BJ's Wholesale Club Investor Presentation — August 2022

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BJ’s Wholesale Club Holdings, Inc.

Investor Presentation

1Industry Information :

Market data andindustry information used throughout thispresentation arebased onmanagement’s knowledge oftheindustry andthegood faith estimates ofmanagement .Wealso relied, totheextent available, upon management’s review of

independent industry surveys andpublications andother publicly available information prepared byanumber ofthird party sources .Although webelieve thatthese sources arereliable, wecannot guarantee theaccuracy orcompleteness ofthis

information, andwehave notindependently verified thisinformation .Allofthemarket data andindustry information used inthispresentation involves anumber ofassumptions andlimitations, andyouarecautioned nottogive undue weight tosuch

estimates .While webelieve theestimated market position, market opportunity andmarket size information included inthispresentation aregenerally reliable, such information, which isderived inpartfrom management’s estimates andbeliefs, is

inherently uncertain andimprecise .Projections, assumptions andestimates ofourfuture performance andthefuture performance oftheindustry inwhich weoperate arenecessarily subject toahigh degree ofuncertainty andriskduetoavariety

offactors, including those described above .These andother factors could cause results todiffer materially from those expressed inourestimates andbeliefs andintheestimates prepared byindependent parties .

Non-GAAP Financial Measures :

Wepresent adjusted EBITDA, free cash flow, andadjusted EBITDA asapercentage ofnetsales, adjusted EBITDA margin, LTM adjusted EBITDA andNetDebt toLTM adjusted EBITDA tohelp usdescribe ouroperating performance .Our

presentation ofthese measures isintended asasupplemental measure ofourperformance thatisnotrequired by,orpresented inaccordance with, U.S.generally accepted accounting principles (“GAAP”) .Adjusted EBITDA, freecash flow, and