They have little-to-no basis for saying that, but it is probably a decent estimate. I've collected a lot from this era, and would say this one could range between 1900 - 1915. There is really no way to pinpoint it any further.
These pennants were not licensed back then, and the logos were not precise. Sometimes, it's just an artist's conception of what a Cub logo should look like (and nothing more). Based on the style and graphics however, 1905 is probably a decent guess (with emphasis on the word "guess"). Hope this helps...
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