#1petvalu your pet ⚫ your store Investor Presentation September 2021#2Disclaimer pet valu This presentation is qualified in its entirety by reference to, and must be read in conjunction with, the information contained in the amended and restated preliminary prospectus, as well as Pet Valu's Management Discussion and Analysis that accompanies the financial statements for the 13-weeks and 26-weeks ended July 3, 2021 (the "MD&A"). Neither Pet Valu Holdings Ltd. (the "Company", "Pet Valu", "our" or "we") nor any of the underwriters for the offering (collectively, the "Underwriters") has authorized anyone to provide prospective investors with different or additional information from the information contained in the amended and restated preliminary prospectus and MD&A. The information contained at www.petvalu.ca is not intended to be included in this presentation, and prospective investors should not rely on such information when deciding whether or not to invest in the securities. Any graphs, tables or other information demonstrating our historical performance, or the performance of any other entity, contained in this presentation are intended only to illustrate past performance and are not necessarily indicative of our future performance or the future performance of such entities. The Company and the Underwriters take no responsibility for, and provide no assurance as to the reliability of, any other information that others may provide to you. No securities regulatory authority has expressed an opinion about the securities described herein and it is an offence to claim otherwise. Capitalized terms used herein that are not otherwise defined have the meanings ascribed to such terms in the amended and restated preliminary prospectus. The amended and restated preliminary prospectus constitutes a public offering of securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities. The securities offered hereby have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States (as such term is defined in Regulation S under the U.S. Securities Act) (the "United States") and may not be offered, sold or delivered, directly or indirectly, in the United States, except pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This presentation does not constitute an offer to sell or solicitation of an offer to buy any of these securities in the United States. This presentation does not provide full disclosure of all material facts relating to the Company, its securities or the contemplated offering and is not subject to liability for misrepresentations under applicable securities legislation. Prospective investors should not assume that the information contained in this presentation is accurate as of any date other than the date of this presentation, or where information is stated to be as of a date other than the date of this presentation, such other applicable date. Unless otherwise indicated or the context otherwise requires, all references in this presentation to the "Company", "Pet Valu", "we" or "our" refer to Pet Valu Holdings Ltd., together with, as the context requires, its subsidiaries. All references to dollars, "$" or "C$" are to Canadian dollars, and all references to "US$" are to United States dollars. Non-IFRS and Industry Metrics This presentation makes reference to certain non-International Financial Reporting Standards ("IFRS") measures. These measures are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. This presentation also makes reference to certain operating metrics that are commonly used in the retail industry, including "system-wide stores", "system-wide sales" and "same- store sales growth". These non-IFRS measures and retail industry operating metrics are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures and such retail industry metrics in the evaluation of issuers. Our management uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and to determine components of management compensation. A full description of these measures can be found in Pet Valu's Management Discussion and Analysis that accompanies the financial statements for the 13-weeks and 26-weeks ended July 3, 2021 (the "MD&A"). Pet Valu's MD&A has been filed on SEDAR (www.sedar.com) and is available under the Investor Relations section of our website (https://www.petvalu.com/ca). Forward-Looking Information This presentation contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information may relate to our future financial outlook and anticipated events or results and may include information regarding our financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, plans and objectives. Particularly, information regarding the Company's expectations of future results, performance, achievements, prospects or opportunities or the markets in which the Company operates is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "budget", "scheduled", "estimates", "outlook", "forecasts", "projection", "prospects", "strategy", "intends", "anticipates", "does not anticipate", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will", "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking information is based on our opinions, estimates and assumptions in light of our management's experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances, and are subject to risks and uncertainties. Although we believe that the assumptions underlying these statements are reasonable, they may prove to be incorrect and there can be no assurance that actual results will be consistent with the forward-looking information. Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors. When relying on forward-looking information to make decisions, we caution readers not to place undue reliance on such forward-looking information, as forward-looking information involves significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking information. All of the forward-looking information contained in this presentation is expressly qualified by the foregoing cautionary statements. Market or Industry Data Market and industry data presented throughout this presentation was obtained from third-party sources and industry reports and publications, websites and other publicly available information, as well as industry and other data prepared by us or on our behalf on the basis of management's knowledge of the markets in which we operate, including information provided by suppliers, partners, customers and other industry participants. We believe that the market and industry data presented throughout this presentation is accurate and, with respect to data prepared by us or on our behalf, that management's estimates and assumptions are currently appropriate and reasonable, but there can be no assurance as to the accuracy or completeness thereof. The accuracy and completeness of the market and industry data presented throughout this presentation are not guaranteed and neither we nor any of the Underwriters make any representation as to the accuracy of such data. Actual outcomes may vary materially from those forecast in such reports or publications, and the prospect for material variation can be expected to increase as the length of the forecast period increases. Although we believe it to be reliable, neither we nor any of the Underwriters have independently verified any of the data from third-party sources referred to in this presentation, analyzed or verified the underlying studies or surveys relied upon or referred to by such sources, or ascertained the underlying market, economic and other assumptions relied upon by such sources. Trademarks We own or have the rights to use various trademarks, service marks and trade names referred to in this presentation. Solely for convenience, the Company's trade-marks, trade names and copyrighted material referred to in this presentation may appear without the TM, Ⓡ or symbol, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, its rights to these trade-marks, trade names and copyrights. All other trade-marks used in this presentation are the property of their respective owners.#3Our Mission To be Canada's preferred pet retailer delivering the products, care, expertise, and memorable moments that devoted pet lovers want... locally in stores and everywhere online pet valu your pet your store#4Pet Valu is Canada's largest specialty pet retailer... Unrivaled network with 616 stores across 9 provinces pet valu صر 16% 1. 15% 12% #1 Market share (1) in Canadian pet industry 8% 6% 5% 4% 4% 2% 2% 1% <1% PETSMART Walmart COSTCO Loblaw WHOLESALE COMPANIES LIMITCO GLOBAL PET FOODS m amazon CANADIAN TIRE metro Ren's Pets Chico mondou your pet pet valu your Source: Fusion Analytics, 2020 Canadian Pet Spend Market Share 3#5...in the fast-growing, recession-resistant pet products industry pet eu Growing number of pet owners; ~64% of Households (1) COVID-19 accelerated this trend, with many Canadian pet owners acquiring a new pet as evidenced by an acceleration in Canadian pet care spend of +10% in 2020 Highest value customer segment is fastest growing The Devoted Pet Lovers segment has grown to 41% of Canadian households in 2020 (+6% since 2019)(2) Increasing spend driven by humanization of pets 83% of Canadian pet owners consider their pets to be part of their family (1) 9/11 $7.6 '94-'16 CAGR: 6% I Recession I $3.2 +10% Growth in 2020 '16 '20 CAGR: 9% $10.6 $4.1 $2.2 $0.7 $6.5 $4.4 $1.6 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ■Pets and Pet Food Spend Veterinary and Other Pet Services Note: figures in C$ billions Source: Statistics Canada. Table 36-10-0225-01 Detailed household final consumption expenditure, provincial and territorial, annual; Canadian Pet Industry Spend, by Category Fusion Analytics - State of Union 2020; 64% of Canadian households own at least one dog or cat 1. 2. roundpeg Customer Study, January 2021 and Customer Study, January 2019 4#6We operate a highly flexible, franchise-led store model... pet valu petvalu your pet your store Locally Owned Franchise Network 386 locations (~63%) Franchisees live and invest in their community ✓ Average franchisee tenure of ~9 years with less than 5% annual turnover Owner-operator model with limited concentration 66% and 23% of franchisees owning just one or two stores, respectively Attractive franchisee store economics Average 4-Wall EBITDA of ~$155,000 per store or 10.4% margin (1) Low investment cost; Sales to investment ratio of ~3.7x(2) ✓ Corporate Core 230 locations (~37%) Rapidly innovate our product and service offering Develop and standardize leading practices Accelerate the roll-out of critical operational changes to franchisees Our dedicated corporate store managers average ~5 years of tenure and foster local connection Flexibility to invest in competitive real estate markets pet vall your pet-your store your pet your store INV pet valu pet pet valu your pet your store pet valu your pet your store Note: 4-Wall EBITDA is a non-IFRS measure 1. 2. Represents Fiscal 2020 performance for 305 franchised stores open for at least 12 months; 4-Wall EBITDA Margin defined as 4-Wall EBITDA for a corporate-owned or franchised store divided by the corporate-owned or franchised store's retail sales Calculated by dividing the 2020 AUV of $1.46 million by the average investment cost of $400,000 5#7...with small, adaptable formats to fit local market needs ✓ Adaptable small store footprint to meet local real estate availability ✓ Adjust overall store layout, packaging sizes, and product mix to local market tastes ✓ Exceptional store economics across market types including urban, suburban and rural markets We operate four additional banners which are deeply embedded in their respective communities Same-Store Sales Growth (1) 5-Year Average ~13% Rural/Fringe ~9% Suburban ~7% Urban/Metropolitan Across Canada (2) petvalu your pet your store ~81% of footprint Note: Same-store sales growth is a operating metric commonly used in the retail industry 1. 2. FY2015 FY2020; only inclusive of stores open for at least 24 months Excluding Northwest Territories, Yukon, Nunavut and Quebec Our Banners 6 British Columbia bösley's Tisol BY PET VALU ~17% of footprint Ontario Paulmac's Pets ~3% of footprint Total Pet pet valu#8Our compelling and engaging retail experiences set us apart... tra Welcoming store environment Serves customers making a quick stop or those looking for high-touch engagement and service performstrin Look for Perpetually upgrading stores over these icon 10 years old on the she Expert, Compassionate Advice Highly engaging Animal Care Expertstra (ACES) balance safety, compassion, expertise and efficiency 18+ hours of rigorous training in nutrition, care, wellness, customer service & selling skills pet valu Premium consumables offering; strong proprietary brands Premium consumables- focused offering drives Orijen ~70% of product sales Broad assortment of national brands, complemented by award-winning proprietary brands, consisting of 1,500 products composing ~30% of product sales Taste of the Wild ACANA performatrin ADULT Ultra PRAIRIE STEW Inviting in-store services ~60% of stores offer self-service dog wash bays and ~35% offer grooming salons Significant growth opportunity with only ~20% offering both Strong and growing customer loyalty program Over 1.6 million active loyalty members as of Q2 2021 Over 60% of system-wide sales from loyalty members in Q2 2021 Loyalty transactions are 72% higher average basket Stores with both services have ~18% higher AUV Note: AUV or Average Unit Volume is a non-IFRS measure; Active loyalty membership based on transaction history in the LTM. 7 Your Rewards petvalu Pace Integrated omni-channel capabilities Invested over $25M since 2019 Shop Ahead launched in May '20 (order online/by phone, then pay/pick-up at nearest store) Ultra Rolled out direct-to-customer e-commerce site Aug '20-Feb '21 tra Limited Fully integrated Click-and-Collect rollout to be completed in Q3 2021#9pet valu ...making us the local pet authority for Canadian pet lovers SAFETY COMPASSION Our FOUR PAWS ✓ ACEs love the brand and culture We hire for compassion and develop the skills and expertise Our combination of products, care, expertise and "Memorable Moments" position us as the local authority ✓ Deeply committed to supporting pets across Canada Donated $19 million to local animal shelters and pet rescues over the last 10 years Aided 37,000 homeless pets in finding their forever homes EXPERTISE EFFICIENCY Sisting Canadians with a medical or physical dis performiti Dog Guides at no cost performan Ultra Ult ■ National Feeding Sponsor for the Lions Foundation of Canada Dog Guides Program 80 CHICKENS BROWN RICE REOPE PUPPY#10Our formula for Continued Growth Resilient and Growing Pet Industry Underpinning Future Growth pet valu 1 Expand Our Store Network 2 Drive Same-Store Sales Growth Enhance 3 Operating Margin Opportunity to nearly double store count in 15-20 years Build on historically strong long-term trends Note: Same-store sales growth is an operating metric commonly used in the retail industry petvalu your pet. your store Leverage recent investments in modernizing systems#111 Expanding our store network Strong Net Store Growth... 3-4% CAGR ...with Significant Whitespace... pet valu Opportunity to double store count (¹) in 15-20 years 800+ formal franchising inquiries in FY2020 630-635 605 587 564 572 531 232 227 225 224 214 317 339 348 360 373 2016 2017 2018 ■ Franchise 2019 Corporate 2020 2021 Guidance ...and Strong Store Economics +99% of stores with positive 4-Wall EBITDA Margin (2) Payback period (3) of 2 - 4 years with cash-on-cash returns of 35 - 70%+(4) Note: Adjusted EBITDA and cash-on-cash returns are non-IFRS measures. See Slide 50 for a reconciliation of Adjusted EBITDA to net income, an IFRS measure Assessment of whitespace opportunity informed by local demographic characteristics, population growth rates, trade area analysis, projected commercial real estate development trends and historical sales performance data FY2020; includes corporate-owned stores open for at least 24 months. Management believes that the percentage of corporate stores that are profitable is a good indicator of the profitability of franchised stores that have matured past their initial break-even point, based on management's ability to make reasonably accurate assumptions on the average profitability of all franchised stores using 4-Wall EBITDA, combined with the low franchise turnover rate and high franchise renewal rates. Payback period defined as the time period required for cumulative 4-Wall EBITDA to equal total investment cost of $400,000 for franchised stores and $360,000 for corporate-owned stores 1. 2. 3. 4. Calculated as the average Fiscal 2020 4-Wall EBITDA divided by the average current investment cost of $400,000 for franchise stores and $360,000 for corporate-owned stores 10#122 Driving same-store sales growth Long History of Attractive Same-Store Sales Growth... ~10% SSSG over the last five years with consistent performance across store vintages 14% 11% 8% 7% 11% >10% pet valu ...with Multiple Proven Strategies for Continued Growth Embedded growth from maturation of new stores Growth in loyalty enabled by digital investments Continued excellence in merchandising Continued growth in omni-channel penetration 2016 2017 2018 2019 2020 System- 2021 Guidance Expand our service offering to more of our stores Wide Sales ~27% ~15% ~10% ~9% ~14% (YoY Growth) Industry (1) ~6% ~7% ~8% ~8% ~10% (YoY Growth) Refresh and remodel existing footprint - renovated stores have historically seen a +20% sales uplift in year 1 Δ +21% +8% +2% +1% +4% Note: System-wide sales and same-store sales growth are operating metrics commonly used in the retail industry 1. Source: Statistics Canada. Table 36-10-0225-01 Detailed household final consumption expenditure, provincial and territorial, annual; Canadian Pet Industry Spend, by Category 11#133 Enhancing operating margins through proven initiatives ☑ K لا pet valu Purchasing Strength From Procurement ✓ 90%+ of products for Pet Valu stores fulfilled by our own distribution infrastructure ✓ Long-standing relationships with a diverse base of suppliers Increased Proprietary Brand Penetration ✓ +1,200bps margin vs national brands ✓ Greater than 30% penetration ✓ Underpenetrated hardline mix relative to global benchmarks Improved Labour Efficiency ✓ Upgraded customer service model ✓ Process improvement reallocating minutes from tasks to selling Increased Corporate SG&A Leverage ✓ $25MM+ invested in technology since 2019 ✓ IT & data analytics capabilities ✓ Inventory fulfillment tools 12#14Robust financial track record pelu Revenue (C$ millions) Adj. EBITDA & Margin (C$ millions) 13% CAGR 13% CAGR $648 $715 $529 $574 $162 $144 $121 $132 23% 22% 23% 23% 2018 2019 2020 Q2 2021 (TTM) 2018 2019 2020 Q2 2021 (TTM) Adj. Net Income & Margin (1) (C$ millions) Free Cash Flow & Conversion (2) (C$ millions) 57% CAGR $43 $35 $75 21% CAGR $86 $109 $20 $14 6% 76% 5% 65% 62% 4% 3% 2018 2019 2020 Q2 2021 (TTM) 2018 Note: Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Free Cash Flow are non-IFRS measures; Q2 2021 (TTM) reflects sum of four quarter between Q3 2020 and Q2 2021 Adjusted Net Income Margin defined as Adjusted Net Income divided by total sales and revenue Conversion defined as Free Cash Flow divided by Adjusted EBITDA for the applicable period 1. 2. 13 2019 2020#15Competitive strengths and strategic differentiation Market Leader in Canada's Pet Industry 2 Broad Customer Reach Including Canada's Highest Value Pet Owners 3 Local and Welcoming Retail Experience 4 Strong and Growing Customer Loyalty 5 Highly Flexible, Franchise-Led Operating Model Canada's Local Pet Authority with Strong 6 Culture and Proven Management Team 14#16Proven leadership team driven by culture of excellence Richard Maltsbarger President and Chief Executive Officer Joined Pet Valu: 2018 Industry Experience: 25 years Jim Grady Chief Financial Officer Joined Pet Valu: 2017 Industry Experience: 26 years Kendalee Mackay Chief Merchant Officer Joined Pet Valu: 2020 Industry Experience: 25 years etv gut get-ye Brian McIntosh VP, Fulfillment & Delivery Joined Pet Valu: 2019 Industry Experience: 26 years Chris Schultz Chief Information Officer Christine Bevilacqua Chief Administrative Officer Joined Pet Valu: 2002 Industry Experience: 28 years Adam Woodward VP, Franchise Store Operations Joined Pet Valu: 2011 Industry Experience: 25 years Joined Pet Valu: 2017 Industry Experience: 35 years Previous Experience Office Loblaw (ULTA LOWE'S the co-operators® DEPOT COMPANIES LIMITED BEAUTY 15 pet valu Tanbir Grover Chief Marketing and Digital Officer Joined Pet Valu: 2020 Industry Experience: 16 years Gaylyn Craig VP, Corporate Store Operations Joined Pet Valu: 2014 Industry Experience: 25 years Catherine Johnston General Counsel & Chief Legal Officer Joined Pet Valu: 2021 Industry Experience: 21 years TM SHOPPERS DRUG MART#17pet valu your pet - your store DogWash CANADA A TASTE OF CANADA tra istra