Investor Presentation

Disclaimer pet valu This presentation is qualified in its entirety by reference to, and must be read in conjunction with, the information contained in the amended and restated preliminary prospectus, as well as Pet Valu's Management Discussion and Analysis that accompanies the financial statements for the 13-weeks and 26-weeks ended July 3, 2021 (the "MD&A"). Neither Pet Valu Holdings Ltd. (the "Company", "Pet Valu", "our" or "we") nor any of the underwriters for the offering (collectively, the "Underwriters") has authorized anyone to provide prospective investors with different or additional information from the information contained in the amended and restated preliminary prospectus and MD&A. The information contained at www.petvalu.ca is not intended to be included in this presentation, and prospective investors should not rely on such information when deciding whether or not to invest in the securities. Any graphs, tables or other information demonstrating our historical performance, or the performance of any other entity, contained in this presentation are intended only to illustrate past performance and are not necessarily indicative of our future performance or the future performance of such entities. The Company and the Underwriters take no responsibility for, and provide no assurance as to the reliability of, any other information that others may provide to you. No securities regulatory authority has expressed an opinion about the securities described herein and it is an offence to claim otherwise. Capitalized terms used herein that are not otherwise defined have the meanings ascribed to such terms in the amended and restated preliminary prospectus. The amended and restated preliminary prospectus constitutes a public offering of securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities. The securities offered hereby have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States (as such term is defined in Regulation S under the U.S. Securities Act) (the "United States") and may not be offered, sold or delivered, directly or indirectly, in the United States, except pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This presentation does not constitute an offer to sell or solicitation of an offer to buy any of these securities in the United States. This presentation does not provide full disclosure of all material facts relating to the Company, its securities or the contemplated offering and is not subject to liability for misrepresentations under applicable securities legislation. Prospective investors should not assume that the information contained in this presentation is accurate as of any date other than the date of this presentation, or where information is stated to be as of a date other than the date of this presentation, such other applicable date. Unless otherwise indicated or the context otherwise requires, all references in this presentation to the "Company", "Pet Valu", "we" or "our" refer to Pet Valu Holdings Ltd., together with, as the context requires, its subsidiaries. All references to dollars, "$" or "C$" are to Canadian dollars, and all references to "US$" are to United States dollars. Non-IFRS and Industry Metrics This presentation makes reference to certain non-International Financial Reporting Standards ("IFRS") measures. These measures are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. This presentation also makes reference to certain operating metrics that are commonly used in the retail industry, including "system-wide stores", "system-wide sales" and "same- store sales growth". These non-IFRS measures and retail industry operating metrics are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures and such retail industry metrics in the evaluation of issuers. Our management uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and to determine components of management compensation. A full description of these measures can be found in Pet Valu's Management Discussion and Analysis that accompanies the financial statements for the 13-weeks and 26-weeks ended July 3, 2021 (the "MD&A"). Pet Valu's MD&A has been filed on SEDAR (www.sedar.com) and is available under the Investor Relations section of our website (https://www.petvalu.com/ca). Forward-Looking Information This presentation contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information may relate to our future financial outlook and anticipated events or results and may include information regarding our financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, plans and objectives. Particularly, information regarding the Company's expectations of future results, performance, achievements, prospects or opportunities or the markets in which the Company operates is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "budget", "scheduled", "estimates", "outlook", "forecasts", "projection", "prospects", "strategy", "intends", "anticipates", "does not anticipate", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will", "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking information is based on our opinions, estimates and assumptions in light of our management's experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances, and are subject to risks and uncertainties. Although we believe that the assumptions underlying these statements are reasonable, they may prove to be incorrect and there can be no assurance that actual results will be consistent with the forward-looking information. Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors. When relying on forward-looking information to make decisions, we caution readers not to place undue reliance on such forward-looking information, as forward-looking information involves significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking information. All of the forward-looking information contained in this presentation is expressly qualified by the foregoing cautionary statements. Market or Industry Data Market and industry data presented throughout this presentation was obtained from third-party sources and industry reports and publications, websites and other publicly available information, as well as industry and other data prepared by us or on our behalf on the basis of management's knowledge of the markets in which we operate, including information provided by suppliers, partners, customers and other industry participants. We believe that the market and industry data presented throughout this presentation is accurate and, with respect to data prepared by us or on our behalf, that management's estimates and assumptions are currently appropriate and reasonable, but there can be no assurance as to the accuracy or completeness thereof. The accuracy and completeness of the market and industry data presented throughout this presentation are not guaranteed and neither we nor any of the Underwriters make any representation as to the accuracy of such data. Actual outcomes may vary materially from those forecast in such reports or publications, and the prospect for material variation can be expected to increase as the length of the forecast period increases. Although we believe it to be reliable, neither we nor any of the Underwriters have independently verified any of the data from third-party sources referred to in this presentation, analyzed or verified the underlying studies or surveys relied upon or referred to by such sources, or ascertained the underlying market, economic and other assumptions relied upon by such sources. Trademarks We own or have the rights to use various trademarks, service marks and trade names referred to in this presentation. Solely for convenience, the Company's trade-marks, trade names and copyrighted material referred to in this presentation may appear without the TM, Ⓡ or symbol, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, its rights to these trade-marks, trade names and copyrights. All other trade-marks used in this presentation are the property of their respective owners.