Pet Retail Market and Valuation Outlook

Appendix 44 133 44. Tornado Analysis Tornado Analysis Total Store Opening -BRL 2.7 Digital Penetration Mature SSS Private Label Penetration CAPEX per sqm Gross Margin (excl. Private Label) Source: Team 7 -BRL 1.5 BRL 25.4 -BRL 1.1 BRL 1.1 -BRL 0.8 BRL 1.2 BRL 1.6 -BRL 0.4 BRL 0.3 -BRL 0.2 BRL 0.2 Valuation is more sensitive to Private Label penetration -5% 5% BRL 3.4

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