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Goldman Sachs Investor MeetingThursday 16 June 2016Presented by: Ryan d’Almeida (CEO)

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21 23.7

EBITDA

Vitaco is an Australian & New Zealand nutritional products company with a portfolio of well-established and leading brands

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Vitaco overview Business composition

– Exposure to attractive categories domestically and internationally

– Operates in attractive industry categories with historical growth1 – Vitamins & Dietary Supplements, Sports Nutrition and Health & Wellness Packaged Food

– Leading market positions with established brands

– #1 New Zealand Vitamins and Dietary Supplements market1

– #1 Australian and New Zealand Sports Nutrition markets1

– Diversified product portfolio with multiple channel s to market

– 6 key brands within three industry categories

– Balanced mix of channels

– Vertically integrated business model with capacity to support future growth

– Dedicated product development capabilities with evidenced ability to bring niche products to mass markets

– In-house product manufacturing facilities in New Zealand with surplus capacity

– Multiple avenues for growth

– Category growth, new product development and expansion of distribution

– International growth, particularly in China

– In-sourcing and acquisitions

– Strong pro forma financial track record and forecas t

– FY16 revenue and EBITDA growth of 23% and 15% respectively

– Highly experienced management team

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Notes:1. Source: Euromonitor International (market share for Australian sports nutrition is after aggregating Musashi’s 2014 market share).2. Historical and forecast financials and includes estimated contribution from Musashi integration in FY16 forecast and have been

rounded to the closest whole percentage (in the case of percentages).

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4

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By category (FY16 PF net revenue)

By geography (FY16 PF net revenue)

44%

38%

18%

Vitamins and dietary supplements

Sports nutrition

Health and wellness packaged food

53%

38%

9%

Australia

New Zealand

International

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Prospectus ($m) 2

172 211

Net revenue

FY15 FY16F

6

7

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Vitaco’s history

1904Healtheries of New Zealand

established

1967Healtheries buys first

tableting machine/Nutra-Life started 1996

Nutra-Life acquires Wagner Brands

2004Healtheries

100 year anniversary

2005Healtheries

acquires Aussie Bodies

2007Next Capital

acquires Healtheries and

Nutra-Life

2009NZ sites

consolidated to East Tamaki

2013In-source bar

manufacturing

2014Vitaco

acquires Bodytrim

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1990Balance

brand launched

1904 1970 1990 2000 2010 20142005

2015Vitaco acquires Musashi

And lists on ASX

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Sports & Active Nutrition

Health & Wellness Packaged Food

810

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10.2% 9.9%

2%

4%

6%

8%

10%

12%

5

10

15

20

25

30

35

40

11A 14A 17FC

AG

R (

%)

Mar

ket s

ize

(US

$bn)

Global market size (US$bn) 11A-14A CAGR2 14A-17F CAGR²

Vitamins & Supplements

79

88104

3.7%

5.6%

2%

4%

6%

8%

10%

12%

20

40

60

80

100

120

11A 14A 17F

CA

GR

(%

)

Mar

ket s

ize

(US

$bn)

412

462

559

3.9%

6.5%

2%

4%

6%

8%

10%

12%

100

200

300

400

500

600

11A 14A 17F

CA

GR

(%

)

Mar

ket s

ize

(US

$bn)

Vitaco operates in established and growing categori es….

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12.0%

8.7%

6.1% 5.6%4.2%

3.2% 3.2% 3.0%

0%2%4%6%8%

10%12%14%

Sportsnutrition

Vitaminsand

dietarysupplements

Petcare

HWpackaged

food

Packagedfood

Tissueand

hygiene

Softdrinks

Beautyand

personalcare

7.2%

5.5% 5.5% 5.1% 4.8%3.5% 3.4%

2.1%

0%

3%

6%

9%

HWpackaged

food

Vitaminsand

dietarysupplements

Petcare

Packagedfood

Sportsnutrition

Beautyand

personalcare

Softdrinks

Tissueand

hygiene

Australia 10 year market size CAGR (’04-’14A)

New Zealand 10 year market size CAGR (’04-’14A)

Source: Euromonitor

Notes:1. Converted from local currency using average US$ exchange rate for each historical period (Euromonitor)2. Converted from local currency at constant currency using average US$ exchange rate for 2014 (Euromonitor)

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Leading market positions with established brands

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FY16 PF revenue contribution

Age of brand (years) Market position Example products

Vita

min

s &

Sup

plem

ents

11% 111#1 Vitamin and dietary supplements brand in the New Zealand grocery channel

23% 48A leading brand in the New Zealand pharmacy and health food channels with a longstanding presence in the Australian health food channel

9% 35+Fast growing vitamin and dietary supplement brand in the Australian Pharmacy channel

%

Spo

rts

& A

ctiv

e N

utrit

ion

19% 24#1 sports nutrition brand in the Australian sports nutrition market, with wide distribution through mainstream channels

12% 28One of the leading brands in the Australian sports nutrition market, with wide distribution in mainstream channels

7% 30A leading sports nutrition brand in the New Zealand market and a longstanding presence in the Australian health food channel

1% 8Weight management brand in the Australian grocery, pharmacy and DTC channels

Hea

lth F

oods 16% 111

Grocery and health food channel brand, holding a leading position in a number of specialist grocery channel sub-categories

2% 35+Stable brand in Australian grocery and health food channels

Source: Vitaco Management, Euromonitor, Aztec.

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32%

44%

11%

14%

New Zealand

Australia

China

Other Export

20%

18%

11%14%

10%

7%

6%

10%

4%

AU Grocery

NZ Grocery

AU Health food and specialty stores

NZ Health food and specialty stores

AU Pharmacy

NZ Pharmacy

Route

International

Contract

46%

37%

17%

Vitamins and dietary supplements

Sports Nutrition

Health and wellness, packaged food

Diversified Product Portfolio with Multiple Channel s to Market

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Diversified across product categories, sales channels and geographies

1H16 Net Revenue by

Category

1H16 Net Revenue by Channel 1H16 Net Revenue by Market

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Vitamins & Supplements – Brand overview

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� #1 Vitamins & Supplements brand in New Zealand(sold primarily in Grocery)

� 100+ year history in New Zealand

�New Zealand’s most trusted vitamin brand 1

�New Zealand’s leading “specialist” brand (Health Food and Pharmacy)

�Australia’s leading Health Food channel brand

�Popular products include Joint Care, Cranberry 50,000 and 100% NZ Propolis

�Has become increasingly popular with Asian consumers

�Primarily sold in Australian Pharmacy channel

�Smaller range that focuses on specialty supplements with proprietary ingredients

�Sales have grown from A$7mm to A$18mm over a four year period to FY15A

Notes:1. Reader’s Digest

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Sports & Active Nutrition – Brand overview

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� #1 in Sports Nutrition in Australia

� Targets everyday consumers in the active nutrition category

� Track record of category innovation and expansion

� Particular strength in protein bars and RTD formats

� Low cost producer

� Targets established exercise and sports performers

� Trusted, credible, reliable brand with loyal following

Bars Protein RTD/drinks Snacks

� Acquired in July 2015� Established and trusted

brand in the sports performance sub-category

� High brand recognition in Australia

� International distribution with significant presence in Japan

� Targets weight loss segment� Acquired in 2014� DTC platform

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Health Foods – Brand overview

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� Market leading brand across several categories in Australian & New Zealand Grocery

� A long and trusted history with high consumer loyalty and 111 year heritage in New Zealand

� Strong growth through dairy products into China (Milk Biscuits, Milk Bites and Goat’s Milk Powder)

� Wholesome certified organic and natural foods� Loyal customer base� 30 year brand history

SnackingTeas

Other

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International

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Key Highlights

� Long established business in Middle East & South East Asia with quality partners

� Good early presence established in China via cross-border e-commerce for Nutra-Life and Healtheriesbrands

� We have recently appointed a General Manager for China who will be based in Shanghai.

� We have recently entered the UK via the ranging of Aussie Bodies protein bars at Boots

� We are expanding our existing product portfolio in the Middle East, which is predominantly vitamins & supplements to include our Sports Nutrition brands

% of PF Net Invoiced Sales

North Asia, 37%

South East Asia, 26%

Europe, 7%

Middle East, 26%

Other, 4%

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� We have recently appointed a General Manager for Ch ina who will be based in Shanghai. This role will support the existing 10 China focused sales & marke ting roles already established in ANZ.

� There remains some uncertainty around the regulatio ns that will govern products sold via the Free Trad e Zone

� The majority of our e-commerce customers are fulfil ling online orders outside of the FTZ (Australia & New Zealand)

� Nutra-Life Cranberry continues to be our most popul ar product amongst Chinese consumers

� Goats Milk Powder is back on the Positive List and will continue to form part of our expanding Healtheries dairy range

� We continue to pursue the right distribution partne r to assist with off-line distribution of our food and dairy products

� We are scheduled to launch our Musashi Flagship sto re on Tmall Global in June

ChinaBuilding the platform for significant growth

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Aussie Bodies UK Update

�Aussie Bodies, the #1 sports nutrition brand in Aus tralia, has launched its market leading Lo Carb Min i Protein bars in the UK

�Our initial distribution is through Boots, both in their larger format stores and also online with Boo ts.co.uk

�Vitaco will be supporting the launch, which went li ve on shelf earlier in April, with mass sampling op portunities sent via direct mail and an extensive social media campaign.

�The initial product range is six flavours of Aussie Bodies Mini Protein Bars, each of which is under 1 00 calories

�The UK market’s consumption of sports nutrition pro ducts per capita is approximately one-third the amo unt in Australia and represents a significant upside oppor tunity for a brand that can bring sports nutrition to the masses like Aussie Bodies has in Australia.

Source: Euromonitor

Notes:1. Part of the Walgreen Boots Alliance, the largest pharmacy chain in the world

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Vertically integrated business model with production capacity to support future growth

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� Sites with capacity for future growth

� Concurrent focus on cost, quality and efficiency

� Strategic procurement provides competitive advantages

� Opportunities to further in-source manufacturing

� Emphasis on quality assurance and compliance with key government certifications

� Recent capital investment into manufacturing facilities

East Tamaki facilities

Source: Vitaco Management

Capability

� c.12,000 sqm facility housing head offices, laboratories, manufacturing and warehousing capabilities

� $30m invested in upgrading the manufacturing and warehouse facility and IT assets over the last 7 years

Certification

� Audited by Medsafe and accredited by the TGA – Regular audits conducted by regulatory authorities

� GMP certification

� Licensed by the NZ Ministry of Primary Industry (dairy products)For

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Musashi Integration Update

Completed Ahead of Target �

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� We have successfully transitioned the Musashi portf olio of sports powders, amino acids and protein bar products to Vitaco in-house manufacture .

� 83 products have been transferred to in-house manuf acture; the expected cost savings for these products has been delivered.

� We have completed the transfer of the liquid drinks portfolio to a new manufacturer in March, the expected cost of goods savings for this range of pr oducts has been delivered.

� The Integration team have completed their tasks and have returned to their business as usual roles.

� Two of the three site lease’s in Melbourne have bee n closed out and marketing for the sub-lease of the remaining site is underway.

� Overall the Musashi integration has been a very suc cessful project for Vitaco and as at the end of April we are run-rating the forecast $4m annualised EBIDTA.

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1H16 Financial Highlights

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$ $110.5 million Revenue, up 37.6% on pcp (up 22% excluding Musashi)

$10.4m Pro Forma* EBITDA, up 10.8% on pcp (up 37% excluding Musashi & Currency impact)

1H China sales of $11.5m supported by 233% increase in VDS sales to China

Dividend of 1.69 cents per share declared

Strong growth in all divisions, excellent result in Vitamins & DietarySupplements (VDS) Revenue up 41% on pcp, EB IT up 77% on pcp

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*Pro Forma EBITDA has been calculated in accordance with the adjustments made in Figures 77 and 78 of Vitaco’s IPO Prospectus dated 4 September 2015. We note that adjustments for 1H16 include adding 2.5 months of listed company costs ($335k, that was not actually incurred by Vitaco) prior to Vitaco’s admission on to the official list of ASX companies on 16 September 2015.

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FY16 Financial Update

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Year to date trading is in line with expectations; re-affirming full year IPO forecasts1

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Summary of investment highlights

Exposure to attractive categories domestically and internationally

Leading market positions with established brands

Diversified product portfolio with multiple channels to market

Vertically integrated business model with capacity to support future growth

Multiple avenues for growth

Strong financial track record and forecast

Highly experienced management team

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