Investor Day Presentation

INVESTOR DAY
14 November 2018

2
DISCLAIMER
The information in this presentation was prepared by EBOS Group Ltd with due care and attention. However, the information is supplied
in summary form and is therefore not necessarily complete, and no representation is made as to the accuracy, completeness or
reliability of the information. In addition, neither the EBOS Group nor any of its subsidiaries, directors, employees, shareholders nor any
other person shall have liability whatsoever to any person for any loss (including, without limitation, arising from any fault or negligence)
arising from this presentation or any information supplied in connection with it.
This presentation may contain forward-looking statements and projections. These reflect EBOS’ current expectations, based on what it
thinks are reasonable assumptions. EBOS gives no warranty or representation as to its future financial performance or any future matter.
Except as required by law or NZX or ASX listing rules, EBOS is not obliged to update this presentation after its release, even if things
change materially. This presentation does not constitute financial advice. Further, this presentation is not and should not be construed as
an offer to sell or a solicitation of an offer to buy EBOS Group securities and may not be relied upon in connection with any purchase of
EBOS Group securities.
This presentation contains a number of non-GAAP financial measures, including Gross Profit, Gross Operating Revenue, EBIT, EBITDA,
Underlying EBITDA, NPAT, Underlying NPAT, Underlying Earnings per Share, Free Cash Flow, Net Debt and Return on Capital Employed.
Because they are not defined by GAAP or IFRS, EBOS’ calculation of these measures may differ from similarly titled measures presented
by other companies and they should not be considered in isolation from, or construed as an alternative to, other financial measures
determined in accordance with GAAP. Although EBOS believes they provide useful information in measuring the financial performance
and condition of EBOS' business, readers are cautioned not to place undue reliance on these non-GAAP financial measures.
The information contained in this presentation should be considered in conjunction with the consolidated financial statements for the
period ended 30 June 2018.
All currency amounts are in New Zealand dollars unless stated otherwise.

3
Introduction and Group Overview
John Cullity, EBOS Group CEO
AGENDA
Healthcare
Brett Barons, CEO Symbion
Consumer Brands
Sean Duggan,
CEO Animal Care & Consumer Brands
Financial Overview
Shaun Hughes, CFO
Positioned for Future Growth
John Cullity, EBOS Group CEO
Site tour – new Brisbane facility
AGENDA

Introduction and Group Overview
John Cullity, EBOS Group CEO

5
GROUP INTENT
EBOS will focus on delivering shareholder value through
disciplined investments in a diverse portfolio of health and
animal care related activities.

Together with our trading partners, we will play an important
role in the delivery of health outcomes to the community and we
aspire to hold leading positions in the sectors we participate in.

6
EBOS GROUP TODAY

ANIMAL CARE



HEALTHCARE

COMMUNITY
PHARMACY
INSTITUTIONAL
HEALTHCARE
CONTRACT
LOGISTICS
CONSUMER
PRODUCTS

RETAIL

PRODUCT &
BRANDS
VET
WHOLESALE
Diversification within Healthcare and Animal Care is a key signature of our approach

7
Chief Executive Officer
John Cullity
CEO, Symbion
Brett Barons
CEO Animal Care &
Consumer Brands
Sean Duggan
Chief Financial
Officer
Shaun Hughes
Chief Information
Officer
Andrea Bell
General Counsel
Janelle Cain
Group Human
Resources Officer
Tim Goldenberg
Executive General
Manager, Strategy
David Lewis
EXECUTIVE LEADERSHIP TEAM

8
EBOS STRATEGIC APPROACH
Investing for Growth
Our Healthcare and Animal Care strategic focus is centred on
We focus on delivering profitable growth and superior returns
Leading Market
Positions
Disciplined Capital
Management
Two types of investments:
Acquisitions: we have a
successful track record of deal
execution.
EBOS has completed 20 deals
since 2000.
Internal Capex: investment to
lift productivity, manage costs
and deliver better customer
service.
Cash generation to drive
scope for further
investment which allows
for dividends to be paid in
the range of 60-70% of
Net Profit After Tax.
Acquisitions and new
business focus on
supporting the Group’s
return on capital
employed.
We aim to have positions of
scale in the markets we
operate in and maximise
opportunities across our wide
range of businesses wherever
possible.

9
LEADING MARKET POSITIONS
EBOS Group is the largest and most diversified Australasian marketer, wholesaler and
distributor of healthcare, medical and pharmaceutical products. It is also a leading
marketer and distributor of recognised consumer products and animal care brands.
Combined pharmacy and
hospital pharmaceutical
wholesaler in Australia and
New Zealand
Pharmacy wholesaler in
New Zealand
To be the #1 Community
Pharmaceutical wholesaler
in Australia from July 2019
following the
commencement of trading
with the Chemist
Warehouse Group
No.1
Hospital pharmaceutical
wholesaler in Australia and
New Zealand
3PL/4PL Pharmaceutical
provider in New Zealand.
Full range of services in
Australia.
Comprehensive
distribution network in the
animal care market, with
pet brands, speciality retail
outlets in NZ, and a leading
veterinary wholesaler.

10
EBOS M&A APPROACH
Our M&A activity aligns with our strategy.

We buy value accretive businesses with strong management teams
and solid prospects for further growth.

We are disciplined in the prices we will pay for businesses and aim to
enhance the Group’s ROCE >15%.

Board provides valuable oversight of all M&A activity.

11
INVESTING FOR GROWTH
RECENT TRANSACTIONS
Acquisition of the minority shares in TerryWhite Group Limited,
expected to complete by 31 December 2018.¹
Acquisition of Warner & Webster (31 Aug 2018). A medical &
surgical supplies wholesaler with operations in Victoria and
South Australia.
Acquisition of Ventura Health (April 2018). Management
company of Australian pharmacy retail group.
Acquisition of Gran’s Remedy (March 2018). New Zealand
leading foot care consumer health brand.
14% investment in ASX listed, MedAdvisor Ltd (October 2017).
Australia’s leading digital medication management company.
HPS (June 2017) leading provider of outsourced pharmacy
services to Australian Private Hospitals.
¹ Subject to approval of TWG minority shareholders and satisfaction of other conditions

Healthcare
Brett Barons, CEO Symbion

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HEALTHCARE MANAGEMENT TEAM
CEO, Symbion
Brett Barons
Executive GM, Pharmacy
and Institutional
Healthcare
Stuart Spencer
Executive GM,
Operations & Supply
Chain
Simon Bunde
Executive GM, Contract
Logistics
Michael Broome
GM Wholesale & Retail
Services
Sab Ambroino
CFO, Symbion
Sharon Papworth

¹ EBOS has a 14.1% shareholding in Medadvisor as at 30 June 2018. ² EBOS has a 25% shareholding in GPPW as at 30 June 2018.
HEALTHCARE DIVISIONAL SUMMARY
Customer
Core
Brands &
Service
Offering
Additional
valued
services
Community Pharmacy
Primary care /
Aged care
Hospitals
Manufacturer
Contract Logistics
Wholesale
Retail
14



1
2

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CHEMIST WAREHOUSE TENDER WIN
In July 2018, EBOS won the tender to act as the exclusive third party distributor of
pharmaceutical products to more than 450 stores in Australia.
EBOS expects to enter into a five-year supply agreement, to take effect from 1 July
2019, with the potential for an extension of a further 3 years.
EBOS estimates that sales to the Chemist Warehouse Group (CWG) stores will generate
approximately A$1 billion in revenue in the first full year of the agreement.
The increase in ethical sales volumes is estimated to increase our share of CSO funding
from ~ one-third to over 40%.
EBOS acts as CWG’s wholesaler in New Zealand.

16
NEW BRISBANE WAREHOUSE

High volume pharmaceutical facility –
~10,000m
2
World class storage and picking systems
Highly efficient pick to person technology

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Oct-14
Feb-15
Jun-15
Oct-15
Feb-16
Jun-16
Oct-16
Feb-17
Jun-17
Oct-17
Feb-18
Jun-18
Warehouse Productivity comparison: VIC vs QLD
VICQLD
PRODUCTIVITY GAINS FROM INVESTMENTS
VIC
opened
October 2014
Significant productivity and cost improvements are expected from the new Brisbane warehouse
consistent with our investment in automation at Sydney and Melbourne.
Volume increases from 1 July 2019 will further improve productivity in all warehouses across
Australia.
~+50%
VIC productivity
above old QLD
site

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HEALTHCARE LOGISTICS
Logistics solutions to a GMP Pharmaceutical standard to Healthcare companies for
their warehousing, distribution and related services in Australia and New Zealand.
Customers
Pharmaceutical manufacturers
(including generics & specialty).
Medical consumables.
Medical devices.
Consumer products.
Facilities
Auckland (x2), 16,000m².
Sydney, 25,000m².
Services
3PL & 4PL healthcare distribution.
Clinical trial logistics.
Secondary packaging.
Specialised programs.

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AUSTRALIAN GOVERNMENT POLICIES
CSO Deed expires December 2018.
Government considering options to
ensure adherence to National
Medicines Policy standards.
National Pharmaceutical Services
Association continues to lobby
Government.



Government seeking to reduce net
funding of high cost drugs.
Various alternatives have been
scoped with the Pharmacy Guild,
Medicines Australia and the NPSA.
Model has not yet been agreed.
Wholesalers will seek Government
funding should additional costs be
imposed.

Community Service Obligation Special Price Access
Proactive engagement with the Australian Government on key policies impacting wholesale
distribution of medicines

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HEALTHCARE STRATEGIC PRIORITIES
•Continue to drive efficiencies through cost leadership in a competitive
environment.

•Bed down Chemist Warehouse.

•Grow Healthcare Logistics in Australia.

•Increase retail presence through TerryWhite Chemmart, Ventura and other
management company investments.

•Pursue acquisition opportunities in the medical consumables sector.

Consumer Brands
Sean Duggan, CEO Animal Care & Consumer Brands

22
BUSINESS OVERVIEW
Business
Key
Brands
and
Service
Offering
Products & Brands
New Zealand Retail
ANIMAL CARE
Australia Wholesale Distribution
Products & Brands
ENDEAVOUR CONSUMER HEALTH

23
CONSUMER BRANDS ROLE WITHIN EBOS
Attractive earnings
•Higher gross margin & EBIT%
•Higher growth potential
•Strong ROCE

Diversified earnings in a less
regulated environment

Consistent, reliable growth




Brands play a key role within
our markets
We are deeply
passionate about
helping people
through our brands
and helping our
people to reach their
full potential
Profit per brand
drives our
economic engine
We can be the
best in the world
at delivering
trusted brands
built on sincere
belief

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CONSUMER BRANDS LEADERSHIP TEAM
CEO
Sean Duggan
IS/IT Manager
Australasia
Commercial Director
EGM
Endeavour Consumer
Health
EGM
EBOS Asia
EGM
Wholesale

25
OUR CORE COMPETENCIES
Leading teams of engaged employees passionate about our brands & categories

Belief based Brand building

Supply chain & logistics, leveraged off our broader network

Vendor management & sourcing

Quality control and quality assurance

Sales across FMCG & specialty environments

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PET INDUSTRY – ANZ
Market growth driven by trends towards:
humanisation of pets;
premiumisation of pet food and products; and
outsourcing of services like grooming, training
and obedience and dog washing.
Australian 5 year forecast sales growth rates per
annum:
Pet retailers: 3.2%², with premium food
growing at faster rates.
Online pet food and pet products: 7.8%
3
.
Veterinary services: 2.6%
4
.
Sources: 1 – Management estimate based on industry reports. 2 – IBISWorld industry reports Pets and Pet Supplies Retailers in
Australia, February 2018. 3 – IBISWorld Online Pet Food and Pet Supply Sales in Australia, May 2018. 4 – IBISWorld Veterinary Services
in Australia, July 2018.
Pet Food
Veterinary
Services
Other
Services
Pet
Products
ANZ pet sector is worth ~$14 billion and is growing at an estimated 2% to 3% per annum¹
ANZ Pet Market by segment

27
CONSUMER HEALTH & WELLBEING - ANZ
The Consumer Health & Wellbeing market across Australia and NZ is significant and highly
fragmented across multiple product categories
New Zealand ²
$1.28b
Grocery
$13.2b
Total Consumer Health & Wellbeing markets
Australia ¹
$17.4b
Pharmacy
$4.2b
Grocery
$900m
Pharmacy
$383m
EBOS has focussed on developing our own brands in the following sub-categories :
Vitamins, Minerals
& Supplements ³
Toothpaste ⁴
Specialty Tea ⁴
Liniments ⁴
OTC Medicines ⁵
$4.9b
$262m
$273m (total)
$7m (natural)
$104m
$84m
$2.5b
$80m (total)
$7.3m (natural)
$32m
$17m
EBOS brands
1 Management estimate from extrapolation of data from IBIS World reports -Supermarkets & Grocery in Australia (Oct-18) & Pharmacies in Australia Industry Report (Sep-18).
2 NZ data from IRI market data , 3 AU Data from CMA Annual Report 2018, NZ based on IRI market data , 4 Management estimates based Neilsen and Aztec scan data ,
5 Management estimate based on IBIS World Report - Pharmacies in Australia Industry Report (Sep-18)

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FY14FY15FY16FY17FY18
BLACK HAWK GROWTH
Australia’s fastest growing premium pet food brand over
the last four years, now with a leading position in the pet
specialty retail channel.
Range & brand extension
Investment in marketing driving increased brand
awareness and retail support.
In July 2017, Black Hawk was launched in the New Zealand
market and has exceeded our expectations.
Growing presence in Asian markets.

23%
55%
48%
23%
Black Hawk Sales (pre and post acquisition)

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VITAPET – CONSISTENT GROWTH
8%
7%
7%
5%
Vitapet has an extensive range of pet treats in both Grocery
and Pet Specialty
Vitapet has built very strong market positions in both
Australia and New Zealand due to:
an extensive and growing product range
products having quality ingredients that are loved by
pets; and
the humanisation of pets driving premiumisation and
an increased spend per pet.

Vitapet sales growth last 5 Years
VitaPet
63%
Others
27%
Vitapet NZ Grocery market share¹
VitaPet
23%
Others
77%
Vitapet AU Grocery market share¹
¹ MAT Data - Aztec Scan data period ended 14/10/18

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RED SEAL IN NEW ZEALAND
Vitamins - Grocery
Red Seal
Specialty Teas - Grocery
Red Seal
Natural Toothpaste - Grocery
Red Seal
Strong market share in New Zealand supermarkets across key categories ¹

¹ Data based on IRI scanned sales market share data Aug-18.

31
ASIA – CONSUMER BRANDS OPPORTUNITY
Asia, especially China, wants brands that are trusted and successful in our
own home markets

The important role of brands in our categories are just as relevant in Asia

Viewed as an important ‘third leg’ of growth for EBOS

Our Asian strategy:
Tailored for each brand and market
Establish a physical presence in China
•Speed up responsiveness to market needs
•Localise offering & execution

32
4,137
5,507
8,009
10,968
14,591
18,956
23,984
29,875
36,743
44,851
27%
33%
45%
37%
33%
30%
27%
25%
23%
22%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
201420152016201720182019F2020F2021F2022F2023F
Annual Growth rate %
Chinese Dog & Cat Retail Food market
(Chinese RMB
-
million)
China Pet Food Market overview & 5 Year Forecast
Dog&Cat food Retail Value in RMB Million (LHS)Market Annual Growth rate % (RHS)
A growing export opportunity
•China’s Pet Food market is growing at >30% pa.
•Households owning a pet in China is ~5% vs Australia & NZ ~60%
CHINA’S PET FOOD MARKET

Source: Euromonitor International Pet Care in China May 2018

33
SUMMARY - CONSUMER BRANDS
Our role within the wider EBOS group is to deliver enduring profitable growth

Future opportunities are strong:

Build out existing brands & markets

Continued Asian expansion

Acquire new ‘seed’ brands to take advantage of our existing infrastructure

Financial Overview
Shaun Hughes, EBOS Group CFO

35
CAPITAL ALLOCATION
Proven record in delivering superior returns from investment in existing businesses whilst
leveraging financial strength & cash flow generation to invest in adjacent & new opportunities
1 2
Strict criteria & financial discipline applied to all investment decisions
Portfolio of strong Trans-tasman businesses
with good momentum and cash generation
Leveraging financial strength to invest in
adjacent & new business opportunities
•Opportunities to invest & drive continued growth in
existing portfolio of businesses with leading market
positions

•Capital & resources available to support divisional
strategy & execution

•Good balance between Divisional autonomy and
Corporate support
•Established capabilities to evaluate & execute M&A
opportunities for long-term growth

•Framework to encourage new business initiatives
and leverage existing assets

Strong commercial capabilities across Corporate office & divisions

36
SHAREHOLDER DISTRBUTIONS
Delivering long-term returns to shareholders
•We believe we have the right balance
between shareholder distributions and
retaining sufficient funds for further
investment.

•Target dividend pay-out ratio is between
60-70% of Net Profit After Tax (NPAT).

•Dividends are 100% franked for Australian
resident shareholders.

20.5
22.0
26.0
30.0
33.0
20.5
25.0
32.5
33.0
35.5
FY14FY15FY16FY17FY18
Cents per share
H1H2
Dividends Per Share (NZ$ cents)
Underlying Earnings Per Share (NZ$ cents)

62.8
70.8
84.0
91.3
98.5
FY14FY15FY16FY17FY18
Cents per share

37
BALANCE SHEET & DEBT MANAGEMENT
Debt Maturity Profile – current facility limits (A$m)
Strong balance sheet
•Average maturity of term debt & securitisation
facilities of 3.4 years at 30 June 2018.
•Focus on maintaining ROCE above 15.0%.

Net Financial debt of NZ$471m (A$432m) at 30
June 2018 (Gearing 1.74x)
•Recent acquisition of Warner & Webster and
Terry White investment will modestly increase
gearing in 1H FY19.
•Inventory build expected to start Q4 FY19 (in
relation to CWG) of approximately $100m.

Return on Capital Employed
12.8%
13.7%
16.4%
16.4%
15.8%
FY14FY15FY16FY17FY18
161
-
64
50
293
400
FY19FY20FY21FY22FY23
Cash advance facilityTerm debt facilitiesSecuritisation

38
FINANCIAL AND CAPITAL CONSIDERATIONS
Focus on maintaining our:
Industry leading cash conversion cycle (Cash conversion days: 15 at Jun-18).
Strong credit disciplines balance sales and credit risk.
Disciplined capital allocation approach.
Strong balance sheet with capacity for acquisition opportunities.
ROCE >15%.
Acquisition and internal investments to be earnings accretive and deliver acceptable
returns on capital employed.
Deliver returns to shareholders.

175.4
196.7
225.5
241.4
272.4
FY14
FY15
FY16
FY17
FY18
5 Year Underlying EBITDA (NZ$m)
5 Year
CAGR
+11.6%

Positioned for Future Growth
John Cullity, EBOS Group CEO

40
STRATEGIC FOCUS AREAS FOR GROWTH
Continue to execute on both organic growth and strategic value
accretive acquisitions.

Leverage our position as the lowest cost wholesaler / distributor.

Expand our presence in community pharmacy.

Build and acquire brands that consumers value.

Expand our brands into Asian markets.

Site Tour – New Brisbane Facility OHS
Bus departing at 11.15am, returning to the Stamford
at 1.00pm.