The $100B Dog · Peers · Exhibit P-1

The $100B Club

U.S. dog-care spending is not a boutique line item — it sits in the same magnitude band as industries capital takes entirely seriously.

~$100B

Dog-care economy, per year (thesis, ~$80–100B)

$99–110B

Peer band: waste, oncology, coffee

U.S. industries, side by side

$100B line

$110B

$104.6B

~$100B

$99B

$58.7B

CoffeeNCA · 2022

Waste & recyclingWBJ · 2024

Dog-care economyThesis

Oncology medsIQVIA · 2023

Video gamesESA · 2024

Reading the exhibit. Each bar is one U.S. industry at its latest reported annual size. The gold bar is the dog-care economy — the dog majority of U.S. pet spend, a ~$80–100B category. It lands in the middle of a band that includes the country’s waste & recycling industry ($104.6B), its oncology-medicines market ($99B), and its coffee habit ($110B) — and it dwarfs the $58.7B Americans spend on video games. Nobody calls waste management or oncology a novelty. The point of the peers is denominator: once you see what else lives at this magnitude, the dog economy stops looking small.

Each figure is a distinct industry at its own latest available year — a magnitude comparison, not a same-metric time series, and figures are not spliced. Sources, cited by name and linked in The Catalog: dog-care economy ~$80–100B (thesis figure, the dog majority of U.S. pet spend); U.S. coffee ~$110B, 2022 (National Coffee Association); U.S. waste & recycling $104.6B, 2024 (Waste Business Journal via Waste Dive); U.S. oncology medicines ~$99B, 2023 (IQVIA Institute); U.S. video games $58.7B, 2024 (ESA / Circana). Nominal dollars. Citation does not imply endorsement. Informational only — not an offer or solicitation. Entity, jurisdictional, and exemption-specific legends to be finalized by securities counsel prior to external distribution.