J.P.

Morgan
Healthcare Conference
January 11, 2022

Roz Brewer,
Chief Executive Officer

James Kehoe,
Global Chief Financial Officer

© 2022 Walgreens Boots Alliance, Inc. All rights reserved.

Safe Harbor and Non-GAAP
Cautionary Note Regarding Forward-Looking Statements: All statements in this presentation that are not historical are forward-looking statements for purposes of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995.

These include, without limitation, estimates of and goals for future operating, financial and tax performance and results, including our fiscal year 2022 guidance, our long-term growth and related
assumptions and drivers, as well as forward-looking statements concerning the expected execution and effect of our business strategies, the potential impacts on our business of the spread and
impacts of the COVID-19 pandemic, our cost-savings and growth initiatives, including statements relating to our expected cost savings under our Transformational Cost Management and store
optimization programs. All statements in the future tense and all statements accompanied by words such as “expect,” “outlook,” “forecast,” “would,” “could,” “should,” “can,” “will,” “project,”
“intend,” “plan,” “goal,” “guidance,” “target,” “aim,” continue,” “transform,” “accelerate,” “model,” “long-term,” “believe,” “seek,” “estimate,” “anticipate,” “may,” “possible,” “assume,” and
variations of such words and similar expressions are intended to identify such forward-looking statements.

These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions, known or unknown, that could cause actual results to vary
materially from those indicated or anticipated.

These risks, assumptions and uncertainties include those described in Item 1A (Risk Factors) of our Form 10-K for the fiscal year ended August 31, 2021 and in other documents that we file or furnish
with the Securities and Exchange Commission. If one or more of these risks or uncertainties materializes, or if underlying assumptions prove incorrect, actual results may vary materially from those
indicated or anticipated by such forward-looking statements. All forward-looking statements we make or that are made on our behalf are qualified by these cautionary statements. You should not
place undue reliance on forward-looking statements, which speak only as of the date they are made.

We do not undertake, and expressly disclaim, any duty or obligation to update publicly any forward-looking statement after the date of this presentation, whether as a result of new information,
future events, changes in assumptions or otherwise.

Non-GAAP Financial Measures: Today’s presentation may include certain non-GAAP financial measures, including all measures whose label includes the words “adjusted”, “constant currency”, or
“free cash flow” or variations of such words and similar expressions, and we refer you to our most recent investor presentation for reconciliations to the most directly comparable U.S. GAAP financial
measures and related information. The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis where it is unable to provide a meaningful or accurate
calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various
items that have not yet occurred, are out of the Company’s control or cannot be reasonably predicted, and that would impact the most directly comparable forward-looking GAAP financial measure.
For the same reasons, the company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures may vary materially from the
corresponding GAAP financial measures.

These presentation materials and the appendix hereto are integrally related and are intended to be presented, considered and understood together.

© 2022 Walgreens Boots Alliance, Inc. All rights reserved. 2

Takeaways
Strong start to the year with positive business momentum
 1Q 2022 adjusted EPS +53% YOY
 Raised full year guidance
Walgreens Health on track
 VillageMD and Shields transactions closed
 Building out an experienced team
 Expected annualized run-rate sales of ~$4.3B by end of FY22, growing 54% (pro forma)
Taking action to unlock shareholder value
 Strategic review of Boots business initiated

© 2022 Walgreens Boots Alliance, Inc. All rights reserved. 3

To Be the Leading Partner in Reimagining
Local Healthcare and Wellbeing for All

Strategic Priorities:
1. Transform and Align the Core

2. Build Our Next Growth Engine with Consumer-Centric Healthcare Solutions

3. Focus the Portfolio; Optimize Capital Allocation

4. Build a High-Performance Culture and a Winning Team

© 2022 Walgreens Boots Alliance, Inc. All rights reserved. 4

Executing on Our Vision
Health
Rapidly adding locations, partners, and lives – on track toward our long-term goals
 81 VillageMD co-located clinics now open
 47 Walgreens Health Corners in operation, including 10 launched in California
 Walgreens Health consumer app launched in November
Investing in unique assets to connect the patient journey across the care continuum
 VillageMD and Shields transactions closed; CareCentrix expected to close by end of fiscal 3Q
Building out an experienced team
 70% of leadership in place; in late stages of naming a leader for Walgreens Health
Investing in our next growth engine
 Accelerating growth for total WBA as healthcare segment scales up and margins build
 Expected annualized run-rate of ~$4.3B in sales by end of FY22, growing 54% (pro forma)
 Clear path to $9-10B in sales by FY25

© 2022 Walgreens Boots Alliance, Inc. All rights reserved. 5

Tracking Our Success
Health
Current Status Investor Day Goals Updated Goals
End of CY22 End of CY22
Lives 1.9M 2M+ 2M+
Partners (Payor/Provider) 2 5 5
Sites of Care:
Health Corners 47 100+ 100+
VillageMD Co-Located Clinics 81 160+ Raised to 200+
1Q Results FY22 FY22
Sales (Reported) $51M ~$3B ~$2.6B
Pro Forma Sales Growth YOY1:
VillageMD 182%
Shields 62%

1) VillageMD and Shields pro forma revenue based on fiscal Q3: Jul – Sep 2021 vs. Jul – Sep 2020
© 2022 Walgreens Boots Alliance, Inc. All rights reserved. 6
 Our Newly Released Consumer App
Health
The Walgreens Health consumer app, launched in November, delivers a warm, inviting
experience to users, and enables ease of access to care via Health Corners

Key Features
 Walgreens Health & customer co-branding
 Sign-up and sign-in
 Home feed
 Calendar
 User profile and settings
 Customer service
 Care task management
 Wellness checks (CQIs)
 Provider search and scheduling
 Care circle
 Medication management

© 2022 Walgreens Boots Alliance, Inc. All rights reserved. 7

Meet the Walgreens Health Team
Health

John Do Sashi Moodley, MD Ramita Tandon Jared Josleyn

Chief Financial Officer Chief Clinical Officer Chief Clinical Trials Officer Chief Product &
Experience Officer
phesi

Krishanu Evans Todd Whitehurst, MD Teresa Clark Jessica Beegle

VP, Healthcare Strategy Lead, Clinical GM, Healthcare GM, Commercialization
& Portfolio Transformation & Commercialization
Innovation

© 2022 Walgreens Boots Alliance, Inc. All rights reserved. 8

Majority Investments Are Led by Strong
Independent Teams Health

Tim Barry Lee Cooper John Driscoll

VillageMD Co-Founder Shields Health CareCentrix CEO
& CEO Solutions CEO

© 2022 Walgreens Boots Alliance, Inc. All rights reserved. 9

On Track Toward Long-Term Targets
Health
10M+ by the end of CY25
Lives 2M+ by the end of CY22
of which 1M at risk

Partners
5 by the end of CY22 10+ by the end of CY25
(Payor/Providers)

100+ by end of CY22 1,200+ by end of CY27 3,000 at scale

Health Corners

200+ by end of CY22 600+ by end of CY25 1,000 by end of CY27

Co-Located Clinics

Sales ~$2.6B in FY22 ~$9-10B in FY25 High-teens long-term growth

Note: Lives do not include contributions from majority owned entities © 2022 Walgreens Boots Alliance, Inc. All rights reserved. 10
Clear Path to $9-10 Billion in FY25 Sales with
High-Teens Long-Term Growth Health
High-Teens Long-Term Growth

$9-10B

$4.3B
$2.6B
Estimated Annualized
FY22 Goal Run-Rate
Estimated at End of FY22
Annualized Run- FY25 Goal Long-Term
Rate at End of FY22
VillageMD Shields CareCentrix Organic Business

Note: FY22 is WBA fiscal year 2022. Sales as recorded by WBA. Assumes CareCentrix close by the © 2022 Walgreens Boots Alliance, Inc. All rights reserved. 11
end of 3Q FY22.
Spotlight on VillageMD
Health
• $5.2B majority investment closed Nov. 24th, valuing VillageMD at $12.9B post-money1
• 2021 revenue of $1.3B with 2-year CAGR of 104%
• Unique asset poised to drive tremendous long-term growth
• Large and expanding market opportunity
• Serving all patient populations
• Accelerating value-based care across all patient populations
• Proprietary technology platform built to optimize quality and cost of care
• Exceptional patient experience driven by integrated and coordinated care delivery
• Consistent, highly replicable unit economics
• Multiple levers to drive long-term growth and sustainable profitability
• Experienced management team with track record of success

1) VillageMD valuation of $10.6B pre-money and $12.9B post- © 2022 Walgreens Boots Alliance, Inc. All rights reserved. 12
money as of investment announcement date (10/14/21)
Tech-Enabled, Provider-Led Value-Based
Care for All Populations at Scale Health
1.6M Total Patients

348K Value-Based Patients

257 Clinics

18 Markets

$1.3B CY21 Revenue

2013 2021 CAGR
CY21 Revenue
80% from VBC Arrangements
Markets 1 18 44%
Clinics 2 257 83%

104% 2019-2021 Revenue CAGR VB Patients

Total Patients
5K
25K
348K
1.6M
70%
68%
© 2022 Walgreens Boots Alliance, Inc. All rights reserved. 13
Large, High-Growth Total Addressable Market
Health
Core Market Opportunity Assuming …and with Broad Market
Current Levels of VBC Adoption… Shift to Full-Risk

$944B $1.4T $3.3T

$3.3Tn
~7%
CAGR

2019 2025 2025

Medicare DCE Medicare Commercial Medicaid Out-of-Pocket

Advantage
© 2022 Walgreens Boots Alliance, Inc. All rights reserved. 14
Compelling Value Proposition for All
Stakeholders Health

88 90%+
Patients NPS (1) Retention (2)
High Quality
Outstanding Care It’s energizing to be a part of Village
Patient Medical, an innovative, physician-led
Experience

Providers
98% organization. As a Village Medical primary
care physician, I’m supported to deliver the
highest quality of care to my patients, just
Provider Retention (3)
like I’d want and expect for my own family.”
— Karen Gonsalves-Wetherell, MD
Lower Total
Cost of Care
4.0 - 5.0 $2,300+
Payors / MA STARs Rating
Annual Savings
Employers Per MA Patient (4)
Notes:
1. As of June 30, 2021
2. As of 2020; patient retention measured by patient visits occurring within 18 months of a prior visit © 2022 Walgreens Boots Alliance, Inc. All rights reserved. 15
3. YTD as of June 30, 2021
4. Represents average annual savings across MA patients in mature markets in 2020
Improved Quality and Costs
Cost Reductions Cost Reductions High Quality
Health
Across NextGen Across Commercial Ratings Under
ACOs Value-Based Medicare
$1,000+ Contracts $720 Contracts 97+
Average Annualized Average Annualized Medicare ACO
Savings per Savings per Quality Score
Medicare Patient Commercial Patient

Hospital Admissions Sub-Acute Admissions Emergency Department Visits 30-Day All Cause
Per 1,000 Per 1,000 Per 1,000 Readmission Rate

28% Below 23% Below

274 59 631 17.1%
36% Below Benchmark
Benchmark 44% Below
Benchmark 13.2%
198 Benchmark
38
355

Medicare Benchmark Medicare Benchmark Medicare Benchmark Medicare Benchmark

© 2022 Walgreens Boots Alliance, Inc. All rights reserved. 16

Attractive At-Scale Unit Economics
Health

Revenue Per Clinic ($M) Contribution Margin Per

Clinic ($M)
$14.0+

$2.0+

$1.0

Year 1 At Scale
($0.6)
Year 1 At Scale

Note: Revenue per clinic and contribution margin per clinic figures represent target performance. © 2022 Walgreens Boots Alliance, Inc. All rights reserved. 17
Walgreens Partnership Accelerates Path to
Significant Share in Each of VMD’s Markets Health

+
Independent Board, Focused Management Team

1,000+
and Agile Decision-Making

81
Integrated Pharmacy Model

Walgreens’ Trusted Brand Reinforces Co-Located Clinics

Co-Located Clinics Across 30+ Markets
Customer Relationships Opened by EOY by 2027
2021

Attractive, Convenient Locations

Clear Path to Growth

Consistent, Replicable Unit Economics

© 2022 Walgreens Boots Alliance, Inc. All rights reserved. 18

Unique, Fully Integrated Pharmacy Model
Health
5-star performance on Medicare STARs Quality measures
for medication adherence for cholesterol, diabetes, and hypertension

Typical PCP / Pharmacy Relationship Unique, Fully Integrated Pharmacy Model

Pharmacists have limited view of patient Pharmacists are an extension of VillageMD’s

history or other medications in-clinic and virtual care teams

PCPs don’t receive data on medication Bi-directional data sharing improves

adherence or side effects from pharmacy medication adherence and outcomes

Limited ability to develop a comprehensive Ability to optimize efficiency & effectiveness

pharmaceutical care plan for patients of patients’ medication therapies

© 2022 Walgreens Boots Alliance, Inc. All rights reserved. 19

 Differentiated Growth Profile
Health

Evolve the business

Sell Select
Technology &
Grow the core business Expand Care
Services
Shift Delivery
Commercial & Offerings
Increase VBC
Penetration & Grow De Novo Medicaid VBC to
Expand Model Clinic Footprint Greater Risk
Enhance Grow Provider in New Markets
Economics & Patient Base

© 2022 Walgreens Boots Alliance, Inc. All rights reserved. 20

 Proven Execution with a Long Runway
Health

Clinics Value-Based Patients Revenue

(thousands) ($ millions)
1,200+
22%+ CAGR
35% CAGR
800+ 45% CAGR
33%+ CAGR
35% CAGR
36% CAGR 348
104% CAGR
257 $1,300
192
139
$312

2019 2021 2025E 2027E 2019 2021 2025E 2027E

Long-Term 2019 2021 2025E 2027E
Long-Term

© 2022 Walgreens Boots Alliance, Inc. All rights reserved. 21

To Be the Leading Partner in Reimagining
Local Healthcare and Wellbeing for All

Strategic Priorities:
1. Transform and Align the Core

2. Build Our Next Growth Engine with Consumer-Centric Healthcare Solutions

3. Focus the Portfolio; Optimize Capital Allocation

4. Build a High-Performance Culture and a Winning Team

© 2022 Walgreens Boots Alliance, Inc. All rights reserved. 22

Attractive Portfolio of Investments with
~$22B1 Valuation; Streamlining Positions to
Maximize Returns

U.S. Healthcare Investments: $20.0 - $21.1B Other Investments: $1.3 - $1.5B

(1) Estimated valuation based on: (A) publicly traded companies valued based on market price as of 1/7/22 and (B)
and privately held companies based on (i) balance sheet carrying value, (ii) public comps, or (iii) latest financing
© 2022 Walgreens Boots Alliance, Inc. All rights reserved. 23
rounds. Book values in our financial statements may differ. Note: Valuation is pro forma for announced
CareCentrix investment
Focusing the Portfolio

We are applying a strategic and financial lens to

our portfolio:
1. Strategic fit
2. Synergy potential
3. Financial upside
4. New or complementary capabilities

© 2022 Walgreens Boots Alliance, Inc. All rights reserved. 24

Taking Action to Unlock Shareholder Value
Recently Closed Transactions

 Sale of Alliance Healthcare businesses to AmerisourceBergen for ~$6.5B

 Shields investment increased to 71%

 VillageMD investment increased to 63%

 100% control of AllianceRx Walgreens Prime

 100% control of German wholesale JV

Previously Announced Actions

 Acquisition of 55% stake in CareCentrix expected to close by end of fiscal 3Q

© 2022 Walgreens Boots Alliance, Inc. All rights reserved. 25

Initiated Strategic Review of Boots Business

• In line with our renewed priorities and strategic direction, including greater focus on U.S.
healthcare, we have commenced a strategic review of our Boots business, which is in an
exploratory phase

• Primarily focused on our successful Boots business including the No7 Beauty Company

• Boots is the UK’s leading health and beauty retailer and the largest pharmacy chain, with
2,200* stores and a team of around 47,000* colleagues, of which 5,600* are registered
pharmacists

• Business is growing strongly, and expected to drive FY22 International segment sales growth of
9-11% and AOI growth of >50%

* As of August 31, 2021 © 2022 Walgreens Boots Alliance, Inc. All rights reserved. 26
Takeaways
Strong start to the year with positive business momentum
 1Q 2022 adjusted EPS +53% YOY
 Raised full year guidance
Walgreens Health on track
 VillageMD and Shields transactions closed
 Building out an experienced team
 Expected annualized run-rate sales of ~$4.3B by end of FY22, growing 54% (pro forma)
Taking action to unlock shareholder value
 Strategic review of Boots business initiated

© 2022 Walgreens Boots Alliance, Inc. All rights reserved. 27