Q3 2021 Company Overview

Company Overview

October 26, 2021

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Special Note Regarding Forward-Looking Information & Use of Non-GAAP Information

Statements in this presentation regarding our business that are not historical facts are "forward-looking statements" that involve risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements. Such forward-looking statements generally can be identified by the use of forward- looking terminology, such as "remain," "believe," "outlook," "expect," "assume," "assumed," and similar terminology. These risks and uncertainties include factors such as (i) any ongoing impact of the COVID-19 pandemic due to new variants or the efficacy and rate of vaccinations and related measures taken by governmental or regulatory authorities to combat the pandemic, including the impact of federal vaccine mandates on our workforce and whether additional government stimulus payments or supplemental unemployment benefits will be approved, and the nature, amount and timing of any such payments or benefits, (ii) the possibility that the operational, strategic and shareholder value creation opportunities expected from the separation and spin-off of the Aaron's Business into what is now The Aaron's Company, Inc. may not be achieved in a timely manner, or at all; (iii) the failure of that separation to qualify for the expected tax treatment; (iv) changes in the enforcement and interpretation of existing laws and regulations and the adoption of new laws and regulations that may unfavorably impact our business; (v) legal and regulatory proceedings and investigations, including those related to consumer protection laws and regulations, customer privacy, third party and employee fraud and information security; (vi) the risks associated with our strategy and strategic priorities not being successful, including our e-commerce and real estate repositioning and optimization initiatives or being more costly than anticipated; (vii) risks associated with the challenges faced by our business, including the commoditization of consumer electronics and our high fixed-cost operating model;

1. increased competition from traditional and virtual lease-to-own competitors, as well as from traditional and online retailers and other competitors; (ix) financial challenges faced by our franchisees, (x) increases in lease merchandise write-offs, and the potential limited duration and impact of stimulus and other government payments made by Federal and State governments to counteract the economic impact of the pandemic; (xi) the availability and prices of supply chain resources, including product and transportation, and (xii) the other risks and uncertainties discussed under "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020. Statements in this presentation that are "forward-looking" include without limitation statements about: (i) the execution of our key strategic priorities; (ii) the growth and other benefits we expect from executing those priorities; (iii) our 2021 financial performance outlook; and (iv) the impact on our 2021 financial performance of additional rounds of government stimulus payments. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Except as required by law, the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances after the date of this presentation.

This presentation contains financial information in a format not in accordance with generally accepted accounting principles in the United States ("GAAP"). Please see the appendix to this presentation for a definition of certain key performance indicators, such as same store revenues, and non-GAAP financial measures, such as EBITDA, adjusted EBITDA, adjusted EBITDA margin, non-GAAP net earnings, non-GAAP net earnings per share and free cash flow, shown in this presentation. Management believes that presentation of these non-GAAP and other financial measures are useful because it gives investors supplemental information to evaluate and compare the underlying operating performance from period to period. Non-GAAP financial measures, however, should not be used as a substitute for, or be considered superior to, measures of financial performance prepared in accordance with GAAP. A reconciliation of each non-GAAP financial measure to the nearest comparable GAAP financial measure is included in the appendices to this presentation.

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The Aaron's Company Overview

Aaron's offers a compelling customer value proposition through an attractive,

recurring-revenue business model

Key Highlights

(2020 Financial Results)1

Omni-ChannelRent-to-Own Model

65+ Year Track Record (Founded 1955)

1.9 Million Unique Customers Annually

$1.7 Billion Revenue

$(266) Million Net Income (Loss)

$209 Million Adj. EBITDA2

$356 Million Cash Flow from Ops2

$287 Million Free Cash Flow2

Woodhaven Furniture

Manufacturing

(40% of Volume)3

Geographic Footprint4																		Key Product Categories
																									(% Revenue)5
	WA												VT
22
			ND							3			ME
				MT
OR			8	6													6			NH
26		ID										NY					Furniture
			SD											5 MA
		9					MI				32
			WY	3												RI		15
						31													(44%)
				8		IA					PA							2	CT
					NE	2								DE					10
	NV				IL	IN	OH		59					NJ
				2				5
6	UT		27	34	68				12
CA		4	CO		MO			WV	VA			MD
	14	KS
40						KY 14
			21				40	14
				13
								31
										NC
		AZ		NM	OK	AR		TN 47		SC	81														Home
		29		26	22
			21		AL	GA	37
																					Appliances
							MS
							45	82
							30
					TX	LA
																							(29%)
					175
					44
AK
								FL
2
									83
				1,092	Company Stores																Consumer
																			Electronics6
				248	Franchise Stores
																			(17%)
				47	States & Canada
				701	Markets																			Computers
				16	Fulfillment Centers																(7%)
24/7 Shopping	Aarons.com

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Source: Company Filings
1	All figures reflect 12/31/2020 year-end results	2 Reconciliation of Adjusted EBITDA and Free Cash Flow are included on pages 24 and 26, respectively	2
3	Upholstered furniture and bedding only	4 As of 12/31/2020
5	For the year ended 12/31/20, other product categories comprise 3% of Total revenues	6 Consumer Electronics includes televisions, gaming and audio

Key Investment Highlights

Large, resilient customer base representing ~30% of the U.S. population

Compelling customer value proposition driven by competitive pricing,

high approval rates, and best-in-class customer service

Digitally-enabled,omni-channel strategy that provides an integrated

online and in-store experience

Expect to grow earnings, expand margins, and generate strong free cash flow

by optimizing store footprint and executing a digital-first strategy

Debt-free balance sheet with significant available liquidity

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Aaron's Mission Guides Our Strategic Priorities

Mission

Enhance people's lives by providing easy access to high-quality products through affordable lease and purchase options

Strategic Priorities

	Promote the	Simplify and	Align Store
	Digitize the	Footprint to
	Aaron's Value
	Customer	Customer
	Proposition
	Experience	Opportunity

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