Pharmacy Wholesaler Update

• McPherson's subsidiary signs agreement with API Services Australia
• Transition from direct-to-store to wholesale model
• Estimated $15-20 million in annual revenue to be serviced through API

McPherson's Limited (ASX:MCP) has announced that its subsidiary, McPherson's Consumer Products Pty Ltd, has entered into a pharmacy wholesaler agreement with API Services Australia Pty Ltd (API). This agreement is the last of the major wholesalers to be contracted as part of the company's new operating model. Under the previous direct-to-store model, annual revenue from retailers likely to now be serviced through API was estimated to be in the order of $15-20 million. With the transition to the new operating model, this revenue will now be serviced through McPherson's wholesale relationship with API. The announcement has been authorized by the McPherson's Limited Board of Directors, and further information can be obtained by contacting the Chief Financial Officer or the General Counsel & Company Secretary.