SilverCape Investments Revises Acquisition Proposal For PetMed Express To $3.00 Per Share In Cash With No Financing Contingency; Seeks PETS

The proposed purchase price represents a premium of approximately 70% to PetMed’s closing share price of $1.76 on June 26, 2026.

In its letter to the Board, SilverCape outlines its belief that: Based upon the dismal quarterly and fiscal year report of PetMed earlier this month, it is no longer viable as a public company and should seek a sale to an interested buyer before the remaining value of the Company is eroded and destroyed.

The Board’s refusal to engage meaningfully with SilverCape on its original proposal to acquire the Company for $4.00 per share in cash and then concluding a purported process to consider other sale interest without materializing a superior transaction, has left the Company in a precarious position.

The ongoing deterioration of PetMed’s business, a rapidly depleting cash balance, and a lack of effective leadership have eroded substantial additional value since SilverCape made its original proposal on December 11, 2025.

The governance of the Company is broken, ineffective, with unaligned Board members who own little stock, and are not acting as independent fiduciaries for stockholders.

SilverCape’s $3.00 per share cash purchase price crystallizes the long-term value of PetMed’s assets for stockholders – without the ongoing exposure to the risks faced by the business as admitted by the Company in its most recent 10-K filing, " …financial condition may currently and in the future raise substantial doubt as to our ability to continue as a going concern. " The full text of SilverCape’s letter to the Board in respect of its Proposal is below: June 29, 2026 PetMed Express, Inc.

420 South Congress Avenue Delray Beach, FL 33445 Attention: Leslie C.G.

Campbell, Chair and Interim CEO; Justin Mennen, Lead Independent Director; James LaCamp, Director; Leah A.

Solivan, Director; and Peter Batushansky, Director.

Dear Members of the Board of Directors (the "Board"): As you know, SilverCape Investments Limited ("we", "us", "our" and "SilverCape") is a significant stockholder of PetMed Express, Inc. ("PetMed" or the "Company"), owning approximately 12% of the Company’s outstanding common stock.

We are deeply aligned with our fellow stockholders, many of whom likely share our alarm at the stunning destruction of value that PetMed stockholders have suffered over the past 1, 3, and 5-year periods.

On July 2, 2021, PetMed's shares traded at $32.30; and closed on June 26, 2026 at $1.76 – representing a massive destruction of stockholder value.

PetMed’s poor business and financial performance, rapid management turnover, and its lack of strategic direction over the last several quarters made it increasingly clear to us that PetMed was no longer viable as a public company.

SilverCape advanced a solution that it believed would restore liquidity and immediate value to stockholders and offer an opportunity to rebuild the Company away from the glare of the public markets.

On December 11, 2025, we advanced a good-faith proposal to acquire the Company for $4.00 per share in cash with no financing contingency, representing a substantial premium over the current stock price.

Without any assurance that the Board would meaningfully engage on our proposal or even run a bona fide M&A process to sell the Company to another buyer, the Board demanded that SilverCape enter a year-long standstill.

To enable engagement with the Company, SilverCape offered to enter into a six-month standstill, which would have allowed the Company to engage in discussions with SilverCape, while also running an organized sale process.

This was rejected by the Company without any discussion on how the actual process would proceed.

We were surprised then to read in the Company’s Fourth Quarter 2026 and Fiscal Year 2026 Earnings Report that the Company claimed to have " carefully evaluated " two proposals to acquire PetMed, at prices ranging from $4.00 and $4.25 per share, and that instructed its financial advisors to solicit interest from strategic and financial sponsors.

Ultimately, asserting that "… after careful deliberation and consideration of the alternatives reasonably available to the Company, the Board determined that it is in the best interests of the Company and its stockholders not to proceed with either of the publicly announced proposals "1.

It is our understanding that while the Company’s financial advisors engaged in some degree of outreach to potential buyers, the Company did not run a marketed process to sell the Company.

In addition, other than perfunctory contact with the Board’s financial advisors, no meaningful engagement on our proposal occurred, nor did we receive any feedback on how we could potentially improve our proposal.

Accordingly, we believe that the Company’s disclosure on June 2, 2026 is at best misleading.

At worst, it speaks to a Board that would cavalierly reject two proposals that could have delivered substantial cash premiums to PetMed’s long-suffering stockholders, without offering a credible alternative that could restore value for stockholders.

SilverCape’s Revised Proposal Since we made our original proposal, PetMed’s financial condition has continued to deteriorate, and the Board has failed to provide stockholders with a credible plan that could reverse the Company’s decline.

With yet another dismal quarterly and fiscal year report confirming the continued destruction of stockholder value, we call on the Board to engage with us on a revised proposal, on substantially the same terms as outlined in our December 11, 2025 letter, to acquire 100% of the outstanding equity interests of the Company, at a revised price of $3.00 in cash per share of the Company’s Common Stock (the "Proposal").

While still at a significant premium to the market price of the stock, the revised purchase price reflects the Company’s continued deterioration.

We urge the Board to act before the remaining value of the Company is eroded and destroyed.

Reasons the Board Should Engage with the SilverCape Proposal Silve