
All Stores 6,581,300 31%
*Includes pre-opening expense.

26. we produce
Consistent Cash Flow
In 1Q07, we:
• Increased operating cash flow per
share 30% to $0.79
• Produced $112 million in cash
from operations
• Received $29 million in stock
option proceeds
• Invested $153 million in capital
expenditures
• Paid $21 million in dividends
• Ended the quarter with $222
million in cash and investments
and long-term debt of $3 million

27. we are
Accelerating Our Square Footage
Expected to Nearly Double
New Store Growth
Over the Next Four Years
• We have built a record
12
pipeline
77% of
• We expect new store 10
Existing S.F.
openings to accelerate in
S.F. in millions
8
FY07 and be incrementally 5.0
higher in FY08 3.6
6 2.6
• We have been building 1.6
0.9
4
infrastructure at the regional &
national levels 2
• We currently have 11 6.4
4.1 4.5 5.1 5.8
0
operating regions that are
2002 2003 2004 2005 2006
each responsible for
designing, opening and Existing In development
staffing stores

29. temporary side effects of
Accelerating Growth
• We expect 2007 capital
expenditures in the range of
$525 million to $575 million
• We expect total pre-opening
and relocation costs for FY07
of $68 million to $74 million
• We expect pre-opening and
relocation costs to significantly
impact our fiscal year 2007
diluted earnings per share
growth
• Our guidance excludes any
impact from the pending
merger with Wild Oats Markets

30. wild
News We are Just About
Wild Oats Markets Merger
About Wild Oats:
• A leading natural and organic foods retailer in the U.S.
• Annual sales of approximately $1.2 billion
• Operates 110 stores in 24 states and Canada under the following
banners:
– Wild Oats Marketplace (nationwide)
– Henry’s Farmers Markets (Southern California)
– Sun Harvest (Texas)
– Capers Community Market (B.C.)
• Shares similar mission, core values and quality standards

31. creating a stronger company
Better Able to Compete
• Tender offer of $18.50 per share in cash
• Transaction to be funded at closing with $700 million of senior term
loans; we also intend to upsize our long-term senior revolving credit
facility to $250 million
• Expected to close in April
• We will evaluate each banner and store to see how it fits into our
brand and real estate strategy
• All of our 11 operating regions will gain stores, three of our smallest
regions gaining critical mass, and we will gain immediate entry into a
significant number of new markets
• We expect to recognize significant synergies through G&A cost
reductions, greater purchasing power, increased utilization of support
facilities and new Team Member talent
• Integrating acquisitions is a core competency

32. we are creating
Long-Term Shareholder Value
Comparison of 5-Year Cumulative Total Return
Includes Reinvestment of Dividends
500%
400%
300%
200%
100%
0%
2001 2002 2003 2004 2005 2006
WFMI NASDAQ Composite S&P Food Retail

33. caring about
$12 Million
our communities
(6% After-Tax Profits)
& our environment
in Charitable
Contributions
Core Value #5
10% to
WFM Global
We recognize our responsibility to Foundations
be an active participant and
supporter of our local communities.
90%
Given
We seek to balance our needs
as a business with the needs Locally
of our planet.

34. we support
Our Local Growers
• In 2006, we sold $163
million of produce from local
growers
• Promoting local sourcing of
product through providing
loans to small, local farmers,
ranchers and manufacturers
• Hosting local farmers
markets at many of our
stand-alone store locations
• Local beyond produce

35. we are leaders in
2007
Environmental
World’s leading natural &
organic foods supermarket
Stewardship
•Fiscal 2006 sales of $5.6
billion
We are the only
•Currently 19x stores in 31
states, Canada,companyU.K.
Fortune 500 and the to
•xx,000 Team Members
purchase sufficient wind
•Member of S&P 500 and
energy credits to offset
NASDAQ-100 Indices
•#449 ofof itsFortune 500
100% the electricity use.
•5th most valuable U.S.
public food retailer after Wal-
We received the
Mart, Kroger, Safeway &
EPA’s Green Power Partner
SuperValu
of the Year award.

36. we
Think & Act Green
• Making decisions for our stores, offices and non-retail facilities that
positively impact the health of our planet and local communities
• Green Mission Task Force
• National Energy Manager
• Grass roots efforts across our company

37. our
2007
Animal Compassion
World’s leading natural &
organic foods supermarket
Foundation
•Fiscal 2006 sales of $5.6
billion
Our mission is to improve the
•Currently 19x stores in 31
quality of life of farm animals
states, Canada, and the U.K.
by helping farmers achieve a
•xx,000 Team Members
higher standard of animal
•Member of S&P 500 and
welfare excellence.
NASDAQ-100 Indices
•#449 of the Fortune 500
Initially funded by
•5th most valuable U.S.
public Global 5% Day. Wal-
food retailer after
Mart, Kroger, forward, &
Going Safeway
SuperValu
Whole Foods Market will
donate $1 million annually.

38. our
Whole Planet
Foundation
Our Mission is to create economic partnerships with the poor
in those developing-world communities that supply
our stores with product.
Through innovative assistance for entrepreneurship — including direct
micro-credit loans and tangible support for other community
partnership projects — we seek to unleash the energy and creativity
of every human being we work with in order to create wealth and
prosperity in emerging economies.

39. our
Whole Planet
Foundation
• Initially funded through a Global 5% Day, Whole Foods Market
will donate $1 million annually
• Accomplishments to date:
– Since Spring 2006, we have loaned $297,092 to 1,474 women
in Costa Rica, with a 100% repayment rate
– Since Spring 2006, we have loaned $186,834 to 1,217 women
in Guatemala, with a 100% repayment rate
– In 2007, we are expanding into Honduras, Nicaragua and India

40. we have our goal is
Tremendous Growth $12 BILLION IN SALES
IN 2010
Opportunities
• We are a desirable tenant $12
21%
that drives traffic to shopping $12
CAGR bil
centers $10
• No markets are saturated
Sales in Billions
$8
• Top markets allow dense
concentration of stores and
$6
are still underserved
$5.6
• Lots of opportunity in $4 bil
secondary markets
• International expansion $2
$0
FY06 2010 Goal

41. Coming to London in June

42. the best
2007
Is Yet
World’s leading natural &
to Come
organic foods supermarket
•Fiscal 2006 sales of $5.6
billion are the authentic retailer
• We
•Currently 19x stores in products
of natural & organic 31
states, Canada, and the U.K.
• We are continually redefining
•xx,000 Team Members
the marketplace and further
•Member of S&P 500 and
differentiating our stores and
NASDAQ-100 Indices
customer experience
•#449 of the Fortune 500
• We believe our sales potential
•5th most valuable U.S.
publicmuch retailer after Wal-
is food greater than $12
Mart, Kroger, the market
billion, as Safeway &
SuperValu to grow and we
continues
continue to improve

43. our vision
2007
Reaches Beyond
World’s leading natural &
organic foods supermarket
Food Retailing
•Fiscal 2006 sales of $5.6
billion
Our company mission &
•Currently 19x stores in 31
core values are at
states, Canada, and the U.K.
the center of our
•xx,000 Team Members
business model
•Member of S&P 500 and
NASDAQ-100 Indices
Our success benefits all
•#449 of the Fortune 500
of our stakeholders
•5th most valuable U.S.
public food retailer after Wal-
Mart,look forward to sharing
We Kroger, Safeway &
&SuperValu our vision with the
extending
rest of the world