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April 2013

NYSE: VSI

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Certain statements in this presentation and responses to various questions may constitute forward-looking statementsrelating to Vitamin Shoppe, Inc. (the Vitamin Shoppe or the Company), which include information concerning theCompanys plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures,financing needs and other information that is not historical information. All forward-looking statements, including, withoutlimitation, the Companys examination of historical operating trends, are based upon the Companys current expectationsand various assumptions and involve risks and uncertainties that could cause the Companys actual results to differmaterially from those set forth in the forward-looking statements. Factors that could cause the Companys results to differmaterially from current expectations include, but are not limited to: The strength of the economy, changes in the overalllevel of consumer spending, the performance of the Companys products within the prevailing retail environment, traderestrictions, political or financial instability in countries where the Companys goods are manufactured, postal rateincreases, paper and printing costs, availability of suitable store locations at appropriate terms and other factors which areset forth in the Companys filings with the U.S. Securities and Exchange Commission.

Non-GAAP Financial Measures

This presentation contains references to the non-GAAP financial measures Store-EBITDA and Store EBITDA margin. TheCompany believes these measures are helpful when used: (i) as indicators of the Company's operating performancebecause they assist us in comparing our operating performance on a consistent basis, as they remove the impact of itemsnot directly resulting from our Company-owned store operations; (ii) for planning purposes, including the preparation of ourinternal operating budget; and (iii) as measurements in assessing the performance of existing store operating income andcomparative operating performance. Our definition of Store-EBITDA is net income, plus certain parent level expenses suchas (a) interest expense, net; (b) provision for income taxes; (c) depreciation and amortization; (d) impairment of long-lived

assets; and (e) general and administrative expenses. Store-EBITDA margins are calculated by dividing Store-EBITDA by netsales. Store-EBITDA, and Store-EBITDA margins are not measurements determined in accordance with GAAP and shouldnot be considered in isolation or as an alternative to income (loss) from operations or net income (loss) as indicators offinancial performance. Each non-GAAP financial measure used as presented may not be comparable to other similarlytitled measures used by other companies.

Safe Harbor Statement

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About UsLeading Health & Wellness Retailer

High growth retailer in the fastgrowing vitamins, minerals &supplements industry.

19 consecutive years of positivecomparable sales growth.

2012 sales of $951mm & operatingincome of $99mm

Proven, differentiated storeformat.8,000 SKUs/store 18,000 total.

Attractive value proposition.

Significant growth opportunities.

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About UsConsistent Performance and Growth

Comparable Store Sales Revenue ($mm)

$538$602

$675$752

$841

$951

FY2007 FY2008 FY2009 FY2010 FY2011 FY2012

Operating Income ($mm) Operating Margin

6.1% 5.9% 6.1%

7.9%

9.4%10.5%

FY2007 FY2008 FY2009 FY2010 FY2011 FY2012

$33 $36$41

$60

$79

$99

FY2007 FY2008 FY2009 FY2010 FY2011 FY2012

6.2% 6.2%5.2%

7.1% 7.4%8.2%

FY2007 FY2008 FY2009 FY2010 FY2011 FY2012

(2011 adjusted, 52 week)

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TORONTO,

CANADA2

Concept Proven Nationwide

577 US stores atDecember 31, 2012

Stores located in 42

states, District ofColumbia and PuertoRico

Concept has proven

successful across theU.S.

First 2 Canadian storesopened December2012

National Retail Footprint*

UT

WA

OR ID

NV

CA

AZ

CO

TX

FL

ALSC

NCTN

GA

VA

WIMI

ILOHIN PA

NY

MA

CT

NJDE

MD

DC

VT

RIKS

MO

MN

NM

KY

NH

HI

IA

1

ME

PUERTO RICO

2

NE

2

2

LA

22

1

18

64

18

9

273

15

16

63

8

171

9

8

45

199

33

126

10

3

71

210

36

4

1

1

3 5

7

3

5

4

6

3

4

OK

*Includes 31 Super Supplements stores in the Pacific northwest

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Favorable Product Mix Relative to Industry

We generate approximately 65% of our net sales in sports nutrition andspecialty supplements, two of the fastest growing categories

VMS Industry

9% 8% 5% 5% 8% 5%12E-20E

Industry CAGR:

Source: 2012 Nutrition Business Journal

36%

29%

14%

11%

7%

3%

12%

19%17%

34%

10%8%

Sports

Nutrition

Specialty

Supplements

Herbs /

Botanicals

Vitamins Meal

Replacement

Minerals

Fastest growing segments

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Fragmented IndustryWe Are Gaining Share

0.0% 10.0% 20.0% 30.0% 40.0%

Vitamin World

Vitamin Shoppe

GNC

Whole Foods

Mass Market

Specialty

Supplements Market Share

4 largest specialty Chains:

Source: 2012 Nutrition Business Journal

36.5%

28.8%

5.0%

3.7%

2.9%

0.7%

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Loyal and Growing Customer Base

We attract high-quality, loyalcustomers who proactively managetheir long-term health and wellnessthrough the use of supplements

Customers earn points across allchannels redeemable for future

product purchases Platinum customers monitored

monthly

Robust database andsophisticated data-modeling leadsto more relevant segmentation

Healthy Awards Overview

Over 5.2mm active Healthy Awards

members at 4Q12

Approximately 55 new customers per

store enroll in the program every

week

Double-digit percentage growth in

the number of top customers in 2012

87% of sales driven by Healthy

Awards customers

Healthy Awards Statistics

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Highly Refined Real Estate Strategy

Attractive stand-alone or end-cap locations No in-mall locations

Not dependent on co-tenants

Highly visible, high traffic locations with easy access

Approximately 2/3 of our new customers are obtained as aresult of seeing one of our stores

Attractive lease portfolio with extension opportunities

2012 open small market stores

First 2 stores open in Canada

Proprietary models drive site selection with predictive new storeperformance

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Attractive Value Proposition

We offer competitive pricing across all product categories

the Vitamin Shoppe prices on average are: 10-15% lower than specialty retail

20-25% lower than drug stores

Slightly above the mass market

Marketing Free shipping for online orders over $25

Sophisticated email marketing segmentation based on purchasing habits

Rewards programEveryday value pricing Promotion

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Growth Opportunities

Expand US Store Base

Drive Profitable e-Commerce Sales

Accelerate New Product Innovation

Pursue International Opportunities

Long-Term Target

Annual New Store Openings 50 - 60

Annual Comparable Store Sales Growth Mid-single digits

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Significant US New Store Potential

The U.S. market can support up to 900 Vitamin Shoppe

stores under the current prototype1~50 new stores planned for 2013

31 acquired from Super Supplements

Small market prototype test expands store potential

234275

306341

401438

484528

579

900

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E Future

potential

41 32 36 62 39 47Stores

opened2 61

(1) Projected store potential based on analysis conducted by independent third party and based on average size of 3,000 square feet(2) Stores opened figure reflects gross store openings. 2013E includes 31 stores from Super Supplements acquisition

48 54 81

660

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Embedded Growth As Stores Mature

Existing Store Maturity Profile

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

< 1 yr. 1 yr. 2 yrs. 3 yrs. 4 yrs. 5 yrs.

Number of stores

in class year54 48 47 39

Salesperstore(

$000s)

188 immature stores(1) Assumes half-year convention(2) Cumulative history of stores in the chain

1

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Compelling New Store Economics

Avg Store Size 3,000 Square Feet

New StoreInvestment

Current Model

Net Build Out $220,000

Inventory 0

Total Initial Investment $220,000

UnitEconomics

Year One Year Four

Average Sales/Sq ft $260 $427

Sales Growth(1) High SD

Store-Level EBITDA 0.0% 16.6%

Cumulative Cash-on-Cash Return 117.7%

Payback Period 3 years

(1) Sales growth from preceding year.

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E-commerce Strategy & Opportunity

Provide customers with integrated multi-channel experience

Continue investing in e-commerce channel

Replicate the in-store experience

Continue to deliver consistent revenue and profit growth Shipping to direct customers from west coast distribution center

Free shipping on orders of $25

Customized, targeted email campaigns

Strategy

VMS industry e-commerce channel growing in low double digits

Increase market share in highly fragmented industry

Opportunity

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Self Funded GrowthStrong Balance Sheet & Cash Flow Generation

Annual Capital Expenditures ($mm) Operating Cash Flow ($mm)

$55

$77 $78

FY2010 FY2011 FY2012

Strong Financial PositionSelf Funded Growth

$18

$25

$31

$47

FY2010 FY2011 FY2012 FY2013E*

Growth in Capital Expenditures Primarily Driven by Acceleration inNew Store Growth and New Distribution Center

Cash Position of $81 Million as of 4Q 2012. No Debt Strong Liquidity Supported by Undrawn Revolving Credit Facility Expect to Continue to Organically Fund Growth Needs and

Generate Free Cash Flow

* mid-point of guidance

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Recap - Focus on Growth

Leading specialty retailer in a fast-growing sector Compelling store concept

Relationships with customers span multiple channels

Large and growing loyal customer base

Positioned for continued rapid growth Proven new store opportunity, with strong unit economics

Embedded growth as stores mature

Accelerating investment in e-commerce business

Operational excellence History of consistent strong operational and financial results

Strong financial position Company is debt free

Growth funded with internally generated funds

Consistent performance with superior growththrough economic cycles

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2013 Outlook(Provided February 26, 2013Includes Super Supplements acquisition)

~50 newstores

$45 - $50 mm

$28 mm

Mid SingleDigits

Store (unit)growth

Capitalexpenditures

Comparable storesales growth

Depreciation