Pet Retail Market and Valuation Outlook

Appendix 23 102 23. "What if?" Analysis (C) Scenario 3: Transaction's Assumptions 100-0 Scenario 1: Transaction's Assumptions 40-60 Premium per Share Petz EBIT Cobasi EBIT Synergies Pro Forma EBIT Net Interest Expense Pro Forma EBT Income Tax Expenses Pro Forma Net Income 20% 25% 30% 162,059 162,059 162,059 162,059 151,084 151,084 151,084 151,084 72,030 72,030 72,030 72,030 385,173 385,173 385,173 385,173 -58,383 -61,302 -64,221 -67,141 326,790 323,871 320,952 318,032 -111,109 -110,116 -109,124 -108,131 215,681 213,755 211,828 209,901 35% Premium per Share Scenario 2: Transaction's Assumptions 50-50 30% Petz EBIT Cobasi EBIT Synergies Pro Forma EBIT Net Interest Expense Pro Forma EBT Income Tax Expenses Pro Forma Net Income 20% 25% 35% 162,059 162,059 162,059 162,059 151,084 151,084 151,084 151,084 72,030 72,030 72,030 72,030 385,173 385,173 385,173 385,173 -58,383 -61,302 -64,221 -67,141 326,790 323,871 320,952 318,032 -111,109 -110,116 -109,124 -108,131 215,681 213,755 211,828 209,901 Premium per Share Petz EBIT Cobasi EBIT Synergies Pro Forma EBIT Net Interest Expense Pro Forma EBT Income Tax Expenses Pro Forma Net Income 20% 25% 30% 35% 162,059 162,059 162,059 162,059 151,084 151,084 151,084 151,084 72,030 72,030 72,030 72,030 385,173 385,173 385,173 385,173 -58,383 -61,302 -64,221 -67,141 326,790 323,871 320,952 318,032 -111,109 -110,116 -109,124 -108,131 215,681 213,755 211,828 209,901 Petz Net Income 95,635 95,635 95,635 95,635 Petz Net Income 95,635 95,635 95,635 95,635 Petz Net Income 95,635 95,635 95,635 95,635 Petz Shares O/S Cobasi Share O/S Pro Forma Shares O/S 393,991 434,991 434,991 434,991 29,864 29,864 29,864 29,864 423,855 423,855 423,855 423,855 Petz Shares O/S Petz Shares O/S Cobasi Share O/S Pro Forma Shares O/S 393,991 393,991 393,991 393,991 24,886 24,886 24,886 24,886 418,877 418,877 418,877 418,877 Cobasi Diluted Share O/S Pro Forma Shares O/S 393,991 393,991 393,991 393,991 36,328 37,842 39,356 40,869 430,319 431,833 433,347 434,861 Petz EPS 0.2 0.2 0.2 0.2 Petz EPS 0.2 0.2 0.2 0.2 Petz EPS 0.2 0.2 0.2 0.2 Pro Forma EPS 0.5 0.5 0.5 0.5 Pro Forma EPS 0.5 0.5 0.5 0.5 Pro Forma EPS 0.5 0.5 0.5 0.5 A/D - $ A/D-% 0.3 0.3 0.3 0.3 A/D - $ 109.6% 129.4% 127.3% 125.2% Accretive Accretive Accretive Accretive A/D-% Source: Company's Data; Diário Oficial; Team 7 0.3 0.3 0.3 0.3 A/D - $ 112.1% 110.2% 108.3% 106.4% Accretive Accretive Accretive Accretive A/D-% 0.3 0.3 0.2 0.2 106.5% 103.9% 101.4% 98.9% Accretive Accretive Accretive Accretive

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