1. NutriSystem, Inc. Nasdaq: NTRI
March 2007

2. Safe Harbor
We make forward-looking statements in this presentation which represent our expectations or beliefs about future events and financial performance. Forward-looking statements are identifiable by words such as “believe,” “anticipate,” “expect,” “intend,” “plan,” “will,” “may” and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements are subject to known and unknown risks and uncertainties, including those described in the Company’s filings with the Securities and Exchange Commission. In addition, actual results could differ materially from those suggested by the forward-looking statements, and therefore you should not place undue reliance on the forward-looking statements.

3. Turnaround Story: Keys To Our Success
Leverage Strategic Assets
Innovate and Be Customer-Focused
Reinvent the Brand and the Model
Marketing-Driven Culture

4. Behind The Scenes: How We Did It
Marketing-
Driven Formula
Internet Ordering & Counseling
No Membership Fees / $10 Per Day
No Center Visits / Delicious Meals Already Prepared
Nourish: Sound Science / Effective Program
Success
Convenience
Simplicity
Value
Anonymity

5. NTRI: Track Record of Strong Growth in Revenue & Profits
568 M
= Revenue
= Operating Income
CAGR = 191%
213 M
132 M
38 M
23 M
33 M
-2 M
2 M
2003
2004
2005
2006

6. New Customer Growth Engine
798 K
347 K ?
52 K
23 K
2003
2004
2005
2007
2006

7. Story Behind the Margin Expansion: Revenue Per Customer
632
605
521
440
347
2002
2003
2004
2005
2006
Average Sale Price
(Autoship orders)
$198
$220
$247
$279
$289
Numbers are approximate.

8. The Diet Industry: Fast Facts
65% of adults (218mm) in the U.S. classified as overweight or obese
1 out of 3 dieters are men
Largest projected increase over next 10 years will be seniors
*Gallup Diet Study 2006

9. Diet Facts You May Not Know
Why have past attempts been unsuccessful?
Lack of results
Lack of time
Lack of structure or organized meal
Top 3 factors when deciding which diet to
follow
Easy to follow
Safe
Can be followed on your own without going to meetings
2006 Gallup Study

10. Dieters’ Motivation
Source: The Gallup Organization

11. Our Core Customer Female: 87% (‘05), 76% (’06) 46 years old
190 lbs. female, 245 lbs. male
Want to lose 50 lbs.
Lose lbs./wk
Stay on weeks
Serial dieter
Autoship (90% of revenue)
Referrals drive growth
Surveys indicate satisfaction

12. How We’re Positioned in the Space
Commercial Weight Loss
No Embarrassing
Weigh-ins
No Membership Fees
Less Expensive
Home-Based Dieter
8 out of 10 Dieters Are Self-directed
Simpler, More Effective Plan
No Cooking
Men!

13. Market Opportunity
Estimated number of Americans on a weight loss diet at any one time: 62 million
Source: The Gallup Organization, May-July 2006

14. How We Go to Market DIETERS
Direct Response TV
Direct Mail
Public Relations
DIETERS
30-minute Infomercials
Print Advertising
Internet
Multiple creatives, repeat exposure, brand repetition generates “Program Customers”

15. We’re Just Getting Started

16. Distribution Channels
Explore &
Lead Market
Segmentation
Expand
Marketing
Channels
Product
Innovation
2007
Strategy
Test &
Expand New
Distribution Channels
Improve
Customer
Reactivation
Efforts
Extend
Platform
Into
Wellness

17. Financial Performance

18. Yearly Results

19. Key Metrics Trending Favorably
Sales / New Customer (9 mo. average) ~ $605 ~ $632
Pricing increase
Retention efforts
More media
More men
Direct Gross Margin % 54.2%
Vendor price concessions
Outbound freight
Selling price increase
Customer Acquisition Cost (CAC) $136 $146

20. Outlook Q1’07 and FY07 Q1’07E FY07E Revenue in $ millions +40 %
$205 - $215
+27 %
$720 - $740
Diluted EPS
$ $0.92
$ $3.10
New direct channel customers
+27 % ,000 +

21. Target Margins

22. Reactivation Revenue and Margins

23. NutriSystem, Inc. Nasdaq: NTRI
300 Welsh Road, Building One
Horsham, PA 19044
tel: (215)