Pet Retail Market and Valuation Outlook

Appendix 21 六 97 63 21. Projection: How do we see Petz' expansion? Number of Stores We see Petz growing in these regions... 175 340 480 SP: Saturated but still with growth opportunities... 17' 18' 19' 20' 21E 22E 23E 24E 25E 26E 27E 28E 29E 30E Average Store Area RJ, MG & ES: Large market where Petz may grow quickly 1230 957 - 897 821 17' 18' Source: Team 7 19' 20' 21E 22E 23E 24E 25E 26E 27E 28E 29E 30E Northeast: Growing market with huge white space

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