1. NutriSystem, Inc. Investor Presentation April 2008

2. 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. 3 Keys To Successful Growth  Leverage Strategic Assets  Innovate and Be Customer- Focused  Continue to Build the Brand  Marketing-Driven Culture

4. 4 Revenue & EBITDA Growth = Revenue, CAGR = 173% = EBITDA, CAGR = 342% $38 M $210 M $566 M $2 M $35 M $140 M 2006 2007 $777 M $173 M Adjusted EBITDA – defined as income from continuing operations excluding non-cash employee compensation, other expense, equity loss, interest, income taxes and depreciation expense 20052004

5. 5 The NutriSystem Platform Advanced: Sound Science / Effective Program No Center Visits / Delicious Meals Already Prepared No Membership Fees / $10 Per Day Internet Ordering & Counseling Marketing- Driven Formula Success Ease of Use & Convenience Value NutritionAnonymity NutriSystem is a weight loss program with a heart healthy menu that emphasizes Low Glycemic carbohydrates, optimal amounts of protein and healthy fats.

6. 6 Multi Channel Marketing Internet Ads Direct Mail Email Celebrity Endorsements DRTV Infomercial Outbound Telemarketing Call Center NutriSystem.com Magazine Ads TV Commercials

7. 7 The US Diet Industry Source: Gallup Diet Study 2007 Gallup Survey Diet Segments  58% of US adults have a BMI that classifies them as overweight or obese  99 million US adults are dieting at a given time (64 mm to lose, 35 mm to maintain)  Commercial weight loss segment represents approximately 7 million dieters  Dieters move between segments  Majority share of commercial weight loss segment is controlled by a few companies  1 out of 3 dieters are men  Largest projected increase over next ten years will be senior market

8. 8 Dieters’ Motivation Source: The Gallup Organization (2006 Survey)

9. 9 NutriSystem Delivers Results  82% Customer Satisfaction 1  Clients lose an average of 9% of their starting weight 2  Mean weight loss is 1.5 to 2.0 pounds per week 2  Weight loss increased as weeks on program increased 2 (1) Source: 3 rd party research conducted by TARP Worldwide, 2008 Satisfaction defined as top two box. (2) Source: 3 rd party research conducted by National Business Research Institute, 2006

10. 10 Guaranteed Nutrition Everyday  Balanced Nutrition  Calorie Controlled  Heart Healthy - OmegaSol TM  Controls Hunger  High in Fiber  Low in Sodium Nutritional Breakdown Carbohydrates 55% Protein 25% Fat 20% Assumes individual follows program including supplements

11. 11 2008 Strategy New Ecommerce Platform Customer Reactivation & Retention International Expansion Product Innovation Marketing Channel Optimization Further Segmentation

12. 12 Financial Overview

13. 13 Increasing Revenue 2004 2005 $513 $605 2006 $632 $648 2007 $38M $210M $566M $777M = Revenue per Customer, CAGR = 8% = Revenue in millions, CAGR = 173% RPC is the trailing 9 month average for the initial diet cycle

14. 14 Our Database Has Grown Substantially 5 M 2.5 M 1.25 M.2 M 5.0 M Inactive = 2.0 M Active =.2 M PNO = 2.8 M

15. 15 Increasing Reactivation Revenue Contribution $10.5M $37.8M 2006 2007 $95.5M $4.1M $16.6M $42.0M = Reactivation revenue, CAGR = 202% = Reactivation contribution, CAGR = 220% Contribution margin is operating margin excluding the cost of marketing 2005

16. 16 Time Customer Life Time Value Increase counseling support Retention Drivers Improve the online experience Call Center Salvage Efforts Increase revenue per customer via promotions to lengthen stay Database Marketing Recurring Revenue Model through Retention and Reactivation Reactivation Drivers New & Improved Foods

17. 17 NutriSystem Enjoys a Tremendous ROIC LTM Return on Invested Capital¹ ¹NOPAT / (Debt + Equity). 3/31/08

18. 18 Adjusted EBITDA & Free Cash Flow $35M $140M 2006 2007 $173M $12M $61M $83M = Adjusted EBITDA, CAGR = 112% = Free Cash Flow, CAGR = 163% 2005 Adjusted EBITDA – defined as income from continuing operations excluding non-cash employee compensation, other expense, equity loss, interest, income taxes and depreciation expense

19. 19 Liquidity Profile/Shareholder Distribution  Liquidity Profile Debt Free $200mm committed undrawn bank facility  Shareholder Distribution Q1 purchased $45mm of our stock, approximately 10% or 3.3mm shares Plan to continue to buy back shares to increase shareholder value up to $138mm currently authorized Paid quarterly $.175/share Annualized dividend of $.70/share As of 3/31/08

20. 20 Capitalization

21. 21 Q1 Results & Guidance  Q1 Results Revenue of $216 mm 50.5% Gross Margin Marketing 31% of Revenue $26.6mm Adjusted EBITDA  Guidance Revenue Q2 $180-$190 mm FY $700-$720 mm Adjusted EBITDA Q2 $36-$40 mm FY $125-$135 mm Adjusted EBITDA – defined as income from continuing operations excluding non-cash employee compensation, other expense, equity loss, interest, income taxes and depreciation expense

22. 22 Key Takeaways  Manage cash flow to invest for growth and maximize shareholder value  Diversify product offering  Expand into new markets  Focus on customer experience and improving ROI  Continue to build our brand

23. NutriSystem, Inc. Nasdaq: NTRI www.nutrisystem.com 300 Welsh Road, Building One Horsham, PA 19044 tel: (215) 706-5300