Pet Retail Market and Valuation Outlook

111 32. Unraveling Local Competition Capitalization We see that capitalization is essential for pet companies to expand. In this aspect we see Petz's high cash flow as a differential point. We see almost BRL 3 bn in the IPO and another BRL 779 in its most recent follow on, while its competitors Cobasi and Petlove raised respectively BRL 300 bn and BRL 750 mn. Smaller companies like PetCamp are raising around BRL 100 mn. Omnichannel We see that Petz (and also Cobasi) have a more developed omnichannel because of their better expansion and having a strong position in digital. In this aspect, we see that the more regional megastores are one step behind the national ones. Ecosystem Finally, we see that Petz has the advantage over all players in the industry with its robust and well- developed ecosystem, which leaves the company one step ahead of the rest. Brazil Journal Negócios Daytrade Negócios Economia BR Partners investe na PetCamp, 'a Petz do interior' 25 de Novembro de 2021 Brazil Journal Negócios Daytrade Negócios Economia Família Jereissati compra 20% da Petland 1 de Dezembro de 2021 Appendix 32 Source: Team 7

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