EBOS Annual Meeting 2019

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EBOS Group Limited
NZX/ ASX Code: EBO
Chairman’s Address to the Annual Meeting
15
th
October 2019

I have pleasure in reporting on the 2019 financial year at this the 97
th
Annual Meeting of
EBOS Group Limited but before doing so, as many of you would be aware, after more than
35 years with the company I have made the decision to retire as Chairman of EBOS Group
effective as of the closing of this Meeting.
I am immensely proud of the time I have spent with this company having joined EBOS in
March 1984 and then becoming CEO in 1987. We were very much a small player in the New
Zealand healthcare industry at that time with annual revenue of approximately NZ$8
million. It would be fair to say we embarked on an ambitious growth strategy over the
subsequent years and it is with a great deal of personal satisfaction that EBOS Group is now
positioned as the largest trans-Tasman healthcare and animal care company.
I’ve enjoyed the challenge and opportunity tremendously and I feel it is now the right time
to retire. I confirm your Board has elected Elizabeth (Liz) Coutts as Chair. Liz has been a
Director of EBOS Group since 2003 and is currently Chair of the Audit and Risk Management
Committee and also a member of the Remuneration Committee.
Liz brings an enormous amount of corporate experience through her directorships of a
number of New Zealand companies and in 2016 was appointed an Officer of the New
Zealand Order of Merit acknowledging her significant contribution across the public and
private sectors, working across the fields of health, primary industries and investment.
Liz will be the first female Chair of EBOS and along with Sarah Ottrey will make up a 40%
female representation on our Board.

Now to the business at hand. 2019 has again been a year of much activity for the Group as
we positioned the business for future growth in 2020 and beyond. From a financial
perspective the highlights were:
 Revenue of $6.9 billion;
 Underlying net profit after tax of $144.4 million, up 5.2%.
 Full year dividends of NZ 71.5 cents per share, an increase of 4.4% on the prior year.

Our core long term strategy is to continue to invest in both our Healthcare and Animal Care
businesses whether via acquisitions or other organic growth initiatives.

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Over recent years we have completed a major capital expenditure programme and in FY19
this continued as we worked towards commissioning a number of new important facilities
which will further underpin the capabilities of our Healthcare and Animal Care businesses.
We have confidence that these new facilities will provide us with the capabilities, efficiency
and productivity that is demanded by our customers while positioning us well to capture
new opportunities and adapt to the ever changing needs of local and global health and
animal care markets.
Further to these investments the Group completed several strategic acquisitions during the
year for a total investment of $93.6 million, the detail of which will be covered in the CEO’s
address.
In May 2019, the Group successfully raised NZ$175 million in new equity capital and it is
important to view this raising in the context of the Group’s disciplined approach to our
strategy of:
1. Investing for growth through external acquisitions and committing internal capital
expenditure to lift productivity, manage costs and deliver better customer service
2. Protecting, building or acquiring market leading positions in a range of healthcare
and animal care sectors so as to maximise growth opportunities; and
3. Focusing on generating strong operating cash flow to allow for further investment
and improved returns to shareholders
The funds received from the equity raise will in time be deployed on strategic acquisitions
and organic growth opportunities and our CEO, John Cullity will provide an update on our
most recent acquisition in his address.
Your Board was very mindful of the interests of all shareholders when considering how best
to raise capital. In deciding the form of capital raising, EBOS took into account a number of
considerations, including:
 A desire to ensure the raising was completed in a timely manner, without significant
risk and with the lowest discount to the share price as possible
 Balancing the Group’s requirement for capital in an uncertain macro environment
with certainty of funding for the Group’s strategic plans
 Ensuring the Group could meet its enhanced NZX and ASX disclosure requirements
over the time period required to raise capital without jeopardising its strategic
growth initiatives.

The Board, after much consideration, came to the decision that it was in the interests of all
shareholders to raise the capital required via an institutional placement. Importantly this
decision was made at a point in time to cater for the Group’s circumstances at that moment
and if EBOS determines it needs to conduct any equity raisings in the future, it will carefully
consider the most appropriate form of raising in the circumstances, and as always having
regard to the interests of all shareholders. That said, all things being equal, we would

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normally, and it would be a preference to, undertake a rights issue or SPP and include all
shareholders.
Ultimately the capital raising was several times oversubscribed and in particular, the
demand from new large Australian institutions is important to further diversify the share
register and improve liquidity for the Group. Since the capital raising our share price has
continued to strengthen and our liquidity has increased by over 50% which we believe
shows the strong support from capital markets for the Group’s strategy.
We pride ourselves on looking after all shareholders and in managing and growing company
profitability in a highly competitive market place. In fact, we have delivered an annualised
TSR of 18.1% for over 34 years and a share price increase of 1,016% since 2001 as shown in
the graph on screen, substantially more that the ASX200 and NZX50 benchmarks.
We have been fortunate to have a very stable Board with a combined tenure of 46 years
across the current EBOS Directors. During the year ended 30 June 2019, the Board
appointed Stuart McLauchlan as a new Director with his appointment taking effect from 1
July 2019.
We are also very fortunate to have an equally stable management team and I would like to
thank John Cullity and his executive team and all employees of EBOS Group for their
contribution to the business over the last year. The hard work that has been done in 2019
sets our company up well for 2020 and beyond.
In conclusion, above anything else, my greatest enjoyment over the past 35 years with EBOS
has been gained through the people I have worked with and also the many Shareholders I
have got to know over the years. I wish the Chair elect and Board, Executive, Staff and you,
our Shareholders, all the very best and I look forward to seeing the company continue to
grow from strength to strength in the coming years.
I will now hand over to John for a more in depth review of the operational performance of
the business.

Thank you.
A further statement to be made by the Chairman regarding Resolution 3 follows.

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Chairman’s statement regarding Resolution 3
Ladies and gentlemen, before we open the floor to questions I’d like to make a few remarks
regarding this resolution.
EBOS has sought an increase in the non-executive director fee pool for a number of reasons
as set out in our notice of meeting.
Firstly, the size and complexity of the Group’s business continues to increase. The last time
approval for an increase in the fee pool was sought was October 2015. Since that time the
Group has completed many acquisitions and investments and multiple large capital projects.
Revenues have increased from approximately A$5.6 billion in FY15 to A$6.9 billion in FY19.
This has resulted in a solid and diversified Group which continues to provide a strong
platform for growth into the future.
In addition, approval is sought in order to accommodate a further expansion of the Board.
As you know, I am retiring at the end of the meeting today. Your Board has been
considering its composition and what shape it should take in the future in order to best
serve the Company and its shareholders having regard to the size and diversity of the
Group.
We recently appointed Stuart McLauchlan who joined the Board on 1 July 2019. The Board
is now actively looking to add two independent directors. That is, in the near term the
Board is looking to expand to seven directors. The existing fee pool does not allow for seven
directors. Clearly, if the fee pool resolution was not passed the Board would need to
reconsider plans for its expansion.
In order to attract new, high quality talent to the Board, and retain our existing Board
members, the reality is in today’s environment that we must offer competitive fees. In our
announcement on 23 September 2019 we set out our current fees by role – Chair,
committee fees and director fees – and the expected fee structure should the fee pool be
increased. In considering what those fees should be – and the proposed fee pool to be put
to shareholders – we engaged Mercer to conduct a benchmarking exercise. That is to check
the proposed fee pool and fees against both the Australian and NZ peer groups.
Your Board considers that it is appropriate to look at both NZ and Australian peer groups.
Approximately 80% of the Group’s operations are in Australia. In considering candidates for
appointment to the Board, and ultimately for election by shareholders, one factor will be
whether those candidates have strong experience in Australia.
The benchmarking exercise showed that the proposed fees were at or around the median of
the ASX peer group.
So in summary your Board has carefully considered the proposed fee pool increase and fee
structures and has proposed this resolution having regard to the benchmarking exercise and
expected Board composition.

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EBOS Group Limited
NZX/ ASX Code: EBO
CEO’s Address to the Annual Meeting
15
th
October 2019

Thank you Chairman and good afternoon ladies and gentlemen.
EBOS has delivered another year of increased momentum as the company positioned itself
for the next wave of growth in 2020. Before I provide my address I’d like to share with you
our latest corporate video that provides a visual overview of our Group and our progress
and events over the last 12 months.
(A COPY OF THE VIDEO CAN BE VIEWED AT WWW.EBOSGROUP.COM)
Every year we show that video it really does highlight the amount of activity that there is
across the Group and while its just a snapshot of our business I do hope it provides you with
greater appreciation of the breadth of your company’s operations.
So in reviewing the past financial year the result reflects the Board and management’s
adherence to the core business strategy that has consistently delivered for shareholders
over time by growing the business through carefully calculated investment decisions that
drive both our Healthcare and Animal Care businesses in New Zealand and Australia.
This consistency in our results shown on this slide shows how the Group strategies have
grown both earnings and earnings per share of approximately 9% CAGR over the last 5
years. Underlying EBITDA for the Group for FY 19 was A$261.6 million, an increase of 4.6%
on the prior year. Earnings per share was 94.2 cents per share, up 4.2% year on year.
Our Healthcare division was particularly active throughout 2019 as we moved to 100%
ownership of the Terry White Group (TWG) and retained our wholesale contract with
Blooms The Chemist, one of Australia’s largest independent pharmacy groups. We also
commenced operations under the Chemist Warehouse Group (CWG) pharmaceutical
distribution contract on 1 July 2019. This partnership will see EBOS deliver pharmaceutical
products to more than 450 Chemist Warehouse and My Chemist stores in Australia
generating approximately $1 billion in additional revenue in FY20.
The decision by CWG to select EBOS as its exclusive pharmaceutical distributor was a great
endorsement of the Group’s wholesale pharmacy business and is a reflection of our high
level of expertise and excellent service standards. Importantly, with the commencement of
the CWG partnership, EBOS was focussed on ensuring that our normal high service
standards would continue. It is therefore pleasing to report that in the first three months of
operations under this contract we have been able to maintain our excellent service

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standards for all of our loyal pharmacy customers and this is a great credit to the skills and
commitment of our team.
As highlighted by the Chairman, we have over a number of years embarked on a significant
capital investment programme within our Healthcare business. This investment has been
made across both New Zealand and Australia. In FY19 we invested a further $26.6 million
on capital expenditure as part of this programme. In New Zealand we opened a new facility
here in Christchurch servicing our Healthcare division, whilst in Auckland we opened a new
Healthcare Logistics facility. I am also pleased to report that, last month, we opened our
new Red Seal manufacturing and distribution facility which will see the consolidation of six
separate New Zealand locations enabling more streamlined stock and delivery services to
our customers.
In Australia, we commenced operations in two new significant facilities in Brisbane and
Sydney. It was very pleasing to be able to host Australia’s Federal Minister for HeaIth, the
Honourable Mr. Greg Hunt who officially opened Symbion’s new highly automated
Distribution Centre in Brisbane in late August. This facility is already generating significant
improvements in productivity and efficiencies.
The year was also highlighted by several strategic acquisitions as we continued to build our
Healthcare and Animal Care businesses. The total value of investments for the year was
$93.6 million and, in addition to acquiring the minority shares in TWG, we also undertook
three small-to-medium sized bolt-on acquisitions.
The first of these acquisitions was Warner & Webster, a medical and surgical supplies
wholesaler providing further opportunity to grow our share of the Australian medical
consumables market. In our Animal Care division we acquired the veterinary wholesale
distribution business Therapon, which will operate under our Lyppard business. Finally, our
Endeavour Consumer Health business acquired Quitnits, a leading natural head lice product
range which adds to our consumer health brands portfolio..
I am also very pleased to announce today that the Group has now entered the Australian
and New Zealand medical device sector with the purchase of established distribution
business LMT and National Surgical. This acquisition provides EBOS with an initial entry
point and strong platform for growth into the A$8 billion Australian and New Zealand
medical devices sector.
LMT and National Surgical have over the last 24 years built a strong presence in providing
products and services to the Orthopaedic, Spine, Neuro, ENT, Plastics and most recently the
sports medicine community. The business has developed a niche in bringing innovative
specialty products, produced by original equipment manufacturers (OEMs) into Australia,
New Zealand and the Pacific region.
This acquisition represents an important development in the Group’s growth trajectory as it
is the first step in building another significant platform to our Healthcare portfolio.

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Consistent with our proven strategy we will continue to pursue growth in this sector
through further bolt-on acquisitions. As a truly independent partner we can provide long
term growth opportunities to both existing and new OEMs as we bring experienced
management, capital resources and strong hospital relationships to the Australian and
Zealand markets.
I look forward to updating shareholders in future years as this business unit develops and
makes an important profit contribution to the Group.
If we now look at our FY19 segment performance, Healthcare generated a 4.6% increase in
Underlying EBITDA for the year, underpinned by solid growth from our Australian based
businesses.
In Australia, Healthcare revenue declined by $183 million or -3.5%, however excluding the
impact of both the reduction in hepatitis C medicine sales and PBS price reforms, revenue
growth was +5.2%. Underlying EBITDA increased 5.7% driven primarily by the performance
of our Institutional Healthcare and Contract Logistics businesses, partially offset by a
subdued Wholesale Pharmacy result.
As I have stated in previous presentations, we operate in highly competitive and regulated
markets and it was therefore pleasing that the Australian Government recognised, at the
conclusion of its recent review into the Community Service Obligation (CSO), the importance
of the wholesale industry in providing Australians with equal access to all medicines in
accordance with the National Medicines Policy. However, if the wholesale industry is to
maintain its service standards then it requires additional financial support through increased
CSO funding and a sustainable wholesale margin. The financial stability of the industry is at a
critical juncture with wholesalers being significantly impacted by PBS reforms, which has led
to approximately 80% of distribution volumes now generating a margin of less than $1,given
there has been no effective increase in wholesaler remuneration for the past 5 years.
EBOS, together with other members of the National Pharmaceutical Services Association
(NPSA), continues to actively engage with the Federal Government and Minister for Health
with respect to successfully resolving these matters and to that end we are actively involved
in dialogue with the various stakeholders on the forthcoming 7th Community Pharmacy
Agreement.
The Animal Care segment recorded EBITDA growth of 5.7% for the year as the business
continues to benefit from the excellent performance of our branded products. Full year
Black Hawk sales increased 11.4% with strong growth achieved across both Australia and
New Zealand. Black Hawk remains one of Australia and New Zealand’s fastest growing
premium pet food brands with leading market positions in the pet specialty retail channel.
Total Animal Care revenue growth of 1.0% was impacted by a decline in our Lyppard
wholesale business as a result of the decision of one animal health manufacturer to bypass
the wholesale channel which impacted revenue by approximately $21 million.

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Overall 2019 has been a most positive and productive year for EBOS Group as we
maintained our upward momentum, while at the same time positioning ourselves for future
growth through increased investment in our distribution network, acquiring new businesses
and brands, securing new customers and importantly renewing and maintaining existing
customer relationships.
Our shared success reflects the effort and commitment across EBOS and I am incredibly
grateful to all our staff in New Zealand and Australia for their daily contribution to our
business and the communities we serve. We respect and understand our responsibilities to
our employees, trading partners, the community and the environment and whilst I know we
can always look at ways to improve, I am very proud of the many initiatives and
programmes, big and small that take place across the Group.
In May 2019, we conducted a Group wide employee engagement survey which provided
staff with an opportunity to provide confidential feedback on many areas of the
organisation. Against the external benchmark average of 71% the overall score at EBOS
indicates a most encouraging level of engagement with 79% of respondents stating they
were proud to work for the company.
The health, safety and wellbeing of our staff is another matter we take with the upmost
seriousness and again the survey results showed that 88% of respondents felt that the
company is committed to employee safety. The results from our engagement survey are
strong and we are committed to continue to find ways to improve and this will be an area of
focus over the next 12 months.
It is times such as the tragic events here in Christchurch in March, the Townsville floods, the
Tasmanian bushfires or maybe a personal issue being experienced by a staff member where
as a company we must have resources available to assist our staff in need. An example of
one such resource is our Employee Assistance Programme which is a professional,
confidential counselling, coaching and support service aimed at assisting staff with personal
or work related issues and underlines the importance of ensuring our staff have access to
readily available professional support when needed.
Under the Group’s ECHO program, which stands for Environment, Community and Helping
Others, we run a number of programs annually including ‘Be Well at Work Day’, ‘Safety
Awareness Month’ and ‘Clean up EBOS Day’. We also have a match funding programme in
place which sees the company match the donations and funds raised by staff for charity
based events and activities. I would like to make special mention here of the $1.4 million
raised over the last 13 years by TerryWhite Chemmart for Ovarian Cancer Australia, through
its morning tea fundraising initiative.
I am also pleased to advise that the Group is in the final stages of the development of our
first Reconciliation Action Plan (RAP). A RAP is a formal statement of commitment to
reconciliation in Australia and provides the framework for organisations to build

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relationships, trust and employment opportunities for Aboriginal and Torres Strait
Islander peoples within the wider Australian community, and emphasising social
change, diversity and mutual respect in the workplace. I look forward to reporting on
the progress of the EBOS RAP in the future.
From an environmental perspective the Group has taken measures to offset its
environmental impact through the investment and installation of over 2,300 square metres
of solar panels at our new Sydney and Brisbane facilities. The Group has also offset 100% of
the carbon emissions associated with its fleet of vehicles across New Zealand and Australia.
This was achieved through our continued partnership with the Trans-Tasman not-for-profit
organisation, Greenfleet and sees the Group contribute to planting approximately 41,000
trees annually to offset almost 11,000 tonnes of carbon emissions. You may have also
noticed here today a LandSAR rescue dog named Enzo with handler David from New
Zealand Land Search and Rescue. Our Black Hawk brand is proud to be the official feeding
partner for the organisation’s search and rescue dogs which with their volunteers provide a
wonderful service here in New Zealand.
In closing I’d like to provide some brief commentary on our current trading and near term
profit expectations. Trading for the first quarter of FY20 is in line with our internal
expectations and we reconfirm the Group is confident of a significant increase in earnings in
the current financial year.
As we heard from Mark he will retire as Chair at the conclusion of today’s meeting. May I
take this opportunity to personally thank you Mark for your invaluable guidance, counsel
and support during my time with the Group – particularly over the last 17 months in my role
as CEO.
Thank you for your attention ladies and gentleman and for your ongoing support as
shareholders. I’ll now hand back to Mark to continue with the formal matters of this
meeting.



Thank you.

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97
TH
ANNUAL MEETING
15 October 2019

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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 and Free Cash Flow. 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 shouldnot 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, readersare
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 statementsfor the period
ended 30 June 2019.
All currency amounts are in Australian dollars unless stated otherwise.

2019 Annual Meeting
Chairman –MrMark Waller

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AGENDA
Welcome
Introducing members of the Board
Presentations
Mark Waller, Chairman
John Cullity, Chief Executive Officer
Business of meeting
Conclusion

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BOARD OF DIRECTORS
Sarah Ottrey
Independent
Director
Joined 2006
Elizabeth Coutts
Independent Chair Elect of
Directors
Joined 2003
Mark Waller
Independent Chair of
Directors
Appointed 1987
Appointed Chair 2015
Retiring October 2019
Peter Williams
Non-executive
Director
Joined 2013
Stuart McGregor
Non-executive
Director
Joined 2013
Stuart
McLauchlan
Independent
Director
Joined 2019

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RETIREMENT OF MARK WALLER
APPOINTMENT OF LIZ COUTTS AS NEW CHAIR
MrMark Waller will retire as a Director and Chairman of EBOS Group Limited, effective from 15 October 2019.
The Board has elected Liz Coutts as Chair with effect from MrWaller’s retirement. MsCoutts has been a Director of
EBOS Group Limited since 2003 and is currently the Chair of the Audit & Risk Management Committee and a
member of the Remuneration Committee. MsCoutts is also Chair of Ports of Auckland Ltd, Oceania Healthcare Ltd
and SkellerupHoldings Limited, Director of Tennis Auckland Region Incorporated and Member, Marsh New Zealand
Advisory Board.

7
A$m
Statutory
Underlying
2
FY18VarVar%
Revenue6,930.4 6,930.4 6,986.7 (56.4) (0.8%)
EBITDA250.4 261.6 250.1 11.6 4.6%
NPAT
1
137.7 144.4 137.3 7.2 5.2%
Earnings per Share (cents)89.8c94.2c90.4c3.8 4.3%
Total Dividends (cents)71.5c71.5c68.5c3.0 4.4%
FY19Underlying
FY19 SUMMARY RESULTS
Note 1: Net profit after tax and non-controlling interests.
Note 2: Excludes one-off items for transaction costs incurred on M&A, warehouse transition and restructuring costs, net of the gain on
sale from disposal of a surplus property.

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13.7
11.5
35.5
58.0
26.6
56.8
84.1
188.7
30.8
93.6
FY15FY16FY17FY18FY19
Capital expenditureAcquisitions and investments
STRATEGIC INVESTMENTS ARE DRIVING
SHAREHOLDER RETURNS
$600m invested over the last five years

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NZ$175M SUCESSFUL CAPITAL RAISING TO
CONTINUE OUR GROWTH STRATEGY
For over 34 years the Group has delivered long term sustainable returns for all Shareholders through our strategy of investing for
growth and productivity. This has delivered Total Shareholder annualisedReturns of 18.1% over 34 years and a share price
increase of 1,016% since 2001.
Today we also announce our entry into the medical devices sector with the purchase of LMT / National Surgical for $34m. An
important foundation step in building another significant platform to our Healthcare portfolio.
Investing for growth through both external acquisitions
and capital expenditure to lift productivity, manage costs
and deliver better customer service.
Protecting, building or acquiring market leading positions
in a range of healthcare and animal care sectors to
maximise growth opportunities.
Focusing on generating strong operating cash flow to allow
for further investment and improved returns to
shareholders.
1
2
3
Disciplined approach to deploying capital through:
-
5
10
15
20
25
30
2001200420072010201320162019
Share Price (NZD)
EBOS +1016% Growth¹
NZ50 +149% Growth¹
ASX200 +107% Growth¹
¹ Share price in NZD (rebased to EBO)

2019 Annual Meeting
CEO –MrJohn Cullity

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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

12
OUR INVESTMENT STRATEGY HAS DELIVERED
STRONG GROWTH IN EBITDA AND EPS OVER THE
LAST 5 YEARS
Underlying EBITDA –FY15 to FY19 (A$m)Underlying EPS –FY15 to FY19 (A$m)
182.3
207.7
228.2
250.1
261.6
FY15
FY16
FY17
FY18
FY19
5 Year Underlying EBITDA
A$m
65.6
77.4
86.3
90.4
94.2
FY15
FY16
FY17
FY18
FY19
5 Year Underlying EPS
cents per share
5Year
CAGR
+9.5%
5Year
CAGR
+9.4%

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FY19 STRATEGIC HIGHLIGHTS
Acquisitions of $93.6m
Acquisition of all the minority shares in
TerryWhite Group Ltd for $46.7m in
December 2018.
Expansion of EBOS Healthcare’s Australian
business via the acquisition of Warner &
Webster (“W&W”)for $32.0m.
Expansion of Animal Care’s Australian vet
wholesaling business via the acquisition of
Therapon for $6.5m.
Expansion of our Endeavour Consumer
products business via the acquisition of the
Quitnits head lice brand in December 2018.
Two major facilities opened in Australia
Brisbane -new highly automated wholesale distribution
centrecommenced operations in October 2018.
Sydney -new 25,000m
2
Contract Logistics facility.
Chemist Warehouse
Preparations successfully completed ahead of servicing
450+ Chemist Warehouse stores on 1 July 2019.

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FY20 ACQUISITION INTO MEDICAL DEVICES
MARKET CREATES NEW GROWTH PLATFORM
We are pleased to announce the Group’s entry into the A$8 billion Australian and New Zealand medical device sector,
with the strategic acquisition of established distribution business LMT and National Surgical (“LMT/NS”) for a
purchase price of $34 million.
LMT/NS have over the last 24 years built a strong presence in providing product and services to the Orthopaedic,
Spine, Neuro, ENT, Plastics and most recently the sports medicine community.
The acquisition represents an important development in the Group’s growth trajectory as a foundation step in
building another significant platform to our Healthcare portfolio.
Consistent with our proven strategy, we will continue to pursue growth in this sector through further bolt-on
acquisitions. As a truly independent partner we can provide long term growth opportunities to both existing and new
Original Equipment Manufacturers (OEM) as we bring experienced management, capital resources and strong
hospital relationships to the Australian and NZ markets.

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A$mFY19FY18Var$Var%
Revenue6,548.36,608.6(60.3)(0.9%)
Underlying EBITDA226.6216.610.04.6%
EBITDA%3.46%3.28%
FY19 SEGMENT PERFORMANCE
HEALTHCARE
Australia revenue down 3.5% (or up 5.2% excluding
hepatitis C medicine sales and PBS price reforms
1
).
Underlying EBITDA up 5.7% primarily from growth in
Institutional Healthcare and Contract Logistics,
partially offset by a subdued Wholesale Pharmacy
result.
New Zealand revenue up 8.7%, with solid growth from
all business units. Earnings were impacted by cost
increases in labourand freight in our wholesale
businesses.
Note 1: Total hepatitsC medicine sales were $257m lower than last year and
the impact of PBS reforms was -$168m.
EBITDA and EBITDA %

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A$m
FY19FY18Var$Var%
Revenue382.0378.23.91.0%
EBITDA48.345.72.65.7%
EBITDA%12.6%12.1%
FY19 SEGMENT PERFORMANCE
ANIMAL CARE
Underlying EBITDA and EBITDA %
EBITDA increase of $2.6m or 5.7%:
Earnings improvement is primarily from Black Hawk
sales revenue growth of 11.4%.
Total EBITDA margin improvement again reflects a
growing proportion of earnings from our branded
products portfolio.
Revenue increase of $3.9m or 1.0%:
Total revenue growth was impacted by a decline in
Lyppard sales due to one manufacturer bypassing the
wholesale channel and supplying direct into veterinary
clinics. Total Animal Care Revenue growth excluding
this impact ($21m) was +7.2%.
34.6
39.0
42.2
45.7
48.3
9.9%
10.2%
10.6%
12.1%
12.6%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
FY15FY16FY17FY18FY19
EBITDA margin %
EBITDA (A$m)
Animal Care -EBITDA and EBITDA %
EBITDAEBITDA %

17
EMPLOYEE AND SOCIAL RESPONSIBILITY
EBOS Group is committed to employee and social responsibility across Australia and New Zealand.
Employee
Assistance
Program
(EAP).
EMPLOYEES
Employee
engagement
survey.
ECHO Program
(Environment,
Community,
Helping Others).
11,000 tonnes
of carbon
offset.
41,000 trees
planted through
Greenfleet.
2,344m
2
of
solar panels
installed.
$1.4 million
raised for
Ovarian Cancer.
EBOS Group
Reconciliation
Action Plan.
LandSAR–NZ
Search +
Rescue.
Health, safety
and
wellbeing.
ENVIRONMENT
COMMUNITY

18
FY20 TRADING UPDATE
Trading for the first quarter of FY20 is in line with our internal
expectations and we reconfirm the Group is confident of a
significant increase in earnings in the current financial year.

2019 Annual Meeting
Business of Meeting

20
ITEM 1
It is hereby resolved to amend the constitution of the Company in the manner
described in the explanatory notes with effect from the time the resolution is passed.
Amendment of Constitution

21
ITEM 2
To consider and receive the Annual Report and the Financial Statements for the year
ended 30 June 2019 and the audit report thereon.
Annual Report and Financial Statements

22
ITEM 3
It is hereby resolved that MrStuart McLauchlan be
elected as a Director of the Company.
Election of Director
Stuart was appointed to the EBOS Group Limited Board in July 2019. Stuart is a
Chartered Fellow of the Institute of Directors and a Past President. He is a chartered
accountant, partner of GS McLauchlan& Co, and a Fellow of the New Zealand Institute
of Chartered Accountants.
He is currently chairman of Scott Technology Ltd, UDC Finance Ltd, and ADInstruments
Limited. He is a Director of Ngai TahuTourism Ltd (until December 2019) and Argosy
Properties Ltd as well as a number of private companies. He is also a governor of the
New Zealand Sports Hall of Fame.

23
ITEM 4
It is hereby resolved that, pursuant to NZX Listing Rule 2.11.1 and ASX Listing Rule 10.17, total annual
remuneration for Non-Executive Directors be increased by $310,000 from $1,100,000 to $1,410,000
with effect from 1 July 2019.
Non-executive directors’ remuneration
Officer30 June 2019Proposed Fees
Chairman $300,000$320,000
Director (other than Chairman)$150,000$160,000
Chair of Audit & Risk Committee$20,000$37,500
Chair of Remuneration Committee$5,000$20,000
Member of Audit & Risk
Committee
$12,500$17,500
Member of Remuneration
Committee
$3,000$10,000
All amounts expressed in New Zealand dollars.
The table below sets out the director and committee fees expressed on a per annum basis as at 30 June 2019 and the
expected fees should the increase in the fee pool be approved:

24
ITEM 5
It is hereby resolved that the Directors of the Company be authorisedto fix the fees
and expenses of Deloitte as auditor of the Company.
Auditor’s Remuneration

www.ebosgroup.com
Thank you for
attending
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