Investor Presentation

1 Expanding our store network Strong Net Store Growth... 3-4% CAGR ...with Significant Whitespace... pet valu Opportunity to double store count (¹) in 15-20 years 800+ formal franchising inquiries in FY2020 630-635 605 587 564 572 531 232 227 225 224 214 317 339 348 360 373 2016 2017 2018 ■ Franchise 2019 Corporate 2020 2021 Guidance ...and Strong Store Economics +99% of stores with positive 4-Wall EBITDA Margin (2) Payback period (3) of 2 - 4 years with cash-on-cash returns of 35 - 70%+(4) Note: Adjusted EBITDA and cash-on-cash returns are non-IFRS measures. See Slide 50 for a reconciliation of Adjusted EBITDA to net income, an IFRS measure Assessment of whitespace opportunity informed by local demographic characteristics, population growth rates, trade area analysis, projected commercial real estate development trends and historical sales performance data FY2020; includes corporate-owned stores open for at least 24 months. Management believes that the percentage of corporate stores that are profitable is a good indicator of the profitability of franchised stores that have matured past their initial break-even point, based on management's ability to make reasonably accurate assumptions on the average profitability of all franchised stores using 4-Wall EBITDA, combined with the low franchise turnover rate and high franchise renewal rates. Payback period defined as the time period required for cumulative 4-Wall EBITDA to equal total investment cost of $400,000 for franchised stores and $360,000 for corporate-owned stores 1. 2. 3. 4. Calculated as the average Fiscal 2020 4-Wall EBITDA divided by the average current investment cost of $400,000 for franchise stores and $360,000 for corporate-owned stores 10

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