July, 2014

You are urged to review Rite Aid’s SEC filings. Statements, estimates, targets, projections and other information included herein

and therein might be considered forward-looking. These statements and estimates are based upon various assumptions that may

not prove to be correct. Such assumptions are inherently subject to significant uncertainties and contingencies, many of which are

beyond the company’s control. No representation is made, and no assurance can be given, that such results can or will be

attained. The risk factors associated with those uncertainties are described in Rite Aid’s most recent Form 10-K and other filings

with the SEC.

Rite Aid assumes no obligation to update the information or the forward-looking statements contained herein, whether as a result

of new information or otherwise. Also included herein are non-GAAP financial measures. The definition and purpose for using

these measures are in Rite Aid’s Form 10-K filed with the SEC on April 23, 2014.

This presentation contains forward-looking statements, which are subject to certain risks and uncertainties that could cause actual

results to differ materially from those expressed or implied in the forward-looking statements. Factors that could cause actual

results to differ materially from those expressed or implied in such forward-looking statements include our high level of

indebtedness; our ability to make interest and principal payments on our debt and satisfy the other covenants contained in our

senior secured credit facility and other debt agreements; general economic conditions, including the impact of continued high

unemployment and changing consumer behavior, inflation and interest rate movements; our ability to improve the operating

performance of our stores in accordance with our long term strategy; our ability to maintain or grow prescription count and realize

front end same store sales growth; our ability to hire and retain qualified personnel; the efforts of private and public third-party

payors to reduce prescription drug reimbursements and encourage mail order and limit access to payor networks; competitive

pricing pressures, including aggressive promotional activity from our competitors; decisions to close additional stores and

distribution centers, which could result in further charges to our operating statement; our ability to manage expenses and our

investment in working capital; continued consolidation of the drugstore and pharmacy benefit management industries; changes in

state or federal legislation or regulations and the continued impact from the ongoing implementation of the Patient Protection and

Affordable Care Act and the outcome of lawsuits and governmental investigations. Consequently, all of the forward-looking

statements made in this presentation are qualified by these and other factors, risks and uncertainties. Readers are also directed

to consider other risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange

Commission. Forward-looking statements can be identified through the use of words such as “may”, “will”, “intend”, “plan”,

“project”, “expect”, “anticipate”, “could”, “should”, “would”, “believe”, “estimate”, “contemplate”, and “possible”.

Safe Harbor Statement

Leading national drug chain with nearly 4,600 stores as of May, 2014

Approximately $25.7 billion in pharmacy and front end revenues and $1.263 billion in Adj. EBITDA for LTM ended May 31, 2014

Fill approx. 295 million scripts per year

OVERVIEW

STRONG NATIONAL FOOTPRINT

Rite Aid States & Store Count

Rite Aid Distribution Centers

As of 5/31/2014

Leading National Drugstore Chain

138

13 72

1

578

22 20

276

10 225

116

81

62

26 93

95

224

535

104

79

192

37

68 148

43 77

256

42

D.C.

185

613

7

143

30

Industry Opportunities

Aging US Population

Generic Calendar

Affordable Care Act

Changing Healthcare

Environment

Older Patients Use More Scripts

2.55 2.43 3.08 4.28

7.88

12.85

19.53

27.87

31.12

0

5

10

15

20

25

30

35

Scripts

pe

r Y

ea

r

Age Group

Prescriptions Filled

at Retail Pharmacies

Source: Medical Expenditure Panel Survey, 2009; NACDS Economics Dept.

35

40

48

56

30

40

50

60

2000 2010 2015e 2020e

Pe

op

le in M

illio

ns

U.S. Population

Ages 65 & Over

Source: U.S. Census Bureau

Additional $88 BN Exposed to Generic Competition by 2019

$18.4 $19.2

$21.5

$35.2

$9.4

$22.9

$18.0

$12.2 $10.6

$19.5

$5.4

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

SPENDING $BN

Source: IMS National Sales Perspectives, Nov. 2013; sales in year prior to expiry for 2009-2012; MAT Nov. 2013 sales shown for 2013-2019

2014-2019 LOE Exposure: $89 billion

ACA Opportunity Additional Lives Covered

2014 2015 2016

Medicaid Expansion 7 11 12

Insurance Exchanges 6 13 24

Reduction in Other Coverage(1) (1) (5) (11)

Total Coverage Expansion 12 19 25

(millions of lives)

Source: CBO’s April 2014 Estimate of Effect of the Affordable Care Act on healthcare coverage.

(1) Represents transfer out of employment-based and non-group coverages

Polychronic Patients Drive Healthcare Costs

5%

Polychronic

10%

Chronic &

at Risk

85%

Healthy,

minor issues

Source: Oliver Wyman.

45% ER visits, over-

utilization, high care

variation, non-

compliance

35% Infections,

complications, and

rehospitalizations

20%

Company Turnaround

No significant maturities until 2018

Reinvigorate Top-line Growth

Strengthen Customer Loyalty

Control Costs

Grow EBITDA

Proactively Manage Debt Maturities

Grew Front End Sales and Script Count

Successfully launched and grew wellness+

Reduced Adjusted EBITDA SG&A by more than $300 million since

beginning of turnaround

Increased Adj. EBITDA by over $400 million from lowest point in turnaround

Two-Year Stacked Comparable Scripts

2.9%

4.0% 4.3%

1.2%

2.2%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

FY14 Q1 FY14 Q2 FY14 Q3 FY14 Q4 FY15 Q1

EBITDA Turnaround

$800

$850

$900

$950

$1,000

$1,050

$1,100

$1,150

$1,200

$1,250

2009 2010 2011 2012 2013 LTM EndedMay 2014

$991

$925

$859

$943

$1,128

$1,263

$ in millions

-$506.7 -$555.4

-$368.6

$118.1

$249.4

Return to Profitability Net Income/Loss in Millions

FY 2010 FY 2011 FY 2012 FY 2013 FY 2014

Growth Opportunities

wellness+

Wellness Remodels

Store Growth

Pharmacy Services

wellness+ Benefits

• 1 Point: For every dollar spend on non-prescription purchases

• 25 Points: For every prescription filled Earn Points

every time

you shop

• Plus Tier: Members-only savings for circular items

• 250 Points Bronze Tier: 10% off all private label purchases every day and a one-time, 10% off shopping pass

• 500 Points Silver Tier: 10% off all non-prescription purchases every day and wellness rewards including free health screening, magazine subscriptions and GNC Gold card membership

• 1,000 Points Gold Tier: 20% off all non-prescription purchases every day

The more

you earn, the

more rewards

you’ll receive

• 24/7 exclusive access to a pharmacist at 1-800-RITE-AID or online chat

• Special member-only offers on store receipts, email, and online

• Online account access and relationship dashboard

• $100 - $200 in +UP Rewards available each week

• Load2Card digital couponing

Enjoy every-

day benefits

including…

Loyalty Card Comparison

RAD CVS WAG

Weekly sales price for members

Weekly TPR/Coupons + Ups Extra

Bucks

$

Points

Script Rewards Loyalty

Points

Extra

Bucks

$

Points

Loyalty Rewards Up to

20% 2% None

Value

Benefit

• NEW points on co-pays for government scripts

• Exclusive sale day (20% OFF the entire store the 1st Wednesday of every month)

Bundling of Pharmacy

& Clinical Services Targeted to Seniors

• Medication reviews, POC compliance, Medicare D plan reviews, blood pressure screenings and pharmacy services reviews

• Monthly themed health and wellness events aligned with wellness65+ Wednesdays

Extensive Customer

Engagement

• Top-market mobile event tour

• Increased community outreach activation of wellness ambassadors

• Advanced CRM segment and 1:1 marketing plans

wellness65+ Benefits

Over 1.9 million Seniors enrolled since the start of the program

Genuine Wellbeing Wellness Store Renovations

Introduction of Genuine Wellbeing format

Ongoing merchandising innovations

Wellness Ambassadors – Over 1,950 as of May, 2014

Front end sales and script results for the wellness stores continue to exceed the chain average

1,325 stores completed as of June, 2014

Over 1,600 stores to be completed by the end of Fiscal 2015

Store Growth

Significant store relocation opportunity

Further develop underpenetrated markets

Enter contiguous markets that have positive demographics

Strengthen our pharmacy network

Leverage our infrastructure

REMODELS RELOCATIONS

& NEWS NEWS Year: 0 2 5+ 4

Expanding Our Pharmacy Services

Immunization Services Flu shot program

14 Diseases

Expanding the role of the pharmacist Medication therapy management and patient consultation

Focus on medication adherence – Prescription Advisor

Chronic Care Management

RediClinic

675,000

1,458,000

2,350,000

2,829,600

77,900

206,000

415,000

436,100

752,900

1,664,000

2,765,000

3,265,700

FY 2011 FY 2012 FY 2013 FY 2014

Flu Other

Immunization Growth

Rite Aid Chronic Care Management

Create personalized care plans for each enrolled patient Partner with Healthcare Providers

Targeting common “high cost” chronic diseases

Pharmacists and health coaches, in collaboration with the physician, provide: • One-on-one coaching sessions with patients in- store or by phone

• Coaches work with patients to meet physician-identified wellness goals

• Pharmacists conduct comprehensive medication reviews to improve compliance and adherence and screen for dangerous drug interactions

Data exchange to better manage and monitor health status as well as measure outcomes

Chronic care management enables Rite Aid to actively participate in integrated healthcare delivery models of the future

An innovative population health management program for chronic and poly-chronic patients

Improves Patient Care & Lowers Healthcare Costs

Recent Acquisitions

RediClinic

RediClinic has 30 walk-in clinics located in HEB stores in San Antonio, Houston and Austin

Acquisition provides Rite Aid with a platform to offer convenient clinic services to its customers

Rite Aid plans to add 70 clinics to Rite Aid stores over the next 18-24 months

McKesson & Rite Aid Expand Distribution Agreement

McKesson to assume responsibility for the sourcing and distribution of generic pharmaceuticals for Rite Aid as part of McKesson's One Stop proprietary generics program

Expanded distribution relationship to provide Rite Aid with daily direct-to-store delivery for all brand and generic pharmaceutical products

Distribution agreement extends through March 2019

Rite Aid expects to benefit from lower purchasing costs and improvements in working capital

New relationship will drive greater supply chain efficiencies, improve working capital, and ensure highest levels of service for customers

Gross Profit Improvement/Decline

($93.9) ($83.7)

($100.9)

($54.3)

($29.4)

($45.8)

($10.7) ($5.0)

$0.5

$33.8

$69.9

$56.8 $47.9

$106.2 $103.8

$56.3

$116.6

$8.9

$50.5

($28.7)

($150)

($100)

($50)

$0

$50

$100

$150

(1)

(1) Calculated as the change in Adjusted EBITDA Gross Margin compared to the corresponding prior year quarter.

(2) Presented on a 13 week basis.

(2)

(2)

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

Fiscal

2011

Fiscal

2012

Fiscal

2013

Fiscal

2010

Fiscal

2014

Fiscal

2015

SG&A Growth/Decline

($90.5)

($78.3)

($35.5)

($54.8)

$5.8

($4.1)

($21.1) ($18.0)

($2.5)

$24.8 $28.8

$45.5

$13.5

$32.3

$20.1

($14.3)

($6.4)

$21.9

$34.4 $33.4

($100)

($80)

($60)

($40)

($20)

$0

$20

$40

$60

(2)

(2)

(1) Calculated as the change in Adjusted EBITDA SG&A compared to the corresponding prior year quarter.

(2) Presented on a 13 week basis.

(1)

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

Fiscal

2011

Fiscal

2012

Fiscal

2013

Fiscal

2010

Fiscal

2014

Fiscal

2015

Debt Maturity Profile

Current maturity table.

Note: Maturities reflect calendar year.

$351

$1,444

$1,152

$650

$270 $295 $128

$64

$470

$500

$906

$810

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

2013 2014 2015 2016 2017 2018 2019 2020 2021 . . . . . . 2027 2028

FIRST LIEN

SECOND LIEN

REVOLVER COMMITMENT

UNSECURED

($ in millions)

$552,625 $547,581

$529,255

$515,421

$424,591

$390,000

Interest Expense Reduction

FY 2010 FY 2011 FY 2012 FY 2013 FY 2014

(in thousands)

FY 2015

Guidance

CapEx Recap

FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 (e)

New and relocated stores 31$ 20$ 42$ 39$ 55$

Remodels and resets 20 75 158 180 225

Backstage,infrastructure & maintenance 111 120 116 115 155

Prescription file buys 24 35 67 87 90

Total capex 186$ 250$ 383$ 421$ 525$

New Stores 3 - - 1 1

Relocations 28 15 13 11 19

Wellness Remodels - 274 517 405 450

Total 31 289 530 417 470

($ in millions)