REVIEW OF FINANCIALRESULTS

Second Quarter 2010October 6, 2009

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Forward-looking Statement Disclaimer

This presentation contains forward-looking statements that involve risks and uncertainties, and which are based on the Company’s current expectations, estimates, projections and assumptions and were made by the Jean Coutu Group in light of its experience and its perception of historical trends. All statements that address expectations or projections about the future, including statements about the Company’s strategy for growth, costs, operating or financial results, are forward-looking statements. All statements other than statements of historical facts, including statements regarding the prospects of the Company’s industry and the Company’s prospects, plans, financial position and business strategy may constitute forward-looking statements within the meaning of the Canadian securities legislation and regulations. Some of the forward-looking statements may be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "project", "could", "anticipate", "plan", "foresee", "believe" or "continue" or the negatives of these terms or variations of them or similar terminology. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. These statements do not reflect the potential impact of any non-recurring items or of any mergers, acquisitions, dispositions, asset write-downs or other transactions or charges that may be announced or that may occur after the date hereof. While the list below of cautionary statements is not exhaustive, some important factors that could affect our future operating results, financial position and cashflows and could cause our actual results to differ materially from those expressed in these forward-looking statements are our equity interest in Rite Aid Corporation ("Rite Aid"), general economic, financial or market conditions, the investment in ABCP, the cyclical and seasonal variations in the industry in which we operate, the changes in the regulatory environment as it relates tothe sale of prescription drugs, the ability to attract and retain pharmacists, the intensity of competitive activity in the industry in which we operate, labour disruptions, including possibly strikes and labour protests, changes in laws and regulations, or in their interpretations, changes in tax regulations and accounting pronouncements, the success of the Company’s business model, the supplier and brand reputations and the accuracy of management’s assumptions and other factors that are beyond our control.

These and other factors could cause our actual performance and financial results in future periods to differ materially from anyestimates or projections of future performance or results expressed or implied by such forward-looking statements. Investors and others are cautioned that undue reliance should not be placed on any forward-looking statements. For more information on the risks, uncertainties and assumptions that would cause the Company’s actual results to differ from current expectations, please also refer to the Company’s public filings available at www.sedar.com and www.jeancoutu.com. In particular, further details and descriptions of these and other factors are disclosed in the Company’s Annual Information Form under "Risk Factors" and in the "Risks and uncertainties" section of the MD&A for the fiscal year ended February 28, 2009. We expressly disclaim any obligation or intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by the applicable securities laws.

Mr. François J. CoutuPresident and Chief Executive Officer

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Financial ResultsHighlights / Q2 2010

Highlights franchising Q2 2010 Q2 2009 Variation 6 months 6 months Variation(millions $Can) 2010 2009

Retail sales (1) Pharmacy 9,1% 8,9% Front-end 3,7% 3,7% Total 878,9 823,6 6,7% 1 762,8 1 651,7 6,7%Distribution center sales Pharmacy 9,8% 9,8% Front-end 6,3% 6,9% Total 549,0 509,9 7,7% 1 108,6 1 026,6 8,0%Other revenues 59,7 57,6 3,6% 119,4 115,2 3,6%Revenues franchising 608,7 567,5 7,3% 1 228,0 1 141,8 7,5%

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

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Financial ResultsHighlights / Q2 2010

Summary of Results Q2 2010 Q2 2009 6 months 6 months(millions $Can, except EPS) 2010 2009

Sales 549,0 509,9 1 108,6 1 026,6Gross profit 50,9 44,8 106,4 89,7

as a % of sales 9,3% 8,8% 9,6% 8,7%Other revenues 59,7 57,6 119,4 115,2General and operating expenses 52,3 47,0 105,7 96,4

as a % of revenues 8,6% 8,3% 8,6% 8,4%Operating income before amortization 61,4 56,8 126,1 111,2

as a % of revenues 10,1% 10,0% 10,3% 9,7%Share of loss in Rite Aid 24,3 73,1 55,2 126,5Net earnings (loss) 14,9 -39,1 25,2 -59,3 Earnings (loss) per share 0,07 $ -0,16 $ 0,11 $ -0,24 $ Earnings (loss) per share before specific items 0,06 $ -0,16 $ 0,09 $ -0,24 $ Earnings per share before specific items and share of loss in Rite Aid 0,16 $ 0,14 $ 0,32 $ 0,27 $

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Network PerformanceRetail Sales Growth / Comparable Stores

-1

0

1

2

3

4

5

6

7

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Combined Front-End Pharmacy

2009 2010

%

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Franchising ActivitiesHighlights / Private Label

• Launch of 17 new products and increase of penetration rate to reach 10.7% compared with 10.5% for the second quarter of last year

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• Development of 26,311,000 digital photos during the second quarter, an increase of 4.1% over last year’scomparable period

Franchising ActivitiesPhoto Category

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• Passion insert includedin Clin d’Œil Magazine - Nearly 77 000 copies

distributed

Franchising ActivitiesMarketing Initiatives

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Franchising ActivitiesHighlights / Real Estate Development

• Opening of 5 new pharmacies, including one relocation duringthe last quarter

St-Jérôme, QC

Chambly, QC

Laval, QC

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Franchising ActivitiesHighlights / Grand Reopenings

• 4 renovationprojects and 2 store expansions completedduring the last quarter

Côte des Neiges, Mtl, QC

Fabreville, QC

Hochelaga, Mtl, QCÎles de la Madeleine, QC

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Franchising Activities« My Jean Coutu, My Health Solution »

•Distribution of 6,600 free reusable bagsin exchange of expiredmedication in the quarter

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Rite AidHighlights / Q2 2010

•Rite Aid revised its guidance for its 2010 fiscal year :- Sales in a range of $US 25.7 B to $US 26.2 B

- Comparable sales growth of -1.0% to 1.0%

- Adjusted EBITDA in a range of $US 900 M to $US 1 B

- Net loss in a range of $US 390 M to $US 615 M

Rite Aid Summary of Results Q2 2010 Q2 2009 6 months 6 months(millions $US, except EPS) 2010 2009

Revenues 6 321,9 6 500,2 12 853,0 13 113,1Gross profit 1 688,3 1 778,2 3 462,3 3 586,4

as a % of revenues 26,7% 27,4% 26,9% 27,3%Selling, general and administrative expenses 1 645,9 1 780,6 3 356,6 3 573,6

as a % of revenues 26,0% 27,4% 26,1% 27,3%Adjusted EBITDA 216,5 219,9 465,7 461,0

as a % of revenues 3,4% 3,4% 3,6% 3,5%Net loss -116,0 -222,0 -214,5 -378,6 Basic and diluted loss per share -$0,14 -$0,27 -$0,25 -$0,47

Mr. André BelzileSenior Vice President, Finance and

Corporate Affairs

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Financial ResultsAdditional Information on non-GAAP Measures

Non-GAAP Measures Q2 2010 Q2 2009 6 months 6 months(millions $Can) 2010 2009

Net earnings (loss) 14,9 -39,1 25,2 -59,3 Share of loss in Rite Aid 24,3 73,1 55,2 126,5Financing expenses -1,9 1,5 -4,1 2,8Income Taxes 16,6 15,8 35,3 30,5Operating Income 53,9 51,3 111,6 100,5Amortization 7,5 5,5 14,5 10,7Operating income before amortization 61,4 56,8 126,1 111,2

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Financial ResultsAdditional Information on Non-GAAP Measures

Non-GAAP Measures Q2 2010 Q2 2009 6 months 6 months(millions $Can, except EPS) 2010 2009

Net earnings (loss) 14,9 -39,1 25,2 -59,3 Unrealized foreign exchange losses (gains) on monetary items - 0,2 -0,8 0,2Change in fair value of third party asset-backed commercial paper -2,1 - -4,0 -Earnings (loss) before specific items 12,8 -38,9 20,4 -59,1 Share of loss in Rite Aid 24,3 73,1 55,2 126,5Earnings before specific items and share of loss in Rite Aid 37,1 34,2 75,6 67,4Earnings (loss) per share 0,07 $ -0,16 $ 0,11 $ -0,24 $ Unrealized foreign exchange losses (gains) on monetary items - - - -Change in fair value of third party asset-backed commercial paper -0,01 $ - -0,02 $ -Earnings (loss) per share before specific items 0,06 $ -0,16 $ 0,09 $ -0,24 $ Share of loss in Rite Aid 0,10 $ 0,30 $ 0,23 $ 0,51 $ Earnings per share before specific items and share of loss in Rite Aid 0,16 $ 0,14 $ 0,32 $ 0,27 $

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Financial PositionConsolidated Highlights

Balance Sheet As at As at(millions $Can, except ratios and NBV) August 29, 2009 Feb. 28, 2009

Long term debt (including current portion) 257,7 275,7Ratio of long term debt (including current portion) to operating income before amortization 1,04x 1,18xRatio of long term debt (including current portion) to total capitalization 36,0% 37,7%Shareholders' equity 458,8 455,6Net Book Value per share 1,94 $ 1,93 $ Investments 51,9 110,1Total Assets 981,7 1 014,4

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Financial PositionConsolidated Highlights

• Cash flow provided by operating activities beforenet changes in non-cash asset and liability items of $45.2 M in the second quarter of 2010 fiscal year

• Cash flow used in investing activities of $26.0 M for the second quarter of 2010 fiscal year:- Purchase of capital assets of $14.0 M for real estate

development- Investment in incentives to franchisees of $12.9 M for the

acquisition of independent pharmacies

• Cash flow used in financing activities of $12.9 M

REVIEW OF FINANCIALRESULTS

Second Quarter 2010October 6, 2009