Review of Q3 2005Financial Results

April 12, 2005

Mr. François J. CoutuPresident and Chief Executive Officer

The Jean Coutu Group (PJC) inc.

2

Forward-Looking Statement Disclaimer

Certain statements in this presentation, including statements regardingfuture results and performance, are forward-looking statements (as suchterm is defined under the United States Private Securities LitigationReform Act of 1995) based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties andassumptions that may cause actual results to differ materially from thoseprojected, including, but not limited to, changes in foreign currencyvaluations, our ability to effectively compete and changes in competitionor other trends in the industries in which we compete and other factors. The Company disclaims any intention or obligation to update or reviseany 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 financialmeasures in the Company’s communications with shareholders.

3

RESULTSHIGHLIGHTS / Q3 2005

Summary of Results Q3 2005 Q3 2004 39 weeks 9 months(Thousands $US, except EPS) 2005 2004

Revenue 2,815,401 786,335 6,848,945 2,261,826Gross profit 641,521 143,102 1,511,012 407,492

23.1% 19.2% 22.5% 19.0%General and operating expenses 561,247 116,488 1,335,474 336,184Operating income before amortization 125,365 66,681 304,352 187,432Net earnings 39,854 36,035 58,162 100,079Earnings per share $ 0.15 $ 0.16 $ 0.23 $ 0.44Earnings per share before unrealized losses (gains) on financing activities $ 0.10 $ 0.16 $ 0.26 $ 0.44

4

RESULTSHIGHLIGHTS / Q3 2005

During the third quarter, there was a $11.9M foreignexchange gain (YTD loss of $8.2M). We finalized thedocumentation to hedge all significant future foreign exchangerisk on these items

Improvement in gross margins in the quarter

Savings in general and operating expenses began to berealized only as of of February, following the headcountreductions completed at Eckerd at the end of January

Increase in general and operating expenses in Canada related to the Eckerd acquisition (capital tax, insurance, professionnal fees, etc.)

5

RESULTSSEGMENTED OPERATING INCOME BEFORE AMORTIZATION (“OIBA”)

(Thousands $US)

Franchising 37,053 10.3% 35,467 11.2% 106,450 10.3% 101,430 11.1%

Retail Sales 88,312 3.6% 31,214 6.7% 197,902 3.4% 86,002 6.4%

Consolidated 125,365 4.5% 66,681 8.5% 304,352 4.4% 187,432 8.3%

2005 200439 weeks 9 monthsQ3 2005 Q3 2004

6

4446

48

43

49

4346

9.7%10.7%10.3%10.9%11.2%10.8%

11.7%

0

10

20

30

40

50

60

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q40%

5%

10%

15%

20%

25%

443457

417437

417423

379

0

50

100

150

200

250

300

350

400

450

500

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

REVENUESREVENUES OIBAOIBA

M CAN$OIBA

margin

2004 2005

M CAN$

2004 2005

CANADIAN OPERATIONSREVENUES AND OIBA

7

9.3 9.5 10.0 8.8 9.8 9.49.712.410.48.98.4

0

5

10

15

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

376 367 388 367 407 390332334197

320315

0100200300400500

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

SalesSales

Gross MarginGross Margin

200520042003

M CAN$

200520042003

CANADIAN OPERATIONS SALES AND GROSS MARGIN

%

8

2004

%

CANADIAN NETWORKRETAIL SALES GROWTH - COMPARABLE STORES

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Combined Front-End Pharmacy

2005

7.3%

5.5%

3.2%

Mr. Michel CoutuPresident and Chief Executive Officer

The Jean Coutu Group (PJC) U.S.A. Inc.

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REVENUESREVENUES OIBAOIBA

2,456

442 440 468 456

1,024

2,331

0

500

1,000

1,500

2,000

2,500

3,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2831

2730

80

88

27

3.6%3.4%2.9%

5.9%6.6%6.1%6.3%

0

10

20

30

40

50

60

70

80

90

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q40%

5%

10%

15%

20%

25%M $US M $US

OIBAMargin

US NETWORKREVENUES AND OIBA

2004 2005 2004 2005

11

24.6 24.9 24.9 24.1 24.4 24.924.324.824.524.724.2

0

10

20

30

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

439 467 4571,023

2,327 2,453

4394374494214510500

10001500200025003000

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

SalesSales

Gross MarginGross Margin

200520042003

M US$

200520042003

US NETWORKSALES AND GROSS MARGIN

%

12

2004

%

US NETWORKRETAIL SALES GROWTH - COMPARABLE STORES

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Combined Front-End Pharmacy

2005

4.0%

3.4%

2.2%

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The integration is progressing well and the network is performing as expected

Q3 was a consolidating quarterFocused execution throughout the network to grow salesSales growth and margin improvementLogistics and supply initiatives: DC & McKessonMultiple systems conversions and integrationFurther transfer of key functions from Florida to Rhode IslandBore the costs of running several infrastructures

The integration is progressing well and the network is performing as expected

Q3 was a consolidating quarterFocused execution throughout the network to grow salesSales growth and margin improvementLogistics and supply initiatives: DC & McKessonMultiple systems conversions and integrationFurther transfer of key functions from Florida to Rhode IslandBore the costs of running several infrastructures

US NETWORK HIGHLIGHTS / Q3 2005

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We made progress operationally and financially during the third quarter: gross profit has improved from 24.1% in Q1, to 24.4% in Q2 and 24.9% in Q3, back to pre-Eckerd acquisition levels

After a slow start in December, the quarter benefited from cough, cold and flu season in February

We made progress operationally and financially during the third quarter: gross profit has improved from 24.1% in Q1, to 24.4% in Q2 and 24.9% in Q3, back to pre-Eckerd acquisition levels

After a slow start in December, the quarter benefited from cough, cold and flu season in February

US NETWORKHIGHLIGHTS / Q3 2005

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US NETWORK MARKETING INITIATIVES

Focus: quality and customer serviceEmphasis on health & beauty and private label in weekly flyersCircular changes are working: Promotional sales as a % of front-end significantly reduced2 new programs: All-in-one rebate / Price breakLaunch of Eckerd TV campaign in April– Emphasis on 100 year + heritage– Core values of pharmacy, service and

customer care

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US NETWORK OPERATING INITIATIVES

Customer FocusedStabilized staffingImproving in-stock position for everyday and promotional itemsReallocating labor dollars to better serve customer needsImproving store shopability – Project Open ViewSeasonal Merchandising Execution (Valentines & Easter)Expanding store hours to be more competitive & more convenient

Improvement in shrinkExpected effect on our reporting during the first half of fiscal 2006

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US NETWORK INTEGRATION ACCOMPLISHMENTS

BROOKS/ECKERD TOTALHEADCOUNT AS AT APRIL 1, 2005 VARIATION

LARGO -1 211

WARWICK 327

FIELD & DC -379

TOTAL -1 263 Note: These numbers exclude 130 additional employees added to the IT Centre in Longueuil

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US NETWORK REAL ESTATE PIPELINE & 24-HOUR INITIATIVE

Real EstateIn Q4 (to May 31, 2005), we will open 20 new stores and relocate 15 existing stores In 2005-2006, we will open 24 new stores and relocate 32 stores

24-Hour initiative14 24-hour stores opened since August 1, 2004Goal: open a 24-hour store in each strategic market

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US NETWORK IT CONVERSION

Financial systems conversion

Supply chain software and systemsPurchasingLogisticsMerchandising

Data warehouse

Point-of-sale systems and Pharmacy

Retek systems

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April 2004

July 2004

November 2004

January 2005

June 2005

Agreement Signed Closing

CVS Support Ended

Most Corporate Functions

Moved to RI

Florida HQ

Closed

Due Diligence / Transition

Prep

Execute IntegrationBegin Winding Down Florida

HQ Operations

Complete Remaining Integration Activities

and Close Florida HQ

US NETWORK ECKERD INTEGRATION TIMELINE

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US NETWORK A HIGH PERFORMANCE NETWORK

Clear direction – strategy

Associate expectations and participation

Detailing, Feedback and Benchmarking

Communication and Accountability

A drive for excellence and success

Mr. André BelzileSenior Vice-President Finance and Corporate Affairs

The Jean Coutu Group (PJC) inc.

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FINANCIAL POSITIONCONSOLIDATED HIGHLIGHTS

Balance Sheet Q3 2005 F 2004 F 2003(Thousands $US, except NBV)

Long Term Debt 2,522,585 169,609 192,154Shareholders' Equity 1,378,628 853,443 738,078Total Assets 5,585,874 1,343,754 1,252,020Net Book Value per share $ 5.27 $ 3.76 $ 3.25

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Financial Ratios Q3 2005 F 2004 F 2003Pro Forma

Net Debt / Book Capitalization 63.5% 18.4% 26.7%Net Debt / Market Capitalization 37.0% 5.2% 7.1%

Net Debt / LTM OIBA 5.0 0.8 1.3LTM OIBA / LTM Interest 2.8 17.2 11.4

FINANCIAL POSITIONCONSOLIDATED HIGHLIGHTS

(1) Market capitalization based on 261.4 million shares at the closing price of April 6, 2005 of $CAN19.00 per share and a currency exchange rate of $CAN/$US of 0.82

(1)

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RESULTSADDITIONAL INFORMATION ON NON-GAAP MEASURES

Non-GAAP Measures Q3 2005 Q3 2004 39 weeks 9 months(Thousands $US) 2005 2004

Net earnings 39,854 36,035 58,162 100,079Interest on long term debt 46,873 2,874 106,722 8,929Other financial expenses -2,149 881 -345 2,255Unrealized foreign exchange loss (gain) on monetary items -11,879 - 8,221 -Income Taxes -5,666 16,429 -9,352 45,677Operating Income 67,033 56,219 163,408 156,940Amortization 58,332 10,462 140,944 30,492Operating income before amortization 125,365 66,681 304,352 187,432

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RESULTSADDITIONAL INFORMATION ON NON-GAAP MEASURES

Non-GAAP Measures Q3 2005 Q3 2004 39 weeks 9 months(Thousands $US) 2005 2004

Net earnings 39,854 36,035 58,162 100,079Unrealized gain on derivative instruments (1) -610 - - -Unrealized foreign exchange loss (gain) on monetary items (1) -11,879 - 8,221 -Earnings before unrealized losses (gains) on financing activities 27,365 36,035 66,383 100,079

Earnings per share 0.15 0.16 0.23 0.44Unrealized gain on derivative instruments (1) - - - -Unrealized foreign exchange loss (gain) on monetary items (1) -0.05 - 0.03 -Earnings per share before unrealized losses (gains) on financing activities 0.10 0.16 0.26 0.44

(1) These items are calculated on an after-tax basis

Review of Q3 2005Financial Results

April 12, 2005