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1 1

Investor Presentation February 2016

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Investment case & overview

2

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3

Who we are – differentiated offering

One stop shop: store, vet & groomer

Strong private labels & own brands

Wide product range, frequent innovation

Seamless shopping across stores & omnichannel

Industry leading colleague retention & engagement

Targeting 500 stores, 700 vet practices, 350 in-store groomers

Leading in fast growth, high margin market segments such as Advanced Nutrition & pet services

>4m VIP loyalty card members enabling highly targeted merchandise & services cross-selling

Trusted brands, underpinned by the shared love of pets between

customers & colleagues

UK pet market – clear leader Growth - multiple levers

More stores than the 5 closest competitors combined

UK’s largest vet & grooming services provider

Pets at Home taking market share across all categories

Pet market has consistently outgrown UK retail

Market transition to online slow but steady

Vet Group

413 stores

359 practices

4 stores + groomer

2 referral hospitals

Website + store

Immature pet services business fast growing with higher operating margins

201 groomers

3

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4 FY14: FY15:

CROIC FCF conversion

Dividend Cover Leverage

21.7% 22.6%

84% 77%

N/A 2.5x

2.3x 1.6x

FY15 Underlying EBITDA £121.3m, margin 16.6% FY15 Revenue £729.1m

91%

9%

Merchandise

Pet Services

54% 46%

Food Accessories

45% 55%

Vet services fee income

Other Services (Grooming salons, insurance, pet sales)

Pet Services (still immature)

Merchandise

Higher than Group

Lower than Group

Group EBITDA margin hierarchy

Vet services EBITDA margin is accretive Growing participation supports investment in the Group

£666.1m

£63.0m

£306.8m

£359.3m

£34.8m

£28.2m

50% 55% 60% 65% 70% 75% 80%

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

Incremental EBITDA margin from new vet practices

4

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UK pet market

5

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The pet market continues to grow ahead of general retail Strongest growth in Advanced Nutrition, Treats & Services

6

£5.7bn £6.1bn CAGR 3.5%

4.1%

5.3%

3.8%

1.9%

14.0% 10.4%

0.4%

2.0%

UK retail CAGR 1.5%

2012-14 CAGR

Source: OC&C Strategy Consultants

Vet services

Grooming

Insurance

Health & Hygiene

Advanced Nutrition Treats

Other food

Other accessories

2012 2014

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Channel shift in the pet market has been evolutionary, not revolutionary

7

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%

Personal Accessories

DIY/Gardening

Health & Beauty

UK Grocery

Pet Products

Furniture

Consumer Healthcare

Homewares

Clothing/Footwear

Toys/Games

Consumer Appliances

Electronics

Health & Hygiene Small, fits through letterbox

Advanced Nutrition Branded, higher price point

Large accessories Considered, infrequent purchase

The highest growth categories

Source: OC&C 2015 Includes C&C spend

Online participation of retail categories

Over 50% of the online pet market is low growth, low margin grocery food

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Transition of market to online consistent with our expectations Click & Collect outgrowing home delivery

8

£215m £263m

£9m

£16m

2012 2014

Click & Collect Home delivery

Online participation increased at <1% per annum & is expected to continue at this rate

Source: OC&C data.

10.7%

37.9%

CAGR 11.8%

£224m

£279m

7.3% 8.6% Online participation of pet market

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We have taken share across all segments

9

12% 14%

75% 72%

5% 3%

1% 3% 7% 9%

2012 2014

44% 53%

47% 35%

9% 12%

2012 2014

Food & Treats* +2% share

Advanced Nutrition +9% share

Vet Services +3% share

Accessories +3% share

33% 36%

17% 17%

22% 22%

9% 11%

20% 15%

2012 2014

Source: OC&C data. Vet corporates include CVS, Medivet and Independent Vetcare (IVC) * Total Food including grocery & Advanced Nutrition

Pets at Home Grocers Pet specialists (Incl. vets)

Online specialists Other Vet corporates Vet independents

6% 9%

11% 13%

83% 78%

2012 2014

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We are growing our share online as well as offline

10 Source: OC&C 2014

Pets at Home online market share

-

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

Advanced Nutrition Large Accessories Health & Hygiene

2012

2014

2012 2014

2012 2014

Online market share Total market share (online & offline)

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Headroom for growth in UK, and a defensible position for Pets at Home, given US comparison

UK vs US Key Statistics 2014

! Premium food (eg Advanced Nutrition, Organic, Grain Free, ‘Bridging’ brands)

! Accessories range (breadth, depth & innovation)

! Grooming services

Opportunities for Pets at Home

! Higher pet penetration

! Lower LFL food prices, but more developed premium food sector

! Higher accessories spend

! More developed demand for services

! Two scale pet specialists with significant market share (PetSmart & PetCo) – versus one in UK (Pets at Home)

Key Differences in US

11 Source: OC&C data. Includes VAT * Excludes pet services ** 2012 data

UK US

Market

Pet products market* £3.9bn £23.2bn

2008-14 CAGR 2.5% 3.7%

Dog/cat population 17.9m 146.9m

Dogs/cats per person 0.28 0.46

Market structure

% Grocers 58% 36%

% Online 8.6% 6.0%

% Top 2 pet specialists 21% 27%

Headroom for growth

% Participation AN food 11% 25%

% Participation grooming** 4% 10%

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Strategy

12

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Our strategy

Product and Innovation

Product Mix & Own Brand

Optimised Store & Pet Services

Roll Out

Strategy

Driv

ers

of C

ore

Gro

wth

Grow LFL

Grow Space

Grow Margin

VIP Club

Omnichannel

Services (Vets & Groomers)

Services Maturity

13

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Our customer: the engaged pet owner, who values range, quality & advice

14

Customer rankings of key purchase criteria from 1-5 (where 5 is most important)

2.00

3.00

4.00

5.00

Highly engaged pet owners Low engagement pet owners

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We are leveraging our unique ‘one stop shop’ proposition, with nationwide retail footprint, pet services and omni-channel offering

15

Brand awareness & visibility

Sector leading colleague expertise & qualified professionals

Customer relationships & acquisition

Best value private brands & own labels, plus exclusives

Innovation, refreshment & sourcing advantages

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£54.9m £61.3m

£20.5m

£24.5m

H1 FY15 H1 FY16

Wainwright's Other AN

13.7%

We are leading the market & growing our share in Advanced Nutrition foods

16

Recent innovation Advanced Nutrition revenues

£75.4m

£85.8m

19.8%

11.5%

Exclusively launched the 2nd largest US brand

Innovation in the form of high quality dehydrated food

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Blunt relationship

§  Customer

§  Simple pet info

§  Generic communications

§  Some pet targeting

Pet Personal

§  Advanced Nutrition

§  Prescription food

§  Tailored food offerings

§  Relevant vet benefits

§  Tailored health and hygiene

§  All key pet types / ages /

§  Breeds ...

§  3rd party services

Designed around My VIP

We are here

Developing the relationship with our VIPs, moving towards a lifetime value view of the customer

Personalised online offers & content

Repeat order reminders

Brand specific rewards

Tailored services

Pet specific content

Best value and priority for VIPS

17

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c50% of our online orders are picked up in-store

Store convenience for frequent food purchase

Stores will always be a fundamental part of our proposition

18

Vet & grooming services will never be delivered online

Live pet & grooming provides entertainment & education

Customers want to bring their pet, & talk pet with other

owners Average basket <£20, not a

natural online market

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Whilst adapting to our customers shopping habits by working towards a seamless offline & online experience

19

Order in-store kiosks

Increase extended

online product range

Order in-store via colleague

PetPads

Richer online content & imagery

Digital screens to showcase

extended range

Greater potential for

online bookings

VIP App

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Primary Practices

In-store or standalone

Extended hours

Super Surgery

24/7

CT scanner

Particular pet

specialists

Growing our veterinary business through through convenience & specialisms

20

Our primary practices can inter-refer & leverage the benefits of other Vet Partners

Primary Practices

CT scanner

Particular pet specialists

Super Surgery

In-store or standalone

Extended hours

24/7

Particular pet

specialists

Super Surgery

Super Surgery

CT scanner CT CT scanner

In-store or standalone

Extended hours

24/7

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Acquiring specialist referral hospitals to access an additional and complementary segment of the market

21

! Solidifies our specialist credentials & reputation ! Captures additional market spend ! Vertical integration ! Minimises revenue leak from primary practices

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13.36cm 0.39cm 0.43cm 13.36cm

6.03cm

5.12cm

0.76cm

1.64cm

7.20cm

8.43cm

We know that Services and omnichannel bring a strong benefit to our retail business

22

191 237 179 233 290 417

Store Other Vet, Groom, Web

Additional customer

spend

Last 12 Month VIP Club Member Spend (£)

145

Captures last 12 month VIP send to start Oct 2015. Vets consist of Companion Care practices. Accounts for total transactions including online

Visit Freq 6.9 9.5 10.0 9.3 14.1

# VIPs 2,262,418 104,682 67,739 207,688 8,490

12.7

22,812

21.4

1,183

17% 26% 40% 30% 69% 36% 81% y/y growth

Store only Store + Groomer

Store + Online

Store + Vet

Store + Vet + Groomer

Store + Vet + Online

Store + Vet + Groomer + Online

71 83 183

297

336

436

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Services will continue to underpin margin & deliver accretion in the long term

23

Store only Store + Groomer + Vet

EBITDA/sq ft from store

EBITDA/sq ft from store,

groomer & vet fee income

Combined Services

Uplift +24%

Vet rent payment to store

Store only represents mature superstores opened FY10 & earlier Store + Vet + Groomer represents mature superstores, mature vets opened in FY08 & earlier, and Groomers opened FY12 & earlier Number of stores used in analysis: Store only = 92, Store + Vet + Groomer = 9

The uplift has grown as vets & groomers mature

further

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205

130

229

413

83

132

62

120

89

87

Groom Room

Standalone Vet

In-store Vet

Stores

Existing Potential Retrofits Potential New

Current Portfolio (excludes Barkers & new formats)

Our opportunity is both large & long term: growth will be fuelled by rollout and maturity benefits for at least another 15 years

Total Potential UK Estate

Approximate time to full rollout & maturity

1

1

24

>500

>450

>250

>350

11 yrs

16 yrs

16 yrs

10 yrs

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8.43cm

H1 FY16 financials

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5.12cm

0.76cm

1.64cm

7.20cm

8.43cm

Consistently strong performance in Services Merchandise growth slowed by Health & Hygiene

Revenue £m H1 FY15 H1 FY16 Change

Merchandise

Food £188.7 £202.1 7.1%

Accessories £159.6 £160.5 0.6%

Total £348.3 £362.6 4.1%

Like-for-like 3.7% 1.0%

Services

Fee income from JV vet practices £14.8 £18.4 23.8%

Other1 £18.4 £23.5 28.2%

Total £33.2 £41.9 26.2%

Like-for-like 10.2% 10.5%

Group Total £381.5 £404.5 6.0%

Like-for-like2 4.2% 1.8%

1 Includes revenue from wholly owned Group Venture vet practices & other veterinary income,, Groom Rooms, live pet sales & insurance commission 2 Comprises total sales/fee revenue in a financial period compared to revenue achieved in a prior period, post cannibalisation, for stores, grooming salons and vets that have been trading for 52 weeks. LfL includes revenue from the Group’s online operations 26

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Gross margin expansion in both Merchandise & Services

27 H1 FY15 H1 FY16

Merchandise Services

55.9% 31.7%

Merchandise Services

56.6% 32.2%

+69 bps +49 bps

Services

Merchandise

53.8% 54.1%

0.58% (0.32)%

Increased Services mix within Group outweighs Services

margin improvement

Terms AN mix Wainwright’s Global sourcing Slower accessories growth Price investment

Maturing vets New grooming salons Northwest Surgeons Pet welfare in-store

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EBITDA margin: Services & operational efficiencies providing support for investment in colleagues & seamless shopping

EBITDA margin bridge

0.12% 0.13%

0.35%

0.48%

15.1% 15.0%

H1 FY15 H1 FY16

Operational leverage

IFRS2 Colleagues

Seamless shopping &

systems

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8.43cm

Strong earnings growth as a result of refinancing

29

Group income statement H1 FY15 H1 FY16 Change

EBITDA 57.8 60.7 5.1%

margin (%) 15.1% 15.0% (13) bps

Depreciation & amortisation (11.9) (12.5) 5.0%

Net interest (5.4) (3.0)* (44.6)%

Profit before tax 40.5 45.2 11.8%

Tax (9.0)** (9.4) 5.8%

rate (%) 22.0% 20.9% (117) bps

Net income 31.5 35.8 13.4%

EPS (pence) 6.3 7.2 13.4%

DPS (pence) 1.8 2.0 11.1%

* Pre exceptional interest charge of £4.3m, associated with amortisation of fees from previous financing facility ** Pre exceptional tax credit of £4.3m

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Capital investment reflects space rollout & seamless shopping

12

Capital Investment, £m H1 FY15 H1 FY16

New stores / Groomers 5.4 4.5

Services retrofit & refurb 3.7 2.1

Other refurbishment 1.6 1.4

Systems 1.7 2.1

Other 2.3 3.6

Total 14.7 13.7

CROIC H1 FY15* H1 FY16

21.4% 22.2%

Mezzanine in DC for the extended online range Timing of wholly owned vet practices

Lower Services rollout this H1 vs prior year

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Improved FCF conversion Working capital outflow in H1 typical of our trading cycle

Cashflow, £m H1 FY15 H1 FY16 Change

EBITDA 58.6 62.3

Working capital (8.8) (8.1)

Provisions (0.2) (0.2)

Operating cashflow 49.6 54.0 8.8%

Tax (6.3) (5.3)

Interest cost & debt issuance (5.2) (5.0)

Capex (cash) (14.6) (14.7)

Other** (1.2) 0.5

Free cashflow 22.3 29.5 32.3%

Conversion 38.0% 47.3% 929 bps

31

Cash working cap, £m H1 FY15 H1 FY16

Inventories (5.8) (11.5)

Trade & other receivables (5.9) (3.0)

Trade & other payables 3.0* 6.4

Working capital (8.8) (8.1)

* Excludes £25.2m in IPO related payables **Other: represents movements in investments and interest income, and disposals

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£10,000

£30,000

£50,000

£70,000

£90,000

£110,000

£130,000

£150,000

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Every new practice adds c£22,000 to our cost base

Increasing margin leverage to come as vet practices and Groom Rooms mature

Groom Room economics located in-store Vet practice economics located in-store

32

! Vet practices take c7 years to mature ! 74% of vet practices less than 7 years old

! Groom Rooms take c5 years to mature ! 84% of Groomers less than 5 years old

EBITDA accretion & margin leverage as practices mature

Cohort of 8 Groom Rooms

Cohort of 8 Companion Care practices

-10%

0%

10%

20%

30%

£-

£40,000

£80,000

£120,000

Year 1 Year 2 Year 3 Year 4

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£57.8m

£60.7m

H1 FY15 H1 FY16

£33.8m

£38.7m

H1 FY15 H1 FY16

6.3p

7.2p

H1 FY15 H1 FY16

£381.5m

£404.5m

H1 FY15 H1 FY16

Summary of financial KPIs

EPS & Dividend Payout Ratio

Revenue & Like-For-Like Growth

4.2% 1.8%

EBITDA & Margin

FCF & Conversion

15.1% 15.0%

29% 28% 38.0% 47.3%

33

£22.3m

£29.5m

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Financial definitions

Like-for-like ‘Like-for-Like’ sales growth comprises total sales/fee revenue in a financial period compared to revenue achieved in a prior period, post cannibalisation, for stores, grooming salons and vets that have been trading for 52 weeks. LfL includes revenue from the Group’s online operations Free cashflow Free Cashflow is defined as net cash from operating activities, less net cash used in investing activities, less interest paid & debt issue costs, and is stated before cash flows for exceptional costs and acquisitions of subsidiaries CROIC Represents cash returns divided by the average of gross capital (GCI) invested for the last twelve months and GCI for the last twelve months. Cash returns represent underlying EBITDA less depreciation & amortisation, plus rental charges, reduced by tax equivalent to the corporate tax rate, plus depreciation and amortisation. GCI represents Gross Property, Plant and Equipment plus Software and other intangibles excluding the goodwill created on the acquisition of the group by KKR (£906,445,000) plus net working capital plus rent multiplied by a factor to impute the commitment of the group to its rental obligation. A multiple of 8 has been used.

34