Monro, Inc.Investor

Presentation

November 2019

Certain statements in this presentation, other than statements of historical fact, including estimates, projections, statementsrelated to our business plans and operating results are forward-looking statements within the meaning of the PrivateSecurities Litigation Reform Act of 1995. Monro has identified some of these forward-looking statements with words suchas “anticipates,” “believes,” “expects,” “estimates,” “is likely,” “predicts,” “projects,” “forecasts,” “may,” “will,” “should,” and“intends” and the negative of these words or other comparable terminology. These forward-looking statements are basedon Monro’s current expectations, estimates, projections and assumptions as of the date such statements are made, and aresubject to risks and uncertainties that may cause results to differ materially from those expressed or implied in the forward-looking statements. Additional information regarding these risks and uncertainties are described in the Company’s filingswith the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysisof Financial Condition and Results of Operations” sections of our most recently filed periodic reports on Forms 10-K andForm 10-Q, which are available on Monro’s website at https://corporate.monro.com/investors/financial-information/. Monroassumes no obligation to update or revise these forward-looking statements for any reason, even if new informationbecomes available in the future.

This presentation contains references to Adjusted Earnings Per Share (EPS), which is a “non-GAAP financial measure” asthis term is defined in Item 10(e) of Regulation S-K under the Securities Act of 1933 and the Securities Exchange Act of1934 and Regulation G under the Securities Exchange Act of 1934. In accordance with these rules, Monro has reconciledthis non-GAAP financial measure to its most directly comparable U.S. GAAP measure. Management views this non-GAAPfinancial measure as a way to assess comparability between periods.

This non-GAAP financial measure is not intended to represent, and should not be considered more meaningful than, or asan alternative to, its most directly comparable GAAP measure. This non-GAAP financial measure may be different fromsimilarly titled non-GAAP financial measures used by other companies.

Safe Harbor Statement and Non-GAAP Measures

2

Company Overview

▪ Dominant in the Northeastern U.S. and expanding in Southern and

Western markets

▪ Fiscal 2019 sales of $1,200.2 million

▪ 1,271 company operated stores in 30 states and 98 franchised

locations as of October 24, 2019

▪ 33 acquisitions in the past 7 fiscal years, adding 429 locations, $630

million in revenue and entry into 9 new states

▪ Operating two store formats in key markets

−Service stores – 555 stores

• 80% maintenance services, 20% tires

• $600,000 a year in sales per store

−Tire stores - 716 stores (excluding wholesale)

• 55% tires, 45% service

• $1.2 million a year in sales per store

▪ 8 wholesale locations and 3 retread facilities

A Leading Chain of Independently Owned and Operated Tire and Auto Service Locations

3

Store locations as of 10/28/19

A Unique Operating Model

Monro Has a Diversified Supply Chain, Sourcing High Quality, Low Cost Parts Direct and a Strong Portfolio of Tire Brands

PARTS

Secondary parts distribution:Monro sources these parts from leading

aftermarket parts suppliers:

▪ Brake Rotors and Pads

▪ Filters

▪ Steering and Suspension

▪ Wipers

▪ Belts

Store locations as of 10/28/194

TIRES

200

210

220

230

240

250

260

270

280

290

300

2012 2013 2014 2015 2016 2017 2018 2019* 2020* 2021* 2022*

A Favorable Industry Backdrop

Favorable Industry Backdrop for Automotive Services with the

Vehicles in Operation Expected to Grow Significantly Over the Next Few Years

U.S. Annual Light Vehicle Sales

Total Miles Traveled in U.S.

Source: FRED Economic data, Light weight Vehicle Sales: Autos and Light Trucks Source: Lang, IHS Markit. 2019 – 2022 are estimated figures

U.S. Light Vehicles in Operation (VIO)

▪ Growing total vehicle population from U.S. auto sales

▪ 270+ million vehicles on the road

▪ Increasing age of vehicles (average of ~12 years)

▪ 2018 total annual miles driven up ~0.4% y/y

▪ Increasing complexity of vehicles

▪ Favorable demographics

Key Highlights

5Source: FRED Economic data, Moving 12-Month Total Vehicle Miles Traveled

2,600,000

2,700,000

2,800,000

2,900,000

3,000,000

3,100,000

3,200,000

3,300,000

03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18

0

2

4

6

8

10

12

14

16

18

20

03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18

A Favorable Industry Backdrop

Vehicles in Operation – 0 to 5 Years Vehicles in Operation – 6 to 12 Years

Monro is Well-Positioned to Capitalize on Positive Industry Trends,

with Our Sweet Spot Experiencing the Fastest Growth in Vehicles in Operation

50

60

70

80

90

100

110

120

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

+6.56% CAGR -.03% CAGR

▪ Strong growth in new vehicles (0-5 years) between 2012

and 2017 is creating a significant tailwind for the 6-12 year

old vehicle cohort for the next few years

▪ 6-12 year cohort expected to grow the fastest at +3.9%

CAGR for the period 2017-2022

▪ Monro’s targeted market segment is the 6-12 year cohort

50

60

70

80

90

100

110

120

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

-3.97% CAGR +3.90% CAGR

Vehicles in Operation – 13+ Years

50

60

70

80

90

100

110

120

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

+4.27% CAGR +1.47% CAGR

Source for all data: Lang, IHS Markit, 2018

Key Highlights

6

A Favorable Industry Backdrop

Monro Operates in the $238 Billion Do-It-For-Me* Segment of $297 Billion U.S. Automotive Aftermarket Industry

Automotive Aftermarket DIFM vs. DIY Sales

Source: Autocare Association Factbook

2010%

(outlets)2018

%

(outlets)CAGR

Dealers 18,460 14.3% 16,753 12.7% (1.2%)

General

Repair

Garages

76,108 58.8% 81,087 61.5% 0.8%

Tire Dealers 18,675 14.4% 20,316 15.4% 1.1%

Specialty

Repair8,663 6.7% 6,465 4.9% (3.6%)

Oil

Change/Lube7,518 5.8% 7,301 5.5% (0.4%)

Total 129,424 100.0% 131,922 100.0%

Source: Autocare Association Factbook

▪ DIFM continues to gain share from DIY

segment

▪ Vehicle complexity continues to drive shift to

DIFM from DIY

▪ Future technology advances expected to

accelerate shift to DIFM

DIFM vs. DIY Trends

▪ Industry still highly fragmented, with significant

opportunities for further consolidation

Key Highlights

* Includes Replacement Tire Segment 7

-

50,000

100,000

150,000

200,000

250,000

300,000

2012 2013 2014 2015 2016 2017 2018

DIFM DIY

0

Consensus data for 2012; estimates for 2013-2018

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

2QFY19 3QFY19 4QFY19 1QFY20 2QFY20

Second Quarter Fiscal 2020 Highlights

▪ Sales increased 5.5% to a record $324.1M

▪ Comparable store sales were flat

▪ Sales from new stores added $17.5M, including

sales from recent acquisitions of $14.2M

▪ 140 bps decrease in gross margin drove EPS

decline year-over-year

Achieved Record Sales of $324.1 Million, Up 5.5% Year-Over-Year

▪ Brakes: 1%

▪ Maintenance: 1%

▪ Tires: Flat

▪ Front End/Shocks: Flat

▪ Alignments: -1%

2QFY20

Key Highlights

2QFY20

Key Highlights

8

Quarterly Comps Trends

1

2-Year Stacked Quarterly Comps Trends

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

2QFY19 3QFY19 4QFY19 1QFY20 2QFY201

1Results are adjusted for days

1

1

Announced Acquisitions

▪ Announced definitive agreement to acquire 18 retail locations, including 14 in Nevada and four in Idaho

▪ Represents two new states and further expands the Company’s geographic footprint into the West Coast region

▪ $20M in annualized sales, breakeven to EPS in FY20

▪ Sales mix of 75% service and 25% tires

Completed Acquisitions

Greenfield Openings1

▪ Added 6 greenfield locations through 10/28/19 (excludes two California locations included above)

▪ Completed acquisition of 12 retail locations in Louisiana in 1QFY20

▪ Entered a new state, expanding presence in the southern markets

▪ $15M in annualized sales, breakeven to EPS in FY20

▪ Sales mix of 35% service and 65% tires

▪ Completed acquisition of 40 retail locations and one distribution center in

California in 1QFY20

▪ Entered a new state, expanding geographic footprint to the West Coast

▪ $45M in annualized sales, breakeven to EPS in FY20

▪ Sales mix of 70% service and 30% tires

▪ Acquired two additional stores in California in 1QFY20, representing $3M

in annualized sales

▪ Completed acquisition of eight retail locations in Louisiana in 2QFY20

▪ Expanded market position in recently entered state

▪ $12M in annualized sales, breakeven to EPS in FY20

▪ Sales mix of 50% service and 50% tires

▪ Completed acquisition of nine retail locations in Northern California in

3QFY20

▪ Expanded market position in recently entered state

▪ $25M in annualized sales, breakeven to EPS in FY20

▪ Sales mix of 55% service and 45% tires

A Scalable Platform: Recent Acquisitions

Acquisitions Announced and Completed in Fiscal 2020 Represent $120M in Annualized Sales

1Greenfield stores include new construction as well as the acquisition of one to four store operations 9

Driving Long-Term Sustainable Growth

Enhance Customer-Centric

Engagement• Customer retention

• Customer acquisition

• Omnichannel

Accelerate Productivity

& Team Engagement• Optimized store staffing model

• Clearly defined career path and

enhanced training program

• Aligned compensation

Improve Customer Experience• Online reputation management

• Consistent in-store experience

• Consistent store appearance

Scalable Platform to

Drive SustainableGrowth

Investments in Technology and Data-Driven Analytics to Support Strategic Initiatives

Optimize Product &

Service Offering• Redefined selling approach

• Optimized tire assortment

10

Improve Customer Experience

❑ Improve SEO and local listing management

❑ Effectively build and manage online presenceOnline Reputation

Management

❑ Deliver a best-in-class experience to all customers

❑ Provide clear product choices and quality service to

customers

Consistent In-Store

Experience

❑ Modernize store layout

❑ Establish clear standards for retail bannersConsistent Store

Appearance

Delivering a

Five-Star

Experience

11

Store Refresh & Brand Consolidation Initiative

❑ 159 stores in various stages of change during 2QFY20

❑ Double-digit increase in same store sales at pilot locations reinforces strength of

store refresh/rebrand strategy

❑ Streamlined and improved refresh processes in early 3QFY20 to better prepare

teammates during transformation moving forward

❑ Modernized store layout and consolidated brand strategy on track to be rolled out

across the Company’s remaining markets and store formats over next 3 to 5 years

Improve Customer

Experience

Making Strong Progress as Store Refresh/Rebrand Program Is Rolled Out Across Base

12

7 Stage Transformation Process from Beginning to End Takes ~17 Weeks

131Steps are only required for stores that are being rebranded from service format to tire format

BEFORE AFTER

Store Readiness

for Change

Parts Inventory

Rebalanced1

Inventory Assortment

Reset for Tire Focus1

Store Team Trained

on New Operating

Procedures

Store Inventory Storage

Configured for Tires1

Store Exterior Painted

and New Signage

Installed

Store Interior Remodel

and Technology

Installed

~17 WEEKS

Store Refresh Transformation Timeline

Performance Post-Store Refresh Program

Strong Performance of Refreshed Stores Driving Confidence In Strategy

14

Stores

Comp Sales

Performance

Prior to Refresh1

Comp Sales

Performance

Post-Refresh

Store Breakdown

Group 1 (Pilot)

44 Stores+ LSD % ~ + 14%2

- 42 Comp Stores

- 2 Non Comp Stores

Group 2

43 Stores- LSD % ~ + 15%2

- 18 Comp Stores

- 25 Non Comp Stores

Group 3

116 Stores+ MSD %

No data available (in

process during second

quarter)

- 74 Comp Stores

- 42 Non Comp Stores

1LSD refers to low-single digit, and MSD refers to mid-single digit

2Performance data only includes comp stores

Store Refresh & Brand Consolidation Initiative

Store Refresh Program On Track To Be Rolled Out Across Base

15

Group 1

Group 2

Group 3

Group 4

Group 5

Group 6

Q1 FY20 Q2 FY20 Q4 FY20 Q1 FY21 Q3 FY21Q3 FY19 Q4 FY19 Q3 FY20 Q2 FY21 Q4 FY21

43 stores

116 stores

~70 stores

~70 stores

~80 stores

44 stores

❑ Focus marketing spend to higher ROI channels

❑ Focus on direct marketing via new analytic-based

CRM platform

❑ Enhance private label credit card offering

❑ Use analytics to optimize digital efforts

❑ Leverage market segmentation and demographic

information to facilitate direct marketing to target

customers

❑ Upgraded website with mobile-capable architecture

❑ Launch e-commerce capability for online tire

purchases and installations in-store

❑ Leverage preferred tire installer agreements to

drive traffic

Enhance Customer-Centric Engagement

Customer Retention

Customer Acquisition

Omnichannel

16

Omnichannel: Amazon.com Collaboration

Collaboration With Amazon.com Supports Monro’s Online Tire Retailers Installation Strategy

17

Expanded Amazon.com Collaboration

▪ Monro’s tire installation services available to customers who

purchase tires online from Amazon.com and select the Ship-to-

Store option

▪ Initially launched in the greater Baltimore area, now available at

more than 800 locations operating under a number of Monro

brands in 21 states across the United States

▪ Collaboration will be expanded to provide tire installation services

to Amazon.com customers at all of Monro’s retail locations across

30 states

▪ Increased traffic driven by integration with online tire retailers

❑ Improve tire sales strategy to offer the right tires at

the right price

❑ Leverage data to optimize inventory assortment

❑ Simplified invoices and inspection forms

❑ Clearly defined ‘Good, Better, Best’ product options

❑ Educate customers on new tire installation, brake

and oil change service options

Optimize Product & Service Offering

Optimized Tire Assortment

Redefined Selling

Approach

FuturePresentPast

18

Accelerate Productivity & Team Engagement

❑ Aligned store compensation model with

performance

❑ Incentives grow as sales, profits and customer

experience improve

Aligned Compensation

❑ Achieve the right balance of labor and technical

abilities across our stores

❑ Implement data-driven store scheduling software

Optimized Store

Staffing Model

❑ Attract, train and retain talented technicians and

managers

❑ Launched Monro University, a comprehensive

learning management system, to pilot stores in

January 2019 and have continued to expand to

additional stores

Clearly Defined Career Path

and Enhanced

Training Program

19

Monro.Forward Progress Update

Monro.Forward Initiatives Well Underway and Continuing to Advance

20

❑ Continued investments in in-store technology with the rollout of a new digital phone

system across Monro’s store base during FY20

❑ Collaboration with Amazon.com at more than 800 stores supports omnichannel efforts

❑ Launching second phase of omni-channel strategy in FY21

Enhance Customer-

Centric Engagement

❑ Data-driven store scheduling and staffing software to be piloted by 1QFY21

❑ Scaling Monro University across store base and prioritizing newly acquired stores to

facilitate onboarding

Accelerate Productivity

& Team Engagement

❑ Improving category management to drive margin improvement and optimize product

portfolio with new pricing technology to be implemented by 1QFY21

❑ Continued momentum of Good-Better-Best product and service packages

Optimize Product &

Service Offering

❑ Executing customer satisfaction and online reputation management program across

Monro’s store base

❑ Focus on the in-store experience is having significant impact on Company online

reviews and has increased “Star Ratings” to 4.5 All-time

Improve Customer

Experience

Scalable Platform to Drive Sustainable Growth

▪ Continue to increase store density in our 30 states

▪ Expand geographically into attractive markets

▪ On average, acquisitions represent the opportunity for 10%

annual sales growth

▪ Acquisition growth drives scale and operating margin expansion,

strengthening competitive advantages

Same Store Sales Growth

▪ Through Monro.Forward, drive higher

customer retention and acquisition rates

Acquisitions

▪ Create value through profitable

acquisitions

Greenfield Expansion

▪ Continue new store openings in existing

markets

A Scalable Business Model with Multiple Avenues for Growth

21

A Proven M&A Strategy

Monro’s Acquisition Strategy Has Delivered Significant Growth Over the Years

Historical Acquisition Activity

Average

Acquisition

Size

FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 to date

Number of

locations139 stores 20 stores 80 stores

35 stores

and 134

franchise

locations

78 stores,

4 wholesale

locations and

2 retread

facilities

28 stores

38 stores, 4

wholesale

locations and

1 retread

facility

89 stores

and one

distribution

center

15 Stores

Annualized

Sales growth~$190 million ~$35 million ~$90 million ~$35 million ~$150 million $20 million $70 million ~$120 million ~$20 million

A Proven Track Record

▪ 49 acquisitions in the last 17 fiscal years, encompassing 724 locations and $970 million of revenue

▪ 33 acquisitions in the past 7 fiscal years, adding 429 locations and $630 million in revenue

▪ Entered 9 new states, expanding our presence in the Southern and Western markets

22

1

1Represents the average for the period FY13-FY19.

Achieved Record Sales of $324.1 Million, Up 5.5% Year-Over-Year

Second Quarter Fiscal 2020 Results

1In 2QFY19 diluted earnings per share included $.02 per share of one-time incremental costs related to Monro.Forward initiatives. In the first six months of fiscal 2020, there was $.01 of one-time cost related to increased acquisition activity, compared to $.04 of one-time costs related to

Monro.Forward initiatives in the first six months of fiscal 2019. 23

2QFY20 2QFY19 Δ 1HFY20 1HFY19 Δ

Sales (millions) $324.1 $307.1 5.5% $641.2 $602.9 6.3%

Same Store Sales 0.0% 3.2% (320 bps) 0.4% 2.5% (210 bps)

Gross Margin 37.7% 39.1% (140 bps) 39.0% 39.3% (30 bps)

Operating Margin 10.3% 11.2% (90 bps) 10.9% 11.2% (30 bps)

GAAP EPS $.60 $.65 (7.7%) $1.26 $1.26 0.0%

One-time Costs1 - $.02 - $.01 $.04 -

Adjusted EPS $.60 $.67 (10.4%) $1.27 $1.30 (2.3%)

Fiscal 2020 Outlook

FY20 FY19 Δ

Sales (millions) $1,295 to $1,315 $1,200 7.9% to 9.6%

Same Store Sales 1.0% to 2.0% 2.3%-130 bps to

-30 bps

GAAP EPS $2.45 to $2.55 $2.37 3.4% to 7.6%

Updates Fiscal 2020 Comparable Store Sales and EPS Guidance Ranges1

Operating Margin

▪ Assumes operating margin of ~10.6% at midpoint of FY20 sales

guidance

▪ Expect relatively stable tire and oil costs year-over-year

▪ Expect to generate earnings increase on a comparable store sales

increase above ~1%

Additional Guidance Assumptions (at the midpoint)

▪ Implies EPS of $1.24 in 2HFY20, an increase of 11.7% as

compared to $1.11 in 2HFY19

▪ Interest expense of ~$29 million

▪ Depreciation and amortization of ~$65 million

▪ EBITDA of ~$205 million

▪ Tax rate of ~23.5%

▪ Capital expenditures of ~$65 million

▪ 34 million weighted average number of diluted shares outstanding

Stores

▪ Guidance includes recently announced and completed

acquisitions and excludes any additional potential acquisitions

▪ Guidance includes six ground-up greenfield store openings in

FY20

241Guidance as of October 24, 2019

Disciplined Capital Allocation

Executing on Growth Strategy While Maintaining a Disciplined Approach to Capital Allocation

Investing in the Business

▪ 1HFY20 capex of $23.8M

▪ Continue to expect ~$75M of incremental Capex over 5 years to invest in store re-image and technology

Returning Cash to Shareholders

▪ In 1HFY20, paid $14.8M in dividends

▪ Currently $.22 per share quarterly, an increase of 10% from 2QFY19

Executing on M&A Opportunities

▪ In 1HFY20, spent $65.0M on acquisitions

▪ Acquisitions announced and completed in fiscal 2020 represent $120M in annualized sales

Utilizing Strong Balance Sheet

▪ In 1HFY20, generated $78.9M of operating cash flow

▪ Debt-to-EBITDA ratio as of September 2019 of 2.2x provides significant flexibility to fund M&A strategy

25

Investment Highlights

▪ Leading chain of Company-operated undercar care facilities in the U.S. with a wide breadth of product and service offerings

▪ Strong position in Northeast, Great Lakes and Mid-Atlantic and expanding into Southern and Western markets with a

presence in 30 states

▪ 18 years of consecutive annual sales growth

▪ Low cost operator with strong operating margins

▪ Well-positioned to capitalize on a favorable industry backdrop

▪ Monro.Forward strategy creating a scalable platform to drive sustainable growth, with a focus on operational excellence to

increase overall customer lifetime value

▪ Significant growth opportunity to execute disciplined acquisition strategy in a highly fragmented industry

▪ Strong balance sheet and cash flow

▪ Delivering consistent shareholder returns with fourteen dividend increases, every year since a cash dividend was initiated

26

Appendix

27

Monro.Forward: Investments in Technology

Significant Investments in Technology to Support Monro.Forward Strategy

28

Area Strategic Rationale Timing

Business Intelligence • KPI dashboards for stores and management• Launched in Q4 FY18

• Ongoing company-wide expansion

Monro University

Learning Management System

• Ensures consistent onboarding and teammate training

• Develop clear career paths

• Deliver standard operating procedure training

• Launched in Q3 FY19

• Ongoing expansion across store base

Store Network

Infrastructure Upgrade

• Enable and support cloud based merchandising strategy

• Enable customer-facing technology

• Launched in 120 stores

• To be implemented across base by Q1

FY21

Digital Phone and Customer

Communication System

• Eliminate cost of analog phone system

• Simplify phone execution for store personnel

• Enable customer-centric call and text messaging management

• In pilot stages at 30 stores

• To be implemented across base by Q1

FY21

Store Staffing Model &

Scheduling System

• Eliminate paper-based scheduling

• Optimizes store staffing and day part scheduling

• Improves part-time scheduling capabilities

• Pilot in Q4 FY20

• To be launched across base in Q1 FY21

Tire Category Management &

Pricing System

• Enterprise solution to dynamically manage pricing at the SKU level

• Partially automates optimization of tire volume/margins by providing

real-time elasticity

• Pilot in Q4 FY20

• To be launched across base in Q1 FY21

Cloud-Based Car Inspection

Scanning Tool

• State of the art technology for technicians to provide industry-

leading service

• Provides efficient tool for actively managing customer needs

• In pilot stages

• To be implemented in FY21

Q2 FY19 Q3 FY19 Q4 FY19 Q2 FY20 Q3 FY20 Q4 FY20Q4 FY18 FY20FY19 FY21

Monro.Forward Strategic Initiatives

New store comp plans

Technology based in-store experience

Data-driven “new customer” marketing

Monro omnichannel & e-commerce

Store staffing & scheduling system

Improve Customer Experience

Enhance Customer-Centric Engagement

Optimize Product & Service Offering

Accelerate Productivity & Team Engagement

New in-store sales packages

Scheduled maintenance in-store selling

Data-driven CRM

New websites

Scale store refresh & operational excellence

= Completed Initiatives29

Pilot store refresh & operational excellence

Monro University pilot (includes career path, LMS)

Foundational Technology & Tools

Business intelligence system

Store network infrastructure upgrade

Digital phone and customer communication system

Optimize tire assortment

Cloud based car inspection tool

Tire category management & pricing system