Pet Retail Market and Valuation Outlook

Appendix 21 Into a Time Interval Source: Team 7 98 21. How do we project maturation curve? Maturation per Store 65% 85% 95% 100% First Year Second Year Third Year Fourth Year 100% 90% 75% 33% Year X Year X + 1 Year X + 2 Year X + 3 17' 18' 19' 20' 21E 22E 23E 24E 25E 26E 27E 28E 29E 30E 2030 stores 2029 stores 2028 stores 2027 stores 2026 stores 2025 stores 2024 stores 2023 stores 2022 stores 2021 stores 2020 stores 2019 stores 2018 stores 2017 stores ■Previous years

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