Review ofQ3 2006

Financial Results

April 11, 2006

Forward-LookingStatement DisclaimerForward-LookingStatement Disclaimer

Certain statements in this presentation, including statements regarding future results and performance, are forward-looking statements (as such term is defined under the United States Private Securities Litigation Reform Act of 1995) based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, changes in foreign currency valuations, our ability to effectively compete and changes in competition or other trends in the industries in which we compete and other factors. For further information, readers are referred to the section on Risks and Uncertainties contained in the MD&A and other Company filings. The Company disclaims any intention or obligation to update or revise any forward-looking information contained in its communications, whether as a result of new information, future events or otherwise.

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

Mr. Jean CoutuPresident and Chief Executive Officer

The Jean Coutu Group (PJC) inc.

4

RESULTSHIGHLIGHTS / Q3 2006

Both of the Company’s networks showed an increase in sales, despite a difficult comparison with last year’s strong flu season.

Our new Ontario distribution center is operational.

Same-store sales growth has improved in the US network due to improving pharmacy sales trends. Front-end sales would have shown positive growth without the decline in the photo category.

The Company amended its senior secured credit facility to provide more flexibility to execute its business plan over the next 18 months.

5

RESULTSHIGHLIGHTS / Q3 2006

Summary of Results Q3 2006 Q2 2006 Q3 2005 9 months 9 months(millions $US, except EPS) 2006 2005

Revenue 2,875.5 2,709.3 2,815.4 8,267.9 6,849.0

Gross profit 656.4 625.5 641.5 1,898.5 1,511.0as a % of sales 23.2% 23.5% 23.1% 23.4% 22.5%

General and operating expenses 569.1 547.3 561.3 1,674.8 1,335.5as a % of revenue 19.8% 20.2% 19.9% 20.3% 19.5%

Operating income before amortization 137.2 125.1 125.3 366.7 304.3as a % of revenue 4.8% 4.6% 4.5% 4.4% 4.4%

Net earnings 31.6 30.8 39.9 73.5 58.2

Net earnings per share $ 0.12 $ 0.12 $ 0.15 $ 0.28 $ 0.23

Earnings per share before unrealized loss (gain)

on financing activities $ 0.12 $ 0.11 $ 0.10 $ 0.28 $ 0.26

6

RESULTSSEGMENTED OIBA

OIBA(millions $US)

Franchising 42.3 10.2% 43.0 10.4% 37.0 10.3% 123.2 10.3% 106.4 10.3%

Retail Sales 94.9 3.9% 82.1 3.6% 88.3 3.6% 243.5 3.4% 197.9 3.4%

Consolidated 137.2 4.8% 125.1 4.6% 125.3 4.5% 366.7 4.4% 304.3 4.4%

20069 months

2005Q3 2006 Q2 2006 Q3 2005 9 months

7

RESULTSOIBA VARIANCE ANALYSIS

100

110

120

130

140

150

Q3 2005 Revenues % GrossMargin

SG&A FX Q3 2006

M $US

125,3

137,2+ 8,6 - 5,8

+ 6,3

+ 2,8

8

RESULTSHIGHLIGHTS / MARCH SALES GROWTH

Retail Sales GrowthMarch 2006 Canada (1) USA

Same Store Sales GrowthTotal 3.5% 1.7%Pharmacy 9.5% 4.3%Front-end -4.9% -5.3%

Total Sales GrowthTotal 3.5% 0.3%Pharmacy 9.6% 3.0%Front-end -4.9% -7.2%

Sales MixPharmacy 62% 75%Front-end 38% 25%

(1) Franchised outlets' retail sales are not included in the Company's consolidated financial statements.

Mr. François J. CoutuPresident, Canadian OperationsThe Jean Coutu Group (PJC) inc.

10

4245

51

46

5149

47

10.2%10.4%10.4%11.1%

10.3%10.2%10.2%

0

10

20

30

40

50

60

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

0%

5%

10%

15%

20%

25%

478488

447455441456

416

0

100

200

300

400

500

600

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

REVENUESREVENUES OIBAOIBA

M CAN$ M CAN$OIBA

margin

CANADIAN OPERATIONSREVENUES AND OIBA

2005 2006 2005 2006

11

9.4 9.58.99.99.49.88.8

5.0

7.5

10.0

12.5

15.0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

437 425395405390407367

0100200300400500

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

SalesSales

Gross MarginGross Margin

CANADIAN OPERATIONS SALES AND GROSS MARGIN

20062005

M CAN$

%

20062005

12

2005

CANADIAN NETWORKRETAIL SALES GROWTH - COMPARABLE STORES

%

2006

13

Launch of the new Ontario distribution center: Transfer of 2,600 SKU’s of beauty products.

All cosmetic products are now distributed from this facility.

The Jean Coutu Group was ranked first among Quebec’s most admired companies according to an exclusive survey carried out by Leger Marketing from December 2005 to January 2006.

Network pharmacy sales improved by 7.4%, consolidating our leading market position in Quebec.

CANADIAN OPERATIONSHIGHLIGHTS / Q3 2006

14

Network front-end sales were impacted by a weak cough and cold season:

Sales decreased by 1.6% during the third quarter.

Sales increased by 0.4% excluding the OTC category.

112,000 PJC/Air Miles gift cards have been issued since the introduction of instant in-store rewards redemptions on January 28, 2006:

This represents an increase of over 40,000 gift cards per month compared to previously.

$28.31 average basket per $20 gift card.

CANADIAN OPERATIONSHIGHLIGHTS / Q3 2006

Mr. Pierre LegaultExecutive Vice-President

The Jean Coutu Group (PJC) Inc.

16

REVENUESREVENUES OIBAOIBA

2,462

1,024

2,3312,456 2,400

2,318 2,296

0

500

1,000

1,500

2,000

2,500

3,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

30

88

107

67

82

95

80

3.9%3.6%2.9%4.5%

3.6%3.4%2.9%0

20

40

60

80

100

120

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

0%

5%

10%

15%

20%

25%

30%

35%

40%M $US M $US

OIBAMargin

US NETWORKREVENUES AND OIBA

2005 2006 2005 2006

17

25.8 25.325.425.724.924.424.1

20.0

22.5

25.0

27.5

30.0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2,293 2,4592,3152,3972,4532,327

1,0230

50010001500200025003000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

SalesSales

Gross MarginGross Margin

US NETWORKSALES AND GROSS MARGIN

20062005

M US$

%

20062005

18

2005

US NETWORKRETAIL SALES GROWTH - COMPARABLE STORES (1)

%

2006

(1) Retail sales growth includes Eckerd drugstores as of August 1, 2005.

19

US NETWORK SALES TRENDS

Pharmacy comparable store sales improved by 2.2% during the third quarter:

Pharmacy all store sales increased by 1.0% versus last year despite the effect of generic substitution (-2.1%), closed stores

impact (-2.0%) and a weak cough & cold season (-1.1%).

Front-end comparable store sales at -0.1% showed a positive trend driven by categories such as Beauty and Consumables, but continued to be impacted by a declining Film & Photo category:

Front-end all store sales would have grown by 0.4% excluding the impact of the Film & Photo category (-2.0%), and 1.0% excluding also the OTC category (-0.6%) reflecting the weak flu season.

BEAUTY

% Growth All Stores

20

US NETWORK FRONT-END SALES TRENDS

2005 2006

CONSUMABLES

% Growth All Stores

21

US NETWORK FRONT-END SALES TRENDS

2005 2006

MEDICARE PART “D” UPDATE

Program began January 1, 2006

1.67 million scripts filled in 1st two months = $105 million in sales

No meaningful “incremental” volume yet… just a shift from existing customers

Potential volume from new enrollees prior to May 15, 2006 deadline

6.8%

13.3%

79.9%

Cash Medicaid Managed Care

7.0%

8.3%

75.0%

9.7%

Cash Medicaid Managed Care Part D

December FY 2006 February FY 2006

Brooks Eckerd % of Scripts

22

US NETWORK PHARMACY SALES TRENDS

23

US NETWORK GROSS MARGIN

Gross margin was 25.3% during the third quarter, an improvement of 40bp compared to last year.

In pharmacy, gross margin improved versus last year due to continued success of generics substitution but declined compared to the previous quarter following Medicare Part D introduction and greater managed care pressure:

The initial impact of Medicare Part D on gross margin will decrease since the majority of « dual-eligibles » have switched from Medicaid to Medicare and as script volume increases.

In Front-end, gross profit decreased versus last year principally due to the declining Film & Photo category.

92.0%

92.5%

93.0%

93.5%

94.0%

94.5%

95.0%

95.5%

96.0%

96.5%

97.0%

Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb

Brooks Eckerd

Generic Substitution Rate

Generic substitution rate continues to climb in both Brooks and Eckerd stores.

Opportunity to improve Eckerd as stores are converted to RX Care System

24

US NETWORK GROSS PROFIT

General and operating expenses decreased to 21.5% of revenues in the last quarter compared to 22.3% in the previous quarter.

But these expenses increased by $18.1M during the quarter due to seasonal costs: Holiday and Medicare Part D wages, Front store wages for

Christmas and Utilities.

General and operating expenses performance will improve as we migrate toward one set of business processes.

Approximately 74% of these expenses are semi-fixed: salaries and premises costs.

25

US NETWORK SG&A

$-

$100

$200

$300

$400

$500

$600

Q1 06 Q2 06 Q3 06

All other

Rent

Wages & benefits

Wages & benefits and rent accounted for 74% of total SG&A in the third quarter.

$525M $511M $529M

26

60 %

16 %

24 %

59 %

16 %

25 %

58 %

16 %

26 %

US NETWORK SG&A

27

US NETWORK SUPPLY CHAIN

Pharmacy service levels continued to improve as we optimize the supply chain and rationalize distribution centers.

Better pharmacy in-stock position reflected in reduction of partial fill scripts and higher service levels.

In Front-end, distribution center service levels have been more challenging following supply chain systems issues.

0

250

500

750

1,000

1,250

1,500

1,750

2,000

Store Count

+ 5 years

Remodeledlast 5 years

New/Relolast 5 years

28

US NETWORK REAL ESTATE

AGE PROFILE OF 1,853 BROOKS ECKERD STORES

25 %

39 %

36 %

0

250

500

750

1,000

1,250

1,500

1,750

2,000

Store Count

CentralBusinessDistrict & Other

ShoppingCenter

Freestanding

29

US NETWORK REAL ESTATE

TYPE PROFILE OF 1,853 BROOKS ECKERD STORES

53 %

39 %

8 %

Store New Mid-

Initiatives Count England Northeast Metro Atlantic

New Stores 65 6 5 19 35

Relocations 62 8 25 9 20

Project "Glow in the Dark" 106 1 31 32 42

Project "Open View" 1 518 68 426 423 601

Project "Flip it" 460 26 98 87 249

Other remodeling 126 3 57 25 41

30

US NETWORK REAL ESTATE

CAPITAL INVESTMENT INITIATIVES SINCE AUGUST 2004

31

« Glow in

the Dark »

US NETWORK REAL ESTATE

TOWARD AN OPTIMAL US NETWORKCURRENT SITUATION

Even though the Eckerd purchase price was attractive, operations were deteriorating and turn-out to be weaker than expected at closing.

The “human challenges” of change management were underestimated.

There were IT integration and process issues.

During this period, sales growth has been slower than expected.

RESULT: Our progress is delayed by 12 months when compared to initial plan.

32

TOWARD AN OPTIMAL US NETWORK STRENGTHS & WEAKNESSES

We have a leading and profitable contiguous network located in eastern United States.

Our store base is modern and favorably located with many new and relocated stores and over half freestanding.

We have the scale and critical mass to operate efficiently.

IT integration issues have resulted in a continuation of dual processes and systems, increasing our operating costs and reduced efficiencies.

RESULT: Financial performance has not improved as anticipated and additional SG&A expenses are incurred.

33

TOWARD AN OPTIMAL US NETWORK OUR PRIORITIES

Improve financial performance by growing the top line with a focus on operational improvements and efficiency.

We are focused on building the customer base through service and improving execution, while completing best practice operational improvements and controlling expenses by continuously detailing and optimizing our operations.

The building blocks: Implement sales growth initiatives in both the pharmacy and

front-end.

Optimize the store base.

Focus on operating efficiency and synergies.34

TOWARD AN OPTIMAL US NETWORK ACTION PLAN

Pharmacy sales growth initiatives.

Front-end sales growth initiatives.

Optimization of the store base.

Focus on operating efficiency and synergies: People

IT initiatives / systems consolidation

Logistics

Store operations

Headquarters

35

There is significant upside based on the improvement of our financial performance.

The effort will take more time than anticipated (12 months).

We know how to make it happen:

By leveraging our experience, focus, the network’s strengths while we address points of improvement.

With the goal of improving shareholder value.

36

TOWARD AN OPTIMAL US NETWORK CONCLUSION

Mr. André BelzileSenior Vice-President Finance and

Corporate AffairsThe Jean Coutu Group (PJC) inc.

38

RESULTSADDITIONAL INFORMATION ON NON-GAAP MEASURES

Non-GAAP Measures Q3 2006 Q2 2006 Q3 2005 9 months 9 months(millions $US) 2006 2005

Net earnings 31.6 30.8 39.9 73.5 58.2

Interest on long term debt 50.9 50.9 46.8 150.7 106.7

Unrealized foreign exchange loss (gain)

on monetary items 0.3 -1.8 -11.9 -0.3 8.2

Other financial expenses, net 1.6 -0.4 -2.1 1.8 -0.3

Income Taxes (recovery) -9.5 -16.6 -5.7 -45.1 -9.4

Operating Income 74.9 62.9 67.0 180.6 163.4

Amortization 62.3 62.2 58.3 186.1 140.9

Operating income before amortization 137.2 125.1 125.3 366.7 304.3

39

RESULTSADDITIONAL INFORMATION ON NON-GAAP MEASURES

Non-GAAP Measures Q3 2006 Q2 2006 Q3 2005 9 months 9 months(millions $US) 2006 2005

Net earnings 31.6 30.8 39.9 73.5 58.2

Unrealized loss (gain) on derivative financial

instruments - - -0.6 - -

Unrealized foreign exchange loss (gain)

on monetary items 0.3 -1.8 -11.9 -0.3 8.2

Earnings before unrealized loss (gain) on

on financing activities 31.9 29.0 27.4 73.2 66.4

Net earnings per share $ 0.12 $ 0.12 $ 0.15 $ 0.28 $ 0.23

Unrealized loss (gain) on financing activities - -0.01 -0.05 - 0.03

Earnings per share before unrealized loss (gain)

on financing activities $ 0.12 $ 0.11 $ 0.10 $ 0.28 $ 0.26

40

Balance Sheet Q3 2006 F 2005 F 2004(millions $US, except NBV)

Long Term Debt 2,423.2 2,495.8 169.6

Shareholders' Equity 1,518.1 1,412.1 853.4

Total Assets 5,687.6 5,694.9 1,343.8

Net Book Value per share $ 5.80 $ 5.40 $ 3.76

Financial Ratios Q3 2006 F 2005 F 2004

Net Debt / Book Capitalization 60.9% 62.5% 18.4%

Net Debt / Market Capitalization 47.6% 36.6% 5.8%

Net Debt / LTM OIBA 4.6 4.8 0.8

LTM OIBA / LTM Interest 2.6 2.6 17.2

FINANCIAL POSITIONCONSOLIDATED HIGHLIGHTS

(1) Market capitalization based on 261.7 million shares at the closing price of Marsh 29, 2006 of $CAN 11.68 per share and a currency exchange rate of $CAN/$US of 0.8523

(1)

41

FINANCIAL POSITIONCREDIT AGREEMENT AMENDMENT

Because our progress is delayed by 12 months when compared to initial plan, the Company acted proactively and negotiated an amendment to its Credit Agreement to delay the Leverage Ratio step-down by a year:

To provide more flexibility to execute its business plan.

Leverage Ratio in compliance with pre-amendment covenant at the end of Q3.

Annualized pre-tax financing expenses will increase by approximately $2.7 million.

Review ofQ3 2006

Financial Results

April 11, 2006