Pet Retail Market and Valuation Outlook

Appendix 4 75 | 4. Revenue Build Up (C): Our SSS projections *0 SSS Mature Stores Based on data from 2017 to 2020, we can see the existence of an 84.5% correlation between actual industry growth and SSS for mature stores. Therefore, we use industry growth estimates to estimate Petz's SSS, given its competitive advantages. We premissed revenue per store area, folllowing SSS for mature stores projections; 30% 25% 20% 15% 10% 5% SSS Correlation 0% 6% 7% 8% 9% 10% 11% 12% Real Industry Growth 13% 14% Source: Team 7 Revenue per m² projections Revenue per sqm Mature SSS [%] 21.8 8.7% 20.5 19.3 8.0% 18.3 17.4 16.4 15.1 13.9 12.9 6.1% 11.9 11.0 20' 21E 22E 23E 24E 25E 26E 27E 28E 29E 30E

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