Jefferies 2015 Healthcare ConferenceJune 1, 2015

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Safe Harbor Provision

In accordance with the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995, we provide the following cautionary

remarks regarding important factors that, among others, could cause future results to differ materially from the forward-looking statements,

expectations and assumptions expressed or implied herein. All forward-looking statements made by us are subject to risks and uncertainties and

are not guarantees of future performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors

that may cause our actual results, performance and achievements or industry results to be materially different from any future results,

performance or achievements expressed or implied by such forward-looking statements. These statements are identified by the use of such

terms as “may,” “could,” “expect,” “intend,” “believe,” “plan,” “estimate,” “forecast,” “project,” “anticipate” or other comparable terms. A full

discussion of our operations and financial condition, including factors that may affect our business and future prospects, is contained in

documents we have filed with the SEC and will be contained in all subsequent periodic filings we make with the SEC. These documents identify,

in detail, important risk factors that could cause our actual performance to differ materially from current expectations.

Risk factors and uncertainties that could cause actual results to differ materially from current and historical results include, but are not limited to:

effects of a highly competitive market; our dependence on third parties for the manufacture and supply of our products; our dependence upon

sales personnel, customers, suppliers and manufacturers; our dependence on our senior management; fluctuations in quarterly earnings; risks

from expansion of customer purchasing power and multi-tiered costing structures; possible increases in the cost of shipping our products or other

service issues with our third-party shippers; general global macro-economic conditions; disruptions in financial markets; possible volatility of the

market price of our common stock; changes in the health care industry; implementation of health care laws; failure to comply with regulatory

requirements and data privacy laws; risks associated with our international operations; transitional challenges associated with acquisitions and

joint ventures, including the failure to achieve anticipated synergies; financial risks associated with acquisitions and joint ventures; litigation risks;

the dependence on our continued product development, technical support and successful marketing in the technology segment; risks from

challenges associated with the emergence of potential increased competition by third party online commerce sites; risks from disruption to our

information systems; certain provisions in our governing documents that may discourage third-party acquisitions of us; and changes in tax

legislation. The order in which these factors appear should not be construed to indicate their relative importance or priority.

We caution that these factors may not be exhaustive and that many of these factors are beyond our ability to control or predict. Accordingly, any

forward-looking statements contained herein should not be relied upon as a prediction of actual results.

We undertake no duty and have no obligation to update forward-looking statements.

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Henry Schein

Approximately 18,000

Employees

#292

Diluted Earnings

Per ShareMarket Cap

More Than 1,000,000

Customers

14 years

CAGRs from 1995 to 2014

Net Sales

Largest Distributor of Health Care Products and Services to Office-based

Dental, Animal Health and Medical Practitioners

ETHISPHERE

INSTITUTE

WORLD’S

MOST

ETHICAL

COMPANY

4 years

NASDAQ

100&

(S&P) 500®

Index Fund

14 years

ONE OF

AMERICA’S

BEST

EMPLOYERS

FORBES

MAGAZINE

Y

4

Technology and Value-Added Services

Corporate and Distribution Services

• Full-service provider of supplies, equipment and services

• Broadest merchandise product offering

• High technology equipment and services

• Exclusive and specialty products

Henry Schein’s Value-Added Market Approach

Dental Animal Health Medical

• Wide array of value-added products and services

• Education

• Practice management software solutions

• Leasing and financial services

• Office design services

• Practice transition services

5

Company Objective

Efficiency

Productivity

Profitability

Allowing our customers to focus on delivering

quality care to their patients

Improve

Practice

Our primary objective is to partner

with our customers

6

Leading Market Positions

Consistent

Growth

Fragmented

Competitors

Markets

Served

Recession

Resistant

Fragmented

Customer Base

Markets Served

#1 Global Dental distributor

#1 Global Animal Health distributor

#2 Physician and

Alternate Care distributor in U.S.

• Reliable track record

of growth

• Small number of large,

national competitors

• Approximately half target

markets served by smaller

companies that tend to be

undercapitalized

• Somewhat elastic

with macroeconomic

trends

• More than 1 million

customers; over 1

million practitioners

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Positive Market Trends

Positive

Demographic

Trends

Technological

Improvements

Consolidation of

Practitioners in Dental,

Animal Health & Medical

Focus on

Preventive Care

• Aging population represents

increasing need for health care

services

• Global middle class is growing

• U.S. population continues to

become more diverse

• Improving access to care

• Affordable Care Act will lead to

more covered individuals

• Movement of procedures from

hospital to physician office

• Prosthetic solutions

• Software and services

• Patient communications

• Equipment and supplies

• Catering to multiple

locations under common

management

8

Our Global Distribution Network

8

Distribution Centers

• 9 Core North American Distribution

Centers serving Dental and Medical

• 12 U.S. Distribution Centers serving

Animal Health

• 20 Distribution Centers in Europe serving

Dental, Medical and Animal Health

• 17 Distribution Centers in Australia/New

Zealand serving Dental and Animal Health

• 7 Distribution Centers in Asia/Rest of

World serving Dental

• 75–80% utilization with capacity for growth

• 65 warehouses worldwide with over 4.5 million square

feet of warehouse for storage and processing8

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Dental Market Position

• Only global dental distributor to general practitioners,

specialists and laboratories

• #1 in North America

• #1 in Europe

• #1 in Australia/New Zealand

• Active customers

• 90% of U.S. dental practices

• Over 70% of dental labs in North America

• Over 65% of European dental practices

• Over 80% of Australia/New Zealand dental

practices

• Multifaceted sales and marketing approach

• Over 2,500 dedicated field sales consultants

• Product specialists, e.g., capital equipment,

technology, etc.

• Telesales

• Direct marketingSource: Henry Schein Estimates

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Dental Market

Market Share:

North America: 35% to 40%

Europe: 20+%

Australia/New Zealand: 30%

Available Market:

$20 billion

2014 Henry Schein

Global Dental Sales

By Geography

$5.4B or 51.9%

of Net Sales

Market information excludes

specialty products, services and

precious metals

Market Share and Available Market

Represent Henry Schein Estimates

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Dental Growth Opportunities

• Geographic expansion

• Advancing practice management

solutions

• Acceleration of high-technology

solutions

• Continued focus on large

group practices

• Digitalization of prosthetic solutions

• Greater penetration of specialty

markets

Key Distribution Acquisitions

• Iwase (2014)

• Sirona Direct (2014)

• Dental Speed Graph (2014)

• Lincoln Dental Supply (2014)

• Arseus (2014)

• BioHorizons (2014)

• Dental Warehouse (2013)

• Optident (2013)

• Accord (2012)

• Ortho Technology (2012)

• SOGIM (2011)

• Brasseler USA (2010)

Key Technology and Value-Added

Services Acquisitions

• Maddox (2013)

• Exan (2012)11

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Dental Specialty Markets

Dental Specialties• More than $500 million in annual revenue

Implants• High-margin business

• Traditionally faster growth than core dental market

• Ability to leverage existing relationships with specialty practitioners

• General practitioners increasingly performing specialty procedures

Orthodontics• Focus on orthodontic specialist

• Opportunity to expand product offering

• Specialist and general practitioner education

Endodontics• Up to 25 million root canal treatments performed in U.S. each year

• General Practitioners perform approximately 80% of root canal treatments in the U.S.

• U.S. market accounts for approximately 31% of the worldwide endodontic market

• Aging population retaining more teeth and electing root canal treatments as opposed

to extraction will continue to fuel opportunity for growth

Available Market:

$6.6 billion

Available Market is a Henry Schein Estimate

Market Share: 6%

Market Share: 4%

Market Share: 20%

Market Share:

8%

13

Animal Health Market Position

Only global distributor to veterinarians• #1 in North America (Companion Animal Health)

• #1 in Europe

• #1 in Australia/New Zealand

Active customers of Henry Schein• 75% of veterinarians in U.S.

• 70% of veterinarians in Europe

• 70% of veterinarians in Australia/New Zealand

Nearly 400 dedicated field sales consultants

Source: Henry Schein Estimates

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Animal Health Market

$2.9B or 27.9%

of Net Sales

2014 Henry Schein

Global Animal Health Sales

By Geography

Market Share:

North America: 35%

Europe: 20%

Australia/New Zealand: 20%

Available Market:

$10 billion

Sales on U.S. GAAP basis not grossed up for agency sales

Market Share and Available Market

Represent Henry Schein Estimates

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Animal Health Growth Opportunities

• Geographic expansion

• Advancing technology

solutions, including practice

management

• Continued focus on large

group practices

• Focus on practice-building

products and services

Key Distribution Acquisitions

• scil (2015)

• SmartPak (2014)

• Medivet (2014)

• C&M Vetlink (2012)

• AUV Veterinary Group (2012)

• Veterinary Instrumentation (2012)

• Provet (2011)

• Butler (2010)

• 0 Key Technology Acquisitions

• McAllister/ImproMed (2011)

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Medical Market Position

#2 U.S. distributor — to primary care physicians

and specialists, group practices, physician-owned labs

and ambulatory surgery centers

U.S. market focus — significant growth opportunities

• Over 55% of U.S. physician practices

are active customers of Henry Schein

• Select international opportunities

• Specialization

• Segmentation

Agreement with Cardinal Health (Nov 2014)

• Acquired Cardinal’s Physician Office Business

• Entered into multi-year supply agreement

• Opportunities to target IDN business

600 dedicated field sales consultants

• Multi-channel capabilities

Source: Henry Schein Estimates

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Medical Market

$1.7B or 16.8%

of Net Sales

2014 Henry Schein

Global Medical Sales

By Geography

U.S. Market Share:

Approximately 20%

Available Market:

$9 to $10 billion

Market Share and Available Market Represent Henry Schein Estimates

Market information excludes

certain specialty and oncology

pharmaceutical products, software

and certain other services

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Technology & Value-Added Services Market Position

Practice Management Solutions• Two-thirds of revenue is recurring

- Technical support

- E-claims and credit card processing

• Only practice management software

solutions provider servicing dental, animal

health and medical practitioners

• U.S. penetration

- Over 40% dental practices

- Over 50% animal health practices

- Growing physician presence

• A leader in servicing large practices

in Dental and Animal Health

• Direct access to over 85% of dental

schools in North America

• In 14 countries outside the U.S.

Financial Services• Full-service provider of financial services

• Providing value-add to clients

Source: Henry Schein Estimates

• Synergies with broader

distribution business

• Leveraging R&D,

marketing, and

technology across

business units

• Technology

development for a

“global” business

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Technology & Value-Added Solutions

$348.9M or 3.4% of Net Sales

2014 Henry Schein

Global Technology

& Value-Added Services

By Geography

Key Acquisitions

• Exan (2012)

• McAllister/ImproMed

(2011)

Approximately 14% of Total 2014

Company Operating Income

Financial Performance

21

Growth Since Going Public

($ in millions, except per share data)

1995 2014Compound Annual

Growth Rate

Net Sales $616.2 $10,371.4 16%

Operating Income $19.3 $715.1 21%

Operating Margin 3.1% 6.9% 20 bp

Net Income $9.1 $466.1 23%

Diluted EPS $0.34 $5.44 16%

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Full Year 2014

($ in millions, except per share data)

Financial Highlights

¹ Excludes certain non-recurring items to provide a more comparable basis for analysis

2013 2014 Growth

Sales $9,560.6 $10,371.4 8.5%

Operating Income¹ $677.1 $715.1 5.6%

Operating Margin¹ 7.08% 6.89% (19) bp

Net Income1 $433.4 $466.1 7.5%

Diluted EPS1 $4.95 $5.44 9.9%

2014 EPS Results Exceeded Top of our November 2013

Guidance Range by 5¢

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Q1 2015

($ in millions, except per share data)

Financial Highlights

Q1 2014 Q1 2015 Growth

Sales $2,430.2 $2,463.6 1.4% 1

Operating Income 2 $157.3 $168.2 6.9%

Operating Margin 2 6.47% 6.83% 36 bp

Net Income 2 $102.1 $108.4 6.2%

Diluted EPS 2$1.18 $1.28 8.5%

1 7.4% in constant currency

2 Excludes restructuring costs recorded in Q1 2015 to provide a more comparable basis for analysis.

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Diversified Sales in Complementary Markets

Future Sales

Sales outside of North Americaexpected to grow at a faster rate

• Fragmented markets

• Large market penetration in North America

• Geographic expansion

By Product By Geography

2014 Worldwide Sales:$10.4 billion

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Sales Highlights

Long-Term

Financial

Model and

Goals

Goal:Grow 1% to 2% faster than end market growth rates (organic)

Result: Sales Growth

2010 20111 20121 2013 2014

Internal 3% 5% 5% 4% 5%

Acquisition 12% 5% 3% 3% 4%

Total Local Currency Sales Growth 15% 11% 7% 7% 9%

Foreign Exchange/Other - % 2% (2%) - % - %

Total Sales Growth 15% 13% 5% 7% 9%

As originally reported except as noted1 Adjusted for extra week in 2011

7%

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Operating Income and Margin Highlights

Long-Term

Financial

Model and

Goals

Goal:

Continued operating margin expansion

Approximately 20 basis points expansion in current environment (on a “same store” basis)

Higher as end markets and sales accelerate

Result:1995 2014 (Average Annual

Operating Margin 3.1% 6.9% Increase of 20 bp)

7%

27

Earnings Highlights

Long-Term

Financial

Model and

Goals

Goal:

High single to low double digit organic diluted EPS growth enhanced by

share repurchases and acquisitions

Result: 1995 2014

Diluted EPS $0.34 $5.44 (CAGR of 16%)

28

Cash Flow Highlights

Long-Term

Financial

Model and

Goals

Annual operating cash flow has exceeded net income

by nearly $600 million since 2009

29

Cash Return to Shareholders

Share Repurchases

30

Investing in the Future

Net of Cash Acquired

Goal is to invest $200 to $300 million annually in strategic M&A

31

Strong Balance Sheet

Net Debt to Total Capitalization Ratio($ in millions)

March 28, 2015

Cash & Equivalents

Working Capital

Total Assets

Total Debt

Equity

DSO

Inventory Turns

Net Debt to Total Capitalization Ratio

$59.2

$1,255.4

$5,939.3

$831.3

$2,735.9

41.2 days

5.3x

22.0%

32

Investment Merits

• Multiple organic and strategic growth

opportunities

• Proven financial track record

• Operating model goals set the stage for

attractive long-term growth

• Experienced Management Team