Financial Review Franchise Group Inc.

Pet Supplies Plus Founded: 1988 | Headquarters: Livonia, Michigan Company description • Pet Supplies Plus is a leading US pet care franchisor with PSP store footprint • 520+ corporate and franchise stores across 34 states (58% franchised) Above-market growth over last 5 years has been enabled by PSP's differentiated in-store and online experience, strong omni-channel offering and captive distribution capabilities • Same-day delivery, BOPIS and subscription services underpins differentiated online model Offers a curated selection of premium brands, proprietary private labels and retail price parity with online players #1 pet franchisor with significant Franchised whitespace¹ Company-owned 500+ store locations 34 US states with PSP stores 3 Distribution centers 2020E PSP store footprint Franchised: 300 Company- owned: 219 Over 1,433 opportunities incremental to existing store base, plus massive independent pet franchise conversion opportunity2 Systemwide sales by category1 2020E revenue and EBITDA business mix No other franchisor has more than 110 stores in the U.S. 519 219 165 172 199 110 55 69 300 1,515 1,522 $154MM 2020E private label SSS ~25% of neighbors surveyed have used Revenue EBITDA Companion animal 13% Services & other 3% services Franchise services Corporate 3% Franchise services Corporate Dog food 34% stores 54% 12% stores 49% Cat hard goods 4% Dog hard goods 18% Cat Litter 4% Cat treats 1% Dog treats 11% O Distribution 43% Distribution 39% 1 PetPeople Betsense Hollywood ACT SUPPUKS PLUS PETSMART petco Cat food 12% ~62% of sales from high-frequency, replenishment sales Store count as of 12/31/20, excludes averages for mid-size chains (23) and independents (18); 2 Buxton Whitespace Analysis FRANCHISE GROUP INC. 12

View entire presentation