GNC's presentation to address growth concerns from 2011.

1. Investor Presentation
William Blair Growth Stock Conference
June 14, 2011

2. 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. 3
Company Overview

4. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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®
AMP
PetSmart
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. 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. 16
Progression to Beyond Raw
Proprietary Products – Continued innovation
Always Looking to “Take it Up a Level” Through Innovative Capabilities
2009 2011
Established
Brand

17. 17
Growth Opportunities

18. 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. 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. 20
23 Consecutive Quarters of Positive Domestic Company-Owned Same
Store Sales Growth1.0%
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. 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.
169
41
158
31
233
124
199
84
224
95
111
40
62
10
61
3
57
22
60
5
54
5
25
5
20
10
27
4
20
2
27
12 22
4
22
11
39
7
20
3
8
0
4
0 15
5
41
4
15
3
26
410
11
5
0
8
0
5
4
6
0
7
5
26
6
55
20
55
12
67
8
103
45
79
35
42
25
92
44
31
22
102
21
85
20
5
1
85
33 14
1
21
0
24
0
41
11
42
21
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
7
5
35
11
Potential: 4,500+ stores(1)
Current: 3,666 stores

22. 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. 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
858
961
1,078 1,190
1,307 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. 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. 25
Financial Overview & First Quarter Update

26. 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 2010
Adj. EBITDA
Margin: 8.3% 12.3% 12.9% 13.4% 14.5%11.7%

27. 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
Capital
Structure
Company
Initiatives

28. 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. 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. 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. 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. 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. 33
GNC Investor Presentation