Marketplace Expansion and Ammunition Innovation

Competitive Landscape Competition Positioning ammo INCORPORATED FEDERAL PREMIUM Remington® AMMUNITION Lellier & Bellot §. • Ammo division stock split from outdoor group - Strong Performer but heavy overhead with cost of Remington • Predatory Pricing, consistently lowest price on market with PMC • Market Leader on 223/5.56 with offset cost from LC WINCHESTER AMMUNITION H Hornady JL FIOCCHI PMC AMMUT SIERRA BARNES The Bulletsmiths® OPTIMIZED FOR YOUR TARGET™ • High Quality, Seen as market leader for innovation • • Strong Shotshell sales, declining Centerfire market sales Predatory Pricing. Low price leader with S&B • Premium Bullet Manufacturer making its way into Ammo Nasdaq POWW 19

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