confidential market update pet...

Allegiance Capital Corporation

CONFIDENTIAL MARKET UPDATEPET PRODUCTS

M&A Advisors for Privately-held Companies

September 2020

Confidential Industry Update – Pet Products

Industry Overview

The Pet Industry consists of the products as well asservices that keep pets alive and comfortable. Theseinclude food, toys, training products, beds, cages,healthcare, etc.

Updated per the pandemic, US pet industry sales areexpected to decline by ~18.0% in 2020, compared withthe 5.0% growth projected prior to the pandemic,translating to a drop from $95.0 billion in 2019 sales to$78.5 billion in 2020.

Pre-Covid, consumers had shifted preferences towardspremium priced products and expensive veterinarycare resulting in $29.3 billion in US pet industryspending in 2019. We believe that results through yearend will be required to ascertain whether thepremium split is retained. Today, pet food remainsthe majority of the industry revenue, accounting for$36.9 billion (~38.6%) in 2019.

Almost 85.0 million household have a pet and over thelast 30 years pet ownership has grown from 56.0% to67.0% of all households. Some of the changes in petownership are due to technology and the advent ofonline purchasing.

Dog ownership rates notched up slightly to ~50.0% ofhouseholds and kept advancing, while cat ownershiprates maintained their longer-term pattern of ~25.0%of household’s. On the upside, millions adapting toworking from home, social distancing and self-isolation, by seeking out the new pets to keepthemselves or their kids' company.

These healthy industry fundamentals and trendsincluding have fueled the rise in appetite for pet andanimal care investments. As digitally native brandsfoster increasing market share, the online pet foodand pet supply market has become increasinglyfragmented, with the number of firms rising at aCAGR~12.2% over the five year to 2019.

➢ E-Commerce and the Internet: The Internetrepresents the fastest growth channel for the petproduct sales. The sales of the pet products soldonline is expected to double by 2022.

➢ Millennials: A market altering force of their own:Affluent millennial pet owners represent a petmarket consumer segment offering exceptionalopportunities for marketers of pet products andservices.

➢ Digital Veterinary and Pet Health: Expectsubstantial activity and advancement in internet-based platform solutions that assist veterinaryprofessionals and digital health applications anddevices that make it easier for pet owners tomonitor their pets’ health.

➢ Food Formulated for age and weight: Often takingtheir cues from human food trends, pet foodmarketers continue to innovate in the areas ofweight loss and senior functional foods.

Market Trends and Drivers

US Pet Industry – Overview and Outlook

Supportive industry dynamics: 71% and 68% of dogand cat owners, respectively enjoy buying productsthat pamper their pet (Packaged Facts, August 2018)

Online retailers are well positioned to continue gainsin share and sales. The pre-Covid surge in pet productinternet sales spurred a massive pet marketinvestment in e-commerce logistics, bolstering thesupply chain in the coming months.

This advantage is doubly important because the shiftto e-commerce has grown the overall pet productssector, and not merely cannibalized sales from brick-and-mortar. Overall online share of pet product salesare expected to reach ~24.0% by 2020 and ~27.0% by2024.

Two major players in the pet food e-commerce space,Chewy.com and amazon, lead online sales with 75% ofthe market and seem likely to maintain thatdominance. In 2020, Chewy.com may see sales of~$6.5 billion, up from ~4.0 billion in 2018. whereas,Amazon’s pet products sales may reach ~$5.7 billion in2020, climbing from ~3.3 billion in 2018.

Online sales will account for ~26.0% of US pet productsales by 2023, with PetSmart/Chewy and Amazoncornering ~78.0% of this e-commerce.

2Source: IBIS World, Packaged Facts, APPA, Petfoodindustry.com, and Research ReportsNote: * 2018 figures have been restated because APPA’s has opt a new research methodology

Industry Outlook

$58.0 $60.3$66.8 $69.6

$90.5$95.7

$78.5

$0.0

$20.0

$40.0

$60.0

$80.0

$100.0

$120.0

2014 2015 2016 2017 2018* 2019 2020E

Food Supplies/Live Animal/OTC Med

Vet Care and Product Sales Other Services


Comparable Valuation Analyses

3Source: Databases and Research Reports

Comparable Public Valuations

“Market-check” valuations are obtained from comparable public-trading metrics and

published data from sector M&A transactions

• Pet Products: Industry has relatively few pure-play publicly traded companies with most being large,

diversified companies touching all industry products/services and many non-pet products

o As shown, these companies trade at significant multiples, making smaller acquisitions extremely attractive

and accretive to the buyer – i.e., buyers have significant room to “pay up” for a right-fit transaction

Transactions by TEV Size Avg. TEV Avg. RevenueEBITDA Margin

TEV/Revenue TEV/EBITDA

$10M - $25M $19.7M $20.3M 13.3% 1.0x 7.7x

$25M - 100M $40.8M $33.5M 18.4% 1.2x 6.8x

Source: GF Data

COVID-19 Implications:• Private Equity: lower commercial bank leverage leads to increased equity check sizes and

lowered multiples (applied against LTM numbers, with opportunity “earn-up” in 2021)• Strategic: less aggressive multiples, proportional with Private Equity offers and reflecting their

own public or perceived valuations

Other: Potential Biden Tax Plan Ramifications (doubling of Capital Gains rates, etc.)

Comparable Transaction Valuations

• Industry Transactions: As shown in the following slides, most sector transactions are completed

without published data. Nonetheless, we were able to obtain the below unpublished data points

provided on a blinded basis

• Industry CEO Insights: We also have spoken with industry CEOs who have direct or secondhand

knowledge of recent transactions. Feedback is of course optimistic with many approaching 12x

LTM 2020E 2021E LTM 2020E 2021E

CENT-US Central Garden and Pet United States $39.5 $2,012 $2,650 1.1x 1.1x 1.1x 12.2x 12.8x 12.2x

CHD-US Church and Dwight United States $92.7 $22,921 $24,048 5.4x 5.2x 5.0x 22.3x 21.4x 20.6x

CLX-US Clorox United States $208.9 $26,369 $29,653 4.7x 4.5x 4.4x 21.8x 20.4x 19.3x

PETS-US PetMed Express United States $29.3 $651 $543 1.9x 1.8x 1.8x 16.3x 15.3x 14.6x

SPB-US Spectrum Brands United States $58.9 $2,538 $5,291 1.4x 1.4x 1.4x 10.8x 9.9x 9.3x

TSCO-US Tractor Supply United States $139.6 $16,227 $19,395 2.3x 2.1x 2.0x 20.2x 18.1x 17.9x

Mean 2.8x 2.7x 2.6x 17.3x 16.3x 15.7x

Median 2.1x 2.0x 1.9x 18.3x 16.7x 16.3x

Market Cap

($mn)Ticker Companies Headquarters

Share Price

09/15/20

EV/EBITDAEnterprise

Value ($mn)

EV/Revenue


Source: Databases and Research Reports

M&A Market Overview

• The Pet Products industry witnessed 10 M&A deals in H1 2020 compared to 18 M&A deals in H1 2019

• 60.0% of the H1 2020 M&A deals in the Pet Products industry were strategic buyer transactions. During H12019, strategic buyers accounted for 94.0% of the transactions

• As outlined in the following slides, recent transactions include CDR’s acquisition of Radio SystemsCorporation in May 2020; Manna Pro Products’ acquisition of Promika in February 2020; and WhitebridgePet Brands’ acquisition of Cardinal Pet Care in January 2020

4

Pet Products – Acquisition Rollups

Buyer Acquisitions

Acquisition of RPG Innovations

58

47

10

5 6

118

10

58 8

2

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

Q22019

Q32019

Q42019

Q12020

Q22020

Total no. of transactions


Financial Buyer Snapshot

5Source: Databases and Research Reports

• Unlike broader manufacturing or consumer products sectors, the Pet Product industry is

distinct, with a focused list of financial buyers that maintain a pet investment vertical

• In the last five years, ~50 financial buyers have outlined pet products as a key focus area,

with 30 of these completing one or more sector transactions

• Allegiance Capital maintains immediate relationships with a vast majority of these

buyers and can quickly vet and elicit concurrent interest from multiple parties. To be

clear, we contact a highly honed list of sector investors, strategic acquirers and

alternative buyers, such as family offices

• Below are some of our key relationships and those we believe would have interest

during an investment or sale process:


Financial Buyer Acquisitions

Clayton, Dubilier and Rice Acquires Radio Systems Corporation, for anundisclosed amount (5/1/2020, $ undisclosed)

Target Business Description:

• Radio Systems Corporation, develops, manufactures, and markets pet behavioral, containment, and lifestyle

product solutions. It was founded in 1991 and is based in Knoxville, Tennessee.

• It offers containment systems, including in ground and wireless fences; training systems that include sprays,

statics, ultrasonic, harnesses and headcollars, and clickers and treat training products; bark control products;

pet doors; and travel and mobility products, such as steps, ramps, booster seats, and more.

• The company also provides health and wellness products, such as fountains and feeders; treat-dispensing and

enrichment dog toys, and puppy and cat toys; waste management products, such as self-cleaning litter boxes,

and house training and cleaning.

• Radio Systems Corporation designs and distributes more than 2,000 pet products under brand names such as

Invisible Fence, PetSafe, ScoopFree, SportDOG, and Kurgo, among others.

Buyer Business Description:

• Clayton, Dubilier & Rice, LLC. is a private equity firm specializing in buyouts, acquisitions, and growth capital

financings of mature and underperforming companies. It was established in 1978 and is based in New York.

• It invests in the manufacturing, healthcare, medical device, distribution, services, information technology,

chemicals, business services, energy services, new materials, industrial automation, industrial properties and

• It makes equity investments between $100 million and $500 million and invests in corporate carve outs, valued

at $1 billion to $15 billion.

Transaction Rationale:

• “Radio Systems is a differentiated market leader with a talented management team, dedicated, hard-

working employees, a product portfolio that pet owners truly value, and a three-decade track record of

product-driven innovation and strong overall results,” said CD&R Operating Partner, John Compton. “We

believe Radio Systems is a great fit with CD&R's experience helping businesses prosper over the long term.”

• As Radio Systems transitions to new ownership, Randy Boyd, Founder and Chairman, has agreed to serve on

the Board of Directors to maintain continuity and the company’s strong ties to the Knoxville community.

“With the backing of CD&R and the talented team at Radio Systems, I’m confident the company will continue

to deliver the best solutions and services available to its customers,” said Mr. Boyd. “I’m excited for Radio

System's future growth and the success and benefits it will bring to our employees, pet owners, and our local

economy.”

• “The market for pet care is large and growing with attractive long-term secular tailwinds and demonstrated

recession-resilience. We believe Radio Systems' business model and channels align well with our experience

with similarly positioned consumer companies,” said CD&R Partner, Kenneth Giuriceo. “We look forward to

supporting the company's continued innovation and exciting growth plans.”

6


Financial Buyer Acquisitions

Trilantic Capital Management Acquires Gorilla Commerce (2/11/2020, $

undisclosed)


• Gorilla Commerce operates an e-commerce platform for development and sale of home and pet products

through direct-to-consumer channels. The company was founded in 2014 and is headquartered in Westport.

• The Company manages over three thousand SKUs across more than 30 product categories through a portfolio

of brands that includes Gorilla Grip, Kangaroo and Sofa Shield, among others.


• Trilantic Capital Management is a private equity firm specializing in buy-ins, management buyouts,

recapitalizations, growth equity, debt financing, middle market investments, generational transitions, expansion

and replacement capital, mature, and corporate divestitures investments. It was founded in April 2009 and is

based in New York.

• Within North America, it seeks to invest between $50 million and $250 million in companies with enterprise

value of between $100 million and $1,000 million. Within Europe, the firm seeks to invest between €50 million

and €150 million in companies with enterprise value of between €100 million and €1000 million. It typically

invests for a period between three years and five years.


• The acquisition enhances Gorilla Commerce’s growth opportunities.

• “Our partnership will fuel the continued growth of our existing product portfolio, accelerate the introduction

of new products and enable our entry into new sales channels and geographic markets,” said Marissa

Saporta, Co-Founder and Co-CEO of Gorilla Commerce.

• “Jennifer and Marissa have developed an incredibly powerful system that harnesses data to capitalize on

both the growth of the home goods product market and channel shift dynamics resulting from e-commerce

penetration,” said Jamie Manges, Partner at Trilantic North America. “At Trilantic North America, we remain

dedicated to partnering with exceptional founder-owned businesses and are increasingly focused on investing

in next generation companies that are leveraging technology to disrupt traditional consumer categories.

We’re thrilled to partner with Gorilla Commerce, which exemplifies both these core attributes, and are

excited to help guide the Company through its next chapter of development.”

7


Strategic Buyer Acquisitions

Manna Pro Products Acquires Promika (2/10/2020, $ undisclosed)


• Promika, LLC produces and sells flea and tick removal products for pets. The company was founded in 2014 and

is based in Cary, North Carolina.

• The product lines span spot-ons, collars and sprays, with brands including ZoGuard, Adventure Plus, Salvo and

ShieldTec.


• Manna Pro Products manufactures and markets animal feeds for animal health and nutrition. It was founded in

1985 and is based in Chesterfield, Missouri.

• It offers products for equines, rabbits, goats, poultry, companion animals, cattle, and young animals. The

company also provides dog and cat supplements; and products for leather care and fly control.


• The acquisition would expand Manna Pro Products product category leadership in companion pet care and

wellness.

• “Promika has an impressive portfolio that complements our current offering and enables us to grow our

expertise in the flea and tick category, one of the biggest and fastest-growing segments within companion

pet care,” said John Howe, CEO, Manna Pro. “Promika’s commitment to happy and healthy pets and pet

families aligns perfectly with Manna Pro’s mission of Nurturing Life.”

Manna Pro Products Acquires Hero Pet Brands (6/3/19, $ undisclosed)


• Manufacturer and sells pet care products under brand names such as Vet’s Best and Natural Care (Health &

Wellness); Bags on Board, Out! and Simple Solution (Waste/Pickup/Diapers) and Buffalo Range (Chews),

providing nutrition, grooming, and cleanup solutions.


• The transaction would allow Manna Pro Products to expand its pet care product portfolio.

• The acquisition also provides Manna Pro with new customer segments and retailer relationships, an

enhanced research and development function and a stronger international footprint.

• “Hero Pet Brands has a leading product portfolio that perfectly complements our current offering and enables

us to grow in scale in the thriving companion pet care and wellness category,” said John Howe, CEO, Manna

Pro. “Our companies share a relentless focus on enriching the lives of pets and their families and we welcome

their deep pet care expertise, brand building excellence and talented employee base.”

8



Targeted Petcare Acquires VersaPet Incorporated (6/26/19, $ undisclosed)


• VersaPet Incorporated engages in the production, design, and packaging of cat litter products. The company was

founded in 2009 and is based in Toronto, Canada.


• Targeted PetCare manufactures animal litter and bedding products. Targeted PetCare was formerly known as

Pestell Pet Products Inc. and changed its name its name to Targeted PetCare in August 2019. The company was

founded in 1990 and is based in New Hamburg, Canada.

• The company offers cat litter products, including baby powder, baking soda, fresh linen, low track, probiotic, and

unscented products; and small animal bedding products, such as aspen, cedar, corn cob, pine, and recycled paper

products.


• This acquisition will expand Pestell's geographic presence and product portfolio in the cat litter market.

• Paul Peterson, Managing Director with Wind Point Partners, stated, “VersaPet has achieved substantial

growth, and we believe that the combination with Pestell will serve as a catalyst for even greater growth as

the two businesses leverage their respective customer bases.”

9



PetIQ Acquires Sergeant’s Pet Care Products (5/8/19, $186M)


• Sergeant's Pet Care Products manufactures and markets pet products for customers in the US. The company

was founded in 1868 and is headquartered in Omaha, Nebraska.

• The company offers products, such as behavior and training, dental care, flea and tick, grooming, toys and

accessories, and treats and chews for dogs and cats.

• As of September 30, 2012, Sergeant's Pet Care Products operates as a subsidiary of L. Perrigo Company.


• PetiQ manufactures and distributes over-the-counter and prescription pet medications and pet wellness

products to retail customers and distributors. The company is based in Eagle, Idaho.


• The acquisition would diversify and expand Branded Pet Health and Wellness Product Offerings to Create an

Animal Health Company.

• Combines PetIQ’s and Perrigo Animal Health’s Complementary Product Portfolio and Brands to Significantly

Broaden Customer Reach, Increase Manufacturing Scale and Enhance Margin Profile.

• PetIQ expects that this acquisition will be accretive to earnings in the first twelve months following closing

and thereafter.

• Cord Christensen, PetIQ’s Chairman and CEO commented, “We believe this strategic transaction will create

significant long-term value for all of our stakeholders as we further the execution of our Follow the Pets long-

term strategy by combining our companies’ complementary branded pet health and wellness product

offerings to create a larger and more diversified business. Similar to PetIQ, Perrigo Animal Health has a track

record of building sales and category growth in areas complementary to PetIQ through offering high-quality

and affordable veterinarian products to pet parents. This business combination is aligned with our mission to

make pets’ lives better through improved access to affordable pet health care. We are excited for the

opportunity to welcome Perrigo Animal Health’s team to PetIQ as we capitalize on our opportunities to

increase our manufacturing scale, expand product and brand diversity, and improve our customer reach, all

while we capture significant cost savings and synergies to fuel greater net sales and profitability.”

10


Next Steps

11

• We appreciated this opportunity to outline the market

and look forward to discussing further

• We believe that a sell-side or financing mandate will be

strongly received in Fall/Winter 2020 and it is important

to get prepared now

• Pre-Covid was the strongest valuation window we had

seen in decades. When markets return to some sort of

normalcy, the best approach is to target capital sources

with a crisp, clear package

o Profitable industry players offer an attractive opportunity

to a broad mix of strategic buyers and branded consumer

investment firms for their entrée or expansion in the

category

o We believe the Buyer universe to be well-known and well-

capitalized

o Raising capital or selling your company is a process not an

event. We create an auction process to elicit multiple

competitive bids, resulting in the best structure and

maximize proceeds

• Thank you for your time, feel free to give us a call any

time with additional questions

We have the bandwidth to immediately engage and dedicate our top team to your project

Transactions are often a marathon, not a sprint, and we will manage your time and resources effectively

Derek Woodworth | Managing DirectorDirect: 214.217.7720 | Mobile: [email protected]

Shane Mahmood| Managing DirectorDirect: 214.217.7710| Mobile: [email protected]


Appendix – Sector M&A Transactions (2019 to Present)

12



Selected M&A Transactions (2019 to Present)

13

Note: There were no EV/EBITDA multiples publicly published

Date Acquirer Target Target Business DescriptionEV

($mn)

EV/ LTM Rev

5/11/2020 Clayton, Dubilier & Rice Radio Systems Corporation Manufactures and markets pet behavioral, containment, and lifestyle product solutions. - -

4/15/2020 Pawzitivity Pet ProductsK9 Nature Supplements/Ruff Trade Dog

K9 Nature Supplements manufactures and sells nutritional supplements for dogs. Ruff Trade Dog manufactures and supplies natural and handmade dog grooming products.

- -

2/26/2020 E&A Industries Silipint Design and manufactures silicone cups, pint glasses, tumblers, bowls, and reusable straws. - -

2/19/2020 Dan-Dee International Animal Adventure Designs, develops, and manufactures toys. - -

2/18/2020 800-Flowers PersonalizationMall.com Retails a selection of personalized gifts for various recipients and occasions online. $252 1.7x

2/11/2020 Choice Pet Products Snuggle Pet Products Manufactures toys and pet comfort products. - -

2/11/2020 Trilantic Capital Management Gorilla CommerceOperates an e-commerce platform for development and sale of home and pet products through direct-to-consumer channels.

- -

2/10/2020 Manna Pro Products Promika Produces and sells flea and tick removal products for pets. - -

1/27/2020 Whitebridge Pet Brands Cardinal Pet CareManufactures and markets pet grooming and health care products for pet specialty stores, mass and discount stores, and grocery stores.

- -

1/6/2020 Trilantic Capital Management Hills Point IndustriesEngages in the online retail of household products through its brands, including Gorilla Grip, Sofa Shield, Kangaroo, Grip Master, Ninja, GripMAX, Mighty Monkey, and the Connecticut Home Company.

- -

12/16/2019 Targeted PetCare sWheat Scoop Produces natural cat litter. - -

11/25/2019 BrewBilt Manufacturing Vet Online SupplyEngages in the online sale of pet products. Its pet products are designed to help with arthritis, compromised immune systems, stress responses, aggression, and digestive issues, as well as used to treat acute ailments.

- -

11/14/2019 The Starco Group Blue Cross Laboratories Engages in the manufacture and distribution of health and beauty care, and household cleaning products. - -

10/30/2019 Cosmos Corporation Bio-Pro Research Operates in pet care services. - -

10/28/2019 Carriage Services Rest Haven Funeral Home Provides funerals, burials, cremation, pet cremation, and veteran services. - -

10/21/2019 Le Holding AngelcareInfant and Pet Care Business of Edgewell Personal Care Brands

Comprises Diaper Genie, the diaper disposal system; Litter Genie, the cat litter disposal system; and Playtex brand in the infant and pet spaces.

$123 -

10/16/2019 Better Choice Company Halo, Purely For Pets Produces and markets pet care products. $35 1.0x

10/9/2019 Treats UnleashedFive Retail Stores of Bentley's Pet Stuff

Comprises retail stores that provide pet food, toys, and accessories. - -

9/11/2019 Natur International Corp. Infinite Product Company Develops, formulates and manufactures a range of CBD products. $11 -



Selected M&A Transactions (2019 to Present Cont’d)

14\

9/9/2019 The Dog Wizard Academy The Upbeat K9Operates as premier dog training company that offers professional, affordable dog training services for all levels of canine companions and their pet parent needs.

- -

8/29/2019 Empawer Pets The Pooch Company Manufactures pet care products. - -

8/2/2019 Central Garden & Pet Company C&S Products Company Produces suet, squirrel, and wild bird feeding products. $30 -

7/30/2019 Ceva Sante Animale ThunderWorks Develops and markets pet calming and walking products. - -

6/26/2019 Targeted PetCare VersaPet Incorporated Engages in the production, design, and packaging of cat litter products. - -

6/20/2019 MiracleCorp Products Corp. Natural Chemistry Pet & Home Brand Comprises natural flea and tick, grooming and pet care products. - -

6/13/2019 Cosmic Pet Pet Fusion Designs, manufactures, and sells pet products online. - -

6/4/2019 Revolution Enterprises Reilly's HempManufactures pet health remedies that combine broad-spectrum and non-GMO hemp with issue-specific ingredients.

- -

6/3/2019 Manna Pro Products Hero Pet Brands Produces six branded pet products, providing nutrition, grooming, and cleanup solutions. - -

6/3/2019 Manna Pro Products RPG Innovations Manufactures and markets pet care products. - -

5/8/2019 Deflecto Evriholder ProductsManufactures kitchen, produce, baking, barware, bath and beauty, cleaning, pet, storage and organization, toy, seasonal, and other products.

- -

5/8/2019 Petiq Sergeant's Pet Care Products Manufactures and markets pet products for customers. $186 2.0x

4/4/2019 Hospital Specialty Company NilodorProvides odor control and facility care solutions for commercial markets, as well as manufactures pet care products for pet lovers and professionals.

- -

4/1/2019Merit Capital Partners; Aiglon Capital Management

Classic Brands Topperscot Develops bird feeders. - -

3/19/2019 NexTech AR Solutions Corp. InfinitePetLife Manufactures anti-aging supplements for pets. $2 0.8x

3/5/2019 Smart Tracking Technologies Link AKC Manufactures GPS enabled dog collar and a connected smartphone application. - -

2/15/2019Independent Pet Partners Holdings

Hartzell PFO Retails pet food products and supplies. - -

2/5/2019 Lasko Products IntertexDevelops and supplies equipment for the water and fire damage restoration as well as the inflatables and pet industries.

- -

1/25/2019 Only An Ocean Poochie-Pets Manufactures PoochieBell and pet care products. - -

1/22/2019 20nine Design Studios Nucleus Brands Operates a portfolio of direct-to-consumer brands that include door mats, men’s apparel, and dog beds. - -

1/8/2019 Hyper-Pet R2P Group Manufactures toys, beds, and accessories for cats and dogs. - -

1/4/2019 Radio Systems Corporation Invisible Fence South Distributed pet containment system and provides access solutions. - -

Mean $91 1.4x

Median $35 1.4x

Date Acquirer Target Target Business Description

EV

($mn)

EV/

LTM

Rev

This presentation is provided to you on a confidential basis for discussion purposes only and is not intended to be anoffer to sell or the solicitation of an offer to buy securities.

This presentation may contain projections or other forward-looking statements related to industry sectors that involverisks and uncertainties. The statements contained herein are only projections and may differ materially from actualfuture results or events. There is no assurance that the expected events, trends or results will effectively occur. Thesedeclarations are made on the basis of numerous assumptions and factors, including general economic and marketconditions, industry condition and your company’s operating factors. Any change to these assumptions or factors couldcause the projections to differ substantially from the present expectations. All forward-looking statements are based oninformation available to Allegiance Capital on the date of publication and Allegiance Capital assumes no obligation toupdate such statements unless otherwise required by applicable law.

This presentation was developed, compiled, prepared and arranged by Allegiance Capital through the expenditure ofsubstantial time, effort and money and constitutes valuable intellectual property and trade secrets of Allegiance Capital.All right, title and interest in and to the presentation is vested in Allegiance and it cannot be used without the priorwritten consent of Allegiance Capital. The information contained herein is believed to be reliable but Allegiance Capitalmakes no representation as to its completeness or accuracy.

© Allegiance Capital 2020

15

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