Presentation for investors I created while at Henry Schein. The information herein is public.

1. NASDAQ: HSIC
www.henryschein.com

2. Corporate Overview
HSIC is the largest distributor of healthcare
products and services to office-based practitioners
in North America and Europe
Serving Dental, Physician and Animal Health
practitioners
Broad range of value-added products and services
• One-stop shop for our customers
Operations or affiliates in 20 countries
Fortune 500® company
Member of the NASDAQ 100® Index
2

3. 12 Years as a Public Company
1995 Worldwide Sales: 2007 Worldwide Sales:
$616 million $5.9 billion
Int'l Medical
Medical
17% 26%
Tech 27% Int'l
4% 30%
Tech
2%
Dental Dental
52% 42%
From Continuing Operations
3

4. Serving Large and Growing Markets
5% Annual Market Growth
Estimated Market
1995 2007
Share Size Share Size
Market ($ in billions) ($ in billions)
U.S. & Canada Dental 11% $3.0 40% 6.0
U.S. Medical (1) 3% 4.8 17% 9.0
Europe Dental 5% 2.2 18% 6.5
Europe Medical (1) ___ _____ 15% 4.0
TOTAL 6% $10.0 23% $25.5
(1) Includes Animal Health
4

5. Attractive Market Dynamics
Aging Population Driving
180m
Healthcare Spending
U.S. Population Age 45-84 (millions)1
150m
45-84 year-old population projected to
almost double between 1990-2030
120m
144m
131m
90m 115m
93m
60m
75m
30m
1990 2000 2010 2020 2030
(1) U.S. Census Bureau
5

6. Positive Business Environment
Consistent Fragmented
Growth Competitors
Markets
Served
Recession Fragmented
Resistant Customer Base
6

7. Dental Demand is Increasing
Dental services expenditures are expected to
increase 6% in each of the next 5 years1
Key Growth Drivers
Increased dental insurance coverage2
Greater emphasis on cosmetic dentistry3
Growing awareness of correlation between oral health
and overall well-being
Increasing use of dental pharmaceutical therapies and
non-invasive diagnostic procedures
Greater dental practice productivity required
(1) Centers for Medicare & Medicaid Services, National Health Expenditures Projections
(2) 57% of the US population covered in 2006 v. 49% in 1996; NADP
(3) Demand has increased 13% over the past 3 years; AACD
7

8. Medical Demand is Increasing
Physician and clinical services
expenditures are expected to increase 6% in
each of the next 5 years 1
Key Growth Drivers
Aging population
Migration of procedures from acute-care settings to
physician and alternate-care setting
63% of all surgeries are out-patient procedures2
Continued growth in use of vaccines, injectables and
other pharmaceuticals in the alternate-care setting
Strong growth in companion animal health business
(1) Centers for Medicare & Medicaid Services, National Health Expenditures Projections
(2) Centers for Disease Control and Prevention
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9. Company Objective
Our primary objective is to
partner with our customers
Efficiency
Improve
Productivity
Practice
Profitability
Allowing our customers to focus on
delivering quality care to their patients
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10. Key Company Strengths
1) Unique Sales and Marketing Expertise
2) Centralized Leveragable Infrastructure
3) Broad Product and Services Offering
4) Superior Customer Service
5) Large Practice Management User Base
10

11. 1. Unique Sales and Marketing Expertise
• Strong brand identity with over 75 years of
experience
• Extensive direct marketing programs
• Highly trained sales professionals
2,600 field sales consultants and specialists
1,450 telesales representatives
Extensive training to develop consultative
selling skills
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12. Extensive Consultative Selling Skills
Classroom and Web-Based Training
Clinical
Products Techniques
Practice
Management
Solutions
60% of reps visit the web site monthly
12

13. Customer Analysis Tool (CAT)
Driving more productive
customer interactions
Proprietary call planning system
Color coding ranks sales activity
13

14. 2. Centralized Leveragable Infrastructure
Scalable Centralized Supply Chain
Product
Procurement
Expertise
Inventory
Management
e-commerce
70-75% utilization…
…With Capacity for Growth
14

15. 3. Broad Product and Services Offering
Competitive Prices
90,000 SKUs
in stock
~20,000
100,000 proprietary
special order products
items
available
15

16. Exclusive Product Offerings
16

17. Value-Added Services
Design Services
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18. 4. Superior Customer Service
• 24/7 ordering by mail, fax,
99% Order Accuracy
telephone, CD-Rom and Web
• In North America:
99% fulfillment levels
99% of orders shipped same day
99% of orders delivered within 2
days (~ 90% next day)
99% order accuracy
• 2007 web sales up over 25%
• Innovative Customer Loyalty
programs
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19. Innovative Customer Loyalty Programs
• Designed to attract, retain, and reward dental
customers
• Over 25,000 U.S. Dental members
• Drives faster sales and electronic ordering growth
• Similar programs active in 12 international markets
• Program recently introduced in U.S. Medical
business
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20. 5. Practice Management Solutions
Helping our customers become more
efficient and profitable
Installed Base of
Over 52,000 Users
• #1 in customer satisfaction
• Integrates with digital
equipment
• Provides cross-selling
opportunities
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21. Key Strategies for Future Growth
Transition from a Pure Distribution Company
• Expand value-added products and services
• Practice management software
• Financing, Credit card processing and e-claims
• Continuing education
• Increase customer penetration
• Customer loyalty programs
• Equipment sales and repair services
• Increase number of new customers
• Increase number of field sales consultants
Goal - Partner With Customers to Improve Quality of Care
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22. Key Strategies for Future Growth
Pursue Complementary Initiatives…
• Continue to develop the specialty business
• Implants, orthodontics, surgical, dermatology and pediatrics
• Expand product and service offering
• Additional exclusive and semi-exclusive distribution
agreements
• Realize sourcing synergies and supply chain
initiatives
• Globalize inventory management
• Increase sales of Henry Schein proprietary products
• Pursue strategic acquisitions
… To Accelerate Sales and Operating Income Growth
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23. Safe Harbor Provision
The Private Securities Litigation Reform Act of 1995
provides a “safe harbor” for forward-looking statements.
Certain portions of this presentation include information
that is forward-looking. Certain risks and uncertainties
could cause our future results to differ materially from the
forward-looking statements, expectations and assumptions
expressed or implied in this presentation. Such forward-
looking statements should not be relied upon as a
prediction of actual results.
We undertake no duty and have no obligation to update
such forward-looking statements, and we refer you to the
cautionary language contained in our filings with the
Securities and Exchange Commission.
23

24. Growth Since Going Public
Compound
1995 2007 Annual
Growth Rate
($ in millions, except per share data)
Sales $616.2 $5,920.2 21%
Operating Income $19.3 $386.3 28%
Operating Margin 3.1% 6.5% 28bp1
Net Income $9.1 $235.0 31%
Diluted EPS $0.34 $2.58 18%
From continuing operations and excluding certain non-recurring items
1
Average annual expansion
24

25. First Quarter 2008
Financial Highlights
($ in millions, except per share data)
Q1 2008 Q1 2007 Growth
Sales $1,525.6 $1,310.1 16.4%
Operating Income $85.2 $73.7 15.6%
Operating Margin 5.59% 5.63% (4) bp
Net Income $52.3 $43.5 20.3%
Diluted EPS $0.57 $0.48 18.8%
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26. Net Sales
($ in millions)
$7,000 CAGR 17% $5,920
$5,048
$4,526 17%
$5,000
$3,795
12%
$3,181 19%
$2,676
$3,000 19%
19%
11%
$1,000
2002 2003 2004 2005 2006 2007
From Continuing Operations
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27. Long-Term Financial Objectives
Future sales growth will be a balance
of internal growth and acquisitions
Internal Sales Growth Goal
Industry growth rate 5%
+ Increase in market share 2- 4%
Internal Sales Growth Goal 7- 9%
Actual Sales Growth*
2002 2003 2004 2005 2006**2007
Internal 9% 13% 8% 8% 7% 7%
Acquisition 1% 2% 11% 11% 5% 7%
Total Sales Growth 10% 15% 19% 19% 12% 14%
As originally reported except as noted
* Local currency
** Adjusted for extra week in 2005
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28. Strategic Acquisitions
Successfully integrated over 30 acquisitions since 2000
2004 Key Strategic Benefit Revenue1
• Demedis Group Expands European dental equipment offering $345m
• Camlog Entrée into the growing market for dental implants $30m
2005
• Ash Temple Expands presence in Canadian Dental market $100m
• Halas / Shalfoon Strengthens position in Australia and New Zealand $60m
2006
• NLS Animal Health Expands presence in U.S. Veterinary market $110m
• Darby Companies Strengthens U.S. Dental, Medical and Lab presence $220m
• Provet Expands presence in European Veterinary market $50m
2007
• Software of
Excellence Provides leading position in U.K. Dental Software market $20m
• W&J Dunlop Expands presence in European Veterinary market $340m
1
Represents the approximate revenue in the fiscal year prior to acquisition or expectation for
revenue contribution in the 12 months immediately following acquisition date
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29. Operating Income and Margin
($ in Millions)
CAGR 17% $386
$400
$304
$262
$300
$217 $205 27%
$179
$200 16%
28%
21% -6%
$100 34%
$0
1
2002 2003 2004 2005 2006 2007
Operating 6.7% 6.8% 5.4% 5.8% 6.0% 6.5%
Margin
All amounts from continuing operations restated to include expensing of stock-based
compensation and excludes non-recurring income and merger and restructuring costs
(1) Reflects absence of influenza vaccine profits
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30. Long-Term Financial Objectives
Goals:
• Internal sales growth of at least 7-9%.
• Operating margin expansion of 30 to 50 bp
per year
Actual Results: 1995 2007
Operating Margin 3.1% 6.5%
Average 28 bp annual increase
since going public
All amounts from continuing operations restated to include expensing of stock-based
compensation and excludes non-recurring income and merger and restructuring costs
30

31. Diluted EPS and Net Income
$3.00 CAGR 17% $2.58
$2.03
$2.00 $1.70 27%
$1.44 $1.39
$1.19 19%
22%
$1.00 21% -3%
29%
$0.00 1
2002 2003 2004 2005 2006 2007
Net $105.6 $128.3 $122.5 $150.7 $182.7 $235.0
Income
All amounts from continuing operations restated to include expensing of stock-based
compensation and excludes non-recurring income and merger and restructuring costs
(1) Reflects absence of influenza vaccine profits
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32. Long-Term Financial Objectives
Goals:
• Internal sales growth of at least 7-9%
• Operating margin expansion of 30 to 50 bp per year
• Earnings Per Share growth in the mid-teens
or greater (before acquisitions)
Actual Results:
1995 2007
EPS $.34 $2.58
18% CAGR since going public
All amounts from continuing operations restated to include expensing of stock-based
compensation and excludes non-recurring income and merger and restructuring costs
32

33. Operating Cash Flow
($ in Millions)
$300.0 $270.2
$254.8
$235.3
$182.6
$200.0
$129.1 $123.2
$100.0 $67.0
$47.5 $50.8 $56.8
$39.0 $37.8
$0.0
2002 2003 2004 2005 2006 2007
Operating Cash Flow Capital Expenditures
33

34. Long-Term Financial Objectives
Goals:
• Internal sales growth of at least 7-9%
• Operating margin expansion of 30 to 50 bp per year
• Earnings Per Share growth in the mid-teens or greater (before acquisitions)
• Cash flow from operations to exceed
net income
Actual Results
Since 2002 operating cash flow has
exceeded net income by over $265 million
All amounts from continuing operations restated to include expensing of stock-based
compensation and excludes non-recurring income and merger and restructuring costs
34

35. Strong Balance Sheet
($ in millions)
March 29, 2008 Debt to Total Capitalization Ratio
Cash & Equiv. $239.0
Working Capital $983.8 40%
Total Assets $3,388.5
Total Debt $458.6 30%
32.6%
Equity 29.6%
$1,885.8
20% 25.3%
22.5%
DSOs 42.2 days 20.4%
20.3%
Inventory Turns 6.3x 10%
Net Debt to Total 10.4%
Capitalization Ratio
0%
2002 2003 2004 2005 2006 2007
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36. Investment Merits
• Leading presence in fragmented growing markets
• Providing high quality service to office-based
healthcare practitioners
• Strong brand recognition
• Highly experienced management team
• Significant growth opportunities
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