Pet Retail Market and Valuation Outlook

Appendix 38 六 124 38. E-commerce: App (B) Monthly Active App Users on the Last 2-Y Petz Cobasi Petlove Estimated CAC per Year 4.0 M 0.97 3.5 M 3.0 M 15-M Delay 2.5 M 2.0 M 1.5 M I I 0.78 0.58 1.0 M 0.5 M 0.0 M 10/19 01/20 04/20 07/20 10/20 01/21 04/21 07/21 10/21 18' 19' 20' Source: SimilarWeb; Team 7

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