1. Q4FY2008 and FY2009E
Investor/Analyst Call
Essential to care
August 7, 2008

2. Forward-looking statements and
GAAP reconciliation
This presentation contains forward-looking statements addressing expectations, prospects, estimates and other matters that are
dependent upon future events or developments. These matters are subject to risks and uncertainties that could cause actual
results to differ materially from those projected, anticipated or implied. The most significant of these uncertainties are described in
Cardinal Health's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports) and exhibits to those
reports, and include (but are not limited to) the following: uncertainties regarding the decision to explore the separation of the
company’s clinical and medical products businesses and the impacts of such decision if the separation is accomplished;
competitive pressures in Cardinal Health's various lines of business; the loss of one or more key customer or supplier relationships
or changes to the terms of those relationships; uncertainties relating to the timing of generic or branded pharmaceutical
introductions and the frequency or rate of branded pharmaceutical price appreciation or generic pharmaceutical price deflation;
changes in the distribution patterns or reimbursement rates for healthcare products and/or services; the results, consequences,
effects or timing of any inquiry or investigation by any regulatory authority or any legal or administrative proceedings; future actions
of regulatory bodies or government authorities relating to Cardinal Health's manufacturing or sale of products and other costs or
claims that could arise from its manufacturing, compounding or repackaging operations or from its other services; difficulties, delays
or additional costs in implementing the restructuring program announced on July 8, 2008; the costs, difficulties and uncertainties
related to the integration of acquired businesses; conditions in the pharmaceutical market and general economic and market
conditions. This presentation reflects management’s views as of August 7, 2008. Except to the extent required by applicable law,
Cardinal Health undertakes no obligation to update or revise any forward-looking statement. In addition, this presentation includes
non-GAAP financial measures. Cardinal Health provides definitions and reconciling information at the end of this presentation and
on its investor relations page at www.cardinalhealth.com. A transcript of the conference call will be available on the investor
relations page at www.cardinalhealth.com.
2

3. Agenda
Opening remarks Kerry Clark
Chairman and Chief Executive Officer
Financial overview Jeff Henderson
Chief Financial Officer
HSCS Comments George Barrett
Vice Chairman and CEO
Healthcare Supply Chain Services
CMP Comments Dave Schlotterbeck
Vice Chairman and CEO
Clinical and Medical Products
Q&A
3

4. Q4 and YEFY08 Results
4

5. Q4 FY2008 Financial Review
GAAP Basis Non-GAAP Basis
% %
Change1 Change1
($M) ($M)
$22,926 3%
Revenue
$543 29% $568 6%
Operating earnings
$330 39% $348 1%
Earnings from continuing ops
$0.92 51% $0.97 9%
Diluted EPS from continuing ops
$247
Operating cash flow
17% 18%
Return on equity
1% change over prior year quarter
5

6. Q4 FY2008 Operating Earnings and EPS
Q4 FY 2008 Q4 FY 2007
Operating Diluted EPS from Operating Diluted EPS from
Earnings/(Loss) Continuing Earnings/(Loss) Continuing
($M) Operations ($M) Operations
GAAP Consolidated $543 $0.92 $421 $0.61
Special Items $35 $0.06 $118 $0.28
Impairment Charges
& Other ($10) ($0.01) ($1) --
Non-GAAP
Consolidated $568 $0.97 $538 $0.89
6

7. Healthcare Supply Chain Services
Analysis
Pharmaceutical
%
Q4 FY08 Q4 FY07 FY08 FY07 %
Change
($M) ($M) ($M) ($M) Change
19,819 1% 79,284
Revenue 19,556 76,573 4%
258 (15%) 1,122
Segment Profit 303 1,300 (14%)
Medical/Surgical
Q4 FY08 Q4 FY07 % FY08 FY07 %
($M) ($M) Change ($M) ($M) Change
Revenue 2,082 1,929 8% 8,084 7,514 8%
Segment Profit 81 83 (3)% 303 318 (5%)
7

8. Clinical and Medical Products
Analysis
CTS Q4 FY08 Q4 FY07 % FY08 FY07 %
($M) ($M) Change ($M) ($M) Change
2,890 2,687 8%
780
Revenue 756 3%
497 386 29%
156
Segment Profit 144 8%
MPT Q4 FY08 Q4 FY07 % FY08 FY07 %
($M) ($M) Change ($M) ($M) Change
2,696 1,836 47%
727
Revenue 500 46%
300 198 52%
95
Segment Profit 58 63%
8

9. Full Year FY08
Financial Review
GAAP Basis Non-GAAP Basis
% %
Change1 Change1
($M) ($M)
$91,091 5%
Revenue
$2,129 55% $2,219 3%
Operating earnings
$1,325 58% $1,385 --
Earnings from continuing ops
$3.64 76% $3.80 11%
Diluted EPS from continuing ops
$1,559
Operating cash flow
18% 19%
Return on equity
1% change over prior year quarter
9

10. Full Year FY08
Operating Earnings and EPS
FY 2008 FY 2007
Operating Diluted EPS from Operating Diluted EPS from
Earnings/(Loss) Continuing Earnings/(Loss) Continuing
($M) Operations ($M) Operations
GAAP Consolidated $2,129 $3.64 $1,374 $2.07
Special Items $123 $0.21 $772 $1.31
Impairment Charges
& Other ($32) ($0.05) $17 $0.04
Non-GAAP
Consolidated $2,219 $3.80 $2,163 $3.42
10

11. Key Financial Value Drivers
FY2008
Balance sheet management
– Days of inventory declined from 28 to 25 days Q4FY07 vs. Q4FY08
– FY08 non-GAAP ROIC of 8.1%
Capital deployment
– Repurchased $1.1B in FY08
– Increased dividend by 17% to $0.14 per quarter in June 2008
Capital structure
– Debt to total capital increased from 32% in Q4 FY07 to 33% in Q4 FY08
– Net debt to capital1 increased from 22% in Q4FY07 to 25% in Q4FY08
FY08 non-GAAP return on equity of approximately 19%
1Non-GAAP financial measure
11

12. FY2009 Estimates / Assumptions
12

13. FY09 Financial Goals
August 7, 2008
Total revenue growth:
6-7%
Non-GAAP EPS1: $3.80 - $3.95
Revenue Profit
Segment Growth Growth
Healthcare Supply Chain Services (HSCS) >6% Flat to (5%)
Clinical and Medical Products (CMP) >10% >20%
1 Non-GAAP diluted earnings per share from continuing operations
13

14. FY09 Total Corporate Assumptions
August 7, 2008
Non-GAAP effective tax rate
Approximately 34%
Interest and other
$180M - $190M
Diluted weighted average
shares outstanding 361M – 362M
NOTE: This outlook assumes that the potential separation of the Company’s clinical and medical products
businesses does not occur during fiscal 2009 and excludes any charges or significant expenses associated with the
potential separation.
14

15. FY09 Segment-Related Assumptions
August 7, 2008
Healthcare Supply Chain Services
Bulk revenue growth likely
Risk-adjusted “basket” of generic
to exceed non-bulk
launches
IT investments
Expect recent pharma margin
erosion to moderate
Nuclear: assumes generic event;
DEA settlement discussions
participation as distributor, not as
ongoing in H1
manufacturer
Borschow accretive
15

16. FY09 Segment-Related Assumptions
August 7, 2008
Clinical and Medical Products
Enturia accretive Viasys synergy goals ahead of
schedule
R&D investments Fully reserved for Alaris remediation,
resolved by CalYE08
16

17. FY09(E) Revenue Product Information
HSCS
• Distribution of pharmaceutical, radiopharmaceutical & OTC products
• Distribution of medical, surgical and laboratory products & medical procedure kits
• Bulk v. non-bulk
CMP
• Intravenous medication safety & infusion delivery systems
• Medication & medical supply dispensing systems
• Respiratory care products
• Infection prevention products
• Medical specialty products
• Clinical intelligence solutions
ALL OTHER
• Franchising and operating apothecary-style retail pharmacies
• Pharmacy services
• Medical access & specialty products
17

18. Healthcare Supply Chain Services
(HSCS)
18

19. HSCS: Turnaround Plan
• Focus on execution
• More effectively segment our business to target
the right opportunities
• Improve and simplify our generic programs and
better integrate them into overall offerings
• Re-invigorate our value proposition
19

20. HSCS: Deep Customer Segmentation
Aligning offerings
Suppliers Customers
Retail Ind.
Branded Generic Chains/ Hospital
Warehousing &
• Pharmaceutical/
• Inventory mgt • Market share • Patient Safety/
Distribution services Clinical
Non
• Data reporting • Launch speed
Solutions
• Pharmacy brands
• High service • Contract mgt • Distribute /
• Pharma
• Rx Purchasing
levels operational
• Efficient reach to
Distribution.
Programs excellence
• Contract mgt every COT
• Medication
• FirstScript – • Ordering / inventory
• AR / returns mgt • AR / returns mgt
Packaging
Customized management
• Special handling • Centralized
Autoshipment to stock • Cardinal
• Purchasing Solutions
shipping
• Centralized new Brand or Generic Assist
• SOURCE generics
shipping • Data reporting items fast • Ready Scan
(primary and back-up
• Efficient reach • Front-end Purchasing • Pharmacy
formulary)
to every COT & Merchandising Automation
• Home Health Care,
• Managed Care (Pyxis)
packaging,
Programs
FirstScript
• Ordering / Inventory
• Managed Care
Management
20

21. Clinical and Medical Products
(CMP)
21

22. CMP: Competitive Advantages
• Global leader in medication safety and infusion systems
• Largest U.S. hospital footprint in dispensing systems
• Largest acute-care respiratory company worldwide
• Leading provider of disposables used in surgical suite
• Industry’s only enterprise-wide medication management
solution
• Leader in hospital-acquired infection prevention
• Leader in positive patient identification
22

23. CMP: Winning Vision
Aligning with top hospital concerns to be a leading provider of products
and services for hospital safety & productivity
Improve • Integrating our offers and knowledge to manage all medications
Medication
• Uniquely positioned to improve safety & productivity
Management
• Established role and presence in the surgical suite
Enhance Infection
• Expansion into the large respiratory market
Prevention
• Focus on protocol compliance and clinically differentiated products
• Expanding our capability with high impact procedures
Minimize risk and
cost of procedures • Tackling our customers latest concerns
Help hospitals • Leading market offering in infection detection
identify patients at
• Building our data to address top hospital concerns
risk
23

24. Summary
24

25. FY 2009 Priorities
• Resolve outstanding regulatory issues
• Continue to invest in enhancing quality and
regulatory systems
• Return HSCS to steady growth
• Continue to invest in CMP growth
• Complete integrations (Viasys, Enturia, Borschow)
Mission: to make healthcare safer and more productive
25

26. Q&A

28. Q4FY08 Trailing Five Quarters
28

29. Healthcare Supply Chain Services
Analysis: Q4FY08
Healthcare Supply Chain Services – Pharmaceutical
Q4FY07 Q1FY08 Q2FY08 Q3FY08 Q4FY08 Q4FY08/
Q4FY07
% change
Revenue $19,556 19,221 $20,351 $19,894 $19,819 1%
($M)
Segment $303 $305 $258 $300 $258 (15)%
Profit ($M)
Healthcare Supply Chain Services – Medical
Q4FY07 Q1FY08 Q2FY08 Q3FY08 Q4FY08 Q4FY08/
Q4FY07
% change
Revenue $1,929 $1,921 $2,015 $2,066 $2,082 8%
($M)
Segment $83 $58 $72 $93 $81 (3)%
Profit ($M)
29

30. Clinical and Medical Products
Analysis: Q4FY08
Medical Products and Technologies
Q4FY07 Q1FY08 Q2FY08 Q3FY08 Q4FY08 Q4FY08/
Q4FY07
% change
Revenue $500 $623 $667 $679 $727 46%
($M)
Segment $58 $57 $69 $80 $95 63%
Profit ($M)
Clinical Technologies and Services
Q4FY07 Q1FY08 Q2FY08 Q3FY08 Q4FY08 Q4FY08/
Q4FY07
% change
Revenue $756 $649 $715 $747 $780 3%
($M)
Segment $144 $98 $116 $127 $156 8%
Profit ($M)
30

31. The following slides contain historical segment information that reflect a change in the Company’s
reportable segments effective July 1, 2008. Certain costs held at corporate have been allocated to the
segments under the new segment structure. Further information regarding the new segments will be
included in the Company’s Form 10-Q for the quarter ending September 30, 2008 and subsequent periods.
3-Year, Quarterly, Historical Financial Data
Recast in Current, Revised Structure
31

32. Healthcare Supply Chain Services Segment
Analysis: FY06 - 08
Q1FY06 Q2FY06 Q3FY06 Q4FY06 FY06
Revenue $18,260 $18,713 $19,579 $20,555 $77,108
($M)
Segment $273 $329 $407 $382 $1,392
Profit ($M)
Q1FY07 Q2FY07 Q3FY07 Q4FY07 FY07
Revenue $20,305 $21,079 $21,120 $21,444 $83,948
($M)
Segment $335 $394 $452 $366 $1,548
Profit ($M)
Q1FY08 Q2FY08 Q3FY08 Q4FY08 FY08
Revenue $21,093 $22,346 $21,923 $21,863 $87,226
($M)
Segment $347 $315 $377 $324 $1,363
Profit ($M)
32

33. Clinical and Medical Products Segment
Analysis: FY06 - 08
Q1FY06 Q2FY06 Q3FY06 Q4FY06 FY06
Revenue $726 $756 $769 $850 $3,102
($M)
Segment $79 $108 $116 $126 $429
Profit ($M)
Q1FY07 Q2FY07 Q3FY07 Q4FY07 FY07
Revenue $779 $862 $883 $1,017 $3,542
($M)
Segment $86 $127 $132 $191 $535
Profit ($M)
Q1FY08 Q2FY08 Q3FY08 Q4FY08 FY08
Revenue $1,032 $1,133 $1,170 $1,270 $4,606
($M)
Segment $145 $171 $190 $229 $735
Profit ($M)
33

34. All Other Segment
Analysis: FY06 - 08
Q1FY06 Q2FY06 Q3FY06 Q4FY06 FY06
Revenue $278 $288 $291 $282 $1,138
($M)
Segment $28 $28 $28 $26 $110
Profit ($M)
Q1FY07 Q2FY07 Q3FY07 Q4FY07 FY07
Revenue $280 $295 $290 $286 $1,151
($M)
Segment $28 $27 $26 $25 $107
Profit ($M)
Q1FY08 Q2FY08 Q3FY08 Q4FY08 FY08
Revenue $294 $301 $308 $288 $1,190
($M)
Segment $22 $25 $26 $27 $101
Profit ($M)
34

35. GAAP to Non-GAAP
Reconciliation Statements
35