Dear Shareholder, Fiscal 2011 was a year fi lled with positive improvements and exciting new developments that enabled us to deliver record fi nancial results. Our revenue grew to $39 million, a 238% increase compared to fi scal 2010. One of our key objectives in fi scal 2011 was to generate positive operating income, and in each quarter of fi scal year 2011 we achieved that goal, and we generated annual operating income of $3.7 million—which represented an $11 million positive swing from an operating loss last fi scal 2011ANNUAL REPORT year. This accomplishment is a testament to the growing awareness about Protandim®, our fl agship product, combined with the experience, skill and dedication of the LifeVantage corporate team and our tremendous group of distributors, whose support and dedication are instrumental to our success and continued progress. These experts in direct selling have thoughtfully engaged new distributors in their networks and introduced thousands of Preferred Customers to our scientifi cally validated products. We are proud of all that we have accomplished, but believe that we have only just begun to realize our potential. Our focus is on improving our company with the best scientifi c practices and continuing to identify and implement ways to better our marketing and distribution strategies. I believe we have a heightened responsibility to operate LifeVantage in a measured and responsible, orderly manner. Why? Because we have an opportunity to play an important role in improving the physical and fi nancial health of many people as our customers reap the benefi ts of what we consider to be the best Nrf2 activator and oxidative stress reducer on the market. We are committed to increasing shareholder value by executing our strategic and tactical business plan and continuing to grow our business. As we mature and grow we believe it is prudent to make key investments in our operating infrastructure to ensure that we will capitalize on the robust opportunities ahead of us. Further, we recognize that focusing on our talent and our human capital will be critical in taking our business to the next level. In fi scal 2012, we will make strategic investments in our operating infrastructure to facilitate our expected growth. The combination of strong capital resources, a sound business plan, and our committed and experienced team, is expected to contribute to solid growth in our earnings while positioning LifeVantage as a leader in the rapidly growing and constantly changing nutraceutical, Nrf2, and anti-aging markets. I am not new to LifeVantage. Although I joined the company as President and Chief Executive Offi cer in March 2011, I have served on our Board of Directors since January 2010. I am honored and excited to lead our talented employees as we strive to reach new milestones with the fundamental goal of improving health and wellness of people worldwide. We believe that the growing number of peer-reviewed, published, independent studies and patents supporting Protandim®, as well as the recommendations by dermatologists regarding our scientifi cally based anti-aging skin care product, TrueScience® Anti-Aging Cream, are proof that we off er eff ective, safe, and powerful solutions to combat oxidative stress for a more youthful appearance. As your President and CEO, I will continually push this company to greatness. We have armed ourselves with strategic and tactical business plans that are both near and long-term focused. We will always keep you, our shareholders, in mind as we go about delivering value for long term, sustainable growth. Now is a great time to be associated with LifeVantage, whether as an employee, a distributor, a customer or a valued shareholder. We will work together to continue to grow our sales and operating income, to strengthen our balance sheet, and to build our brand awareness. On behalf of our Board of Directors and executive management team, 10813 S. River Front Parkway Ste. 500 I would like to thank you, for your continued support. I South Jordan, Utah 84095 look forward to updating you on our progress as the year unfolds. www.lifevantage.com Sincerely, Douglas C. Robinson President and Chief Executive Offi cer Dear Shareholder, Fiscal 2011 was a year fi lled with positive improvements and exciting new developments that enabled us to deliver record fi nancial results. Our revenue grew to $39 million, a 238% increase compared to fi scal 2010. One of our key objectives in fi scal 2011 was to generate positive operating income, and in each quarter of fi scal year 2011 we achieved that goal, and we generated annual operating income of $3.7 million—which represented an $11 million positive swing from an operating loss last fi scal 2011ANNUAL REPORT year. This accomplishment is a testament to the growing awareness about Protandim®, our fl agship product, combined with the experience, skill and dedication of the LifeVantage corporate team and our tremendous group of distributors, whose support and dedication are instrumental to our success and continued progress. These experts in direct selling have thoughtfully engaged new distributors in their networks and introduced thousands of Preferred Customers to our scientifi cally validated products. We are proud of all that we have accomplished, but believe that we have only just begun to realize our potential. Our focus is on improving our company with the best scientifi c practices and continuing to identify and implement ways to better our marketing and distribution strategies. I believe we have a heightened responsibility to operate LifeVantage in a measured and responsible, orderly manner. Why? Because we have an opportunity to play an important role in improving the physical and fi nancial health of many people as our customers reap the benefi ts of what we consider to be the best Nrf2 activator and oxidative stress reducer on the market. We are committed to increasing shareholder value by executing our strategic and tactical business plan and continuing to grow our business. As we mature and grow we believe it is prudent to make key investments in our operating infrastructure to ensure that we will capitalize on the robust opportunities ahead of us. Further, we recognize that focusing on our talent and our human capital will be critical in taking our business to the next level. In fi scal 2012, we will make strategic investments in our operating infrastructure to facilitate our expected growth. The combination of strong capital resources, a sound business plan, and our committed and experienced team, is expected to contribute to solid growth in our earnings while positioning LifeVantage as a leader in the rapidly growing and constantly changing nutraceutical, Nrf2, and anti-aging markets. I am not new to LifeVantage. Although I joined the company as President and Chief Executive Offi cer in March 2011, I have served on our Board of Directors since January 2010. I am honored and excited to lead our talented employees as we strive to reach new milestones with the fundamental goal of improving health and wellness of people worldwide. We believe that the growing number of peer-reviewed, published, independent studies and patents supporting Protandim®, as well as the recommendations by dermatologists regarding our scientifi cally based anti-aging skin care product, TrueScience® Anti-Aging Cream, are proof that we off er eff ective, safe, and powerful solutions to combat oxidative stress for a more youthful appearance. As your President and CEO, I will continually push this company to greatness. We have armed ourselves with strategic and tactical business plans that are both near and long-term focused. We will always keep you, our shareholders, in mind as we go about delivering value for long term, sustainable growth. Now is a great time to be associated with LifeVantage, whether as an employee, a distributor, a customer or a valued shareholder. We will work together to continue to grow our sales and operating income, to strengthen our balance sheet, and to build our brand awareness. On behalf of our Board of Directors and executive management team, 10813 S. River Front Parkway, Ste. 500 I would like to thank you for your continued support. I South Jordan, Utah 84095 look forward to updating you on our progress as the year unfolds. www.lifevantage.com Sincerely, Douglas C. Robinson President and Chief Executive Offi cer CORPORATE INFORMATION Corporate Counsel Sheppard Mullin Richter & Hampton LLP SHAREHOLDER INFORMATION 12275 El Camino Real Suite 200 1.7oz 1.7oz 50mL ANTI-AGING Investor Relations San Diego, CA 92130-2006 To obtain information about the www.sheppardmullin.com CREAM Company, including a copy of our Annual Report on Form 10-K, please Transfer Agent and Registrar Protandim®, the Nrf2 SynergizerTM, is a patented anti-aging supplement contact: Computershare specially formulated to combat oxidative stress. We believe what makes LifeVantage TrueScience® Anti-Aging Cream is our fi rst 250 Royall Street Protandim® so powerful and important to health is its ability to activate expansion product that applies cutting-edge science LifeVantage Corporation Canton, MA 02021 Nrf2, a protein messenger contained in every cell of your body. Nrf2 to battle aging externally. TrueScience® is a unique, Attention: Investor Relations (800) 962-4284 communicates with your DNA and delivers a biochemical wake up scientifi cally-based skin care product, formulated to 10813 S. River Front Parkway www.computershare.com call to your genes, telling them to increase what your body is already protect the skin from factors that contribute to aging Suite 500 programmed to do: fi ght aging and oxidative stress at the source. South Jordan, UT 84095 Board of Directors and unhealthy skin. E-mail: [email protected] Garry Mauro—Chairman and Independent Oxidative stress is cellular and tissue damage caused by chemically Phone: (801) 432-9000 Director reactive oxygen radicals that are formed as a natural consequence of TrueScience® contains similar ingredients to those www.investor.lifevantage.com Douglas C.