Annual Meeting Presentation

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95th Annual Meeting
17 October 2017

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Important Information
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’s 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 Operating Revenue, EBIT, EBITA, EBITDA, Free Cash Flow, Net
Debt and Return on Capital Employed. Because they are not defined by GAAP or IFRS, EBOS’s 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's business, readers are cautioned not to place undue reliance on these non-GAAP financial measures.

All currency amounts are in New Zealand dollars unless stated otherwise.

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2017 Annual Meeting
Chairman – Mr Mark Waller
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•Welcome

•Introducing members of the Board

•Presentations
– Mark Waller, Chairman
– Patrick Davies, Chief Executive Officer

•Business of meeting

•Conclusion



Agenda

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Board of Directors
Sarah Ottrey
Independent Director
Joined 2006
Elizabeth Coutts
Independent Director
Joined 2003
Mark Waller
Independent Chairman of
Directors
Appointed 1987
Appointed Chairman 2015
Stuart McGregor
Non-executive Director
Joined 2013
Peter Williams
Non-executive Director
Joined 2013

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FY17 Summary Results
Reported Underlying ¹
NZD $m FY 2017 FY 2016 %
change
FY 2017 FY 2016 ² % change
Revenue 7,625.9 7,101.5 7.4% 7,625.9 6,967.2 9.5%
EBITDA 234.4 225.5 4.0% 241.4 220.4 9.6%
N PAT 133.3 127.0 4.9% 138.6 124.2 11.6%
To t a l
Dividends
63 cents 58.5 cents 7.7% 63 cents 58.5 cents 7.7%
Note 1: Excludes transaction costs of $7.0m before tax ($5.3m after tax and non-controlling interests) incurred on acquisitions undertaken in FY17.
Note 2: FY2016 financials shown on a constant currency basis

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35.3
15.4
17.6
37.6
3.5
70.9
88.1
203.6
FY14FY15FY16FY17
Capital expenditureAcquisitions and investments
62.8
70.8
84.0
91.3
FY14
FY15
FY16
FY17
Underlying EPS
cents per share
175
197
225
241
FY14
FY15
FY16
FY17
Underlying EBITDA
NZ$m
It is now 4 years post the transformational Symbion deal
We continue to deliver results while reinvesting for growth
Investments made (NZ$m) Results achieved
$470m+ over
last 4 years
4 Year
CAGR
+11.2%
4 Year
CAGR
+13.3%
8.00
10.00
12.00
14.00
16.00
18.00
20.00
30-Jun-1331-Dec-1330-Jun-1431-Dec-1430-Jun-1531-Dec-1530-Jun-1631-Dec-1630-Jun-17
EBOS Share Price (NZ$) – Last 4 Years performance
Share price
+82.3%
Annualised
return 21.1%
(inc. dividends)

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Business Segment overview
Pharmacy 50%
(Wholesale
and Retail)
Institutional
Healthcare
21%
Contract
Logistics 8%
Consumer
Products 6%
Animal Care
15%
ANIMAL CARE
15%
HEALTH CARE
85%
EBITDA Split – FY17
New
Zealand
Australia
Data based on FY17 Gross Operating Revenue
Revenue Split – FY17
Australia
New
Zealand

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2017 Annual Meeting
CEO – Mr Patrick Davies
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A-Frame automatic picking system,
Symbion Keysborough facility,
Melbourne, Australia

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EBOS Strategic Approach
Investing for Growth Leading Market Positions
Disciplined Capital
Management
•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 focus on supporting
the Group’s return on capital
employed.
Our Healthcare and Animal Care strategic focus is centred on
We aim to have positions of scale
in the markets we operate in and
maximise opportunities across
our wide range of business
segments.
Two types of investments:

•Acquisitions – we have a successful
track record of deal execution.

•Internal Capex – investment to lift
productivity, manage costs and
deliver better customer service.

We focus on delivering profitable growth and superior returns

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Investment Highlights
Acquisitions Capacity Expansion
TWC Investment: October 2016
•Merger of Chemmart and Terry White has
created of one of the largest retail
pharmacy store networks in Australia.

HPS Acquired: June 2017
•Australia’s largest provider of outsourced
pharmacy services to Hospitals.

•Acquisition expands EBOS’ existing leading
position in the Hospital channel.

Construction progress: new Brisbane wholesale distribution centre
Significant progress made in FY17 on two key
capex projects in Australia


•New Wholesale Distribution site
Brisbane, Queensland

•New Contract Logistics site
Sydney, New South Wales

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Corporate video
•The corporate video that will be shown at the Annual Meeting can be viewed
on the EBOS Group website at www.ebosgroup.com

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FY17 Segment Performance - Healthcare
•Revenue increase of $516m or 9.8% (constant FX):
–Australia up 11.8% (or 4.1% excluding hepatitis
C medicine sales).
–New Zealand up 2.4%.

•EBITDA increase of $13.8m or 9.5% (constant FX):
–Australia up 8.8%.
–New Zealand up 10.8%.

Constant FX
NZ$m
FY17FY16
VarVar
Healthcare segment
Revenue7,202.76,686.47.7%9.8%
EBI TDA208.8195.07.1%9.5%
EBI T187.1174.17.5%10.0%
EBI TDA%2.90%2.92%-2pts-2pts

153
170
195
209
FY14 FY15 FY16 FY17
EBITDA
NZ$m

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FY17 Segment Performance – Animal care
•EBITDA increase of $2.4m or 7.6% (constant FX)
attributable to:

–Revenue growth from our key branded products;
•Black Hawk sales growth of 48%
•Vitapet sales growth of 8.5%

•Significant additional investment in marketing and
advertising undertaken in FY17.
Constant FX
NZ$m
FY17FY16
VarVar
Animal Care segment
Revenue423.2415.02.0%4.2%
EBI TDA44.742.35.7%7.6%
EBI T41.238.66.7%8.6%
EBI TDA%10.57%10.19%38pts38pts
EBITDA
NZ$m

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FY18 Trading Update
•We have made a positive start to the first quarter of the 2018 financial year, with growth from
both our Healthcare and Animal care segments.

•On the basis of our current trading performance, we expect constant currency, underlying
EBITDA for the 2018 financial year to grow by approximately 10% on the prior y e a r.

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2017 Annual Meeting
Business of the Meeting
Selection of our branded products from Red
Seal, Faulding, Vitapet and BlackHawk

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Item 1
Annual Report and Financial Statements
•To consider and receive the annual report and the financial statements for the year
ended 30 June 2017 and the audit report thereon.

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Item 2
Director re-election – Stuart McGregor
To consider the re-election of Stuart McGregor as a director of the Company.
Stuart McGregor retires by rotation and being eligible offers himself for re-
election.

Stuart McGregor
BCOM, LLB, MBA
Non-executive Director


Stuart McGregor was appointed to the EBOS Group Limited Board in July 2013. He is a member of the Audit and Risk
Committee. Stuart was educated at Melbourne University and the London School of Business Administration, gaining
degrees in Commerce and Law. He has also completed a Masters of Business Administration.

Currently Stuart is Chairman of Donaco International Ltd, an ASX listed company. He is also Chairman of Powerlift Australia
Pty Ltd, and C B Norwood Pty Ltd and director of Symbion Pty Ltd.

Over the last 30 years, Stuart has been Company Secretary of Carlton United Breweries, Managing Director of Cascade
Brewery Company Limited in Tasmania and Managing Director of San Miguel Brewery Hong Kong Limited. In the public
sector, he served as Chief of Staff to the Minister for Industry and Commerce in the Australian Federal Government and as
Chief Executive of the Tasmanian Government’s Economic Development Agency. He was formerly a director of Primelife
Limited from 2001 to 2004.

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Item 3
Director re-election – Sarah Ottrey
To consider the re-election of Sarah Ottrey as a director
of the Company. Sarah Ottrey retires by rotation and being eligible offers
herself for re-election.

Sarah Ottrey
BCOM
Independent Director



Sarah Ottrey was appointed to the EBOS Group Limited Board in September 2006. She is a
member of the Remuneration Committee. Sarah is a director of Comvita Limited, Whitestone
Cheese Limited, Skyline Enterprises Limited and Sarah Ottrey Marketing Limited. She is a past
board member of the Public Trust and the Smiths City Group. Sarah has held senior marketing
management positions with Unilever and Heineken.

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Item 4
Auditor fees and expenses
•That the directors be authorised to fix the fees and expenses of Deloitte as the
auditor of the Company.

www.ebosgroup.com
2017 Annual Meeting

Thank you for attending
Please join us for refreshments