Review ofQ4 2009

Financial Results

April 27, 2009

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FORWARD-LOOKINGSTATEMENT DISCLAIMER

Certain statements in this presentation are forward-looking statements whichinvolve risks and uncertainties. Forward-looking statements include all statementsthat do not relate solely to historical or current facts and are subject to risks and uncertainities that may change at any time, and, therefore, our actual results maydiffer materially from those expected. While the Company believes that itsassumptions are reasonable, it is very difficult to predict the impact of knownfactors, and, of course, it is impossible to anticipate all factors that could affect the Company’s actual results. For further information, readers are referred to the section on Risks and Uncertainties contained in the MD&A and other Companyfilings. The Company disclaims any intention or obligation to update or revise anyforward-looking information contained in its communications, whether as a resultof new information, future events or otherwise.

This presentation also contains certain Non-GAAP financial measures. Suchinformation is reconciled to the most directly comparable financial measures in the Company’s communications with shareholders.

Mr. François J. CoutuPresident and Chief Executive Officer

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RESULTSHIGHLIGHTS / Q4 2009

Highlights franchising Q4 2009 Q3 2008 Variation 12 months 12 months Variation(millions de $Can) 2009 2008

Retail sales (2) Pharmacy 7,5% 7,1% Front-end 5,2% 2,7% Total 898,8 844,5 6,4% 3 400,5 3 227,4 5,4%Distribution center sales Pharmacy 10,3% 7,8% Front-end 9,5% 4,7% Total 543,2 494,9 9,8% 2 131,9 2 000,3 6,6%Other revenues 64,0 58,1 10,2% 237,4 224,4 5,8%Revenues franchising 607,2 553,0 9,8% 2 369,3 2 224,7 6,5%

(1) The comparative figures used for the fourth quarter of fiscal 2009 results for the period ended February 28, 2009 are from the comparable 13-week period ended March 1, 2008, which was the third quarter of fiscal 2008(2) Franchised outlets’ retail sales are not included in the Company’s consolidated financial statements

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RESULTSHIGHLIGHTS / Q4 2009

Summary of Results Q4 2009 Q3 2008 12 months 12 months(millions $Can, except EPS) 2009 2008

Revenues Franchising 607,2 553,0 2 369,3 2 224,7 Retail sales (USA) - - - 2 708,9 Total 607,2 553,0 2 369,3 4 933,6Operating income before amortization Franchising 61,5 56,5 232,8 225,3 Retail sales (USA) - - - 63,4 Total 61,5 56,5 232,8 288,7Share of loss of Rite Aid 768,8 332,1 1 327,0 393,3Net earnings (loss) -733,6 -269,2 -1 192,1 -257,8 Net earnings (loss) per share -3,11 $ -1,08 $ -4,92 $ -1,00 $ Earnings (loss) per share before specific items -3,10 $ -1,07 $ -4,89 $ -0,84 $ Earnings per share before specific items and share of Rite Aid's loss 0,16 $ 0,12 $ 0,59 $ 0,51 $

(1) The comparative figures used for the fourth quarter of fiscal 2009 results for the period ended February 28, 2009 are from the comparable 13-week period ended March 1, 2008, which was the third quarter of fiscal 2008

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2007

CANADIAN NETWORKRETAIL SALES GROWTH / COMPARABLE STORES

%

-2

0

2

4

6

8

10

12

Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4

Combined Front-End Pharmacy

2008 2009

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CANADIAN OPERATIONSMOST ADMIRED COMPANY IN QUEBEC

It’s the eighth time in twelve years that the Jean Coutu Group is ranked #1 in the annual Leger Marketing survey.

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CANADIAN OPERATIONS40 YEARS OF FRIENDSHIP

Launched on February 19, 2009

Advertising - television, radio, flyer

In-store display

Increase of customers and sales in the health and beauty category

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CANADIAN OPERATIONSHIGHLIGHTS / PRIVATE LABEL PRODUCTS

Launch of 27 new products and increase of penetration rate to reach 10.4% compared to 9.0% for the comparable quarter of last year

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CANADIAN OPERATIONSHIGHLIGHTS / COSMETICS

Introduction of new exclusive IDC products in February

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CANADIAN OPERATIONSPHOTO CATEGORY

Development of 19.5 million digital photosduring 4th quarter, an increase of 21% over last year’s comparable period

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CANADIAN OPERATIONSHIGHLIGHTS / REAL ESTATE DEVELOPMENT

Opening of 6 new pharmacies, including1 relocation

Vaudreuil, QC Gatineau, QC

Alma, QC

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CANADIAN OPERATIONSHIGHLIGHTS / GRAND REOPENINGS

7 renovation projectshave been completedduring the quarter, and 22 more are on their way

Trois-Rivières, QC Le Gardeur, QC

Sherbrooke, QC

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RITE AIDHIGHLIGHTS / Q4 2009

Rite Aid disclosed its guidance on sales growth, EBITDA and net lossfor its 2010 fiscal year:

Comparable sales growth of 0.5% to 2.5%

Adjusted EBITDA in a range of $US 1.025 B to $US 1.125 B

Net loss in a range of $US 210 M to $US 435 M

Rite Aid Summary of Results Q4 2009 Q4 2008 12 months 12 months(millions $US, except EPS) 2009 2008

Revenues 6 707,6 6 824,8 26 289,3 24 326,8Gross profit 1 723,7 1 888,3 7 035,7 6 637,6

as a % of revenues 25,7% 27,7% 26,8% 27,3%Selling, general and administrative expenses 1 699,9 1 774,3 6 985,4 6 366,1

as a % of revenues 25,3% 26,0% 26,6% 26,2%Adjusted EBITDA 261,4 276,3 965,1 962,8

as a % of revenues 3,9% 4,0% 3,7% 4,0%Net loss -2 293,7 -952,2 -2 915,4 -1 079,0 Basic and diluted loss per share -$2,67 -$1,20 -$3,49 -$1,54

Mr. André BelzileSenior Vice-President Finance and Corporate Affairs

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RESULTSADDITIONAL INFORMATION ON NON-GAAP MEASURES

Non-GAAP Measures Q4 2009 Q3 2008 12 months 12 months(millions $Can) 2009 2008

Net earnings (loss) -733,6 -269,2 -1 192,1 -257,8 Share of loss of Rite Aid 768,8 332,1 1 327,0 393,3Financing expenses 4,7 4,5 12,6 80,4Gain on sale of the retail sales segment - 0,5 -139,9 Loss on early debt retirement - - - 178,9Income Taxes (recovery) 15,0 -16,4 61,8 14,3Operating Income 54,9 51,5 209,3 269,2Amortization 6,6 5,0 23,5 19,5Operating income before amortization 61,5 56,5 232,8 288,7

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RESULTSADDITIONAL INFORMATION ON NON-GAAP MEASURES

Non-GAAP Measures Q4 2009 Q3 2008 12 months 12 months(millions $Can, except EPS) 2009 2008

Net earnings (loss) -733,6 -269,2 -1 192,1 -257,8 Specific items after taxesRestructuring charges - - - 17,1Unrealized loss (gain) on monetary items and derivative financial instruments -0,1 - 0,7 13,4Reversal of amortization of the retail sales segment in consolidation - - - -47,9 Gain on sale of the retail sales segment - 0,4 -72,7 Write-down of third party asset-backed commercial paper 3,4 2,9 7,0 5,9Loss on early debt retirement - - - 125,0Earnings (loss) before specific items -730,3 -265,9 -1 184,4 -217,0 Net earnings (loss) per share -3,11 $ -1,08 $ -4,92 $ -1,00 $ Specific items after taxesRestructuring charges - - - 0,07 $ Unrealized loss (gain) on monetary items and derivative financial instruments - - - 0,05 $ Reversal of amortization of the retail sales segment in consolidation - - - -0,18 $ Gain on sale of the retail sales segment - - - -0,28 $ Write-down of third party asset-backed commercial paper 0,01 $ 0,01 $ 0,03 $ 0,02 $ Loss on early debt retirement - - - 0,48 $ Earnings (loss) per share before specific items -3,10 $ -1,07 $ -4,89 $ -0,84 $

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FINANCIAL POSITIONCONSOLIDATED HIGHLIGHTS

Balance Sheet As at As at(millions $Can, except ratios and NBV) Feb. 28, 2009 March 1, 2008

Long term debt (including current portion) 275,7 171,5Ratio of long term debt (including current portion) to operating income before amortization 1,18x 0,76xRatio of long term debt (including current portion) to total capitalization 37,7% 10,4%Shareholders' equity 455,6 1 484,1Net Book Value per share 1,93 $ 5,98 $ Investments 110,1 1 143,2Total Assets 1 014,4 1 949,3

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FINANCIAL POSITIONCONSOLIDATED HIGHLIGHTS

Cash flow provided by operating activities before net changes in non-cash asset and liability items of $174.9 M in the 2009 fiscal year

Cash flow used in investing activities of $117.1 M in the 2009 fiscal year:

Purchase of capital assets of $49.2 M for real estate developmentfor the most part

Investment in incentives to franchisees of $65.3 M for the acquisition of independent pharmacies

Cash Flow used in financing activities of $26.7 M, including the redemption of 12,311,000 Class A subordinate voting shares atan average price of $7.42 per share for a total consideration of $91.4 M including fees

Review ofQ4 2009

Financial Results

April 27, 2009