#1CADRE HOLDINGS COMPANY PRESENTATION#2DISCLAIMER important Notices This presentation the presentation is a communication made pumunt to Section 540) and/or Rule 103 of the securmes Act of 1933, as amended, and is ended Holdings, and determining whether such kvestors might have an interest in a secunties offering completed by Cadre Heldings Any such offering of securities will only be made by means of a registration statement (including a spects Find with the U.S. Securities and Exchange Commission (the "SEC), ofter such registration statement becomes affective. No such registration statement has been publicly filed, or become effective, os of the date of this communication. This presentation shall not constitute an offer to sell or the solicitation of an offer to thy these securities, nor shall there be any saw of these securities in any state of jusion in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction about Cadre Hadings confideranduding the fact that this presentation is taking place. We are not a onders from you or promise to alocate any wheres to you in the proposed offering or otherwise By riceving this presentation, you agree ili tu sep the fact that this presentation has take place and anything you hear/heard of lean/lemed during the Uniesxpely indicated or the context roques otherwise, the terme Cadre Holding" "Company Inc. a Delaware corporation, and its consolidated subsidiaries and "our" in this prospectus refer to Cadre Holding No Representations and Warranties Naantation, warranty or undertaking express or implied, emade or given as to the accuracy or completeness of the information or apniona contained in the presentation by Cad Holdings or any of s dredtars, members, employees or amates or any other person and no responsibility or tablity is used or accepted by any of its affiones has independently verified the information contained in this presentation Accordingly, no representation, woranty or undertaking opics of implied, is made and no responsibility or lotility is accepted by Cedre Holdings or any of its affiliates as to the accuracy or completeness of the informacion contained or incorporated in this presentation Projected Financial Information The presentation may contain pected an information with respect to Cadre Holdings Such projects and information toutes and nations, and is for strative purposes only and should not be led upon is necessarily being indicative of future results. The assumptions and estimates underlying such financial forecast information are inherently uncertain and are subject to a wide variety of significant business, economie, competitive and other and uncertainties See Forward-Looking Statemers bens Actuet results may differ materially from the resuts contemplated by the financial forecast information contained in the presentation, and the inclusion of such information in this presentacion should not be regarded as a representation by any person that the s reflected much forecasts will be achieved Non-GAAP Financial Measuroo The presentation includes certain aditional key performance for which are considered GAAP trencal memes including, but not be to, mannings before intarest, taxes other income depreciation and amortization (EBITOA de EBITDA, usted EBITOA mergin, adjusted EBITDA conversion and adjusted EDITDA conversion rate Cadre Holdings believes these non-GAAP measures of financial results provide useful information to management and investors regarding partain finance and buainess trends stating to cadre Hung tinancial condition and out of apwasons. Cadre Hodingsmanigurant as those non GAAP measures for bond analysis, foc purposes of dating management incentive compensation, and for buitoring and planning purposes. Cadre Holdings bejevs comparing Cadre Holding financial measures with other similar componics, many of which present sear noe GAAP financial measures to investors Management of Cadre Hidings does not consider these non GAAP measures insulation or as an alternative to financial measures determineden secordonce with GAAP. The prince lantation of the non-GAAP financial measures is that they excude significant expenses and incone that we required by GAAP to be recorded in Cat Holding financial statements. In addition, they are subject to inherent imitations as they refect the exercise of judgments by management about which expense and income are excluded or included in determining the nan GAAP Sancal measures. In order to compensate for the nations, management protets non GAAP financial measures in connection with GAAP results Definitions and reconciations of those non GAAP financial measures to the nearest GMP mesures can be found on side 30 of this docuit, You should reste Cadre Hodings waited financial statements, which will be presented in Care Holdings registration statement including prospectus to be find with the SEC, and not rely on any single financial reasure to evaluate Code Holdings husiness The financial data for the 12 month ended June 30, 2021, or LTM 6/30/2001. Nav boon derved by adding the financul dats for the your ended December 31, 2000 and for the six months ended June 30, 2021 and deducting such financial data for the sixth ended June 30, 2020 CADRE HOLDINGS Forward Looking Statements This presentation includes Torwand looking statements within the meaning of the safe harbor provisions of the United States Private Securities ingation Neform Act and other similar expresses that predator indicate future events or trends or that are not statements of historical matters. These states are based in the Codre Holdings expectations, intentions and projections regarding to future performance, anticipated events or trends and other matters that are not historical facts, including but not limited to expectations regarding future financial performance and other performance metrics, market opportunities future acquisition opportunities. the growth prospects of Cadre Hinings. These statements are based on various assumptions, whether or not idenhed in this document, and on the current expectations of Cadre Holding management and are not predictions of actant performance. These forwardinoning statements are provided for ustiative purposes only and are not intended to serve as and must not be reted on by any investor as a guarantee an assurance, a prediction or a definitive statement of factor probability, Actual events and crcumstances are diffeult or possible to prodiet and will offer to assumptions. Many actual events and cumstances are buyand the control of Cate Holdings Some important factors that could cause actuel resuits to offer materially from those in any forwant-looking statements out include among other things changes in domestic and foreign business merket, finecial, pelscal and legal condelons. These forward-looking statements are subject to a mumber of raks and uncertainties, including, but not limited to the availability of capital to satisfy out working capital requirements anticpoted trends and challenges in our business and the markets in which we operate our ability to anale manet reeds or develop new ar enhanced products to meet the needs, aur pectations mogeing market acceptance of our products; the succes of competing products by others that are or become aviable in the macet in which we sa damaging events and/or putatic poroption changes in political, economic or regulatory conditions generally and in the markets in which we operade our abtry to mertul or broodon our business relationships and develog new retacionships with strategic alliances, suppliers, mustomers, debutors or otherwise our oblity to tain and attract senior management and other key employees; our abity to quickly and effectively respond to new technological developments: the affect of the COVID-19 pandemic on the Company's business the possibility that the Company may be advery affected by other econamic, business, and/or competitive factors the ability of our information technology systams ar information security system so sperate effectively, including as a result of moty braach, viruts, hackers mawan, natural disastim, vendar business interruptions or other sour aty to property maintain proiect, pair or upgrade our information technology proprietary rights operate without infringing upon the proprietary rights of others and prevent others from infringing on the peoprietary rights of the Company and ther rake and uncertainties set forth in the sectien anted Tish Foctors in the registration statement to be filed with the SCC by the Company it any of these es maneate or our assumptions prove incorrect actual uts cous other munerary from the results impried by these forward-looking statements There may be aknal risks that Cadre Holdings does not presently knew or that Cadre Holdings currently believes are immaterial that could also cause actual mus to dine from thot sprtored in the forward-looking statements. In adddon, forward-looking statements refest Cadre Holdings expectations plans or forecasts of fue events and views as of the site of this presentation Core Holdings peticipates that subsequent events and development will cause Care Holdings assessment to change. However, while Cadre Holdings mas elect to update these forward-looking statemems at some point in the future Cadre Holdings specifically disclaims wy obigation to do so. These forward-looking statements should not be relied upon as representing Cadre Holdings assessment as of any date suteque to the date of this document. Accordingly, undue reliance should not be placed upon the forward-lookung tanaments Important information for Investors nection with the offering of secoties Cache Holdings experts that arestation statement (including a prop of Cedre Holdings will be Bed with the sec You shou ve Cadre Holding audied financial statements, which will be presented in Cadre ding ratu statoren eing a prospectus to be lied with the SEC, and not rely on any single financial measure to evaluate Cadre Hordings business. This presentation is not a substitute for the registration statement or for any other document that Calw Holdings inay file with the SEC. INVESTORS ARE URGED TO READ THE REGISTRATION STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAN IMPORTANT INFORMATION Intions may obtain fe coom of the registration utdemont (when available) and other documents fod with the SEC by Cade Holdings through the webste maintained by the SEC at http://www.sec.g INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEHEIN ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE Trademarks This document contains trademarks and sento marks of Cadre heldings and of third parties. All trademarks and service marks appearing in this document are the 2#3OFFERING SUMMARY Issuer: Transaction: Primary/Secondary Split: Shares Offered: Filing Range: Overallotment Option: Proposed Ticker/ Exchange: Use of Proceeds: Active Bookrunners: Expected Pricing: Annual Dividend: CADRE HOLDINGS Cadre Holdings, Inc. Initial Public Offering 100% Primary 5,769,231 $12.00 - $14.00 15% (100% Primary) CDRE / NYSE Debt Paydown, General Corporate Purposes Including Future Acquisitions Stifel, Raymond James, B. Riley November 3, 2021 $0.32 / share#4SENIOR MANAGEMENT TEAM WARREN KANDERS Chief Executive Officer and Chairman of the Board CLARUS ARMOR HOLDINGS CADRE HOLDINGS Benson Eyecare KANDERS & CO. BRAD WILLIAMS President O DANAHER ILEX (IR) Ingersoll Rand. BLAINE BROWERS Chief Financial Officer && IDEX 4#5WARREN KANDERS' SHAREHOLDER VALUE CREATION TRACK RECORD ARMOR HOLDINGS (ACQUIRED SAFARILAND IN 1999) AH Share Price ($) 100 80 60 40 20 Jul-2002 Jul-2003 ACQUISITION HISTORY July 2007: Sold to BAE Systems for $4.1bn² SIMULA Jul-2004 1996 1998 nik ABA PROTECH 2003 2004 Specialty Defense Systems $4.1bn equity value, $4.5bn enterprise value CADRE HOLDINGS Source: Factset as of 9/28/2021 angiting Jul-2005 1999 SAFARILAND 2005 BIANCHI Jul-2006 even CHANCE 5-Yr Return: 510% Jul-2007 C 2001 2006 CLARUS CORP. CLAR Share Price ($) 30 25 20 15 10 5 Sep-2016 Sep-2017 ACQUISITION HISTORY 2012 poc 2017 SERRA quinty Certy climb внимани Sep-2018 Sep-2019 Sep-2020 Sep-2021 2020 5-Yr Return: 449% BARNES 2021 RHINO-RACK#6WARREN KANDERS' HISTORY WITH CADRE 1996 Warren Kanders Invests in Armor Holdings ARMOR HOLDINGS 1964 CADRE HOLDINGS 5 SAFARILAND Safariland founded 2012 KANDERS & CO. Warren Kanders reacquires Safariland from BAE Systems 1999 Armor Holdings acquires Safariland ARMOR HOLDINGS 1. $4.1bn equity value, $4.5hn enterprise value 2018 å Safariland appoints Blaine Browers as CFO 2007 BAE Systems acquires Armor Holdings for $4.1bn¹ BAE SYSTEMS 2017: Brad Williams joins Safariland 2019: Safariland appoints Brad Williams as President 2012 -2018 M PSP Safariland completes 12 M&A transactions MED ENG loc 2021 CADRE HOLDINGS Safariland's holding company, Maui Acquisition Corp. changes name to Cadre Holdings and files S-1 for IPO Cadre Holdings signs LOI for the acquisition of European Holster Company#7WHO IS CADRE? BODY ARMOR CADRE HOLDINGS Note: Excludes distribution business DUTY GEAR SHERIFF EOD#8CADRE AT A GLANCE ROBUST EBITDA¹ MARGIN EXPANSION ($MM) % GROWTH 32.7% Ad). EBITDA Margin (96) $43.72 2019A 10.4% CADRE HOLDINGS i 2,380+ Employees $58.0 2020A KEY FACTS AND FIGURES 14.3% 123 $71.2 2. LTM 6/30/2021 16.2% % GROWTH 28.6% $27.4 1H20 23,000+ First Responders and Federal Agencies that Rely on Cadre's Products 14.3% $40.7 1H21 18.1% 55+ DIVERSIFIED CUSTOMER BASE AND GLOBAL REVENUE STREAM 2020A Net Sales: $404.6MM Other Customers -74% Years in Business Top 10 -26% Non-GAAP financial measures. See slide 30 for definitions and reconciliations to the nearest GAAP measures Includes $0.6 million of EBIT attributable to Mustang Survival Holdings divested in 2019A Excludes distribution business U.S. -79%³ 85+ 104+ Design Engineers and Countries in which Cadre's Technicians Products are Sold 2020A Product Sales: $319.7MM³ 14 International -21%³ Manufacturing Facilities 8#9CADRE'S FOUNDATION CADRE HOLDINGS SAVES CLUB. 2118 1966 Note: 2.118 figure refers to number of lives saved by Cadre's products as of the latest S-1 filing on 10/28/2021 9#10INVESTMENT HIGHLIGHTS CADRE HOLDINGS KATED Warren Kanders' Track Record of Creating Shareholder Value Leadership Positions For Mission-critical Products with Recurring Demand Entrenched Position in Large and Expanding TAM Robust Acquisition Pipeline to Accelerate Growth Strong Free Cash Flow Generation 10#11TOTAL ADDRESSABLE MARKET OPPORTUNITY $2.5bn 2021 Global Body Armor Market 5.4% Projected 7-yr CAGR $870mm¹ Leadership Position Soft Body Armor CADRE HOLDINGS $13.0bn Total Addressable Market $7.2bn 2021 Global EOD and Blast Sensor Market 2.6% Projected 5-yr CAGR $245mm¹+$500mm¹ Leadership Position EOD Equipment and Blast Sensors 1. Reflects Cadre's core TAM sis, not market share Source: internal Company forecasts, Grandview Research, 360 Research Reports and Datalo Total Market Size Cadre's Current Core Markets $3.3bn 2021 Global Holsters Market 4.8% Projected 7-yr CAGR $380mm¹ Leadership Position Safety Holsters 11#12ATTRACTIVE TAILWINDS DRIVING DEMAND AND VISIBILITY FOR CADRE'S PRODUCTS MAJOR DOMESTIC LAW ENFORCEMENT BUDGETS ($BN) 8.9 NYPD 8.8 9.1 Other Large Police Unemployment Rate Agencies¹ Financial Recession CADRE HOLDINGS 9.3 1102 2012 2013 9.9 2014 10.3 2015 10.7 11.0 2016 Industrial Recession 2017 11.6 STOZ 11.9 6T0Z 12.3 2008-2020 CAGR +2.8% +2.8% +2.8% DOMESTIC STATE & LOCAL GOVERNMENT POLICE PROTECTION EXPENDITURES ($BN) U.S. State 89.5 8002 95.0 95.8 Financial Recession U.S. Local 96.9 Source: Public budget proposals (2007-2019), Federal Reserve, U.S. Census Bureau, 2006-2018 Annual Surveys of State and Local Government Finances Includes Los Angeles, Chicago, Houston, Baltimora, Philadelphia, Detroit, Atlanta, Minneapolis and Orlando Police Departments 1. 98.6 101.7 104.8 109.1 Industrial Recession ZTOZ 118.8 8102 2008-2018 CAGR +2.9% +2.9% 12#13REFUNDING THE POLICE MINNEAPOLIS "In Minneapolis..., the city cut $8 million from the department last year, only to restore $6.4 million..." SACRAMENTO "Sacramento proposes city's highest-ever police budget..." AUSTIN "Austin... this year passed its largest-ever police budget..." CADRE HOLDINGS CHICAGO "Lightfoot's 2022 budget also boosts police spending to $1.9B, up from $1.7B in 2021..." Source: Wall Street Journal, Reuters, Chicago Tribune. NBC Chicrg, Fox News and Baltimore Sun NEW YORK CITY "New York pivoted from slashing almost $1 billion in police funds last year to adding $200 million" BALTIMORE "The budget.... includes a $28 million increase in spending on the Baltimore Police Department..." WASHINGTON, D.C. "Bowser and many other Democratic city leaders are scrambling to boost police budgets..." 13#14SAFARILAND PATROL LOADOUT HOLSTERS/GEAR BODY ARMOR COMMS/HEARING ARMOR SYSTEMS GEAR DRUG TESTING CADRE HOLDINGS 7360 7TS™ ALS HI-RIDE BELT SLIDE CONCEALMENT HOLSTER 7955 ERGOTEK™ DUTY BELT 2.25" (58MM) HATCH TASK FORCE GLOVES M2™ CARRIER WITH SX02 BALLISTIC PANEL pes f CIPS™ COMMS KIT (COVERT-IN-PLAIN- SIGHT) STANDARD STEEL CHAIN HANDCUFFS nik NIK TEST L-HEROIN 14#15四 MED-ENG EOD TECHNICIAN LOADOUT SUPPORT SUIT ROBOT MANIPULATOR BLAST SENSOR CAMCORDER TOOLS CADRE HOLDINGS 02021 SAFARILANO. LLC TAC GE SUPPORT TEAM BLAST PROTECTION BLAST TRACK SENSOR AVENGER ROBOT TM 600 TELESCOPIC MANIPULATOR BOMB SUIT VIDEO CAMCORDER CUSTOMIZED BLAST ATTEN UATION SEATS HAL TACTICAL HOOK AND LINE 15#16LONG-TERM CUSTOMER RELATIONSHIPS ACROSS DIVERSE END MARKETS AND GEOGRAPHIES CADRE HOLDINGS U.S.STATE & LOCAL AGENCIES HOUSTON Western Australian Police POLICE DEPARTMENT State of Bavaria Police PHILADELPHIA POLICE INTERNATIONAL (4) POLICE Ministerie van Defensie Dutch Ministry of Defense SEATTLE POLICE French Ministry of wwi Interior POLICE SCOTLAND POILEAS ALBA U.S. AIR FORCE Bass Pro Shops U.S. FEDERAL AGENCIES UNITE 2 COMMERCIAL AND OTHER I MARINE Cabela's Midway BSB R$R GROUP OPTICS PLANET.COM WAREHOUSE 16#17MISSION-CRITICAL PRODUCTS WITH RECURRING DEMAND CHARACTERISTICS Over 80% of Cadre's product line is tied to customer refresh cycles which drives a predictable revenue stream BODY ARMOR Additional Catalysts Drive Steady, Recurring Demand For Cadre's Equipment CADRE HOLDINGS 5- to 10-Year Refresh Rate Technology Upgrades / Advancements 2015 EOD TOOLS & EQUIPMENT HARDS Brilliance Award for Best Tactical Holster from Optics Planet 7-to 10-Year Refresh Rate DUTY GEAR Regulatory Environment NIJ LISTED MODEL 4- to 7-Year Refresh Rate Safety Brandy Pierce Save #2000 Stephan O'Dell Save #2040 17#18DOUBLE DIGIT EBITDA GROWTH ORGANICALLY 5% ADJ. EBITDA EXPANSION $ • Strong brand names, exceptional performance and the stickiness of products enable us to achieve > 1% pricing growth annually in our products segment CADRE HOLDINGS PRICING GROWTH TARGET +10% YOY ADJ. EBITDA GROWTH + 4-5% ADJ. EBITDA EXPANSION M MARKET GROWTH • Flow through on incremental volume comes through at -30% via our products segment • Law enforcement budgets have been shown to be resilient and have grown even through recessions ▪ Doesn't include organic and inorganic growth opportunities + 1-2% ADJ. EBITDA EXPANSION IMPROVEMENT AND EFFICIENCY INITIATIVES ▪ Operating model efficiencies • Lean and continuous improvement processes provide a strong pipeline of cost saving projects 18#19HIGH RETURNS ON INVESTED CAPITAL 16.2% LTM ADJ. EBITDA MARGIN ✈ Attractive Margins and NOPAT ¹ • Profitable top line growth through new product launches, price increases, gained customer wallet share and international expansion CADRE 2. HOLDINGS 3. 19.5% RETURN ON INVESTED CAPITAL 3,4 + 20.5% OF LTM NET SALES Low Working Capital 2 • Business not required to carry overly burdensome amounts of working capital . Minimal seasonality with working capital swings of less than $10 million + 0.8% OF LTM NET SALES ✓ • Asset-light business model with minimal capital expenditure needs Limited Capital Expenditures • Low capital expenditures provide high FCF conversion which can be utilized for expansion initiatives and corporate finance alternatives Non GAAP financial measure: NOPAT defined as Adi EBITDA-DRAY (1 tax rate: Assumes 28% tax te Working Capital defined as accounts receivable, net+ inventories-accounts payatin Nan GAAP financial measure: Return on invested Capital defined as NOPAT/(Total Debit + Book Value of Equity; also defined as NOPAT/(Net Working Capital PPC net+ Goodwill - Other Operating Assets) LTM as of 6/30/2021 Assumes Total Debt of $2129 million, Total Shareholders' Equity of $2.4 million and NOPATY of $41.1 million 19#20ACQUISITIONS Targeting 1-4 acquisitions per year, adding $50-100mm in annualized revenue per year HISTORY OF SUCCESSFUL M&A EXECUTION AT CADRE SAFARILAND ROBUST M&A PIPELINE Target D G H 1 K M 0 R S CADRE HOLDINGS Armor-Armor Systems Armor-Body Armor Armor-Body Armor Armor-Body Armor Category Focus Duty Gear -Lighting Products Duty Gear Lighting Products Duty Gear - Thermal Imaging Armor-Helmets Duty Gear Holsters EOD-CIED Solutions MED-ENG Industrial Safety - Fall Protection Fire and EMS- Emergency Equipment Duty Gear Hearing Protection Duty Gear- Hearing Protection Industrial Safety-Eyewear Industrial Safety - Rescue Equipment Duty Gear -Lighting Products Duty Gear - Thermal Imaging Other Survival Equipment Other - Survival Equipment SECOND CHANCE BIANCHI ROGERS Est. Sales ($MM) 50 120 55 PSP 85 540 250 Europe Europe Europe 15 US 70 US 50 US 45 US 20 Europe 13 Europe 40 Canada 20 200 40 20 150 75 25 US US and Europe Europe US Global US Global Europe Global Global European Holster Company Geographies CADRE'S KEY M&A CRITERIA Business #1 or #2 market position Cost structure where material > labor High cost of substitution Leading and defensible technology Mission-critical to customer Strong brand recognition Financial Recurring revenue profile Asset-light Attractive ROIC Market Niche market No large-cap competition Resiliency through market cycles 20#21EUROPEAN HOLSTER COMPANY ACQUISITION OVERVIEW 60+ years history as a leading brand in designing and development of engineered holsters and hunting accessories KEY PRODUCTS CADRE HOLDINGS 1031 Significantly expands Cadre's presence in the European holster market and adds differentiated products to the portfolio KEY CUSTOMERS Italian Ministry of Defense POLICIA DIC FACE D'HOW Catalonia Police Force Italian State Police POLITI Norwegian Police Service Politie Police Belgian Federal Police Brazilian Police 21#22ROBUST FINANCIAL PROFILE ENHANCING LONG-TERM SHAREHOLDER VALUE CADRE HOLDINGS Highly Visible Revenue Stream Attractive Gross Margin Profile Strong Adj. EBITDA Growth High FCF Conversion From Low Recurring Capex Periodic Dividend Targeting $0.32/ Share Annually 22#23NET SALES AND GROSS MARGINS NET SALES AND GROWTH PROFILE ($MM) % Growth (%)¹ CADRE HOLDINGS 1 $420,7 $18.8 $401.9 2019A % GROWTH 0.7%1 0.7% 1. $438.5 LTM 6/30/2021 NA $191.3 1H20 ΝΑ % GROWTH 17.7% $225.1 1H21 28.6% Excludes net sales attributable to Mustang Survival Holdings divested in 20194 GROSS MARGINS ($MM) Gross Margin (%) % GROWTH 4.7% $146.0 $5.9 $140.1 20194 34.7% Net Sales / Gross Margins Financial Contribution from Mustang Survival Holdings Divested in 2019 $152.9 2020A 37.8% $172.0 LTM 6/30/2021 39.2% % GROWTH 26.0% 1H20 38.2% $92.2 1H21 41.0%#24ADJ. EBITDA AND FREE CASH FLOW GENERATION ADJ. EBITDA¹($MM) Adj. EBITDA Margin (%)* CADRE HOLDINGS % GROWTH 32.7% $43.72 $43.1 2019A 10.4% $58.0 2020A LTM 6/30/2021 16.2% % GROWTH 48.3% $27.4 1H20 $40.7 1H21 18.1% ADJ. EBITDA¹ - CAPEX ($MM) Adj. EBITDA Conversion (%) ³ 1. Non-GAAP financial measures. See siide 30 for definitions and reconciliations to the nearest GAAP measung Includes $0.6 milion of EBIT attributable to Mustang Survival Holdings divested in 20194 2. 3. Adj. EBITDA conversion (9) defined as (Ad). EBITDA - Gapex) / Adj. EBITDA % GROWTH 31.2% $40.6² $40.0 Adj. EBITDA¹/Adj. EBITDA - Capex Financial Contribution from Mustang Survéval Holdings Divested in 20194 2019A $53.3 20204 91.9% $67.7 LTM 6/30/2021 95.0% 1H20 % GROWTH 58.0% 90.4% $39.2 1H21 96.3%#253021 FLASH RESULTS ($MM) Net Sales Gross Profit Gross Margin (%) Net Income (Loss) Adj. EBITDA¹ Adj. EBITDA Margin (%)¹ Adj. EBITDA-Capex¹ Adj. EBITDA Conversion Rate (%)1.2 Total Debt (Pre-IPO) Cash and Cash Equivalents (Pre-IPO) CADRE HOLDINGS 1 High 3Q21 $99.6 $39.7 39.8% ($5.3) $15.5 15.5% $14.7 95.2% $222.5 $15.5 Low $96.7 $38.5 39.8% ($5.6) $14.8 15.3% $14.1 95.3% $223.7 $14.5 3Q20 Actual $105.7 $40.0 37.8% $6.5 $15.0 14.2% $13.8 91.5% 3021 vs. 3020 (% Change) High (5.8%) (0.7%) +202 bps (181.5%) 2.9% +130 bps 7.0% Low (8.6%) (3.7%) +202 bps (186.4%) (1.6%) +108 bps 2.4% +370 bps +375 bps Non-GAAP financial measures. See slide 31 for definitions and reconciliations to the nearest GAAP measures Adj. EBITDA conversion rate (36) defined as (Adj. EBITDA-capex) / A. EBITDA COMMENTARY Revenue driven by prior year uptick in consumer channel demand (Product and Distribution segment) and crowd control products. Margin rate driven by price execution and mix Net income impacted by current year debt refinancing (-$15mm)#26ASPIRATIONAL GOALS CADRE HOLDINGS Revenue Growth Augment 3-5% organic growth with acquisitions to double the size of the company in four years Gross Margin Continuous improvement of gross margins with long- term target of 45-50% Adj. EBITDA Margin Long-term adj. EBITDA margin target of 20% + 26#27PRO FORMA 3021 CAPITAL STRUCTURE (SMM) Cash and Cash Equivalents Debt: Revolver Term Loan and Others² Total Debt Net Debt Total Debt / LTM EBITDA Net Debt/LTM EBITDA LTM Adj. EBITDA³ CADRE HOLDINGS Pro Forma For Refi. Actual 1 6/30/2021 $1.0 $15.5 197.4 $212.9 $211.9 3.0x 3.0x $71.2 Pre-IPO $15.5 High Guidance Guidance Guidance Guidance 9/30/2021 9/30/2021 9/30/2021 9/30/2021 $25.3 197.2 $222.5 $207.0 3.1x 2.9x Low $71.7 $14.5 $25.8 197.9 $223.7 $209.2 Pro Forma For IPO¹ Low High 3.2x 2.9x $71.0 $22.5 165.3 $165.3 $142.8 2.3x 2.0X $71.7 $21.0 166.0 $166.0 $145.0 2.3x 2.0x $71.0 Based on mid-point of the fing range Includes other doot and unamortized debt discounts 3. Non-GAAP Financial measures. See side 30 and 31 for definitions and reconciliations to the nearest GAAP measures Company estimates for Warren 8, Randers and Others 6 Phantom stock vests over three year perind beginning March 2022 PRO FORMA OWNERSHIP Rank Shareholder 1 Warren B. Kanders 2 Others 3 IPO Investors Management Team Phantom Stock5 # of Shares¹ 16,956,670 10,526,680 5,769,231 427,000 % Pro Forma Ownership 51.0% 31.7% 17.3% 0.0% 27#28CONCLUSION Warren Kanders* Strong Track Record of Creating Shareholder Value ✓ Leadership Positions For Mission-critical Products with Recurring Demand ✓ Entrenched Position in Large and Expanding TAM CADRE HOLDINGS Robust Acquisition Pipeline to Accelerate Growth Strong Free Cash Flow Generation#29APPENDIX CADRE HOLDINGS S 29#30EBITDA RECONCILIATION ADJUSTED EBITDA AND EBITDA CONVERSION RECONCILIATION (SMM) Net Sales Net Income (Loss) Depreciation & Amortization Interest Expense Provision (Benefit) For Income Taxes EBITDA 1 Restructuring and Transaction Costs 2 Other General Income 3 Other (Expense) Income, Net 4 Contingent Consideration and Other 5 LTIP Bonus 6 Goodwill Impairment Adj. EBITDA - Total¹ Adj. EBITDA Margin (%) ² Capital Expenditures Adj. EBITDA - Capex Adj. EBITDA Conversion Rate (%)³ CADRE HOLDINGS 1. 2019A 420.7 ($1.9) 15.4 (0.1) $43.2 0.9 (7.6) (0.4) 0.0 0.0 7.6 $43.7 10.4% (3.1) $40.6 92.9% 2020A $404.6 $38.5 14.7 (10.6) $67.0 5.8 (11.0) (2.7) (1.2) $58.0 14.3% (4.7) $53.3 91.9% LTM 6/30/2021 $438.5 $35.9 14.1 (5.7) $66.8 0.0 (1.2) 1.3 0.0 $71.2 16.2% (3.6) $67.7 95.0% 2020 $191.3 $16.2 12.6 1.1 $37.6 3.0 (11.0) (2.1) $27.4 14.3% (2.6) $24.8 90.4% 2021 $225.1 $13.7 7.0 10.7 6.0 $37.3 Adj. EBITDA defined as earnings before interest, taxes, depreciation and amortization + adjustments Adj. EBITDA margin (%) defined as Adj. EBITDA/ net sales Adi EBITDA conversion rate (N) defined as (Adj. EBITDA-capex)/Ad. EBITDA 1.5 0.5 1.3 0.0 $40.7 18.1% (1.5) $39.2 96.3% DESCRIPTION OF ADJUSTMENTS 1 2 Includes a gain from a long-lived asset sale and earn-out stock payments in 2020A and gain from Mustang sale and earn-out stock payments in 2019A. 3 Transaction costs composed of legal and consulting fees in 2020A and termination benefits and relocation of employees associated with consolidating or closing of facilities in 2019A. Includes realized gain on equity securities offset in part by a stock collar transaction entered into in order to mitigate the impact of market volatility in 2020A and unrealized gains on equity securities offset by losses on foreign currency transactions in 2019A. 4 Reflects a gain on the settlement of contingent consideration offset partially by debt extinguishment write-offs. 6 5 Reflects the cost of a cash-based long-term incentive plan awarded to employees that vest over three years. Reflects primarily goodwill impairment expense in 2019A relating to the distribution reporting unit.#313021 FLASH RESULTS EBITDA RECONCILIATION ($MM) Net Sales Net Income (Loss) Depreciation & Amortization Interest Expense Provision For Income Taxes EBITDA Restructuring and Transaction Costs Loss On Extinguishment Of Debt Other (Expense) Income, Net LTIP Bonus Adj. EBITDA - Total¹ Adj. EBITDA Margin (%)² Capital Expenditures Adj. EBITDA - Capex Adj. EBITDA Conversion Rate (%)³ CADRE HOLDINGS 1. 3. Ad. EBITDA defined as earnings before interest, taxes, depreciation and amortization+ adjustments. ADLEBITDA margin (X) defined as Adj. EBITDA / net sales Adj. EBITDA conversion rate (6) defined as (Adj. EBITDA - capex) / Ad EBITDA High $99.6 ($5.3) 3.4 3.5 (2.1) ($0.5) (0.0) 15.2 0.4 0.5 $15.5 15.5% (0.7) $14.7 95.2% Low $96.7 ($5.6) 3.4 3.5 (2.0) ($0.7) (0.2) 14.9 0.4 0.5 $14.8 15.3% (0.7) $14.1 95.3% 31#32CADRE'S MANUFACTURING AND SELLING FOOTPRINT NORTH AMERICA CADRE HOLDINGS Manufacturing 2 Headquarters: Jacksonville, FL US SAF UK Sales US Commercial Sales US Med Eng Sales US Domestic Sales EUROPE United Kingdom US Government Sales A Manufacturing Retail Distribution International Sales Lithuania 32#33CADRE HOLDINGS CADRE HOLDINGS Cadre (Noun) /cad-re, kadrē, kädrē, kad ra, käd ra/ A selected group of people trained for a particular purpose or profession unified around a special mission 33