Investor Presentaiton

Separation Will Unlock Significant Value Today, VSTO trades at a significant valuation discount to peers (~5x FY24E EBITDA), even though we are on par to outperform on many key operational and financial metrics We believe aggregate valuation of the two standalone companies will be much higher than our current valuation ~$2.8B+| Valuation today ~5x FY24E EBITDA FY20-FY24E CAGR³ FY24E Market EV/FY24E EBITDA Multiples Revenue Adj. EBITDA Adj. EBITDA % VSTO OP 12% 20% 13% Outdoor Products Double-digit $175M FY24E Adj. EBITDA¹ OP Peers² 14% 14% 16% VSTO SP 15% 48% 27% Sporting Products $409M FY24E Adj. EBITDA¹ Mid-single digit SP Peers² 4% 10% 19% Outdoor Products Diversified and high growth end markets Clean capital structure Accretive M&A Sporting Products Market leadership and operational scale Strong free cash flow generation Focused on debt repayment and capital return to shareholders Separation Into Two Industry-leading Companies Two focused, industry leading companies without the conglomerate overhang Each as industry-leading platforms, with their own competitive advantages and leadership economics Allows for clearer benchmarking to the right industry peers, and the expansion of our investor community Source: CapitallQ as of August 1st, 2023 OP Comps include Yeti Fox Factory, Topgolf Callaway, Thule Traeger, Acushnet, Helen of Troy; SP Comps include Olin, Sturm Ruger & Company, Smith & Wesson Excludes EBITDA related to Corporate expenses (1) (2) (3) Peer Group Revenue and EBITDA CAGRS are calculated utilizing simple median of the Peer Group for each segment Reflects FY20-FY24E CAGR for VSTO Segments and is Pro Forma to exclude Savage Arms Sales and EBITDA. Peer Group CAGRS are reflected from CY19-CY23E O VISTA OUTDOOR 18

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