Pet Retail Market and Valuation Outlook

Appendix 45 134 | 45. Return Projections ROA, ROE and Operational ROIC ROIC Tree of our Projections • ROA ROE •Operational ROIC 10% 33.2% 9% 29.7% 2020 8% Margin Pressure 7% 14.4% 13.0% NOPAT Margin Top-Line Growth 6% 2030 5% 4% 3% 2% 7.0% 5.9% 3.6% 3% 1% 0% 2.0x 2.5x 3.0x 3.5x 4.0x 2017 2019 2021 2023 2025 2027 2029 Invested Capital Turnover Source: Team 7

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