#1YETI INVESTOR PRESENTATION | OCTOBER 2019#22 SAFE HARBOR STATEMENT Disclaimer We are not making any representations or warranties, express or implied, with respect to the information (financial, business, legal or otherwise) contained in this presentation. No person has been authorized to give any information other than that contained in this presentation. Forward-Looking Statements This presentation, as well as other written or oral communications made from time to time by us, may contain certain forward-looking statements. Forward-looking statements refer to our current expectations and projections relating to our financial condition, results of operations, plans, objectives, strategies, future performance, and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements include statements containing words such as "anticipate," "assume," "believe," "can," have," "contemplate," "continue," "could," "design," "due," "estimate," "expect," "forecast," "goal," "intend," "likely," "may," "might," "objective," "plan," "predict," "project," "potential," "seek," "should," "target," "will," "would," and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operational performance or other events. For example, all statements made relating to growth strategies, estimated and projected costs, expenditures, and growth rates, plans and objectives for future operations, growth, or initiatives, or strategies are forward-looking statements. Important factors to consider and evaluate in such forward-looking statements include, but are not limited to, those set forth under the caption "Risk Factors" and elsewhere in the reports we file with the Securities and Exchange Commission, or SEC, including, but not limited to, our ability to maintain and strengthen our brand and generate and maintain ongoing demand for our products; our ability to successfully design and develop new products; our ability to effectively manage our growth; our ability to expand into additional consumer markets, and our success in doing so; the success of our international expansion plans; our ability to compete effectively in the outdoor and recreation market and protect our brand; the level of customer spending for our products, which is sensitive to general economic conditions and other factors; problems with, or loss of, our third-party contract manufacturers and suppliers, or an inability to obtain raw materials; fluctuations in the cost and availability of raw materials, equipment, labor, and transportation and subsequent manufacturing delays or increased costs; our ability to accurately forecast demand for our products and our results of operations; our relationships with our national, regional, and independent retailers, who account for a significant portion of our sales; the impact of natural disasters and failures of our information technology on our operations and the operations of our manufacturing partners; our ability to attract and retain skilled personnel and senior management and to maintain the continued efforts of our management and key employees; the impact of our indebtedness on our ability to invest in the ongoing needs of our business; and the impact of our "controlled company" exemptions under NYSE listing standards and the expected loss of such exemptions, subject to applicable phase-in periods. These forward-looking statements are made based upon detailed assumptions and reflect management's current expectations and beliefs. While we believe that these assumptions underlying the forward-looking statements are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect actual results. Non-GAAP Financial Measures We present Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income per Diluted Share to help us describe our operating performance. We define Adjusted EBITDA as net income before interest expense, net, provision (benefit) for income taxes and depreciation and amortization, adjusted for the impact of certain other items, including: non-cash stock-based compensation expense; asset impairment charges; accelerated amortization of deferred financing fees and loss from early extinguishment of debt resulting from the early prepayment of debt; investments in new retail locations and international market expansion; transition to Cortec majority ownership; transition to the ongoing senior management team; and transition to a public company. The expenses incurred related to these transitional events include: management fees and contingent consideration related to the transition to Cortec majority ownership; severance, recruiting, and relocation costs related to the transition to our ongoing senior management team; consulting fees, recruiting fees, salaries and travel costs related to members of our Board of Directors, fees associated with Sarbanes-Oxley Act compliance, incremental audit and legal fees in connection with our transition to a public company, and costs incurred in connection with our May 2019 secondary offering. We define Adjusted Net Income as net income, adjusted for non-cash stock-based compensation expense; asset impairment charges; accelerated amortization of deferred financing fees and loss from early extinguishment of debt resulting from the early prepayment of debt; investments in new retail locations and international market expansion; transition to Cortec majority ownership; transition to the ongoing senior management team; and transition to a public company as well as including the tax impact of adjusting items. Adjusted EBITDA is not defined by accounting principles generally accepted in the United States, or GAAP, and may not be comparable to similarly titled measures reported by other entities. We use Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income per Diluted Share as a measure of profitability. Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income per Diluted Share have limitations as a profitability measure in that it does not include the interest expense on our debts, our provisions for income taxes, and the effect of our expenditures for capital assets and certain intangible assets. Our presentation of Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income per Diluted Share should not be construed as a basis to infer that our future results will be unaffected by extraordinary, unusual or non-recurring items. See Appendix for reconciliation of GAAP to Non-GAAP financial measures. YETI#3STRATEGIC PRIORITIES 1 2 3 4 EXPANDING OUR CUSTOMER BASE Unaided brand awareness has grown from 2% in 2015 to 12% in 20191 INTRODUCE NEW PRODUCTS New product expansions across both Coolers & Equipment and Drinkware Introduced new colorways in Coolers & Equipment and Drinkware ACCELERATE DTC Fastest growing and highest margin channel $92.9MM Q3 2019 Sales / +31% YoY Growth $237.2MM YTD 2019 Sales / +34% YoY Growth EXPAND INTERNATIONALLY Launched e-commerce in Europe, the United Kingdom, and New Zealand Launched wholesale in the United Kingdom Accelerated growth in Australia, Canada, and Japan 1 Represents unaided brand awareness in the premium outdoor company and brands market in the United States as reflected in our brand awareness studies. 3 YETI YETI YETI#4AT A GLANCE YETI YETI YETI VKTI LTM Q3 2019 Net Sales Coolers & Equipment 41% Other¹. 3% LTM Q3 2019 $857MM YETI YET YETI TETS 1 Other includes apparel, bottle openers, ice substitutes, and other accessories. 2 Please refer to page 27 for a reconciliation of Adjusted EBITDA to net income. 3 Per January 2019 YETI Owner Study. 4 YETI TETI Drinkware 56% KEY FINANCIAL METRICS $857MM LTM Q3 2019 Net Sales 54% 2013-2018 Net Sales CAGR ~46MM LTM Q3 2019 Traffic to YETI websites4 $172MM LTM Q3 2019 Adjusted EBITDA² KEY BUSINESS METRICS 11 >95% New Products Announced YTD 2019 4 Represents visits to YETI.com and YETIcustomshop.com. 5 Includes Facebook and Instagram as of September 28, 2019. 20% LTM Q3 2019 Adjusted EBITDA² Margin YETI Owner Referral Rate³ 2.3MM YETI Social Media Followers5 YETI#5BRAND & PRODUCT 5- BUILT FOR THE WILD k#6SIZABLE AND DIVERSE MARKET SEGMENTS 2019 ● BEACH 11 Communities 2006 YETI 1 Per October 2015 and January 2019 YETI Owner Study. SNOW 123 Ambassadors FISHING YETI CAMPFIRE YETI's Customer Base Has Expanded as Brand Awareness Has Spread Nationally New Products and Marketing Driving Attractive Shift in Demographics 64% HUNTING 2019 % Under 45¹ YETI AT PLAY YETI AT HOME 9% 2015 % Female¹ YETI AT WORK 33% 2019 % Female¹ YETI#7SIGNIFICANT BRAND FOLLOWING LARGE AND GROWING SOCIAL MEDIA PRESENCE O Followers¹ 7 patagonia THE NORTH FACE N MONCLER YETI Barbour Columbia L.L.Bean 556K 438K SHAPE Esquire 368K 300K flyfishJOURNAL 1.3MM 10 USA TODAY READERS CHOICE 1 Instagram followers as of October 22, 2019. 2 Per YETI's January 2019 Brand Tracking Study. 3.0MM GQ Best Stuff 2.6MM 4.2MM 4.2MM mindbodygreen Backcountry HUNTING WIRED Forbes ⒸOUTDOORHUB POPULAR MECHANICS GEARJUNKIE Men's Health 20% BROAD EARNED MEDIA COVERAGE 3 Heritage market region. 4 Non-heritage market region. 18% || 7% 4% DOMESTIC UNAIDED BRAND AWARENESS BY REGION² 14% REAL SIMPLE 1% East South West South East North West North Central Central Central Central TODAY 13% Gray's Sporting Journal 11% 11% FEEL 3% 1% 2% 2019 2015 3 10% 0% THE GATHERING 9% 4 1% South Pacific New Mountain Mid Atlantic Atlantic England FREESKIER bon appétit Outside Salt Water INDEPENDENT MAGAZINE The New York Times 8% BACKPACKER BRIT+CO (29 REFINERY29 SPORTSMAN 1% GEAR PATROL YETI