Investor PresentationWilliam Blair Growth Stock Conference

June 14, 2011

2

Disclaimer

This presentation includes certain statements, estimates, forecasts and projections with respect to anticipated

future performance based on our current expectations, assumptions, estimates and projections about GNC

Acquisition Holdings, Inc. (to be renamed GNC Holdings, Inc.) (the “Company”) and our industry. These forward-

looking statements include, without limitation, statements about our market opportunities, our strategy, our

competition, our projected revenues and expense levels and other financial results and the adequacy of our

available cash resources. These forward-looking statements are based upon our current expectations and various

assumptions. We believe there is a reasonable basis for our expectations and beliefs, but they are inherently

subject to risks and uncertainties that could cause actual future events or results to differ materially from such

statements. As such, you should not place undue reliance on any of the forward-looking statements made in this

presentation. Our actual results could differ materially from those expressed or implied by these forward-looking

statements as a result of various factors, including the various risks described in the “Risk Factors” section and

elsewhere in our registration statement on Form S-1 (File No. 333 – 169618), that we have filed with the Securities

and Exchange Commission.

These forward-looking statements are subject to change based on factors beyond our control. Consequently,

forward-looking statements should be regarded solely as our current plans, estimates, and beliefs. Except where

otherwise indicated, this presentation speaks as of the date hereof. We undertake no obligation to update publicly

any forward-looking statements to reflect future events or circumstances or to reflect the occurrences of

unanticipated events.

This presentation is not a prospectus and shall not constitute an offer to sell or a solicitation of an offer to purchase

securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer,

solicitation or sale would be unlawful. This presentation is being delivered only for purposes of considering an

investment in the Company’s Class A common stock and not for any other purpose.

By attending the meeting where this presentation is made, or by reading these slides, you agree to accept the

limitations set forth above.

3

Company Overview

4

Who We Are

Leading multi-channel specialty retailer in the growing health & wellness industry

Exceptional brand awareness strengthened by science and innovation

Consumer-packaged-goods product development capabilities drive unique product offerings

Foundation for growth anchored by a world-class management team

Robust, long-term growth opportunities in each major segment – retail, franchise and manufacturing / wholesale

Consistent historical financial performance with compelling long-term growth opportunities

5

GNC is the Leading Global Specialty Retailer of Health and Wellness Products

Source: Public filings

(1) Total Operating Income includes corporate overhead, distribution and transportation expenses; Segment Operating Income – excluding these expenses – was $345mm

Retail

74%

2010

Total Net Revenue: $1,822mm

GNC Reporting Segments:

Retail: Domestic Retail, Canada, GNC.com

Franchise: Domestic and International Franchise

Manufacturing / Wholesale: US Manufacturing, Rite Aid, drugstore.com, PetSmart

Manufacturing

/ Wholesale

10%

2010

Total Company Operating Income: $212mm(1)

Retail

53%

Manufacturing

/ Wholesale

20%Franchise

16%

Franchise

27%

2010 Operating Income by Segment2010 Net Revenue by Segment

6

5,695

497 457

0

1,000

2,000

3,000

4,000

5,000

6,000

Commanding Domestic Market Position with Global Reach

Leading US Presence in Retail…

(1) Includes domestic company-owned stores, domestic franchises and Rite Aid locations for GNC as of March 31, 2011. Excludes Canada.

(2) Vitamin Shoppe and Vitamin World store count as of 3/26/11 and 12/31/10 respectively, according to most recent company filings.

(3) GNC store count as of March 31, 2011.

(4) 169 stores in Canada are company-owned and 2 are franchised.

Total US Store Count(1)(2)

… And Strong Global Reach

GNC International Locations(3)

498

49

57

60

63

64

137

151

171

389

Other

Saudi Arabia

Hong Kong

Singapore

Malaysia

Turkey

Chile

S. Korea

Canada

Mexico

Total: 1,639

locations

7

One of the largest online retailers of

supplements in the US

Sales are incremental to domestic retail

“brick and mortar” revenue

Overview of Retail Segment

($ in millions)

Retail stores are 1,000 – 2,000 sq ft; proven

success in malls, strips, and downtown

locations

Customer service approach – key advantage

Mature store 20%+ 4-wall EBITDA Margin;

New Store 20% 5-year IRR target

GNC.com Overview

$989$1,123 $1,169 $1,219 $1,256 $1,344

2005 2006 2007 2008 2009 2010

Revenue Growth

SSS Growth(1)

13.5%

11.1%

4.1%

1.4%

4.3%

2.7%

3.0%

2.8%

7.0%

5.6%

$77

$127$135 $141

$153

$182

2005 2006 2007 2008 2009 2010

Margin:

Sources: Public filings and L.E.K. interviews and analysis

(1) Beginning in the first quarter of 2006, GNC domestic retail company-owned same store sales calculation includes GNC.com sales.

7.8% 11.4% 11.5% 11.6% 12.2% 13.5%

Operating Profit & Margin

Revenue & GrowthRetail Overview

8

$213$232

$241 $258$264

$186

$294

2005 2006 2007 2008 2009 2010

$108

Revenue Growth

9.2% 3.8% 7.0% 2.4% 11.1%

Global franchise presence

– Domestic Franchise: 895 locations,

520 franchisees

– International Franchise: 1,470

locations, in 48 countries

Key strengths:

– Domestic franchise: Financially

stable, annuity-like model

– International franchise: Strong

core model allows for continued

expansion$52

$64$70 $81 $81

$94

2005 2006 2007 2008 2009 2010

24.4% 27.6% 28.8% 31.3% 30.6% 32.0%Margin:

Source: Public filings

Intl Franchise Top Line

2005-2010 CAGR

18.5%

Franchise Overview Revenue & Growth

Operating Profit & Margin

Overview of Domestic and International Franchise Segment

($ in millions)

Domestic International

9

Manufacturing / Wholesale Overview Revenue & Growth

Operating Profit & Margin

Manufacturing: Produces variety of

products for extensive base of third-

party contract customers

– Capacity to produce over 15 billion

units annually

– All facilities are cGMP and TGA

compliant

Wholesale: Sells products to third

parties

– Rite Aid: GNC-branded store-within-a-

store locations

– Sam’s Club: GNC-branded products

– Drugstore.com: Distribution agreement

– PetSmart: GNC-branded pet products

Third-Party Intersegment

$115 $132 $143$179 $187 $184

$164 $170 $169$180 $201 $209

2005 2006 2007 2008 2009 2010

Revenue Growth(1) 14.5% 8.3% 25.4% 4.0% (1.2)%

$46$51 $49

$67$73 $69

2005 2006 2007 2008 2009 2010

Operating Margin(2) 16.5% 16.9% 15.8% 18.7% 18.9% 17.6%

Source: Public filings. Intersegment revenues are eliminated from consolidated revenue

(1) Revenue growth based on third-party revenue.

(2) Operating margin based on total manufacturing / wholesale revenue.

Overview of Manufacturing / Wholesale Segment

($ in millions)

Third-Party

2005-2010 CAGR

9.9%

10

GNC‟s Strengths Align with Industry Macro Trends

Leading market share

Destination for fast-growing customer segment

Sports

Premium products supported by science and innovation

VMHS

Exceptional brand awareness (87%, aided)

“First stop” for new consumers seeking nutrition products

Customer service - knowledgeable, trusted authority

Synonymous with health and wellness

Overall

GNC Strengths

11

Strong Industry Growth Driven by Positive Macro Trends

Source: Nutrition Business Journal’s Supplement Business Report 2010

More educated

consumer

Goal to live longer,

feel younger

…and the Vitamins / Herbs Category

Broadening of the Sports Nutrition Space…

Healthy living can help

reduce medical costs

Increasing indications

of support from the

medical community

Movement towards

premium, specialty

products as

consumers become

more sophisticated

Weight lifters

and body

builders

High

performance

athletes

Routine and

occasional

exercisers

Young

athletes: high

school, college

Sports is the fastest growing category in the supplement industry

GNC sports customer skewing younger over last four years

Higher spending from a younger customer base

Industry Trends

12

Connection with High Quality Customer Base

Source: Beanstalk Marketing and LJS & Associates and 2010 GNC Equity Tracker

Average spend has grown

consistently each year

Tend to cross-shop

– Over 30% of Sports customers buy multi-vitamins or VitaPaks®

Product-focused, not price-obsessed

– GNC surveys show most highly-rated by customers for new, innovative products and selection

4.9mm Gold Card members

– ~50% of corporate sales

– Higher average ticket

Skew towards a younger demographic

– Growing “young” demographic base of customers is a key differentiator

– 35% of customers under age 35

– Gold Card customers age 19 – 29 are 26% of sales today vs. 18% in 2006

Gender balanced – split evenly

between male and female customers

Well-educated with higher than

average income levels

More engaged in fitness routines than

average US supplement buyer

More engaged in digital

communication and social websites

GNC Customers: As a Result:

Our Customer is Differentiated from the Mass Customer

13

In Store

In Print Outdoor

Lincoln Tunnel

9th Avenue @ 30th St.

Times Square

Broadway @ 52nd St.

Advertising that Embodies Brand and Core Consumer

14

Vertical Integration Allows for Innovative Proprietary Product Development

WELLbeING®

Total Lean™

Beyond

Raw™

Mega Men®

Longevity

Factor™

Women‟s

Ultra

Mega®

Triple

Strength

Fish Oil

Pro

Performance®

AMPPetSmart

Phenom

CPG-like Focus on

Sub-Brand Development

More than a

retailer

– Ability to develop unique, branded product lines in-house

– Product flexibility

– Rapid pace of product innovation

– Supports attractive margins

Development Time

No Clinicals: 4-7 months

With Clinicals: 6-18 months

15

Significant, GNC-Branded Proprietary Product Base

Sports NutritionVMHS

GNC specializes in developing sophisticated,

proprietary branded products

GNC‟s condition and lifestyle-specific focus drives

innovation

Premium proprietary sub-brands:

– 20+ different VitaPaks®

– GNC branded Triple Strength Fish Oil

– MegaMen®, GNC Women’s Ultra Mega® franchises

GNC widely recognized as a premier distributor of

sports nutrition products

GNC‟s Pro Performance® branded products,

including AMP and Beyond Raw, are the #1 sports

nutrition products in our stores and are only

available through GNC

A leading distributor of third-party sports nutrition

brands – many first-to-market opportunities

Source: Public filings

81%

36%

VMHS Sports

VMHS and Sports Nutrition Proprietary Sales

Proprietary Sales as % of Total Company-Owned Domestic Retail Sales

2010

Drives Higher Retail Margin

Total Proprietary Sales

48%

55%

2007 2010

16

Progression to Beyond Raw

Proprietary Products – Continued innovation

Always Looking to “Take it Up a Level” Through Innovative Capabilities

2009 2011Established

Brand

17

Growth Opportunities

18

Multi-Pronged Growth Strategies

GNC‟s extensive line of premium vitamins and innovative sports nutrition product offerings target the industry‟s fastest growing segments

Q1 Update: 7.5% comp, strength in core categories and proprietary products

Significant domestic company-owned new store growth opportunity

Q1 Update: 100 net new stores planned for 2011, including 23 net new in Q1

Future growth in high-profit GNC.com with opportunities to add new online banners

Q1 Update: 34.1% revenue growth driven by unique conversion rate improvement

Substantial growth potential internationally (stores, countries, distribution arrangements) utilizing franchise and non-franchise business models

Q1 Update: 100 net new stores planned for 2011, including 33 net new in Q1

Innovative brand extensions and corporate partnerships that capitalize on mass market growth opportunities

Q1 Update: Sam’s Club, PetSmart contributed to results; Phenom ready to launch

19

28% 31%

27%

43%11%

9%27%10%

7% 7%

VMS Sports Herbs Diet Other

GNC‟s Core Categories Target the Industry‟s Fastest Growing Segments

GNC‟s Product Offerings Are Weighted Towards Vitamins and Sports Nutrition

2006-2010 CAGR 2010-2015E CAGR

Supplement Categories

NBJ 2006

Report Estimate

NBJ 2010

Report Estimate

2009 NBJ

Report Estimate

2010 NBJ

Report Revision

Vitamins 3.7% 7.0% 3.9% 5.3%

Sports Nutrition 4.7% 7.0% 5.2% 7.2%

Supplement Industry Revenue Growth

VMHS

&

Sports:

66%

VMHS

&

Sports:

83%

Source: Nutrition Business Journal Supplement’s Business Report and public filings

2001 2010

20

23 Consecutive Quarters of Positive Domestic Company-Owned Same Store Sales Growth

1.0

%

8.1

%

14

.5%

11

.5%

11

.7%

6.5

%

0.5

%

1.6

%

3.3

%

0.2

%

2.2

%

4.5

%

1.5

%

2.5

%

5.4

%

0.3

%

4.3

%

1.2

%

3.1

%

6.5

% 7.1

%

5.8

%

7.5

%

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2008 2009 20102006

Note: Beginning in the first quarter of 2006, GNC domestic retail company-owned same store sales calculation includes GNC.com sales

20072005

GNC has demonstrated consistent growth

Annual Retail

SSS Growth: 11.1% 1.4% 2.7% 2.8% 5.6%

2011

21

Considerable Domestic White Space

The US market can support a significant number of additional GNC stores

Note: GNC store count as of March 31, 2011; excludes Rite Aid store-within-a-store locations

(1) Based on analysis conducted by The Buxton Company.

16941

15831

233124

19984

22495

11140

6210

613

5722

605

545

255

2010

274

202

2712 22

4

2211

397

203

80

40 15

5

414

153

26410

11

50

80

54

60

75

266

5520

5512

678

10345

7935

4225

9244

3122

10221

8520

51

8533 14

1

210

240

4111

4221

2,771/ 895

Company-owned /

Franchised stores

States with highest

potential net market

gain(1) and states with

less than 50 total

existing GNC stores

75

3511

Potential: 4,500+ stores(1)

Current: 3,666 stores

22

Strong and Expanding Presence in Industry‟s Fastest Growing Channel($ in millions)

$17

$28

$36

$47

$59

2006 2007 2008 2009 2010

Source: Public filings, NBJ, Company websites, SEC Filings, Alexa.com, Hoovers, Manta, Selectory, L.E.K. interviews and analysis

Consistent Top Line Growth of High Margin Business

GNC.com Overview

$59mm in sales in 2010, 26% growth over 2009

– Q1 2011 sales increased 34.1% over Q1 2010

High margin business (20%+) driven by proprietary brands

Full re-launch of GNC.com in September 2009

GNC.com named „Hot 100‟ website in 2010 by Internet Retailer

Substantial opportunity for continued growth

Opportunities to acquire or develop additional web banners to expand market share

23

$46$56 $67

$78 $86$108

2005 2006 2007 2008 2009 2010

Multi-Channel Growth Opportunities in New and Existing International Markets($ in millions)

Revenue Growth

20.9% 20.2% 16.1% 9.8% 26.0%

International Franchise Revenue & GrowthInternational Stores

858961

1,078 1,1901,307 1,437

2005 2006 2007 2008 2009 2010

Source: Public filings

Global presence with more than 1,400

locations in 48 countries

Strong same store sales

Net new store openings ~100 per year,

most contractually obligated

Expanded distribution in existing

countries

New franchise agreements in new

countries

(2-5 countries per year)

Wholesale / licensing opportunities in

select new markets

Direct investment approach where

appropriate

China – major focus for 2011

Existing Markets New Markets

International Opportunities

24

Opportunity to provide GNC-

branded pet supplements

exclusively through PetSmart

stores

– Replaces most of the PetSmart-branded supplement lines

Innovative Brand Extensions That Support Growth and Increase Brand Awareness

PetSmart Partnership(Sept. 2010; 1,000+ stores)

Phenom / PepsiCo JV(Spring 2011)

GNC and PepsiCo are

launching Phenom, a line of

fortified coconut water

– Initial sales in GNC stores and plans for mass market introduction

Sam‟s Club(March 2011)

Opportunity to introduce

additional customer base to

the GNC brand

– Key GNC-branded products, on a rotational basis

25

Financial Overview & First Quarter Update

26

Consistent Financial Performance ($ in millions)

Source: Public filings

(1) Beginning in the first quarter of 2006, GNC domestic retail company-owned same store sales calculation includes GNC.com sales.

(2) Adjusted EBITDA includes costs related to the adjustments for Sponsor Management Fee of $1.5mm annually. Additional one-time adjustments to EBITDA include international franchise adjustments in 2005,

Merger related costs in 2006 and 2007 and evaluation of Strategic Alternatives in 2010.

Revenue & Same Store Sales Growth

$1,318 $1,487 $1,553 $1,657 $1,707 $1,822

2005 2006 2007 2008 2009 2010

Revenue

Growth:

4.4% 6.7% 3.0% 6.7%12.9%

SSS Growth (1): 1.4% 2.7% 2.8% 5.6%11.1%

Adjusted EBITDA(2) & Margin

$110 $174 $192 $214 $229 $265

2005 2006 2007 2008 2009 2010Adj. EBITDA

Margin: 8.3% 12.3% 12.9% 13.4% 14.5%11.7%

27

Recent Company Events

Refinancing(closed March 4, 2011)

$1.2bil 7-year Term Loan; LIBOR (1.25% floor) +3.0%

$80 mil Revolving Credit Facility

Initial Public Offering (closed April 6, 2011)

$16 per share

25.875 million shares (16 million issued by Company)

Funds from Refinancing and Proceeds from IPO together with

cash on hand used to refinance former debt, redeem all

Preferred Stock, and pay down portion of new debt

Sam‟s Club(launched Q1 2011)

Selling existing GNC products in Sam‟s Club stores

Drive trial with expanded customer base

400 stores initially, and growing

Marketing Campaign(launched Q1 2011)

Live Well

Major markets focus for Outdoor

Aligned in print, store, digital

Cap

ital

Str

uctu

reC

om

pan

y

Init

iati

ves

28

Financial Update – First Quarter 2011

Performance Overview

Total Revenue Growth 8.8%

Domestic Same Store Sales (incl. web) 7.5%

Adjusted* Operating Income Growth 22.4%

Adjusted* EBITDA growth 18.2%

Adjusted* Net Income $34.9 mil

Adjusted* EPS $0.33

* Adjusted results exclude refinancing and IPO related costs and sponsor obligation payments, and utilizes a normalized

tax rate and proforma post-IPO diluted weighted average share count

29

Financial Update – First Quarter 2011

2011 2010 V% Highlights

Retail

Revenue $384 $351 9.4%Sports Nutrition, Vitamins, Transactions, Store and Web growth

Operating Income $64 $50 26.7%

OM% 16.6% 14.3% 230 bps Gross product margin, operating leverage

Franchise

Revenue $77 $73 6.6% International segment +14%

Operating Income $25 $22 15.4%

OM% 32.8% 30.3% 250 bps Gross product margin, operating leverage

Manufacturing / Wholesale

Revenue $45 $42 8.0% 3rd Party sales, Sam’s Club, PetSmart

Operating Income $17 $17 (1.9%)

OM% 36.9% 40.6% -370 bps Anticipated timing of Rite Aid revenue

Segment Results$ in mil

30

Financial Update

Current Capital Structure – Adjusted for IPO *

Cash $76.9

Long-term Debt $901.6

Leverage: Net Debt / Adjusted EBITDA 3x

Stockholder’s Equity $865.2

Diluted Shares Outstanding(for EPS calculations)

106.6 mil

* Results shown exclude transaction related costs and sponsor obligation payments and utilize proforma post-IPO diluted

weighted average share count

$ in mil

31

Financials

Total Company Revenue Growth $1.95 - $1.97 bil+7 – 8%

Domestic same store sales Mid single digit

increase

Adjusted* EBITDA $294 - $299 mil+11 – 13%

Adjusted* Net Income $125 - $128 mil

E.P.S. $1.17 - $1.20

2011 Guidance(as provided in April 28, 2011 Earnings Release)

* Adjusted results exclude refinancing and IPO related costs and sponsor obligation payments, and utilizes a normalized tax rate

and proforma post-IPO diluted weighted average share count; E.P.S. based on Adjusted Net Income guidance

32

Multi-Pronged Strategy to Drive Growth

Retail

Corporate Stores and GNC.com

Franchise

Domestic and International

Manufacturing / Wholesale

Brand Extensions

Domestic retail store annual

SSS growth in the mid

single digits

– New product driven

– Transaction comps

– Marketing strategy

Grow domestic retail square

footage by ~3-4% per year,

or 100 net new stores

Continued GNC.com

revenue growth

Umbrella of websites,

growing market share in

highly fragmented online

marketplace

Domestic franchise

– Wholesale sales driven by SSS

growth and new stores

International franchise

– Robust pipeline of new int’l

franchise locations currently

under contract

– Continued strong SSS growth

from existing international

locations

Expanded product distribution in

both existing and new countries

Development of “GNC China”

Other direct investment from GNC

outside of N. America and China

Expand third-party contract

manufacturing

– High margin specialty

products

– Incremental volume

supporting absorption

benefits

Brand Extension partnerships

– PetSmart – future product

extensions

– GNC products in new

distribution channels (e.g.

Sam’s Club)

– Innovative new products /

brand development (e.g.

Phenom / Pepsi)

Growth Strategies Clearly Defined and Well-Positioned for Execution

33

GNC Investor Presentation