Investor Presentation

We operate a highly flexible, franchise-led store model... pet valu petvalu your pet your store Locally Owned Franchise Network 386 locations (~63%) Franchisees live and invest in their community ✓ Average franchisee tenure of ~9 years with less than 5% annual turnover Owner-operator model with limited concentration 66% and 23% of franchisees owning just one or two stores, respectively Attractive franchisee store economics Average 4-Wall EBITDA of ~$155,000 per store or 10.4% margin (1) Low investment cost; Sales to investment ratio of ~3.7x(2) ✓ Corporate Core 230 locations (~37%) Rapidly innovate our product and service offering Develop and standardize leading practices Accelerate the roll-out of critical operational changes to franchisees Our dedicated corporate store managers average ~5 years of tenure and foster local connection Flexibility to invest in competitive real estate markets pet vall your pet-your store your pet your store INV pet valu pet pet valu your pet your store pet valu your pet your store Note: 4-Wall EBITDA is a non-IFRS measure 1. 2. Represents Fiscal 2020 performance for 305 franchised stores open for at least 12 months; 4-Wall EBITDA Margin defined as 4-Wall EBITDA for a corporate-owned or franchised store divided by the corporate-owned or franchised store's retail sales Calculated by dividing the 2020 AUV of $1.46 million by the average investment cost of $400,000 5

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