1. Annual Meeting of Shareholders
March 10, 2008
9:00 to 10:30 A.M.

2. Safe Harbor Statement
The following constitutes a quot;Safe Harborquot; statement under the Private Securities Litigation
Reform Act of 1995. Except for the historical information contained herein, the matters
discussed in this presentation are forward-looking statements that involve risks and
uncertainties, which could cause our actual results to differ materially from those described
in the forward-looking statements.
These risks include but are not limited to general business conditions, the timely
development and opening of new stores, the successful integration of acquired businesses
into our operations, the impact of competition, and other risks detailed from time to time in
the Company's SEC reports, including the reports on Form 10-K for the fiscal year ended
September 30, 2007.
The Company does not undertake any obligation to update forward-looking statements.

3. World’s leading natural & organic foods
supermarket
30% CAGR in sales since IPO
Fiscal 2007 sales of $6.6 billion
Currently 271 stores in 37 states and the District
of Columbia, Canada, and U.K.
53,000 Team Members
Member of S&P 500 and NASDAQ-100 indices
#411 of the Fortune 500
5th most valuable U.S. public food retailer after
Wal-Mart, Kroger, Safeway and SUPERVALU

4. We’re about More than Just Food
We are a mission-driven
company, and that is important
to our customers
We are the authentic retailer of
natural & organic products
We are a lifestyle brand
We have created a unique
environment that functions as a
“third place”

5. Our Stakeholder Philosophy
Our “bottom line” ultimately depends on our ability to satisfy all of our
stakeholders
Our goal is to balance the needs and desires of our customers, Team
Members, investors, suppliers, communities and the environment while
creating value for all
By growing the collective pie, we create larger slices for all of our
stakeholders
Our Core Values reflect this sense of collective fate and are the soul of
our company

6. Core Value #1
Selling the Highest Quality Natural and Organic Products Available

7. Our Quality Standards
We carefully evaluate each and every product we sell
We feature foods that are free of artificial preservatives, colors,
Since June 2004,
we have only flavors, sweeteners, and hydrogenated fats
sold eggs from
cage-free hens.
We are passionate about great tasting food and the pleasure of
In January 2005, sharing it with others
our kitchens,
bakeries, bake
We are committed to foods that are fresh, wholesome and safe to eat
houses and
commissaries
We seek out and promote organically grown foods
adopted this
standard for our
baked goods and We provide food and nutritional products that support health and well-
prepared foods.
being

8. Core Value #2
Satisfying and Delighting our Customers

9. Experiment, Innovate, Improve!
Only by satisfying our customers’
needs first, do we have the
opportunity to satisfy the needs
of our other stakeholders
We do all we can to make food
shopping fun!
We offer a differentiated
shopping experience

10. Private Label Opportunity
We are the strongest brand with
our customers
As of 1Q08:
2,200 SKUs
19% of grocery & Whole Body
sales
We expect private label to grow
to a much higher percentage of
our sales over time

11. Buying Local
We seek out locally grown products that meet our high quality standards
We host farmers’ markets in our store parking lots
We offer up to $10 million in loans
We have made 25 loans totaling over $1 million to growers from 13 states
Video clip

12. Buying Global
Our Whole Trade Guarantee:
Exceptional product quality
More money for producers
Better wages and working conditions
Sound environmental production practices
Support for eliminating poverty
Currently over 600 items
Our goal is to have over 50% of our
imported products from developing
countries under Whole Trade label
within 10 years

13. Five-Step Animal Welfare Rating Program
Providing customers with a clear and
transparent way to make informed
buying decisions based solely on
No Cages, No Crates
animal welfare considerations
Step 1: No Cages, No Crates
Step 2: Enriched Environment Enriched Environment
Step 3: Pasture Based
Step 4: No Mutilations
Step 5: On-Farm Birth & Slaughter
Launched in the U.K. with plans to
launch in the U.S. this summer

14. Core Value #3
Supporting Team Member Happiness and Excellence

15. Our Guiding Principle
In 2005, U.S. CEO’s received $411 for every $1
Shared Fate the average worker earned.
Open salary information Estimated distribution of stock options
outstanding in U.S. as of 2005
Salary cap – 19x
Benefits vote by Team Members every
All
three years Others
25%
Gainsharing Top 5
Execs
Fully paid health insurance 75%
Personal Wellness Accounts
93% of options granted to non- Data Sources: Business Week (1980-2000) Institute for Policy Studies-United
for a Fair Economy (2006), Profits with Principles (2004)
executives

16. Happy Team Members Create Happy Shareholders
FORTUNE “100 Best” Returns vs. Stock Market 1998-2007
In 2008, we
ranked #16
on FORTUNE’S 15%
“100 Best
12%
Companies to
Work For” List
10% 9%
We are
one of only 14
companies to 6%
6%
5%
make the list 100 Best 100 Best
S&P Russell
since its Reset Buy &
500 3000
inception 11 Yearly Hold
0%
years ago
Source: Russell Investment Group; Great Place to Work Institute, Inc.

17. Growth Since IPO
9/30/07 9/29/91 CAGR
NUMBER OF STORES 276 10 23%
SALES $6.6 B $92.5 M 30%
EARNINGS PER SHARE $1.29 $0.08 18%
TEAM MEMBERS 52,600 1,100 27%
STOCK PRICE $48.96 $2.13 22%
*1991 Results do not include the impact of subsequent pooling transactions and accounting restatements. Stock price is split-adjusted
IPO price in January 1992.
Core Value #4
Creating Wealth through Profits and Growth

18. We Stepped Up Our Growth in 2007
15% sales growth
7% comp store sales growth
Average weekly sales per store were $632,000*
Sales per square foot were $923*
We opened a record 21 new stores
We merged with Wild Oats
We signed 28 new leases
*Excludes acquired Wild Oats stores.

19. We Debuted in London
We have hired a VP of Real Estate
We hope to have additional sites to announce in the U.K. in the near future

20. We Revitalized Our Brand in Chicago
We opened four new stores this year
In 2009, we plan to relocate our highly successful 36,000 square foot
Lincoln Park store to an 80,000 square foot store

21. We Opened Our Fourth Store in NYC
We will open our fifth store in Tribeca this summer
We have a sixth store in development on the Upper West Side
We also have sites in development in Brooklyn, Yonkers and Long Island

22. We Completed the Wild Oats Merger
We gained immediate entry into
15 new markets and five new
states
All 11 operating regions gained
stores, with our three smallest
regions benefiting the most
We believe this merger will
create long-term value for all of
our stakeholders

23. We Have Already Made Tremendous Strides
Culturally
Morale in the stores is higher than we have experienced in any past mergers
Operationally
Transitioned to Payroll & Benefits plans in January
Purchasing & Information systems conversion expected to be completed by end
of the second quarter
Re-Branding
Nine stores to date with goal of all stores by year end
We have made up-front investments in advance of what we expect to be
significant long-term improvements in sales and earnings

24. We Signed 28 New Store Leases in 2007
We currently have 88 signed
48% of Existing
leases Square Footage
14 new markets 16
22 relocations 14
12
S.F. in millions
51,000 average square feet in 4.5
10
size 8
5.0
3.6
2.6
6
We expect up to 21 new store 1.6
4
openings in FY08 2
9.3
6.4
5.8
4.5 5.1
0
We expect 25 to 30 new store 2003 2004 2005 2006 2007
openings in FY09 Existing In development

25. We Are Gaining Market Share
Five-Year Range Five-Year
Low High Average 1Q08
SALES GROWTH 13.2% 22.8% 18.8% 18.6%
COMP STORE SALES GROWTH 7.1% 14.9% 10.9% 9.3%
TWO-YEAR COMPS 18.1% 27.8% 22.3% 16.3%
ENDING SQUARE FOOTAGE GROWTH 10% 18% 13% 19%
*Excludes acquired Wild Oats stores.

26. We Are Producing Consistent Results
Five-Year Range Five-Year
Low High Average 1Q08
GROSS PROFIT 34.2% 35.1% 34.8% 34.1%
DIRECT STORE EXPENSES 25.2% 26.0% 25.6% 26.2%
STORE CONTRIBUTION 8.9% 9.6% 9.3% 8.0%
G&A 3.1% 3.2% 3.2% 3.4%
% OF SALES – Identical stores 89% 91% 90% 87%
% OF SALES – New & relocated stores 7% 9% 8% 11%
*Excludes acquired Wild Oats stores.

27. We Are Delivering Strong Returns
# of Average NOPAT
Comparable Stores (1Q08) Stores Size Comps ROIC
Over 11 years old 64 28,300 5.4% 78%
Between 8 and 11 years old 28 33,400 4.0% 55%
Between 5 and 8 years old 41 33,900 8.3% 41%
Between 2 and 5 years old 41 44,600 11.7% 22%
Less than 2 years old (incl. 5 relos) 15 58,100 37.7% -2%
All comparable stores (7.6 yrs. old) 189 36,200 9.3% 34%
All identical stores (7.9 yrs. old) 184 35,400 7.1% 38%
All stores excluding Oats (6.7 yrs. old) 208 37,800 26%

28. We Produce Strong Cash Flow
EBITANCE
Earnings before interest, taxes and non-cash expenses
We believe EBITANCE better reflects the current accounting reality of
significant non-cash expenses beyond depreciation and amortization such
as share-based compensation, deferred rent and LIFO
For 1Q08:
Cash flow from operations was $70 million
EBITANCE was $167.5 million or $1.19 per diluted share, a 15% increase over
the prior year

29. Goals for Fiscal Year 2008
Sales growth of 25% to 30%
Comparable store sales growth of 7.5% to 9.5%
Open up to 21 new stores
Do not expect to produce operating leverage primarily due to:
a decrease in store contribution from a higher percentage of sales from new
and acquired stores
investments in labor and benefits at Wild Oats stores
flat G&A as a percentage of sales year over year

30. We Are Creating Shareholder Value
Dividends Paid Per Share
Comparison of Five-Year Cumulative Total Return
(Includes reinvestment of dividends) (Stock split adjusted)
$2.00
Special
$0.69
$0.58
$0.42
$0.23
2004 2005 2006 2007

31. Core Value #5
Caring About Our Communities and Our Environment

32. We Care about Our Communities
Locally Globally
We made charitable donations Our Whole Planet Foundation
of just under $15 million or about seeks to create economic
8% of our after-tax profits last partnerships with the poor in
year the developing-world
communities that supply our
On a local basis, we support
stores with product
thousands of local community
events and organizations

33. Changing the lives of over 75,000 people through micro-credit
Committed $6 million in micro-lending projects to date and $3.2 million in loans
Supporting 15,000 small home-based businesses
Video clip

34. We Care about the Environment
Support organic, local, and sustainable agriculture
and sustainable seafood
Commitment to recycling and alternative energy
Better bags
Green Mission
Green Building
Distribution efforts

35. We Care about Animal Welfare
Non-profit foundation created in
2005
Funding research and sharing best
practices around the globe
Will transition to Global Animal
Partnership, a public foundation
Five-Step Animal Welfare Rating

36. The Best Is Yet to Come
Goal Is $12 Billion in Sales in 2010

37. No Markets Are Saturated
We are a desirable tenant that
$12
drives traffic to shopping centers $12
21%
billion
Top markets allow dense $10 CAGR
concentration of stores and are
Sales in Billions
$8
still underserved
$6
Lots of opportunity in secondary $6.6
billion
markets and internationally $4
Growth is largely “on the books” $2
with 4.6 million square feet in
development $0
FY07 2010 Goal

38. We Are Investing in Our Future Growth
We believe that over the long term we will continue to deliver healthy
earnings growth through strong sales growth rather than through significant
operating leverage
We believe the investments we are making today in our new, acquired,
and existing stores will result in substantial sales and earnings growth in the
near future
We believe our sales potential is much greater than $12 billion, as the
market continues to grow and we continue to improve

39. Our Vision Reaches Beyond Food Retailing
Our company mission and Core Values are at the center of our business
model
Our success benefits all of our stakeholders
We look forward to sharing and extending our vision with the rest of the
world

40. Annual Meeting of Shareholders
©2008 Whole Foods Market IP, L.P. All rights reserved.

41. Divided Duties of Chairman & Lead Director
Ensure the Protection of Shareholders
Lead Director’s Primary Duties:
Chairman’s Primary Duties:
lead discussions of strategic issues act as a liaison between the CEO and the Board of Directors
at the Board level and facilitate communication between meetings
act as Chairman of the annual lead the annual performance review of the CEO
shareholders’ meeting lead the Board of Directors in an annual review of the
performance and effectiveness of the Board and its committees
facilitate the Board of Directors’ input into the agenda for the
Board meetings and work with the Chairman to set the agenda
for each meeting
act as chair of regular and special meetings of the Board of
Directors
act as chair of the executive sessions of the independent
directors
*Please see our website for more detail

42. Annual Meeting of Shareholders
©2008 Whole Foods Market IP, L.P. All rights reserved.