SC 13E3/A

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

SCHEDULE 13E-3

RULE 13E-3 TRANSACTION STATEMENT

UNDER SECTION 13(E) OF

THE SECURITIES EXCHANGE ACT OF 1934

AMENDMENT NO. 3

 

 

COVETRUS, INC.

(Name of the Issuer)

 

 

Covetrus, Inc.

Corgi Bidco, Inc.

Corgi Merger Sub, Inc.

CD&R VFC Holdings, L.P.

CD&R Corgi Holdings, L.P.

Clayton, Dubilier & Rice Fund IX, L.P.

Clayton, Dubilier & Rice Fund IX-A, L.P.

CD&R Advisor Fund IX, L.P.

CD&R Associates IX, L.P.

CD&R Investment Associates IX, Ltd.

Clayton, Dubilier & Rice Fund XI, L.P.

CD&R Associates XI, L.P.

CD&R Investment Associates XI , Ltd.

Clayton, Dubilier & Rice, LLC

(Names of Persons Filing Statement)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

22304C100

(CUSIP Number of Class of Securities)

 

Covetrus, Inc.

7 Custom House Street

Portland, ME 04101

(888) 280-2221

Attn: Margaret B. Pritchard

 

Corgi Bidco, Inc.

Corgi Merger Sub, Inc.

CD&R VFC Holdings, L.P.

CD&R Corgi Holdings, L.P.

Clayton, Dubilier & Rice Fund IX, L.P.

Clayton, Dubilier & Rice Fund IX-A, L.P.

CD&R Advisor Fund IX, L.P.

CD&R Associates IX, L.P.

CD&R Investment Associates IX, Ltd.

Clayton, Dubilier & Rice Fund XI, L.P.

CD&R Associates XI, L.P.

CD&R Investment Associates XI , Ltd.

Clayton, Dubilier & Rice, LLC

c/o Clayton, Dubilier & Rice, LLC

375 Park Avenue, 18th Floor

New York, NY 10152

(212) 407-5227

Attn: Rima Simson

(Name, Address, and Telephone Numbers of Person Authorized to Receive Notices and Communications on Behalf of the Persons Filing Statement)

With copies to

 

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, NY 10153

(212) 310-8000

Attn: Michael J. Aiello; Amanda Fenster

 

Debevoise & Plimpton LLP

919 Third Avenue

New York, NY 10022

(212) 909-6000

Attn: Paul S. Bird

 

 

This statement is filed in connection with (check the appropriate box):

 

a.  ☒

The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Exchange Act of 1934.

 

b.  ☐

The filing of a registration statement under the Securities Act of 1933.

 

c.  ☐

A tender offer.

 

d.  ☐

None of the above.

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies:  ☒

Check the following box if the filing is a final amendment reporting the results of the transaction:  ☐

CALCULATION OF FILING FEE

 

Transaction Valuation*   Amount of Filing Fee**
$3,045,288,412   $282,298.24

 

*

For purposes of calculating the fee only, as of June 17, 2022, this amount is based upon the sum of: (a) the product of 139,825,101 shares of common stock outstanding and the per share merger consideration of $21.00; (b) the product of 843,454 shares of common stock underlying outstanding options and $11.15 (which is the difference between the per share merger consideration of $21.00 and the weighted average exercise price of the outstanding options of $9.85); (c) the product of 3,780,018 shares of common stock underlying outstanding restricted stock units and the per share merger consideration of $21.00; and (d) the product of 960,781 shares of common stock underlying outstanding performance restricted stock units and the per share merger consideration of $21.00.

**

Determined by multiplying $3,045,288,412 by 0.0000927.

 

Check box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

 

Amount Previously Paid: $282,298.24

   Filing Party: Covetrus, Inc.

Form or Registration No.: Schedule 14A (File No. 001-38794)

   Date Filed: June 30, 2022

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of this transaction, passed upon the merits or fairness of this transaction or passed upon the adequacy or accuracy of the disclosure in this document. Any representation to the contrary is a criminal offense.

 

 

 


Introduction

This Amendment No. 3 to the Transaction Statement on Schedule 13e-3 (as originally filed on June 30, 2022, as amended by Amendment No. 1 filed on August 5, 2022 and by Amendment No. 2 filed on August 12, 2022, and, together with all exhibits thereto and hereto, this “Amended Transaction Statement”) is being filed with the U.S. Securities and Exchange Commission (the “SEC”) pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the “Exchange Act”), by (1) Covetrus, Inc. (“Covetrus” or the “Company”), (2) Corgi Bidco, Inc., a Delaware corporation (“Parent”), (3) Corgi Merger Sub, Inc. (“Merger Sub”), a Delaware corporation, (4) CD&R Corgi Holdings, L.P., a Cayman Islands exempted limited partnership, (5) Clayton, Dubilier & Rice Fund XI, L.P., a Cayman Islands exempted limited partnership (“CD&R Fund XI”), (6) CD&R Associates XI, L.P., a Cayman Islands exempted limited partnership, (7) CD&R Investment Associates XI, Ltd., a Cayman Islands exempted company, (8) CD&R VFC Holdings, L.P., a Cayman Islands exempted limited partnership (“CD&R VFC Holdings”), (9) Clayton, Dubilier & Rice Fund IX, L.P., a Cayman Islands exempted limited partnership, (10) Clayton, Dubilier & Rice Fund IX-A, L.P., a Cayman Islands exempted limited partnership, (11) CD&R Advisor Fund IX, L.P., a Cayman Islands exempted limited partnership, (12) CD&R Associates IX, L.P., a Cayman Islands exempted limited partnership, (13) CD&R Investment Associates IX, Ltd., a Cayman Islands exempted company, and (14) Clayton, Dubilier & Rice, LLC, a Delaware limited liability company (“CD&R”) (each of (1) through (14) a “Filing Person,” and collectively, the “Filing Persons”). Parent and Merger Sub are subsidiaries of investment funds managed by CD&R. CD&R VFC Holdings, an affiliate of CD&R, owns approximately 24.15% of the issued and outstanding shares of Company common stock, par value $0.01 per share (which we refer to as a “share” or, collectively, “shares”).

This Amended Transaction Statement relates to the Agreement and Plan of Merger, dated as of May 24, 2022 (as it may be amended from time to time, the “Merger Agreement”), by and among the Company, Parent and Merger Sub. In connection with the Merger Agreement, each of CD&R Fund XI (an affiliate of CD&R), TPG Partners VIII, L.P. and TPG Healthcare Partners, L.P. have entered into equity commitment letters with Parent (the “Equity Commitment Letters”), pursuant to which they have agreed to provide equity commitments to Parent in an aggregate amount of $1.604 billion, and have entered into limited guarantees (as amended from time to time, the “Limited Guarantees”) with the Company with respect to the payment of a termination fee that may be payable by Parent to the Company under the Merger Agreement, as well as certain reimbursement obligations that may be owed by Parent pursuant to the Merger Agreement, in each case, subject to the terms of the Merger Agreement, the Equity Commitment Letters and the Limited Guarantees, as applicable.

Concurrently with the execution of the Merger Agreement on May 24, 2022, and as a condition and inducement to Parent, Merger Sub and the Company’s willingness to enter into the Merger Agreement, the Company, CD&R VFC Holdings and Parent entered into a Support and Rollover Agreement (the “Support and Rollover Agreement”) with respect to Company common stock owned of record or beneficially by CD&R VFC Holdings. Pursuant to the Support and Rollover Agreement, CD&R VFC Holdings has agreed to, and agreed to cause its applicable affiliates to, affirmatively vote or cause to be voted all of its shares of Company common stock (a) in favor of (“for”) (i) approval of the Merger (as defined below), (ii) the adoption of the Merger Agreement and (iii) each of the other actions contemplated by the Merger Agreement or necessary or desirable to further any other transactions contemplated by the Merger Agreement (including, for the avoidance of doubt, any proposal to adjourn the applicable meeting that the Board supports as long as such adjournment is in compliance with the terms of the Merger Agreement) and (b) against any action or agreement that could reasonably be expected to result in any of the conditions to the consummation of the Merger under the Merger Agreement not being fulfilled. In the event the Board (acting upon the recommendation of the Transaction Committee) or the Transaction Committee has made a change of recommendation against the Merger and the adoption of the Merger Agreement, CD&R VFC Holdings may vote its shares with respect to the above matters in any manner it chooses.

Further, pursuant to the Support and Rollover Agreement, CD&R VFC Holdings has agreed to transfer, directly or indirectly, its shares of Company common stock, which otherwise would be converted into the right to receive Merger Consideration in cash, to Parent (or its parent company), immediately prior to the Effective Time, in exchange for newly issued equity interests of Parent (or its parent company), with an aggregate value equal to the aggregate amount of the Merger Consideration that would have been payable to CD&R VFC Holdings in respect of its shares of Company common stock.


If the Merger Agreement is adopted by the Company’s stockholders and the other conditions under the Merger Agreement are either satisfied or waived, Merger Sub will be merged with and into the Company (which we refer to as the “Merger” and together with the other transactions contemplated by the Merger Agreement, the “Transactions”), the separate corporate existence of Merger Sub will cease and the Company will continue its corporate existence under Delaware law as the surviving corporation in the Merger (the “Surviving Corporation”) and as a wholly owned subsidiary of Parent. At the effective time of the Merger, each share of Company common stock issued and outstanding immediately prior to the effective time of the Merger (other than shares of Company common stock (i) owned by Parent or Merger Sub or any of their respective subsidiaries (including the shares to be transferred by CD&R VFC Holdings, directly or indirectly, to Parent immediately prior to the Effective Time), (ii) owned by Covetrus as treasury stock and (iii) owned by Covetrus stockholders who have perfected and not withdrawn a demand for appraisal rights in accordance with Section 262 of the Delaware General Corporation Law of the State of Delaware) will be converted into the right to receive $21.00 in cash, without interest thereon. Following the completion of the Merger, Covetrus will cease to be a publicly traded company and will become an indirect wholly owned subsidiary of Parent.

In addition, CD&R VFC Holdings agreed to not take certain actions, including not (i) tendering any of its shares of Company common stock into any tender or exchange offer, (ii) transferring any of its shares of Company common stock, (iii) granting any proxies or powers of attorney or (iv) taking any action that would make any representation or warranty of CD&R VFC Holdings contained in the Support and Rollover Agreement untrue or incorrect in any material respect or have the effect of preventing or disabling CD&R VFC Holdings from performing its obligations under the Support and Rollover Agreement in any material respect.

Concurrently with the filing of this Amended Transaction Statement, the Company is filing with the SEC Amendment No. 3 to the proxy statement (the “Proxy Statement”) under Regulation 14A of the Exchange Act, pursuant to which the Company’s board of directors (the “Board”) is soliciting proxies from stockholders of the Company in connection with the Merger. The Proxy Statement is incorporated herein by reference as Exhibit (a)(1). A copy of the Merger Agreement is attached to the Proxy Statement as Annex A and is incorporated herein by reference. As of the date hereof, the Proxy Statement is in preliminary form, and is subject to completion or amendment. Terms used but not defined in this Transaction Statement have the meanings assigned to them in the Proxy Statement.

The transaction committee (the “Transaction Committee”) of the Board, consisting solely of non-management members of the Board that are unaffiliated with CD&R or its affiliates, evaluated the Merger in consultation with the Company’s management and legal and financial advisors. The Transaction Committee unanimously (i) approved and declared advisable the Merger Agreement and the consummation of the Transactions, including the Merger, upon the terms and subject to the conditions set forth in the Merger Agreement, (ii) determined that the Merger is fair to, and in the best interests of, the Company and its stockholders and (iii) recommended to the Board to adopt and declare advisable the Merger Agreement and the Transactions, including the Merger, and recommend to the stockholders of the Company the adoption of the Merger Agreement. The Board, other than Ravi Sachdev and Sandra Peterson, who recused themselves due to their affiliation with CD&R, acting upon the recommendation of the Transaction Committee, unanimously (i) approved and declared advisable the Merger Agreement and the consummation of the Transactions, including the Merger, upon the terms and subject to the conditions set forth in the Merger Agreement, (ii) determined that the Merger is fair to, and in the best interests of, the Company and its stockholders, (iii) directed that the Merger Agreement be submitted to a vote at a meeting of the stockholders of the Company and (iv) resolved to recommend that the stockholders of the Company adopt the Merger Agreement. Pursuant to General Instruction F to Schedule 13E-3, the information in the Proxy Statement, including all annexes thereto, is expressly incorporated by reference herein in its entirety, and responses to each item herein are qualified in their entirety by the information contained in the Proxy Statement. The cross-references below are being supplied pursuant to General Instruction G to Schedule 13E-3 and show the location in the Proxy Statement of the information required to be included in response to the items of Schedule 13E-3.

While each of the Filing Persons acknowledges that the Merger is a going private transaction for purposes of Rule 13e-3 under the Exchange Act, the filing of this Amended Transaction Statement shall not be construed as an admission by any Filing Person, or by any affiliate of a Filing Person, that the Company is “controlled” by any of the Filing Persons and/or their respective affiliates.


All information contained in, or incorporated by reference into, this Amended Transaction Statement concerning each Filing Person has been supplied by such Filing Person.

Item 1. Summary Term Sheet

Regulation M-A Item 1001

The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers About the Special Meeting and the Merger”

Item 2. Subject Company Information

Regulation M-A Item 1002

(a) Name and address. Covetrus’ name, and the address and telephone number of its principal executive offices are:

Covetrus, Inc.

7 Custom House Street

Portland, ME 04101

(888) 280-2221

(b) Securities. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Questions and Answers About the Special Meeting and the Merger—What do I need to do now? How many votes do I have?”

“The Special Meeting—Record Date and Quorum”

“Market Price and Dividend Data”

(c) Trading market and price. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Market Price and Dividend Data”

(d) Dividends. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Market Price and Dividend Data”

“The Merger Agreement—Covenants Regarding Conduct of Business by Covetrus Prior to Merger”

(e) Prior public offerings. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Other Important Information Regarding the Company—Prior Public Offerings”


(f) Prior stock purchases. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Other Important Information Regarding the Company—Certain Transactions in the Shares of Common Stock”

Item 3. Identity and Background of Filing Person

Regulation M-A Item 1003

The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

(a) – (b) Name and Address of Each Filing Person; Business and Background of Entities.

“Summary Term Sheet—The Parties”

“Parties to the Merger”

“Other Important Information Regarding the Company—Directors and Executive Officers of the Company”

“Other Important Information Regarding the CD&R Entities”

“Where You Can Find More Information”

(c) Business and Background of Natural Persons.

“Other Important Information Regarding the Company—Directors and Executive Officers of the Company”

“Other Important Information Regarding the CD&R Entities”

“Where You Can Find More Information”

Item 4. Terms of the Transaction

Regulation M-A Item 1004

(a) Material terms.

(1) Tender offers. Not applicable.

(2) Mergers or Similar Transactions.

(i) The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Background of the Merger”

“Special Factors—Effective Time of the Merger”

“Special Factors—Payment of Merger Consideration”

“The Merger Agreement—Conditions to the Merger”


(ii) The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Payment of Merger Consideration”

“The Merger Agreement—Merger Consideration Received by Covetrus Stockholders”

“The Merger Agreement—Treatment of Outstanding Equity Awards; Company ESPP”

(iii) The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

“Special Factors—Position of the CD&R Entities as to the Fairness of the Merger”

“Special Factors—Purpose and Reasons of the Company for the Merger”

“Special Factors—Purpose and Reasons of the CD&R Entities for the Merger”

“Special Factors—Opinion of Goldman Sachs & Co. LLC”

“Special Factors—Certain Financial Projections Utilized in Connection with the Merger”

(iv) The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers About the Special Meeting and the Merger”

“The Merger Agreement—Obligations with Respect to this Proxy Statement, Schedule 13e-3 and the Special Meeting”

“The Special Meeting—Vote Required for Approval”

(v) The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Certain Effects of the Merger”

(vi) The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Special Factors—Accounting Treatment”

(vii) The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Special Factors—Material U.S. Federal Income Tax Consequences of the Merger”


(c) Different terms. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers About the Special Meeting and the Merger”

“Special Factors—Certain Effects of the Merger”

“Special Factors—Interests of Executive Officers and Directors of the Company in the Merger”

“The Merger Agreement—Merger Consideration Received by Covetrus Stockholders”

“The Merger Agreement—Treatment of Outstanding Equity Awards; Company ESPP”

“Support and Rollover Agreement”

(d) Appraisal rights. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Questions and Answers About the Special Meeting and the Merger”

“Appraisal Rights”

(e) Provisions for unaffiliated security holders. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Special Factors—Provisions for Unaffiliated Stockholders”

(f) Eligibility for listing or trading. Not applicable.

Item 5. Past Contacts, Transactions, Negotiations and Agreements

Regulation M-A Item 1005

(a)(1) – (2) Transactions. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Background of the Merger”

“Special Factors—Certain Effects of the Merger”

“Special Factors—Interests of Directors and Executive Officers in the Merger”

“The Merger Agreement—Treatment of Outstanding Equity Awards; Company ESPP”

“The Merger Agreement—Merger Consideration Received by Covetrus Stockholders”

“Other Important Information Regarding the Company—Certain Transactions in the Shares of Common Stock”

(b) – (c) Significant corporate events; Negotiations or contacts. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Background of the Merger”


“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

“Special Factors—Position of the CD&R Entities as to the Fairness of the Merger”

“Special Factors—Purpose and Reasons of the Company for the Merger”

“Special Factors—Purpose and Reasons of the CD&R Entities for the Merger”

“Special Factors—Interests of Directors and Executive Officers in the Merger”

“Special Factors—Financing of the Merger”

“Special Factors—Limited Guarantees”

“The Merger Agreement”

“Support and Rollover Agreement”

Annex A—Agreement and Plan of Merger, dated as of May 24, 2022, by and among Corgi Bidco, Inc., Corgi Merger Sub, Inc., and Covetrus, Inc.

Annex B—Support and Rollover Agreement, dated as of May 24, 2022, by and among Covetrus, Inc., CD&R VFC Holdings, L.P. and Corgi BidCo, Inc.

(e) Agreements involving the subject company’s securities. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers About the Special Meeting and the Merger”

“Special Factors—Background of the Merger”

“Special Factors—Plans for the Company After the Merger”

“Special Factors—Financing of the Merger”

“Special Factors—Limited Guarantees”

“The Merger Agreement”

“Support and Rollover Agreement”

“The Special Meeting—Vote Required for Approval”

“Other Important Information Regarding the Company—Certain Transactions in the Shares of Common Stock”

Annex A—Agreement and Plan of Merger, dated as of May 24, 2022, by and among Corgi Bidco, Inc., Corgi Merger Sub, Inc., and Covetrus, Inc.

Annex B—Support and Rollover Agreement, dated as of May 24, 2022, by and among Covetrus, Inc., CD&R VFC Holdings, L.P. and Corgi BidCo, Inc.


Item 6. Purposes of the Transaction and Plans or Proposals.

Regulation M-A Item 1006

(b) Use of securities acquired. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Plans for the Company After the Merger”

“Special Factors—Certain Effects of the Merger”

“Special Factors—Consequences if the Merger is Not Completed”

“The Merger Agreement—Merger Consideration Received by Covetrus Stockholders”

“Special Factors—Interests of Directors and Executive Officers in the Merger”

“Market Price and Dividend Data”

“Delisting and Deregistration of Common Stock”

(c)(1) – (8) Plans. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers About the Special Meeting and the Merger”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

“Special Factors—Position of the CD&R Entities as to the Fairness of the Merger”

“Special Factors—Purpose and Reasons of the Company for the Merger”

“Special Factors—Purpose and Reasons of the CD&R Entities for the Merger”

“Special Factors—Plans for the Company After the Merger”

“Special Factors—Certain Effects of the Merger”

“Special Factors—Consequences if the Merger Is Not Completed”

“Special Factors—Interests of Directors and Executive Officers in the Merger”

“Special Factors—Financing of the Merger”

“Special Factors—Limited Guarantees”

“Support and Rollover Agreement”

“The Merger Agreement—Organizational Documents; Directors and Officers”


“The Merger Agreement—Merger Consideration Received by Covetrus Stockholders”

“The Merger Agreement—Treatment of Outstanding Equity Awards; Company ESPP”

“The Merger Agreement—Covenants Regarding Conduct of Business by Covetrus Prior to Merger”

“Market Price and Dividends Data”

“Other Important Information Regarding the Company—Directors and Executive Officers of the Company”

“Delisting and Deregistration of Common Stock”

Annex A—Agreement and Plan of Merger, dated as of May 24, 2022, by and among Corgi Bidco, Inc., Corgi Merger Sub, Inc., and Covetrus, Inc.

Item 7. Purposes, Alternatives, Reasons and Effects

Regulation M-A Item 1013

(a) Purposes. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

“Special Factors—Position of the CD&R Entities as to the Fairness of the Merger”

“Special Factors—Purpose and Reasons of the Company for the Merger”

“Special Factors—Purpose and Reasons of the CD&R Entities for the Merger”

“Special Factors—Plans for the Company After the Merger”

“Special Factors—Certain Effects of the Merger”

(b) Alternatives. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

“Special Factors—Position of the CD&R Entities as to the Fairness of the Merger”

“Special Factors—Purpose and Reasons of the Company for the Merger”

“Special Factors—Purpose and Reasons of the CD&R Entities for the Merger”

“Special Factors—Opinion of Goldman Sachs & Co. LLC”


(c) Reasons. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

“Special Factors—Position of the CD&R Entities as to the Fairness of the Merger”

“Special Factors—Purpose and Reasons of the Company for the Merger”

“Special Factors—Purpose and Reasons of the CD&R Entities for the Merger”

“Special Factors—Opinion of Goldman Sachs & Co. LLC”

“Special Factors—Certain Financial Projections Utilized in Connection with the Merger”

“Special Factors—Certain Effects of the Merger”

Annex C—Opinion of Goldman Sachs & Co. LLC

(d) Effects. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

“Special Factors—Position of the CD&R Entities as to the Fairness of the Merger”

“Special Factors—Purpose and Reasons of the Company for the Merger”

“Special Factors—Purpose and Reasons of the CD&R Entities for the Merger”

“Special Factors—Plans for the Company After the Merger”

“Special Factors—Certain Effects of the Merger”

“Special Factors—Consequences if the Merger is Not Completed”

“Special Factors—Interests of Directors and Executive Officers in the Merger”

“Special Factors—Material U.S. Federal Income Tax Consequences of the Merger”

“Special Factors—Accounting Treatment”

“Special Factors—Financing of the Merger”

“Special Factors—Fees and Expenses”

“Special Factors—Payment of Merger Consideration”

“The Merger Agreement—Organizational Documents; Directors and Officers”

“The Merger Agreement—Merger Consideration Received by Covetrus Stockholders”

“The Merger Agreement—Treatment of Outstanding Equity Awards; Company ESPP”


“The Merger Agreement—Covenants Regarding Conduct of Business by Covetrus Prior to Merger”

“Market Price and Dividend Data”

“Delisting and Deregistration of Common Stock”

Annex A—Agreement and Plan of Merger, dated as of May 24, 2022, by and among Corgi Bidco, Inc., Corgi Merger Sub, Inc., and Covetrus, Inc.

Item 8. Fairness of the Transaction

Regulation M-A Item 1014

(a) – (b) Fairness; Factors considered in determining fairness. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

“Special Factors—Position of the CD&R Entities as to the Fairness of the Merger”

“Special Factors—Opinion of Goldman Sachs & Co. LLC”

“Special Factors—Purpose and Reasons of the Company for the Merger”

“Special Factors—Purpose and Reasons of the CD&R Entities for the Merger”

“Special Factors—Certain Effects of the Merger”

Annex C—Opinion of Goldman Sachs & Co. LLC

(c) Approval of security holders. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers About the Special Meeting and the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

“Special Factors—Position of the CD&R Entities as to the Fairness of the Merger”

“The Merger Agreement—Obligations with Respect to this Proxy Statement, Schedule 13e-3 and the Special Meeting”

“The Merger Agreement—Conditions to the Merger”

“The Special Meeting—Vote Required for Approval”

Annex A—Agreement and Plan of Merger, dated as of May 24, 2022, by and among Corgi Bidco, Inc., Corgi Merger Sub, Inc., and Covetrus, Inc.


(d) Unaffiliated representative. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

“Special Factors—Position of the CD&R Entities as to the Fairness of the Merger”

“Special Factors—Purpose and Reasons of the Company for the Merger”

“Special Factors—Provisions for Unaffiliated Stockholders”

(e) Approval of directors. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

“Special Factors—Purpose and Reasons of the Company for the Merger”

“Special Factors—Position of the CD&R Entities as to the Fairness of the Merger”

“Special Factors—Opinion of Goldman Sachs & Co. LLC”

Discussion Materials prepared by Goldman Sachs & Co. LLC and reviewed by the Transaction Committee and the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated May 23, 2022, are attached hereto as Exhibit (c)(2) and are incorporated herein by reference.

Discussion Materials prepared by Goldman Sachs & Co. LLC and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated September 30, 2021, are attached hereto as Exhibit (c)(3) and are incorporated herein by reference.

Discussion Materials prepared by Goldman Sachs & Co. LLC and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated October 25, 2021, are attached hereto as Exhibit (c)(4) and are incorporated herein by reference.

Discussion Materials prepared by Goldman Sachs & Co. LLC and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated December 3, 2021, are attached hereto as Exhibit (c)(5) and are incorporated herein by reference.

Discussion Materials prepared by Goldman Sachs & Co. LLC and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated December 9, 2021, are attached hereto as Exhibit (c)(6) and are incorporated herein by reference.

Discussion Materials prepared jointly by Goldman Sachs & Co. LLC and Lincoln International and reviewed by the Transaction Committee, dated December 23, 2021, are attached hereto as Exhibit (c)(7) and are incorporated herein by reference.

Discussion Materials prepared jointly by Goldman Sachs & Co. LLC and Lincoln International and reviewed by the Transaction Committee, dated January 11, 2022, are attached hereto as Exhibit (c)(8) and are incorporated herein by reference.

Discussion Materials prepared jointly by Goldman Sachs & Co. LLC and Lincoln International and reviewed by the Transaction Committee, dated February 4, 2022, are attached hereto as Exhibit (c)(9) and are incorporated herein by reference.

Discussion Materials prepared jointly by Goldman Sachs & Co. LLC and Lincoln International and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated February 15, 2022, are attached hereto as Exhibit (c)(10) and are incorporated herein by reference.

Discussion Materials prepared jointly by Goldman Sachs & Co. LLC and Lincoln International and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated March 17, 2022, are attached hereto as Exhibit (c)(11) and are incorporated herein by reference.

Discussion Materials prepared by Goldman Sachs & Co. LLC and reviewed by the Transaction Committee, dated March 22, 2022, are attached hereto as Exhibit (c)(12) and are incorporated herein by reference.

Discussion Materials prepared jointly by Goldman Sachs & Co. LLC and Lincoln International and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated April 7, 2022, are attached hereto as Exhibit (c)(13) and are incorporated herein by reference.

Discussion Materials prepared jointly by Goldman Sachs & Co. LLC and Lincoln International and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated April 20, 2022, are attached hereto as Exhibit (c)(14) and are incorporated herein by reference.

Discussion Materials prepared by Goldman Sachs & Co. LLC and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated May 17, 2022, are attached hereto as Exhibit (c)(15) and are incorporated herein by reference.

“Special Factors—Interests of Directors and Executive Officers in the Merger”

“Proposal 1: The Merger Agreement Proposal”

(f) Other offers. Not applicable.

Item 9. Reports, Opinions, Appraisals and Negotiations

Regulation M-A Item 1015

(a) – (c) Report, opinion or appraisal; Preparer and summary of the report, opinion or appraisal; Availability of documents. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

“Special Factors—Position of the CD&R Entities as to the Fairness of the Merger”

“Special Factors—Deutsche Bank Securities Inc. Discussion Materials Provided to CD&R and TPG”

“Special Factors—Purpose and Reasons of the Company for the Merger”

“Special Factors—Opinion of Goldman Sachs & Co. LLC”

“Where You Can Find More Information”

Annex C—Opinion of Goldman Sachs & Co. LLC


Discussion Materials prepared by Goldman Sachs & Co. LLC and reviewed by the Transaction Committee and the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated May 23, 2022, are attached hereto as Exhibit (c)(2) and are incorporated herein by reference.

Discussion Materials prepared by Goldman Sachs & Co. LLC and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated September 30, 2021, are attached hereto as Exhibit (c)(3) and are incorporated herein by reference.

Discussion Materials prepared by Goldman Sachs & Co. LLC and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated October 25, 2021, are attached hereto as Exhibit (c)(4) and are incorporated herein by reference.

Discussion Materials prepared by Goldman Sachs & Co. LLC and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated December 3, 2021, are attached hereto as Exhibit (c)(5) and are incorporated herein by reference.

Discussion Materials prepared by Goldman Sachs & Co. LLC and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated December 9, 2021, are attached hereto as Exhibit (c)(6) and are incorporated herein by reference.

Discussion Materials prepared jointly by Goldman Sachs & Co. LLC and Lincoln International and reviewed by the Transaction Committee, dated December 23, 2021, are attached hereto as Exhibit (c)(7) and are incorporated herein by reference.

Discussion Materials prepared jointly by Goldman Sachs & Co. LLC and Lincoln International and reviewed by the Transaction Committee, dated January 11, 2022, are attached hereto as Exhibit (c)(8) and are incorporated herein by reference.

Discussion Materials prepared jointly by Goldman Sachs & Co. LLC and Lincoln International and reviewed by the Transaction Committee, dated February 4, 2022, are attached hereto as Exhibit (c)(9) and are incorporated herein by reference.

Discussion Materials prepared jointly by Goldman Sachs & Co. LLC and Lincoln International and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated February 15, 2022, are attached hereto as Exhibit (c)(10) and are incorporated herein by reference.

Discussion Materials prepared jointly by Goldman Sachs & Co. LLC and Lincoln International and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated March 17, 2022, are attached hereto as Exhibit (c)(11) and are incorporated herein by reference.

Discussion Materials prepared by Goldman Sachs & Co. LLC and reviewed by the Transaction Committee, dated March 22, 2022, are attached hereto as Exhibit (c)(12) and are incorporated herein by reference.

Discussion Materials prepared jointly by Goldman Sachs & Co. LLC and Lincoln International and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated April 7, 2022, are attached hereto as Exhibit (c)(13) and are incorporated herein by reference.

Discussion Materials prepared jointly by Goldman Sachs & Co. LLC and Lincoln International and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated April 20, 2022, are attached hereto as Exhibit (c)(14) and are incorporated herein by reference.

Discussion Materials prepared by Goldman Sachs & Co. LLC and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated May 17, 2022, are attached hereto as Exhibit (c)(15) and are incorporated herein by reference.

Discussion Materials prepared by Deutsche Bank Securities Inc., dated April 29, 2022, for CD&R and TPG are attached hereto as Exhibit (c)(16) and are incorporated herein by reference.

Discussion Materials prepared by Deutsche Bank Securities Inc., dated May 5, 2022, for CD&R and TPG are attached hereto as Exhibit (c)(17) and are incorporated herein by reference.

Discussion Materials prepared by Deutsche Bank Securities Inc., dated May 7, 2022, for CD&R and TPG are attached hereto as Exhibit (c)(18) and are incorporated herein by reference.

Discussion Materials prepared by Deutsche Bank Securities Inc., dated May 13, 2022, for CD&R and TPG are attached hereto as Exhibit (c)(19) and are incorporated herein by reference.

The reports, opinions or appraisals referenced in this Item 9 will be made available for inspection and copying at the principal executive offices of Covetrus during its regular business hours by any interested equity security holder of Covetrus or representative who has been so designated in writing.

Item 10. Source and Amounts of Funds or Other Consideration

Regulation M-A Item 1007

(a) – (b) Source of funds; Conditions. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Financing of the Merger”

“Support and Rollover Agreement’

“Special Factors—Limited Guarantees”

“The Merger Agreement—Financing Cooperation”

Debt Commitment Letter, dated May 24, 2022, by and among Corgi Bidco, Inc. and Deutsche Bank Securities Inc., Deutsche Bank AG New York Branch, UBS AG, Stamford Branch, UBS Securities LLC, Bank of Montreal, BMO Capital Markets Corp. and Mizuho Bank Ltd., is attached hereto as Exhibit (b)(1) and is incorporated herein by reference.

Joinder to the Debt Commitment Letter, dated June 15, 2022, by and among Corgi Bidco, Inc. and The Toronto-Dominion Bank, New York Branch, Santander Bank, N.A., ING Capital LLC, Deutsche Bank Securities Inc., Deutsche Bank AG New York Branch, UBS AG, Stamford Branch, UBS Securities LLC, Bank of Montreal, BMO Capital Markets Corp. and Mizuho Bank Ltd., is attached hereto as Exhibit (b)(2) and is incorporated herein by reference.

Second Lien Debt Commitment Letter, dated June 30, 2022, by and among Corgi Bidco, Inc., Owl Rock Capital Advisors LLC, Owl Rock Capital Corporation, The Toronto-Dominion Bank, New York Branch, Santander Bank, N.A., ING Capital LLC, Deutsche Bank Securities Inc., Deutsche Bank AG New York Branch, UBS AG, Stamford Branch, UBS Securities LLC, Bank of Montreal, BMO Capital Markets Corp. and Mizuho Bank Ltd., is attached hereto as Exhibit (b)(3) and is incorporated herein by reference.

Equity Commitment Letter, dated May 24, 2022, by and between Clayton, Dubilier & Rice Fund XI, L.P. and Corgi Bidco, Inc., is attached hereto as Exhibit (b)(4) and is incorporated herein by reference.

Equity Commitment Letter, dated May 24, 2022, by and between TPG Partners VIII, L.P. and Corgi Bidco, Inc., is attached hereto as Exhibit (b)(5) and is incorporated herein by reference.

Equity Commitment Letter, dated May 24, 2022, by and between TPG Healthcare Partners, L.P. and Corgi Bidco, Inc., is attached hereto as Exhibit (b)(6) and is incorporated herein by reference.

(c) Expenses. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Fees and Expenses”

“The Merger Agreement—Termination of the Merger Agreement”

“The Merger Agreement—Effect of Termination”


“The Merger Agreement—Termination Fees”

“The Merger Agreement—Expenses”

(d) Borrowed funds. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors—Financing of the Merger”

“The Merger Agreement—Financing Cooperation”

Debt Commitment Letter, dated May 24, 2022, by and among Corgi Bidco, Inc. and Deutsche Bank Securities Inc., Deutsche Bank AG New York Branch, UBS AG, Stamford Branch, UBS Securities LLC, Bank of Montreal, BMO Capital Markets Corp. and Mizuho Bank Ltd., is attached hereto as Exhibit (b)(1) and is incorporated herein by reference.

Joinder to the Debt Commitment Letter, dated June 15, 2022, by and among Corgi Bidco, Inc. and The Toronto-Dominion Bank, New York Branch, Santander Bank, N.A., ING Capital LLC, Deutsche Bank Securities Inc., Deutsche Bank AG New York Branch, UBS AG, Stamford Branch, UBS Securities LLC, Bank of Montreal, BMO Capital Markets Corp. and Mizuho Bank Ltd., is attached hereto as Exhibit (b)(2) and is incorporated herein by reference.

Second Lien Debt Commitment Letter, dated June 30, 2022, by and among Corgi Bidco, Inc., Owl Rock Capital Advisors LLC, Owl Rock Capital Corporation, The Toronto-Dominion Bank, New York Branch, Santander Bank, N.A., ING Capital LLC, Deutsche Bank Securities Inc., Deutsche Bank AG New York Branch, UBS AG, Stamford Branch, UBS Securities LLC, Bank of Montreal, BMO Capital Markets Corp. and Mizuho Bank Ltd., is attached hereto as Exhibit (b)(3) and is incorporated herein by reference.

Equity Commitment Letter, dated May 24, 2022, by and between Clayton, Dubilier & Rice Fund XI, L.P. and Corgi Bidco, Inc., is attached hereto as Exhibit (b)(4) and is incorporated herein by reference.

Equity Commitment Letter, dated May 24, 2022, by and between TPG Partners VIII, L.P. and Corgi Bidco, Inc., is attached hereto as Exhibit (b)(5) and is incorporated herein by reference.

Equity Commitment Letter, dated May 24, 2022, by and between TPG Healthcare Partners, L.P. and Corgi Bidco, Inc., is attached hereto as Exhibit (b)(6) and is incorporated herein by reference.

Support and Rollover Agreement, dated as of May 24, 2022, by and among Covetrus, Inc., CD&R VFC Holdings, L.P. and Corgi BidCo, Inc. is attached hereto as Exhibit (d)(5) and is incorporated herein by reference.

Item 11. Interest in Securities of the Subject Company

Regulation M-A Item 1008

(a) Securities ownership. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors—Interests of Directors and Executive Officers in the Merger”

”Other Important Information Regarding the Company—Security Ownership of Certain Beneficial Owners and Management”

(b) Securities transactions. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Other Important Information Regarding the Company—Certain Transactions in the Shares of Common Stock”


Item 12. The Solicitation or Recommendation

Regulation M-A Item 1012

(d) Intent to tender or vote in a going-private transaction. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers About the Special Meeting and the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

“Special Factors—Position of the CD&R Entities as to the Fairness of the Merger”

“Special Factors—Purpose and Reasons of the Company for the Merger”

“Special Factors—Purpose and Reasons of the CD&R Entities for the Merger”

“Intent to Vote in Favor of the Merger”

“The Special Meeting—CD&R VFC Holdings’ Obligation to Vote in Favor of the Merger”

“The Special Meeting—Vote Required for Approval”

“Support and Rollover Agreement”

Annex B—Support and Rollover Agreement, dated as of May 24, 2022, by and among Covetrus, Inc., CD&R VFC Holdings, L.P. and Corgi BidCo, Inc.

(e) Recommendations of others. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers About the Special Meeting and the Merger”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

“Special Factors—Position of the CD&R Entities as to the Fairness of the Merger”

“Special Factors—Purpose and Reasons of the Company for the Merger”

“Special Factors—Purpose and Reasons of the CD&R Entities for the Merger”

Item 13. Financial Information

Regulation M-A Item 1010

(a) Financial statements. The audited consolidated financial statements of the Company for the fiscal years ended December 31, 2021, 2020 and 2019 are incorporated herein by reference to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed on February 28, 2022 (see “Item 8. Financial Statements and Supplementary Data” beginning on page 48). The unaudited consolidated financial statements of the Company for the three months ended March 31, 2022 are incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2022, filed on May 5, 2022 (see “Item 1. Condensed Consolidated Financial Statements” beginning on page 4) and the unaudited consolidated financial statements of the Company for the three months ended June 30, 2022 are incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2022, filed on August 4, 2022 (see “Item 1. Condensed Consolidated Financial Statements” beginning on page 4).

The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors—Certain Effects of the Merger”


“Special Factors—Certain Financial Projections Utilized in Connection with the Merger”

“Other Important Information Regarding the Company—Book Value per Share”

“Where You Can Find More Information”

(b) Pro forma information. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Special Factors—Certain Financial Projections Utilized in Connection with the Merger”

Item 14. Persons/Assets, Retained, Employed, Compensated or Used

Regulation M-A Item 1009

(a) – (b) Solicitations or recommendations; Employees and corporate assets. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Questions and Answers About the Special Meeting and the Merger”

“Special Factors—Background of the Merger”

“Special Factors—Reasons for the Merger; Recommendation of the Board; Fairness of the Merger”

“Special Factors—Purpose and Reasons of the Company for the Merger”

“Special Factors—Fees and Expenses”

“Special Factors—Interests of Directors and Executive Officers in the Merger”

“The Special Meeting—Solicitation of Proxies”

Item 15. Additional Information

Regulation M-A Item 1011

(b) Golden Parachute Compensation. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary Term Sheet”

“Special Factors—Certain Effects of the Merger”

“Special Factors—Interests of Directors and Executive Officers in the Merger—Golden Parachute Compensation”

“The Merger Agreement—Treatment of Outstanding Equity Awards; Company ESPP”

“The Merger Agreement—Merger Consideration Received by Covetrus Stockholders”

“The Special Meeting—Date, Time and Place of the Special Meeting”

“The Special Meeting—Purpose of the Special Meeting”

“Proposal 2: Merger-Related Compensation Proposal”


(c) Other material information. The information set forth in the Proxy Statement, including all annexes thereto, is incorporated herein by reference.

Item 16. Exhibits

Regulation M-A Item 1016

(a)(1) Preliminary Proxy Statement of Covetrus, Inc. (the “Proxy Statement”) (incorporated herein by reference to Amendment No. 3 to the Schedule 14A filed concurrently with the SEC).

(a)(2) Form of Proxy Card (incorporated herein by reference to Annex E of the Proxy Statement).

(a)(3) Letter to Covetrus, Inc. Stockholders (incorporated herein by reference to the Proxy Statement).

(a)(4) Notice of Special Meeting of Stockholders (incorporated herein by reference to the Proxy Statement).

(a)(5) Press Release, dated May 25, 2022 (filed as Exhibit 99.1 to Covetrus, Inc.’s Current Report on Form 8-K, filed May 25, 2022 and incorporated herein by reference).

(b)(1) Debt Commitment Letter, dated May 24, 2022, by and among Corgi Bidco, Inc. and Deutsche Bank Securities Inc., Deutsche Bank AG New York Branch, UBS AG, Stamford Branch, UBS Securities LLC, Bank of Montreal, BMO Capital Markets Corp. and Mizuho Bank Ltd.*

(b)(2) Joinder to the Debt Commitment Letter, dated June 15, 2022, by and among Corgi Bidco, Inc. and The Toronto-Dominion Bank, New York Branch, Santander Bank, N.A., ING Capital LLC, Deutsche Bank Securities Inc., Deutsche Bank AG New York Branch, UBS AG, Stamford Branch, UBS Securities LLC, Bank of Montreal, BMO Capital Markets Corp. and Mizuho Bank Ltd.*

(b)(3) Second Lien Debt Commitment Letter, dated June 30, 2022, by and among Corgi Bidco, Inc., Owl Rock Capital Advisors LLC, Owl Rock Capital Corporation, The Toronto-Dominion Bank, New York Branch, Santander Bank, N.A., ING Capital LLC, Deutsche Bank Securities Inc., Deutsche Bank AG New York Branch, UBS AG, Stamford Branch, UBS Securities LLC, Bank of Montreal, BMO Capital Markets Corp. and Mizuho Bank Ltd.**

(b)(4) Equity Commitment Letter, dated May 24, 2022, by and between Clayton, Dubilier & Rice Fund XI, L.P. and Corgi Bidco, Inc.*

(b)(5) Equity Commitment Letter, dated May 24, 2022, by and between TPG Partners VIII, L.P. and Corgi Bidco, Inc.*

(b)(6) Equity Commitment Letter, dated May 24, 2022, by and between TPG Healthcare Partners, L.P. and Corgi Bidco, Inc.*

(c)(1) Opinion of Goldman Sachs & Co. LLC, dated May 24, 2022 (incorporated herein by reference to Annex C of the Proxy Statement).

(c)(2) Discussion Materials prepared by Goldman Sachs & Co. LLC and reviewed by the Transaction Committee and the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated May 23, 2022.*

(c)(3) Discussion Materials prepared by Goldman Sachs & Co. LLC and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated September 30, 2021.**

(c)(4) Discussion Materials prepared by Goldman Sachs & Co. LLC and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated October 25, 2021.**

(c)(5) Discussion Materials prepared by Goldman Sachs & Co. LLC and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated December 3, 2021.†***

(c)(6) Discussion Materials prepared by Goldman Sachs & Co. LLC and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated December 9, 2021.†***

(c)(7) Discussion Materials prepared jointly by Goldman Sachs & Co. LLC and Lincoln International and reviewed by the Transaction Committee, dated December 23, 2021.†***

(c)(8) Discussion Materials prepared jointly by Goldman Sachs & Co. LLC and Lincoln International and reviewed by the Transaction Committee, dated January 11, 2022.†***

(c)(9) Discussion Materials prepared jointly by Goldman Sachs & Co. LLC and Lincoln International and reviewed by the Transaction Committee, dated February 4, 2022.†***

(c)(10) Discussion Materials prepared jointly by Goldman Sachs & Co. LLC and Lincoln International and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated February 15, 2022.†***

(c)(11) Discussion Materials prepared jointly by Goldman Sachs & Co. LLC and Lincoln International and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated March 17, 2022.†***

(c)(12) Discussion Materials prepared by Goldman Sachs & Co. LLC and reviewed by the Transaction Committee, dated March 22, 2022.†***

(c)(13) Discussion Materials prepared jointly by Goldman Sachs & Co. LLC and Lincoln International and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated April 7, 2022.†***

(c)(14) Discussion Materials prepared jointly by Goldman Sachs & Co. LLC and Lincoln International and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated April 20, 2022.†***

(c)(15) Discussion Materials prepared by Goldman Sachs & Co. LLC and reviewed by the Board (other than the Recused Directors (as defined in the Proxy Statement)), dated May 17, 2022.***

(c)(16) Discussion Materials prepared by Deutsche Bank Securities Inc., dated April 29, 2022, for CD&R and TPG.

(c)(17) Discussion Materials prepared by Deutsche Bank Securities Inc., dated May 5, 2022, for CD&R and TPG.

(c)(18) Discussion Materials prepared by Deutsche Bank Securities Inc., dated May 7, 2022, for CD&R and TPG.

(c)(19) Discussion Materials prepared by Deutsche Bank Securities Inc., dated May 13, 2022, for CD&R and TPG.

(d)(1) Agreement and Plan of Merger, dated as of May 24, 2022, by and among Corgi Bidco, Inc., Corgi Merger Sub, Inc., and Covetrus, Inc. (incorporated herein by reference to Annex A of the Proxy Statement).

(d)(2) Limited Guarantee, dated May 24, 2022, by Clayton, Dubilier & Rice Fund XI, L.P. in favor of Covetrus, Inc.*

(d)(3) Limited Guarantee, dated May 24, 2022, by TPG Partners VIII, L.P. in favor of Covetrus, Inc.*

(d)(4) Limited Guarantee, dated May 24, 2022, by TPG Healthcare Partners, L.P. in favor of Covetrus, Inc.*


(d)(5) Support and Rollover Agreement, dated as of May 24, 2022, by and among Covetrus, Inc., CD&R VFC Holdings, L.P. and Corgi BidCo, Inc. (filed as Exhibit 10.1 to Covetrus, Inc.’s Current Report on Form 8-K, filed May 25, 2022 and incorporated herein by reference).

(d)(6) Investment Agreement, dated April 30, 2020, by and among Covetrus, Inc. and CD&R VFC Holdings, L.P. (filed as Exhibit 10.1 to Covetrus, Inc.’s Current Report on Form 8-K, filed May 1, 2020 and incorporated herein by reference).

(d)(7) Investment Agreement – Limited Waiver, dated as of May 19, 2022, by and among Covetrus, Inc. and CD&R VFC Holdings, L.P. (filed as Exhibit 10.1 to Covetrus, Inc.’s Current Report on Form 8-K, filed May 20, 2022 and incorporated herein by reference).

(f) Section 262 of the General Corporation Law of the State of Delaware (incorporated herein by reference to Annex D of the Proxy Statement).

(g) None.

107 Filing Fee Table.*

* Previously filed with the Schedule 13E-3 filed with the SEC on June 30, 2022.

** Previously filed with Amendment No. 1 to the Schedule 13E-3 filed with the SEC on August 5, 2022.

*** Previously filed with Amendment No. 2 to the Schedule 13E-3 filed with the SEC on August 12, 2022.

† Certain portions of this exhibit have been redacted and separately filed with the Securities and Exchange Commission pursuant to a request for confidential treatment.


SIGNATURE

After due inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated as of August 31, 2022.

 

COVETRUS, INC.
By:  

/s/ Margaret B. Pritchard

  Name: Margaret B. Pritchard
  Title:   General Counsel and Secretary
CORGI BIDCO, INC.
By:  

/s/ Rima Simson

  Name: Rima Simson
  Title:   Vice President, Treasurer and Secretary
CORGI MERGER SUB, INC.
By:  

/s/ Rima Simson

  Name: Rima Simson
  Title:   Vice President, Treasurer and Secretary
CD&R CORGI HOLDINGS, L.P.
By: CD&R Investment Associates XI, Ltd.
Its: General Partner
By:  

/s/ Rima Simson

  Name: Rima Simson
  Title:   Vice President, Treasurer and Secretary
CD&R VFC HOLDINGS, L.P.
By: CD&R Investment Associates IX, Ltd.
Its: General Partner
By:  

/s/ Rima Simson

  Name: Rima Simson
  Title:   Vice President, Treasurer and Secretary


CLAYTON, DUBILIER & RICE FUND IX, L.P.
By: CD&R Associates IX, Ltd.
Its: General Partner
By: CD&R Investment Associates IX, Ltd.
Its: General Partner
By:  

/s/ Rima Simson

  Name: Rima Simson
  Title:   Vice President, Treasurer and Secretary
CLAYTON, DUBILIER & RICE FUND IX-A, L.P.
By: CD&R Associates IX, Ltd.
Its: General Partner
By: CD&R Investment Associates IX, Ltd.
Its: General Partner
By:  

/s/ Rima Simson

  Name: Rima Simson
  Title:   Vice President, Treasurer and Secretary
CD&R ADVISOR FUND IX, L.P.
By: CD&R Associates IX, Ltd.
Its: General Partner
By: CD&R Investment Associates IX, Ltd.
Its: General Partner
By:  

/s/ Rima Simson

  Name: Rima Simson
  Title:   Vice President, Treasurer and Secretary
CD&R ASSOCIATES IX, L.P.
By: CD&R Investment Associates IX, Ltd.
Its: General Partner
By:  

/s/ Rima Simson

  Name: Rima Simson
  Title:   Vice President, Treasurer and Secretary


CD&R INVESTMENT ASSOCIATES IX, LTD.
By:  

/s/ Rima Simson

  Name: Rima Simson
  Title:   Vice President, Treasurer and Secretary
CLAYTON, DUBILIER & RICE FUND XI, L.P.
By: CD&R Associates XI, Ltd.
Its: General Partner
By: CD&R Investment Associates XI, Ltd.
Its: General Partner
By:  

/s/ Rima Simson

  Name: Rima Simson
  Title:   Vice President, Treasurer and Secretary
CD&R ASSOCIATES XI, L.P.
By: CD&R Investment Associates XI, Ltd.
Its: General Partner
By:  

/s/ Rima Simson

  Name: Rima Simson
  Title:   Vice President, Treasurer and Secretary
CD&R INVESTMENT ASSOCIATES XI, LTD.
By:  

/s/ Rima Simson

  Name: Rima Simson
  Title:   Vice President, Treasurer and Secretary
CLAYTON, DUBILIER & RICE, LLC
By:  

/s/ Jillian C. Griffiths

  Name: Jillian C. Griffiths
  Title:  Chief Financial Officer
EX-(c)(16)

Exhibit (c)(16) Deutsche Bank Investment Bank Discussion Materials April 2022 Deutsche Bank Securities Inc., a subsidiary of Deutsche Bank AG, conducts investment banking and securities activities in the United States DRAFT 81nidZpGqzkSDMpD


Important Disclosure Information “IMPORTANT: This presentation (the “Presentation”) has been prepared by Deutsche Bank’s investment banking department exclusively for the benefit and internal use of the recipient (the “Recipient”) to whom it is addressed. Neither Deutsche Bank AG New York Branch, Deutsche Bank Trust Company Americas (“DBTCA”) nor any of their banking affiliates is responsible for the obligations of Deutsche Bank Securities Inc. or any U.S. Broker-dealer affiliate. Unless specified otherwise, deposit products are provided by DBTCA, Member FDIC. The Recipient is not permitted to reproduce in whole or in part the information provided in this Presentation (the “Information”) or to communicate the Information to any third party without our prior written consent. No party may rely on this Presentation without our prior written consent. Deutsche Bank and its affiliates, officers, directors, employees and agents do not accept responsibility or liability for this Presentation or its contents (except to the extent that such liability cannot be excluded by law). This Presentation is (i) for discussion purposes only; and (ii) speaks only as of the date it is given, reflecting prevailing market conditions and the views expressed are subject to change based upon a number of factors, including market conditions and the Recipient's business and prospects. The Information, whether taken from public sources, received from the Recipient or elsewhere, has not been verified and Deutsche Bank has relied upon and assumed without independent verification, the accuracy and completeness of all information which may have been provided directly or indirectly by the Recipient. No representation or warranty is made as to the Information’s accuracy or completeness and Deutsche Bank assumes no obligation to update the Information. The Presentation is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Deutsche Bank. The analyses contained in the Presentation are not, and do not purport to be, appraisals of the assets, stock, or business of the Recipient. The Information does not take into account the effects of a possible transaction or transactions involving an actual or potential change of control, which may have significant valuation and other effects. The Presentation is not exhaustive and does not serve as legal, accounting, tax, investment or any other kind of advice. This Presentation is not intended to provide, and must not be taken as, the basis of any decision and should not be considered as a recommendation by Deutsche Bank. Recipient must make its own independent assessment and such investigations as it deems necessary. In preparing this presentation Deutsche Bank has acted as an independent contractor and nothing in this presentation is intended to create or shall be construed as creating a fiduciary or other relationship between the Recipient and Deutsche Bank.” Deutsche Bank DRAFT Investment Bank 81nidZpGqzkSDMpD


Contents Section 1 DB Thesis & Work Scope 2 Valuation Paradigm A Global Pharmacy Management (GPM) B Global Software Services (GSS) C Animal Health Distribution 3 Exit Considerations 4 M&A Roadmap Appendix Deutsche Bank DRAFT Investment Bank 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section 1 DB Thesis & Work Scope DRAFT 81nidZpGqzkSDMpD


Executive Summary ▪ Ostensibly, there are three distinct CVET divisions – Distribution, GPM and GSS – favoring not only a sum-of-the-parts analysis, but also some consideration to separating the businesses in order to pursue divergent M&A and exit strategies in order to maximize shareholder value in the future – GPM’s closest eCommerce & Marketplace precedents and comps have recently traded as high as 10x revenue (or more), but are now trending in the 1.5-2.5x revenue range (or, 3-5x gross profit and 16-18x EBITDA); given GPM growth and market position, the business would command a top-of-the-range multiple on a standalone basis – If GSS can deliver on its 2022 forecast – +20% growth and ~40% EBITDA margins – the business would be a “”blue moon” software asset and could command a multiple similar to recent deals such as GHX, TherapyBrands and WebPT, suggesting an approximate $1B TEV, otherwise reality is consistently more akin to 12-14x EBITDA ▪ However, consideration must be given to the impact of any separation on the remainco profile and exit alternatives – Distribution & GPM feels more closely linked than either is with GSS – GSS & GPM are the primary drivers of growth and margin; a separation of both would put greater emphasis on executing the proprietary brand strategy within distribution – We do believe there will be strategic interest in a standalone distribution platform given market leadership in an attractive, growthy segment – Execution risk is somewhat mitigated by an entry price that most closely aligns to distribution peers Source: Company data Deutsche Bank 1 DRAFT Investment Bank 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section 2 Valuation Paradigm DRAFT 81nidZpGqzkSDMpD


Stock Performance & Enterprise Stack CVET has experienced meaningful share price and multiple deterioration since its IPO Enterprise Stack Share Price Performance Last Three Years Share price (04/26/22) $14.54 Averages 30 Day 90 Day 180 Day 360 Day 52-Week High $30.75 $50.00 $16.26 $17.36 $18.58 $24.12 52-Week Low $14.54 $40.00 % of 52-week high 47.28% Shares Amount $30.00 Basic Shares Outstanding 138.1 $2,008 $20.00 Stock Options 0.0 $0 (65.4%) Restricted Stock 4.0 $58 $10.00 Fully Diluted Equity Value $2,067 $0.00 Plus: Debt 1,058 Feb-19 May-19 Aug-19 Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 Less: Cash (183) Plus: NCI 23 Averages Fully Diluted Enterprise Value $2,965 30 Day 90 Day 180 Day 360 Day 30.0x 11.4x 12.1x 12.4x 14.1x 25.0x Trading Statistics 20.0x (Per Consensus Estimates) TEV / 2022E Rev. 0.6x 15.0x TEV / 2023E Rev. 0.6x TEV / 2022E GP 3.2x 10.0x 10.7x TEV / 2023E GP 2.9x 5.0x TEV / 2022E E 10.8x 0.0x TEV / 2023E E 9.7x Feb-19 May-19 Aug-19 Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 Note: Market data as of 04/26/2022 Deutsche Bank 2 Source: FactSet, Company filings DRAFT Investment Bank 81nidZpGqzkSDMpD


Summary of Key Covetrus Valuation Factors by Segment Global Pharmacy Management Global Software Services Distribution ▪ Provides technology that enables vet practices ▪ Offers practice management software to ▪ One of three global leaders in the veterinary to run their own online pharmacy veterinary practices pharmacy and supply B2B distribution market Description ▪ Enables prescription ordering, fulfillment and ▪ Suite of solutions includes payment ▪ Offers both third party and, increasingly, analytics / intelligence processing and wellness plan administration proprietary products 2022B Revenue $612M $100M $4,204M LTM / NTM % Growth 24% / 22% 0% / 26% 4% / 3% 2022B Gross Profit $181M $59M $664M % Margin 30% 59% 16% 2022B EBITDA $57M $38M $300M % Margin 9% 38% 7% Key Precedents Key Comps Source: Sponsor thesis presentation for CVET Deutsche Bank 3 DRAFT Investment Bank 81nidZpGqzkSDMpD


Public Market Perspectives Market performance of CVET vs public peers, re-based to CVET’s price per share $100.00 CVET GPM Peers $90.00 GSS Peers Distribution Peers 91.4% $80.00 $70.00 $60.00 23.2% $50.00 $40.00 $30.00 (50.0%) $20.00 (65.4%) $10.00 $0.00 Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Note: Market data as of 4/26/2022; GPM peers include: GDRX, HIMS, TDOC, TRHC, ETSY, FTCH, REAL, PETS, CHWY, BARK, ROVR; Deutsche Bank 4 GSS peers include: MDRX, CRW, HSTM, NXGN, DBX, MLNK, SPNS, SSNC, MODN, HCAT, OMCL, VEEV; Distribution peers includes: DRAFT Investment Bank IDXX, PAHC, ELAN, ZTS, ABC, PDCO, AHCO, OMI, MCK, CAH, HSIC Source: FactSet 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section A Global Pharmacy Management (GPM) DRAFT 81nidZpGqzkSDMpD


Select Precedents to Consider Broad base of software and some marketplace precedents presents a few standout, key precedents for deeper consideration ($ in millions) Date Target Buyer TEV LTM R LTM GP LTM E R Growth EV / NTM Revenue EV / NTM EBITDA May-17 GHX Temasek $1,800 8.2x 11.1x 19.4x 5% 7.8x 18.1x Aug-18 GoodRx Silver Lake $2,800 13.8x 14.0x 29.3x 57% 8.8x 19.4x Jul-19 Convey Health TPG Capital $750 3.7x 6.6x 16.3x 22% 3.0x 12.9x Aug-19 GoHealth Centerbridge $1,500 3.9x 5.8x 14.6x 89% 2.1x 7.0x Jul-20 Wellsky LGP / TPG $3,025 8.3x 11.2x 22.6x 13% 7.4x 19.3x 6.0x 28.6x Nov-20 Quantum Health Warburg Pincus $1,200 7.5x N/A 42.9x 25% 3.9x 12.8x Jan-21 Change Healthcare OptumInsight / UNH $13,000 4.1x 10.6x 14.0x 7% Jun-21 Allocate Software RLDatix $1,300 11.4x 15.2x 29.2x 10% 10.4x 23.0x 5.1x 17.4x Jul-21 Availity Novo Holdings $1,700 5.4x 9.6x 18.3x 6% 15.6x 28.4x Jul-21 PartsSource Bain Capital $1,250 20.8x 32.1x 37.9x 33% 9.5x NM Oct-20 Hims and Hers Oaktree Acquisition $1,600 12.9x 18.9x NM 36% 6.6x 18.7x Nov-20 RxBenefits Advent $1,100 7.7x 12.1x 20.2x 15% 7.7x 17.2x Nov-21 athenahealth Bain Capital / H&F $17,000 8.6x 12.6x 19.0x 12% 4.9x 14.3x Dec-21 Cerner Oracle $29,548 5.1x 6.2x 15.5x 5% 9.5x 21.8x Jan-22 Cloudmed R1 RCM $4,100 11.3x N/A 28.7x 19% 10.6x 23.2x Feb-22 Informa Pharma Warburg Pincus $2,600 11.9x N/A 27.5x 12% Median: 7.5x Median: 18.7x Note: Columns reflect NTM multiples Deutsche Bank 5 Source: Public filings, Wall Street research, and DB Investment Banking estimates DRAFT Investment Bank 81nidZpGqzkSDMpD


Qualifying Key Precedents These business are particularly relevant to GPM and indicative of how the market perceives value TEV / GP TEV / E Key Attributes (At Time of Transaction) Precedent Market High Quality Strategic LTM NTM LTM NTM Major Similarities Major Distinctions M&A Roadmap (Target) Leadership Management Buyers ▪ Pharmacy product focus▪ DTC model 14.0x 9.0x 29.3x 19.4x ▪ Price transparency aspect▪ Higher growth and margin ▪ Similar growth profile▪ Employer focused end market 12.1x 10.4x 20.2x 18.7x ▪ Recurring revenue model▪ PBM focus ▪ Recurring revenue model ▪ Supply chain focus 11.1x 10.5x 19.4x 18.1x ▪ Tech-driven inventory ▪ SaaS / cloud-based revenue management solutions ▪ Health plan administration 6.6x 5.4x 16.3x 12.9x▪ Similar growth profile ▪ Payor focused end market & concentration 5.8x 2.9x 14.6x 7.0x▪ Marketplace business▪ DTC model ▪ DTC model 18.9x 13.1x NM NM▪ eCommerce platform▪ High gross margin ▪ Large TAM 11.6x 9.7x 19.4x 18.1x Median: Source: Public filings, Wall Street research, and DB Investment Banking estimates Deutsche Bank 6 DRAFT Investment Bank 81nidZpGqzkSDMpD


Quantifying Key Precedents CVET’s GPM segment lags peer precedent targets in growth and margin profile LTM & NTM Revenue Growth NTM Gross Margin NTM Growth 98.0% 139.0% LTM Growth 80.1% 74.6% 72.3% 72.3% 63.8% 55.9% 58.5% 89.3% 37.1% 29.6% 24.0% 56.8% 35.8% 8.6% 21.8% 21.9% 15.5% 4.7% GoodRx GHX HIMS GoHealth RxBenefits Convey CVET-GPM GoHealth HIMS GoodRx RxBenefits CVET-GPM Convey GHX LTM Revenue Mix NTM EBITDA Margin Recurring Non-Recurring 5% 10% 15% 15% 45.1% 20% 43.2% 35.5% 29.6% 23.3% 95% 90% 85% 85% 80% 9.3% N/A NM -- RxBenefits HIMS Convey GHX GoodRx GoHealth GoodRx GHX RxBenefits GoHealth Convey CVET-GPM HIMS Source: Public filings, Wall Street research, and Sponsor Thesis Presentation for CVET Deutsche Bank 7 DRAFT Investment Bank 81nidZpGqzkSDMpD


Perspectives on Public Comparables for CVET-GPM eCommerce (Healthcare) eCommerce (Pet) eCommerce (Non-HC) ▪ Platforms that digitally connects patients ▪ Animal Health focused businesses ▪ Broader marketplace platforms that create with products and service providers operating eCommerce platforms a centralized hub to efficiently and profitably sell goods ▪ Healthcare eCommerce platforms drive ▪ Likely to serve as valuation model closets comp universe reference-points vis-à-vis similar value ▪ Likely to serve as valuation reference- propositions, business model and end points due to eCommerce models market TEV / Rev TEV / GP TEV / Rev TEV / GP TEV / Rev TEV / GP 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 3.1x 2.5x 4.3x 3.5x 2.1x 1.6x 4.3x 3.1x 2.6x 2.1x 4.1x 3.3x TEV / EBITDA ‘22E-’24E CAGR TEV / EBITDA ‘22E-’24E CAGR TEV / EBITDA ‘22E-’24E CAGR 2022E 2023E Rev. EBITDA 2022E 2023E Rev. EBITDA 2022E 2023E Rev. EBITDA 19.5x 14.7x 19.7% 31.5% NM 16.8x 28.0% 78.4% 20.7x 19.0x 23.8% 24.9% Note: Market data as of 04/26/2022 Deutsche Bank 8 Source: Company information, FactSet DRAFT Investment Bank Valuation Metrics (Average) Comps 81nidZpGqzkSDMpD


Value Implications of Growth & Scale in Public vs. Private Scenarios While growth largely drives sale valuations, buyers are making distinctions for a reasonable level of profitability (1) NTM EV/R 5.1x 4.5x 5.4x 7.1x 7.1x 7.0x 13.6x 10.4x 1.6x 1.5x 6.0x 5.3x 9.4x 6.3x 15.0x 9.5x 16.5x 24.9x 23.9x 19.1x 23.1x 17.1x 23.3x 19.0x EV/E 14.3x 17.0x 23.2x 19.5x 47.7x 19.3x 52.9x 28.4x 18.1x 39.2x 25.8x 23.8x N/A 19.2x N/A 22.2x EV/uFCF 16.7x 23.0x 27.0x 22.2x 55.1x 20.9x 33.6x 32.9x (2) 2.18 N/A 2.21 1.77 1.81 1.73 1.59 1.25 EV/E/G 2.44 2.44 1.82 1.63 2.64 0.84 2.80 N/A CVET-GPM CVET-GPM 3 30 0.0 .0x x 30.0x Strike Zone 30.0x Strike Zone R² = 0.2777 R² = 0.3089 R² = 0.0521 R² = 0.0409 2 25 5.0 .0x x 25.0x R² = 0.1553 25.0x R² = 0.1004 R² = 0.0046 2 20 0.0 .0x x 20.0x 20.0x R² = 0.0136 1 15 5.0 .0x x 1 15 5.0 .0x x 1 10 0.0 .0x x 1 10 0.0 .0x x 0% 0% 1 10 0% % 2 20 0% % 3 30 0% % 4 40 0% % 0% 0% 2 20 0% % 4 40 0% % 6 60 0% % 8 80 0% % NTM Revenue Growth Rule of X Source: DB’s Healthcare & Technology Proprietary M&A Database, FactSet Deutsche Bank Current Public Company Valuations 9 Note: Public data as of 4/26/2022; represents M&A transactions in the last 3 years DRAFT Investment Bank Apr ’21 Public Company Valuations 1) Represents NTM medians for current public companies and M&A precedents Precedent M&A Valuations 2) Represents NTM / LTM EBITDA growth rate M&A @ Apr ‘21 EV / NTM EBITDA EV / NTM EBITDA 81nidZpGqzkSDMpD


E-Commerce Near 5-Year Lows Across Verticals GPM 5Y Trading Ranges E-Commerce (HC) E-Commerce (Pet) E-Commerce (Non-HC) Overall Average Current TEV / NTM Revenue TEV / NTM GP 20.0x 30.0x 15.2x 22.1x 21.6x 15.0x 18.9x 20.0x 16.8x 16.0x 10.4x 15.0x 13.5x 9.1x 9.1x 10.0x 14.2x 11.6x 12.6x 7.1x 11.7x 7.4x 6.4x 5.9x 10.0x 11.5x 8.9x 5.6x 5.5x 7.8x 5.0x 9.2x 9.3x 5.4x 3.7x 5.6x 7.2x 2.7x 3.3x 3.0x 4.0x 4.6x 2.5x 3.6x 5.5x 3.8x 5.2x 3.1x 2.4x 2.5x 4.4x 2.3x 2.2x 3.3x 1.7x 0.0x 0.0x E-Commerce (Healthcare) E-Commerce (Pet) E-Commerce (Non-HC) Overall E-Commerce E-Commerce (Pet) E-Commerce (Non-HC) Overall (Healthcare) TEV / NTM E TEV / NTM Revenue / Growth 99.0x 100.0x 0.50 0.47 0.42 0.39 80.0x 0.40 86.7x 66.2x 70.5x 53.7x 63.9x 58.4x 0.28 51.7x 60.0x 0.30 0.26 0.23 59.7x 0.21 0.22 0.22 44.1x 37.5x 40.0x 0.20 37.9x 0.19 36.5x 0.14 31.4x 0.18 37.2x 0.16 0.15 0.13 24.2x 0.12 0.12 0.15 21.7x 20.0x 0.10 24.5x 19.5x 25.1x 0.09 0.10 19.6x 18.7x 0.09 0.09 0.08 14.6x 0.07 11.8x 0.0x 0.00 E-Commerce (HC) E-Commerce (Pet) E-Commerce (Non-HC) Overall E-Commerce E-Commerce (Pet) E-Commerce (Non-HC) Overall (Healthcare) Note: Market data from 04/26/2017 – 04/26/2022; excludes multiples >100.0x or <0.0x Deutsche Bank 10 Source: FactSet DRAFT Investment Bank 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section B Global Software Services (GSS) DRAFT 81nidZpGqzkSDMpD


Select Precedents to Consider Broad base of mostly provider-oriented software (incl RCM) deals presents a few standout, key precedents for deeper consideration ($ in millions) Date Target Buyer TEV LTM R LTM GP LTM E R Growth EV / NTM Revenue EV / NTM EBITDA Feb-16 Brightree ResMed $800 7.1x 9.8x 19.0x 14% 6.2x 16.5x Jun-19 Nextech Thomas H. Lee $550 9.6x N/A 26.0x 15% 8.3x 23.2x Aug-19 WebPT Warburg Pincus $675 6.3x N/A 28.1x 15% 5.4x 18.8x Jun-20 Qgenda ICONIQ Capital $1,050 15.7x 22.0x 36.2x 23% 12.7x 24.4x Jul-20 Wellsky LGP / TPG $3,025 8.3x 11.2x 22.6x 13% 7.4x 19.3x Aug-20 eSolutions Waystar $1,350 11.1x 13.8x 20.3x 12% 9.9x 18.2x Oct-20 CarePort Health Wellsky $1,350 13.6x 15.6x 20.9x 11% 12.3x 19.1x Nov-20 nThrive Clearlake Capital $1,115 4.7x 6.7x 11.9x 9% 4.4x 10.4x Jan-21 Change Healthcare OptumInsight / UNH $13,000 4.1x 10.6x 14.0x 7% 3.9x 12.8x Jan-21 PointClickCare Hellman & Friedman $3,130 13.5x N/A 31.0x 16% 11.7x 27.0x May-21 Therapy Brands KKR $1,200 10.4x 14.0x 28.0x 23% 8.4x 20.4x Jun-21 Allocate Software RLDatix $1,300 11.4x 15.2x 29.2x 10% 10.4x 23.0x Oct-21 TransUnion Healthcare Clearlake / nThrive $1,740 8.7x 13.7x 18.2x 1% 8.6x 17.7x Nov-21 Patientpop Kareo $507 7.0x 10.0x NM 15% 6.1x NM Nov-21 athenahealth Bain Capital / H&F $17,000 8.6x 12.6x 19.0x 12% 7.7x 17.2x 38.1x Nov-21 Iodine Software Advent International $1,210 20.9x 27.7x 56.2x 45% 14.4x Dec-21 Cerner Oracle $29,548 5.1x 6.2x 15.5x 5% 4.9x 14.3x Jan-22 Cloudmed R1 RCM $4,100 11.3x N/A 28.7x 19% 9.5x 21.8x Feb-22 Informa Pharma Warburg Pincus $2,600 11.9x N/A 27.5x 12% 10.6x 23.2x Median: 8.4x Median: 19.2x Note: Columns reflect NTM multiples Deutsche Bank 11 Source: Public filings, Wall Street research, and DB Investment Banking estimates DRAFT Investment Bank 81nidZpGqzkSDMpD


Qualifying Key Precedents These business are particularly relevant to GSS and indicative of how the market perceives value TEV / Rev. TEV / E TEV / FCF Key Attributes (At Time of Transaction) Precedent Market Quality M&A Strategic LTM NTM LTM NTM LTM NTM Major Similarities Major Distinctions (Target) Leadership Management Roadmap Buyers ▪ Practice management ▪ Specialty provider focus solutions 9.6x 8.3x 26.0x 23.2x 38.9x 34.9x ▪ Large TAM ▪ Similar margin profile ▪ Limited TAM ▪ Mental and behavioral ▪ Practice management health focus 10.4x 8.4x 28.0x 20.4x 28.6x 20.3x solutions ▪ Core SaaS platform ▪ Growth and margin profile ▪ Limited TAM▪ Physical therapy provider focus 6.3x 5.4x 28.1x 18.8x 21.8x 20.5x ▪ Practice management solutions▪ SaaS platform ▪ Provider focused recurring revenue model▪ Size / scale 8.6x 7.7x 19.0x 17.2x 22.2x 20.2x ▪ Practice management ▪ Large TAM solutions ▪ Leading market share 7.1x 6.2x 19.0x 16.5x 19.2x 16.8x▪ Limited TAM▪ HME/DME provider focus ▪ Similar margin profile ▪ Practice growth platform▪ Specialty provider focus 7.0x 6.1x NM NM NM NM ▪ Recurring revenue model▪ Lower growth Median: 7.8x 6.9x 26.0x 18.8x 22.2x 20.3x Source: Public filings, Wall Street research, and DB Investment Banking estimates Deutsche Bank 12 DRAFT Investment Bank 81nidZpGqzkSDMpD


Quantifying Key Precedents CVET’s GSS segment may be best-in-class among peer precedent targets in growth and margin profile LTM & NTM Revenue Growth NTM Gross & EBITDA Margin NTM Growth NTM EBITDA Margin 75.4% (1) 73.0% 72.7% 26.2% LTM Growth NTM Gross Margin 68.7% 23.5% 59.4% 17.0% 16.3% 15.0% 18.4% 44.7% 15.4% 41.2% 14.9% 14.4% 38.2% 37.7% 13.5% 35.9% 11.7% 29.0% Therapy Patientpop Brightree athenahealth CVET-GSS Nextech WebPT CVET-GSS Therapy athenahealth Brightree Patientpop Nextech WebPT Brands Brands (2) LTM Revenue Mix NTM uFCF Margin Recurring Non-Recurring 41.4% 37.9% 37.1% 1% 3% 4% 6% 18% 30.2% 26.6% 23.8% 100% 99% 97% 96% 94% 82% NM WebPT Patientpop Therapy athenahealth Brightree Nextech (3) Brands Therapy athenahealth Brightree CVET-GSS WebPT Nextech Patientpop Brands Source: Public filings, Wall Street research, and Sponsor Thesis Presentation for CVET Deutsche Bank 13 1) GSS LTM growth is flat at 0.0%. DRAFT Investment Bank 2) Represents EBITDA less Capex 3) Represents estimates capex based on allocating consolidated capex by proportion of revenue between GPM and GSS segments 81nidZpGqzkSDMpD


Perspectives on Public Comparables for CVET-GSS Mid-Growth Software (Healthcare) Mid-Growth Software (Non-HC) High-Growth Software (For Exit Only) ▪ Cohort of HCIT software and SaaS ▪ Cohort of broader software comps growing ▪ Cohort of high-growth HCIT SaaS and businesses focused on provider end at MSD-HSD software peers market and growing at MSD ▪ Given limited availability of relevant HCIT ▪ Reference comp set for exit analysis; ▪ Closest comp universe for CVET’s GSS comps, this set of peers with similar growth assumes standalone GSS business business profile provides a useful benchmark achieve growth profile through organic and inorganic opportunities (1) (2) TEV / Rev TEV / GP TEV / Rev TEV / GP TEV / Rev TEV / GP 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 3.4x 3.2x 5.5x 5.0x 4.0x 3.7x 6.4x 5.9x 6.0x 5.2x 9.7x 8.3x TEV / EBITDA ‘22E-’24E CAGR TEV / EBITDA ‘22E-’24E CAGR TEV / EBITDA ‘22E-’24E CAGR 2022E 2023E Rev. EBITDA 2022E 2023E Rev. EBITDA 2022E 2023E Rev. EBITDA 13.9x 12.8x 7.5% 12.6% 11.9x 10.6x 7.8% 11.8% 31.1x 25.4x 16.1% 21.7% Note: Market data as of 04/26/2022; Mid-Growth defined as 2022E – 2024E Revenue CAGR < 12.0%, High-Growth defined as 2022E – 2024E Deutsche Bank 14 Revenue CAGR > 12.0% DRAFT Investment Bank Source: Company information, FactSet 1) Financials are PF adjusted for Divestiture of Hospital & Large Physician Practices announced on 03/03/2022 2) Financials are PF adjusted for Acquisition of Blue Prism plc completed on 03/16/2022 Valuation Metrics (Average) Comps 81nidZpGqzkSDMpD


Value Implications of Growth & Scale in Public vs. Private Scenarios While growth largely drives sale valuations, buyers are making distinctions for a reasonable level of profitability (1) NTM EV/R 5.1x 4.5x 5.4x 7.1x 7.1x 7.0x 13.6x 10.4x 1.6x 1.5x 6.0x 5.3x 9.4x 6.3x 15.0x 9.5x 16.5x 24.9x 23.9x 19.1x 23.1x 17.1x 23.3x 19.0x EV/E 14.3x 17.0x 23.2x 19.5x 47.7x 19.3x 52.9x 28.4x 18.1x 39.2x 25.8x 23.8x N/A 19.2x N/A 22.2x EV/uFCF 16.7x 23.0x 27.0x 22.2x 55.1x 20.9x 33.6x 32.9x (2) 2.18 N/A 2.21 1.77 1.81 1.73 1.59 1.25 EV/E/G 2.44 2.44 1.82 1.63 2.64 0.84 2.80 N/A CVET-GSS CVET-GSS 30.0x 30.0x 30.0x 30.0x Strike Zone Strike Zone R² = 0.2777 R² = 0.0521 R² = 0.3089 R² = 0.0409 R² = 0.1553 25.0x 25.0x 25.0x 25.0x R² = 0.1004 R² = 0.0046 20.0x 20.0x 20.0x 20.0x R² = 0.0136 15.0x 15.0x 1 15 5.0 .0x x 10.0x 10.0x 1 10 0.0 .0x x 0% 10% 20% 30% 40% 0% 10% 20% 30% 40% 0% 0% 2 20 0% % 4 40 0% % 6 60 0% % 8 80 0% % NTM Revenue Growth Rule of X Source: DB’s Healthcare & Technology Proprietary M&A Database, FactSet Deutsche Bank Current Public Company Valuations 15 Note: Public data as of 4/26/2022; represents M&A transactions in the last 3 years DRAFT Investment Bank Apr ’21 Public Company Valuations 1) Represents NTM medians for current public companies and M&A precedents Precedent M&A Valuations 2) Represents NTM / LTM EBITDA growth rate M&A @ Apr ‘21 EV / NTM EBITDA EV / NTM EBITDA 81nidZpGqzkSDMpD


Although Broadly Lower, SW Valuations Remain Above 5-Year Lows GSS 5Y Trading Ranges Mid-Growth Software (HC) Mid-Growth Software (Non-HC) High-Growth Software (Exit Only) Overall Average Current TEV / NTM Revenue TEV / NTM GP 15.0x 20.0x 17.9x 11.3x 15.4x 15.0x 10.0x 10.0x 11.3x 12.2x 7.4x 9.4x 7.8x 10.0x 9.4x 6.4x 8.2x 9.4x 8.0x 5.9x 6.1x 8.4x 8.8x 7.5x 5.5x 4.7x 4.5x 5.8x 5.8x 6.1x 5.0x 7.5x 7.2x 7.0x 6.3x 7.1x 4.2x 4.3x 4.8x 4.4x 5.3x 5.3x 6.1x 6.2x 4.7x 3.9x 5.0x 3.9x 3.4x 4.0x 3.4x 4.7x 3.6x 2.9x 3.1x 0.0x 0.0x Mid-Growth Software Mid-Growth Software High-Growth Software Overall Mid-Growth Software Mid-Growth Software High-Growth Software Overall (Healthcare) (Non-HC) (For Exit Only) (Healthcare) (Non-HC) (For Exit Only) TEV / NTM E TEV / NTM Revenue / Growth 57.9x 60.0x 2.00 1.58 43.6x 1.50 1.24 40.0x 38.2x 1.17 29.3x 0.99 33.0x 1.00 0.90 29.4x 24.6x 24.4x 21.6x 0.68 0.71 23.0x 19.2x 0.74 23.7x 20.0x 21.8x 17.2x 16.0x 17.2x 0.49 0.57 0.58 0.63 0.56 15.5x 0.54 0.50 15.3x 13.5x 15.8x 14.4x 0.41 11.6x 0.43 12.5x 0.39 0.45 11.4x 0.35 0.34 0.27 0.30 0.23 0.18 0.0x 0.00 Mid-Growth Software Mid-Growth Software High-Growth Software Overall Mid-Growth Software Mid-Growth Software High-Growth Software Overall (Healthcare) (Non-HC) (For Exit Only) (Healthcare) (Non-HC) (For Exit Only) Note: Market data from 04/26/2017 – 04/26/2022; excludes multiples >100.0x or <0.0x Deutsche Bank 16 Source: FactSet DRAFT Investment Bank 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section C Animal Health Distribution DRAFT 81nidZpGqzkSDMpD


Select Precedents to Consider Broad base of healthcare distribution deals presents a few standout, key precedents for deeper consideration ($ in millions) Date Target Buyer TEV LTM E Margin R Growth (Hist) R Growth (Proj) EV / Revenue EV / EBITDA 1.0x 12.4x Oct-12 PSS World Medical, Inc. McKesson $2,100 8.0% 8.1% 1.1% 1.8x 14.8x Feb-13 AssuraMed Cardinal Health $2,070 12.5% NA NA (1) 0.3x May-14 Celesio McKesson $7,689 2.5% (6.7%) (6.0%) 10.7x 0.8x 18.6x Jan-15 MWI Veterinary Supply AmerisourceBergen $2,523 4.4% 8.4% 18.3% 0.7x 16.2x May-15 Animal Health Intl. Patterson Medical $1,100 4.5% NA NA 2.5x NA Jul-15 Harvard Drug Group Cardinal Health $1,115 NA NA NA 1.5x 11.2x Jul-15 Patterson Medical MDP $715 13.7% 1.7% NA 7.2x 20.0x Oct-15 PharMEDium Healthcare AmerisourceBergen $2,700 36.1% NA NA 4.3x 11.1x May-16 Performance Health Patterson Medical $725 38.7% NA NA 0.8x Aug-17 Byram Healthcare Owens & Minor $380 7.9% NA NA 10.4x 2.1x 12.1x Nov-17 RxCrossroads McKesson $725 17.8% 13.3% 0.1% (2) 0.8x 14.6x Feb-19 Henry Schein Animal Health Covetrus $3,100 5.4% 7.3% 5.4% (3) 1.9x 10.9x 12.1x Jan-20 Solara adapthealth $425 15.5% 24.0% 27.0% (3) 3.1x 23.8x Jan-21 AeroCare adapthealth $2,026 13.0% NA ~ 8.0% 11.4x 0.3x 12.0x Jan-21 Alliance Healthcare AmerisourceBergen $6,500 2.8% NA (6.5%) 1.9x 14.2x Jun-21 Medline Blackstone, Carlyle, H&F $34,000 13.3% 8.1% 15.2% (3) 1.2x 10.6x 10.6x Jan-22 Apria Owens & Minor $1,450 11.4% 4.9% 4.0% Animal 0.8x Animal 16.2x Animal Health Distribution Other H/C 1.9x Other H/C 11.4x Other Healthcare Distribution Bridge to EV / EBITDA - CapEx Overall 1.5x Overall 12.1x Source: Public filings, Wall Street research, and DB Investment Banking estimates Deutsche Bank 17 1) TEV converted from EUR to USD as of transaction date DRAFT Investment Bank 2) Includes $1.12mm special dividend 3) TEV/EBITDA multiples reflect EBITDA less CapEx Median 81nidZpGqzkSDMpD


Qualifying Key Precedents These businesses are particularly relevant to the Distribution segment, and indicative of how the market perceives value TEV / Rev. TEV / E Key Attributes (At Time of Transaction) Precedent Market High Quality M&A Strategic LTM NTM LTM NTM Major Similarities Major Distinctions (Target) Leadership Management Roadmap Buyers ▪ Focus on distribution ▪ National focus 0.8x 0.7x 18.6x 15.6x▪ Animal health ▪ Agency relationships with suppliers ▪ E-commerce segment ▪ Significant presence in production ▪ Focus on distribution animal health, and in equine 0.7x NA 16.2x NA ▪ Animal health ▪ National focus and Canada ▪ B2C channel ▪ Distribution focus on healthcare 14.8x NA 1.8x NA products ▪ Human health focused ▪ Less integrated ▪ Proprietary products strategy less 0.8x 0.7x 14.6x 13.7x▪ Prior transaction for this asset developed ▪ Included GSS (although under- invested / slower growth at the time) ▪ Human health focused ▪ Distribution focus on healthcare ▪ Broad end markets ranging from products physician offices to acute care and 1.9x 1.7x 14.2x 14.2x ▪ Multi-national footprint retail ▪ B2B model▪ Significant (55%) revenue contribution from branded products ▪ Focus on human health, particularly the alternate site healthcare provider ▪ Distribution focus on healthcare 12.4x 11.7x 1.0x 0.9x market products ▪ U.S. focused Median: 0.9x 0.8x 14.7x 14.0x Source: Public filings, Wall Street research, and DB Investment Banking estimates Deutsche Bank 18 DRAFT Investment Bank 81nidZpGqzkSDMpD


Quantifying Key Precedents 2-Year Historical Revenue Growth CAGR LTM EBITDA Margin 13.3% 8.4% 12.5% 8.1% 8.1% 7.3% 8.0% 4.6% 6.5% 5.4% 4.5% 4.4% NA NA MWI PSS Medline Henry CVET-Dist Animal AssuraMed Medline AssuraMed PSS CVET-Dist Henry Animal MWI Schein Health Intl. Schein Health Intl. 2-Year Projected Revenue Growth CAGR 2-Year Projected EBITDA Growth CAGR 18.3% 12.5% 15.2% 9.9% 9.8% 6.1% 4.6% 5.4% 3.4% 1.1% NA NA NA NA MWI Medline Henry CVET-Dist PSS Animal AssuraMed MWI Henry PSS Medline CVET-Dist Animal AssuraMed Schein Health Intl. Schein Health Intl. Source: Public filings, Wall Street research, and Sponsor Thesis Presentation for CVET Deutsche Bank 19 DRAFT Investment Bank 81nidZpGqzkSDMpD


Perspectives on Public Comparables for CVET Distribution Distribution (Specialty) Distribution (Drug) Animal Health Suppliers ▪ Higher growth and margin specialty ▪ Global supply chain leaders, with a core ▪ Relevant companies that benefit from distributors with leading position across focus on pharmaceutical distribution similar end markets specific end markets ▪ Increasingly diversifying into higher growth ▪ Success of distributors tied to growth of ▪ More supply focused vs. pharmaceutical / margin segments (animal health, home suppliers care, services) ▪ Likely to serve as valuation reference-▪ Margin profile difference given product vs. points for Wall Street analysts and ▪ Relevant reference, however, Rx business distribution mix investors alike vis-à-vis similar value reduces margin profile; recent/near term propositions and business models idiosyncratic impact from opioid issues TEV / EBITDA TEV / EBITDA TEV / EBITDA 2021E 2022E 2023E 2021E 2022E 2023E 2021E 2022E 2023E 13.0x 11.4x 10.3x 10.5x 10.2x 9.8x 26.1x 23.7x 21.4x ’21E – ’23E CAGR 2021E ’21E – ’23E CAGR 2021E ’21E – ’23E CAGR 2021E Revenue EBITDA EBITDA Margin Revenue EBITDA EBITDA Margin Revenue EBITDA EBITDA Margin 3.6% 5.9% 6.6% 5.1% 5.5% 1.5% 8.5% 12.6% 32.9% Note: Market data as of 04/26/2022; excludes multiples <0.0x and > 100.0x; valuation medians exclude Medline Deutsche Bank 20 Source: Company information, FactSet DRAFT Investment Bank Valuation Metrics (Median) Comps 81nidZpGqzkSDMpD


Comparable Benchmarking – Operational Metrics 2021E-2023E Revenue Growth 2021E-2023E EBITDA Growth Median Median 10.8% Distribution (Specialty) 3.6% Distribution (Specialty) 5.9% 15.9% 5.1% 5.5% Distribution (Drug) Distribution (Drug) Animal Health Suppliers 8.5% Animal Health Suppliers 12.6% 8.5% 12.9% 12.7% 12.6% Overall 4.8% Overall 8.5% 10.3% 5.6% 5.1% 4.8% 6.7% 5.9% 3.6% 5.5% 3.4% 5.4% 3.1% 1.8% 0.5% (0.5%) (2) 2021E EBITDA Margin 2021E FCF Margin Median Median Distribution (Specialty) 6.6% Distribution (Specialty) 6.2% 1.5% 1.3% Distribution (Drug) Distribution (Drug) 42.9% Animal Health Suppliers 13.0% Animal Health Suppliers 29.1% 37.8% Overall 6.6% Overall 6.2% 32.9% 29.1% 22.2% 19.7% 8.7% 8.1% 6.6% 6.5% 6.2% 4.5% 3.9% 3.3% 2.0% 1.8% 1.5% 1.4% 1.3% 1.2% Source: Company filings, FactSet, Wall Street research Deutsche Bank 21 Distribution (Specialty) Note: Market data as of 04/26/2022, Covetrus excluded from overall medians DRAFT Investment Bank Metrics less than 0.0% considered not meaningful Distribution (Drug) 1) CVET-Dist. figures reflect WholeCo - GTS 2) FCF defined as EBITDA less capex Animal Health Suppliers 81nidZpGqzkSDMpD


Public Market Benchmarking – Valuation Metrics EV / 2022E Revenue EV / 2022E EBITDA Median Median Distribution (Specialty) 0.6x Distribution (Specialty) 11.4x 0.2x 10.2x Distribution (Drug) Distribution (Drug) 33.3x Animal Health Suppliers 10.3x Animal Health Suppliers 23.7x 11.2x Overall 0.6x Overall 11.4x 10.3x 23.7x 3.7x 1.1x 15.4x 12.3x 11.4x 10.8x 10.2x 0.6x 7.6x 0.5x 7.4x 0.2x 0.2x 0.1x (1) EV / 2022E FCF Price / 2022E Earnings Median Median Distribution (Specialty) 13.1x Distribution (Specialty) 14.5x 39.2x 48.2x 11.7x 13.6x Distribution (Drug) Distribution (Drug) 24.7x Animal Health Suppliers 24.7x Animal Health Suppliers 34.2x 34.2x Overall 13.1x Overall 14.5x 21.0x 17.9x 17.6x 14.5x 14.4x 13.6x 13.4x 13.1x 12.1x 11.7x 13.9x 10.9x 9.0x 8.3x Source: Company filings, FactSet, Wall Street research Deutsche Bank 22 Distribution (Specialty) Note: Market data as of 04/26/2022; CVET excluded from overall medians DRAFT Investment Bank multiples less than 0.0x or greater than 75.0x considered not meaningful Distribution (Drug) 1) FCF defined as EBITDA less capex Animal Health Suppliers 81nidZpGqzkSDMpD


Five Year Perspective on Key Multiples and Ratios for Animal Health Distribution Comparables TEV / NTM Revenue (5Y Trading Ranges) TEV / NTM E (5Y Trading Ranges) 1.0x 15.0x 0.8x 12.7x 12.7x 11.5x 0.8x 0.8x 11.5x 10.6x 10.3x 0.7x 10.3x 10.3x 10.0x 9.3x 0.6x 9.1x 0.6x 9.7x 8.2x 0.5x 0.6x 8.7x 7.9x 8.3x 0.5x 7.6x 7.5x 0.4x 0.5x 0.4x 6.7x 0.4x 5.0x 0.4x 0.2x 0.3x 0.2x 0.2x 0.2x 0.1x 0.1x 0.1x 0.0x 0.0x Distribution (Specialty) Distribution (Drug) Overall Distribution (Specialty) Distribution (Drug) Overall TEV / NTM FCF (5Y Trading Ranges) TEV / NTM PE (5Y Trading Ranges) 25.0x 25.0x 22.7x 20.3x 19.6x 20.0x 20.0x 18.4x 17.5x 16.5x 17.1x 15.4x 15.3x 14.7x 15.0x 15.0x 14.7x 14.6x 13.2x 15.4x 14.2x 13.2x 12.1x 11.7x 13.7x 12.8x 12.7x 13.2x 11.2x 13.1x 13.6x 13.0x 11.4x 10.9x 11.7x 11.9x 10.0x 10.0x 11.5x 10.5x 10.0x 10.1x 9.5x 8.7x 5.0x 5.0x 0.0x 0.0x Distribution (Specialty) Distribution (Drug) Overall Distribution (Specialty) Distribution (Drug) Overall Source: FactSet Deutsche Bank Distribution (Specialty) Max / Min 23 Note: Market data from 04/26/2017 – 04/26/2022 DRAFT Investment Bank Distribution (Drug) Average Animal Health Suppliers Current 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section 3 Exit Considerations DRAFT 81nidZpGqzkSDMpD


Handicapping Exit Plans for Segments Different exit strategies provide for varying valuation levels for each of the company’s unique segments Factors Sale to Strategic IPO Sale to Sponsor Distribution 30% 20% 50% GPM 25% 45% 30% GSS 25% 10% 65% ▪ Leveraged returns and access to capital ▪ Growth will need to exceed 15-20% to continue to fuel appetite for assets ▪ Strategics are erratic and typically unable reach terminal velocity w/r/t multiple (up to to compete on auction timelines ▪ PE is the most consistent, reliable buyer $200M EBITDA) for any asset with normal margins and ▪ Requires 6-12 months of advanced Rationale ▪ 10-15% growth is still sufficient for a meaningful cash flow planning and partnerships to de-risk successful IPO, especially for EBITDA buying (try before you buy) and top-of-the- ▪ Generally, historical, can compete within levels >$250M, but doesn’t garner quite house engagement / buy-in 20-25% of IPO value and beats publicly- the premium to M&A options traded strategics 9 times out of 10 Distribution 13-15x E 11-13x E 12-14x E GPM 4-5x Rev. / 10-12x GP 6-8x Rev. / 14-18x GP 4-5x Rev. / 10-12x GP GSS 18-20x E / 20-22x FCF 16-18x E / 18-20x FCF 18-20x E / 20-22x FCF Deutsche Bank 24 * Market trends suggest 10% upside 2-3 years out DRAFT Investment Bank Exit (5YA) Weight 81nidZpGqzkSDMpD


Sum-of-the-Parts Analysis TBU Deutsche Bank 25 DRAFT Investment Bank 81nidZpGqzkSDMpD


Preliminary Perspectives on Best Strategic Buyers Beta Buyers Alpha Buyers ▪ The buyer universe for the combined business is very limited ▪ Separating the two segments will likely expand the number of alpha buyers ▪ Focused M&A roadmap for the separated businesses Unlikely Buyers Gamma Buyers to generate greater buyer interest Ability-to-Pay Deutsche Bank 26 Distribution GPM GSS All DRAFT Investment Bank Interest 81nidZpGqzkSDMpD


Double-Clicking on Future Alpha Buyers ($ in billions) Market Cap / Buyer Ownership TEV Cash & Cash Equiv. 2022 Revenue 2022 EBITDA Recent Acquisitions ▪ BluDiagnostics (Jul-20) $1,457 $1,411 $96 $539 $81 ▪ Health Navigator (Oct-19) ▪ PillPack (Sep-18) ▪ Palette Health (May-18) Bain, H&F NA NA $2.2 $1,063▪ Praxify Technologies (Jun-17) ▪ PatientPop (May-16) ▪ Medtronic - Medical Supplies Business (Jul-17) $17 $19 $3.2 $181 $2.6 ▪ The Harvard Drug Group (Jul-15) ▪ Metro Medical Supply (Apr-15) $14 $13 $0.6 $10.2 $0.1▪ NA $3.5 $3.2 $0.3 $0.3 NM ▪ NA ▪ Timely Limited (May-21) $2.6 $3.1 $0.1 $0.6 $0.1▪ Briostack (Jan-21) ▪ Updox (Dec-20) Note: Market data as of 04/26/2022 and financial data as of the most recent reported period Deutsche Bank 27 Source: Company data, FactSet, Wall Street research DRAFT Investment Bank 81nidZpGqzkSDMpD


Double-Clicking on Future Alpha Buyers (Cont’d) ($ in billions) Market Cap / Buyer Ownership TEV Cash & Cash Equiv. 2022 Revenue 2022 EBITDA Recent Acquisitions ▪ Figo Pet Insurance (Oct-21) Private NA NA NA NA ▪ Independence Pet Group (May-21) ▪ National Veterinary Associates (Jun-19) ▪ Strategic Pharmaceutical Solutions (May-21) Private NA NA NA NA▪ Davies Veterinary Specialists (Jan-19) ▪ PetCare (Sep-18) ▪ Medical Specialties Distributor (Jun-18) $49 $53 $2.7 $255 $4.9▪ RxCrossroads (Jan-18) ▪ BDI Pharma (Aug-17) ▪ Teleflex (Jun-21) Blackstone, Hellman & NA NA $20 $2.4▪ Medi-Select (Jan-20) Friedman, Carlyle ▪ Suture Express (Nov-19) EQT, H&F NA NA NA NA ▪ NA Note: Market data as of 04/26/2022 and financial data as of the most recent reported period Deutsche Bank 28 Source: Company data, FactSet, Wall Street research DRAFT Investment Bank 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section 4 M&A Roadmap DRAFT 81nidZpGqzkSDMpD


Summary of Preliminary M&A Roadmap GPM GSS Notes / Themes M&A History ▪ Veterinary Care Plans (2021) ▪ Actionable platforms with strong industrial logic, e.g., near ▪ AppointMaster (2021) competitors, to drive potential CATALYST ▪ SmartPak Equine (Vet Software) synergies and reduce effective (2019) purchase multiple ▪ Henry Schein’s animal health business (2018) ▪ Assets with incremental solutions to extend offerings to logical adjacencies (e.g. INCREMENTAL nutrition, DTC Rx; insurance, CAPABILITIES telehealth) ▪ Pivot potential through M&A, de- risk long-term growth story and broadening potential buyer universe TRANSFORMATIONAL ▪ Expand existing platform into DTC Deutsche Bank 29 DRAFT Investment Bank 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Appendix DRAFT 81nidZpGqzkSDMpD


Spreading the CVET-GPM Comps ($ in millions) LTM '22-'24 Growth LTM Multiples NTM Multiples 2022 Multiples 2023 Multiples Margins % of 52 TEV GM EM R E R GP E R GP E R GP E R GP E Week High GDRX $6,269 33.1% 92% 27% 23% 30% 7.8x 29.4x 28.7x 6.4x 21.6x 20.8x 6.8x 23.1x 22.6x 5.5x 18.0x 16.8x HIMS $750 30.3% 75% NM 22% NM 2.5x NM NM 1.9x NM NM 2.0x NM NM 1.6x NM NM TDOC $5,845 17.6% 68% 13% 23% 34% 2.7x 25.7x 20.4x 2.1x 17.9x 15.7x 2.3x 19.6x 17.1x 1.8x 14.3x 12.7x TRHC $449 8.5% 30% 6% 11% 31% 1.3x NA 21.8x 1.2x NA 17.7x 1.2x NA 19.0x 1.1x NA 14.7x Median 71% 13% 22% 31% 2.6x 27.5x 21.8x 2.0x 19.8x 17.7x 2.1x 21.3x 19.0x 1.7x 16.2x 14.7x PETS $367 49.2% 29% 11% NA NA 1.3x NA 11.7x 1.3x NA 11.6x 1.3x 12.2x 11.7x 1.2x NA NM CHWY $12,976 32.8% 27% 1% 14% NM 1.4x NM NM 1.2x NM NM 1.3x NM NM 1.1x NM NM BARK $386 24.9% 58% NM 32% NA 0.8x NA NM 0.6x NA NM 0.6x NA NM 0.5x NA NM ROVR $892 41.2% 76% 11% 38% 78% 7.1x NM NM 4.6x 39.2x 35.8x 5.1x 49.1x NM 3.5x 24.9x 22.7x Median 43% 11% 32% 78% 1.4x NM 11.7x 1.2x 39.2x 23.7x 1.3x 30.7x 11.7x 1.2x 24.9x 22.7x ETSY $16,053 33.7% 72% 30% 20% 25% 6.6x 28.2x 21.9x 5.6x 20.0x 19.5x 5.8x 21.5x 20.7x 4.9x 16.5x 16.6x FTCH $3,923 21.6% 45% 0% 24% NM 1.6x NM NM 1.3x NM NM 1.4x NM NM 1.1x NM 21.4x REAL $332 22.3% 59% NM 28% NM 0.6x NM NM 0.5x NM NM 0.5x NM NM 0.4x NM NM Median 59% 15% 24% 25% 1.6x 28.2x 21.9x 1.3x 20.0x 19.5x 1.4x 21.5x 20.7x 1.1x 16.5x 19.0x Note: Market data as of 04/26/2022 Deutsche Bank 30 Source: Company information, FactSet DRAFT Investment Bank eCommerce eCommerce (Pets) eCommerce (Healthcare) (Non-HC) 81nidZpGqzkSDMpD


Spreading the CVET-GSS Comps ($ in millions) LTM '22-'24 Growth LTM Multiples NTM Multiples 2022 Multiples 2023 Multiples Margins % of 52 R FCF E R FCF E TEV GM EM R E R FCF E R FCF E Week High (1) MDRX $2,635 92.1% 51% 28% 7% 13% 4.7x 20.1x 17.1x 4.4x 27.5x 15.3x 4.5x 29.0x 15.8x 4.2x 23.8x 14.1x CRW-GB $875 56.7% 72% 30% NA NA 5.0x 26.0x 17.0x 4.7x 28.1x 16.0x 4.8x 28.6x 16.4x 4.4x 26.4x 15.0x HSTM $577 64.8% 65% 20% NA NA 2.2x 11.7x 11.0x 2.1x 11.5x 10.8x 2.1x 11.8x 11.0x 2.0x 10.6x 9.9x NXGN $1,382 91.2% 51% 19% NA NA 2.3x 13.7x 12.5x 2.2x 13.1x 12.2x 2.2x 13.2x 12.3x 2.2x 12.9x 12.0x Median 58% 24% 7% 13% 3.5x 16.9x 14.8x 3.3x 20.3x 13.8x 3.4x 20.9x 14.0x 3.2x 18.3x 13.1x DBX $8,304 66.6% 80% 37% 7% 9% 3.8x 10.6x 10.3x 3.5x 10.2x 9.8x 3.6x 10.4x 10.0x 3.3x 9.6x 9.2x MLNK $1,695 59.6% 69% 44% 12% 16% 6.2x 14.1x 14.0x 5.7x 14.5x 14.3x 5.8x 15.1x 14.8x 5.3x 13.1x 12.9x SPNS $1,193 62.8% 44% 20% 8% 16% 2.5x 13.6x 13.0x 2.3x 12.5x 11.9x 2.4x 13.1x 12.4x 2.2x 11.0x 10.5x (2) SSNC $22,767 79.4% 56% 39% 4% 6% 4.3x 11.4x 11.0x 4.2x 10.9x 10.3x 4.2x 11.1x 10.5x 4.1x 10.3x 9.8x Median 63% 38% 8% 13% 4.1x 12.5x 12.0x 3.8x 11.7x 11.1x 3.9x 12.1x 11.4x 3.7x 10.7x 10.2x MODN $972 61.4% 60% 13% NA NA 4.8x 38.5x 37.0x 4.3x 34.8x 33.5x 4.4x 37.1x 35.6x 3.9x 29.5x 28.5x HCAT $764 31.3% 51% NM 20% NM 3.0x NM NM 2.5x NM NM 2.6x NM NM 2.2x NM NM OMCL $6,480 60.3% 50% 20% 13% 26% 5.4x 32.6x 27.6x 4.5x 31.1x 24.3x 4.6x 33.6x 25.9x 4.1x 25.6x 20.5x VEEV $26,762 52.9% 75% 41% 16% 18% 14.1x 34.8x 34.2x 12.0x 30.9x 30.4x 12.5x 32.2x 31.7x 10.7x 27.5x 27.1x Median 55% 20% 16% 22% 5.1x 34.8x 34.2x 4.4x 31.1x 30.4x 4.5x 33.6x 31.7x 4.0x 27.5x 27.1x Note: Market data as of 04/26/2022 Deutsche Bank 31 Source: Company information, FactSet DRAFT Investment Bank 1) Financials are PF adjusted for Divestiture of Hospital & Large Physician Practices announced on 03/03/2022 2) Financials are PF adjusted for Acquisition of Blue Prism plc completed on 03/16/2022 High Growth Software Mid-Growth Software Mid-Growth Software (Exit-only) (Non-HC) (HC) 81nidZpGqzkSDMpD


Spreading the Animal Health Distribution Comps ($ in millions) ‘21 Margins '21-’23 Growth 2022 Multiples 2022 Growth Adj. Multiples % of 52 TEV Week High E FCF R E R E FCF P/E R E FCF P/E HSIC $14,030 92.8% 8.7% 8.1% 4.8% 5.4% 1.1x 12.3x 13.1x 17.6x 0.08 0.54 0.58 0.31 (1) OMI $5,412 77.7% 6.6% 6.2% 3.1% 5.9% 0.5x 7.4x 8.3x 11.0x 0.07 0.59 0.66 0.35 PDCO $3,651 87.6% 4.5% 3.9% 3.6% 12.7% 0.6x 11.4x 13.4x 14.5x 0.09 2.15 2.54 0.27 Median 6.6% 6.2% 3.6% 5.9% 0.6x 11.4x 13.1x 14.5x 0.08 0.59 0.66 0.31 MCK $52,635 95.4% 2.0% 1.8% 0.5% (0.6%) 0.2x 10.8x 12.1x 13.6x 0.06 1.53 1.71 0.34 ABC $37,324 94.9% 1.5% 1.3% 5.1% 5.5% 0.2x 10.2x 11.7x 14.4x 0.03 1.46 1.68 0.40 CAH $19,539 94.9% 1.4% 1.2% 5.6% 6.7% 0.1x 7.6x 9.0x 10.9x 0.02 NM NM 0.84 Median 1.5% 1.3% 5.1% 5.5% 0.2x 10.2x 11.7x 13.6x 0.03 1.50 1.70 0.40 ZTS $86,927 71.6% 42.9% 37.8% 8.5% 10.3% 10.3x 23.7x 27.4x 34.2x 0.84 1.63 1.88 1.32 IDXX $39,741 64.5% 32.9% 29.1% 10.8% 12.9% 11.2x 33.3x 39.2x 48.2x 0.78 1.45 1.71 1.28 ELAN $17,822 69.4% 22.2% 19.7% 1.8% 12.6% 3.7x 15.4x 17.9x 21.0x 0.18 0.32 0.37 0.39 Median 32.9% 29.1% 8.5% 12.6% 10.3x 23.7x 27.4x 34.2x 0.78 1.45 1.71 1.28 CVET Dist. Note: Market data as of 04/26/2022 Deutsche Bank 32 Source: Company information, FactSet DRAFT Investment Bank 1) Financials are PF adjusted for Acquisition of Apria completed on 03/29/2022 Animal Health Distribution Distribution Suppliers (Drug) (Specialty) 81nidZpGqzkSDMpD

EX-(c)(17)

Exhibit (c)(17) Deutsche Bank Investment Bank Discussion Materials May 2022 Deutsche Bank Securities Inc., a subsidiary of Deutsche Bank AG, conducts investment banking and securities activities in the United States DRAFT 81nidZpGqzkSDMpD


Important Disclosure Information “IMPORTANT: This presentation (the “Presentation”) has been prepared by Deutsche Bank’s investment banking department exclusively for the benefit and internal use of the recipient (the “Recipient”) to whom it is addressed. Neither Deutsche Bank AG New York Branch, Deutsche Bank Trust Company Americas (“DBTCA”) nor any of their banking affiliates is responsible for the obligations of Deutsche Bank Securities Inc. or any U.S. Broker-dealer affiliate. Unless specified otherwise, deposit products are provided by DBTCA, Member FDIC. The Recipient is not permitted to reproduce in whole or in part the information provided in this Presentation (the “Information”) or to communicate the Information to any third party without our prior written consent. No party may rely on this Presentation without our prior written consent. Deutsche Bank and its affiliates, officers, directors, employees and agents do not accept responsibility or liability for this Presentation or its contents (except to the extent that such liability cannot be excluded by law). This Presentation is (i) for discussion purposes only; and (ii) speaks only as of the date it is given, reflecting prevailing market conditions and the views expressed are subject to change based upon a number of factors, including market conditions and the Recipient's business and prospects. The Information, whether taken from public sources, received from the Recipient or elsewhere, has not been verified and Deutsche Bank has relied upon and assumed without independent verification, the accuracy and completeness of all information which may have been provided directly or indirectly by the Recipient. No representation or warranty is made as to the Information’s accuracy or completeness and Deutsche Bank assumes no obligation to update the Information. The Presentation is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Deutsche Bank. The analyses contained in the Presentation are not, and do not purport to be, appraisals of the assets, stock, or business of the Recipient. The Information does not take into account the effects of a possible transaction or transactions involving an actual or potential change of control, which may have significant valuation and other effects. The Presentation is not exhaustive and does not serve as legal, accounting, tax, investment or any other kind of advice. This Presentation is not intended to provide, and must not be taken as, the basis of any decision and should not be considered as a recommendation by Deutsche Bank. Recipient must make its own independent assessment and such investigations as it deems necessary. In preparing this presentation Deutsche Bank has acted as an independent contractor and nothing in this presentation is intended to create or shall be construed as creating a fiduciary or other relationship between the Recipient and Deutsche Bank.” Deutsche Bank DRAFT Investment Bank 81nidZpGqzkSDMpD


Contents Section 1 DB Thesis & Work Scope 2 Valuation Paradigm A Global Pharmacy Management (GPM) B Global Software Services (GSS) C Animal Health Distribution 3 Exit Considerations 4 M&A Roadmap Appendix Deutsche Bank DRAFT Investment Bank 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section 1 DB Thesis & Work Scope DRAFT 81nidZpGqzkSDMpD


Executive Summary ▪ Ostensibly, there are three distinct CVET divisions – Distribution, GPM and GSS – favoring not only a sum-of-the-parts analysis, but also some consideration to separating the businesses in order to pursue divergent M&A and exit strategies in order to maximize shareholder value in the future – GPM’s closest eCommerce & Marketplace precedents and comps have recently traded as high as 10x revenue (or more), but are now trending in the 1.5-2.5x revenue range (or, 3-5x gross profit and 16-18x EBITDA); given GPM growth and market position, the business would command a top-of-the-range multiple on a standalone basis – If GSS can deliver on its 2022 forecast – +20% growth and ~40% EBITDA margins – the business would be a “”blue moon” software asset and could command a multiple similar to recent deals such as GHX, TherapyBrands and WebPT, suggesting an approximate $1B TEV, otherwise reality is consistently more akin to 12-14x EBITDA ▪ However, consideration must be given to the impact of any separation on the remainco profile and exit alternatives – Distribution & GPM feels more closely linked than either is with GSS – GSS & GPM are the primary drivers of growth and margin; a separation of both would put greater emphasis on executing the proprietary brand strategy within distribution – We do believe there will be strategic interest in a standalone distribution platform given market leadership in an attractive, growthy segment – Execution risk is somewhat mitigated by an entry price that most closely aligns to distribution peers Source: Company data Deutsche Bank 1 DRAFT Investment Bank 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section 2 Valuation Paradigm DRAFT 81nidZpGqzkSDMpD


Stock Performance & Enterprise Stack CVET has experienced meaningful share price and multiple deterioration since its IPO Enterprise Stack Share Price Performance Last Three Years Share price (04/26/22) $14.54 Averages 30 Day 90 Day 180 Day 360 Day 52-Week High $30.75 $50.00 $16.26 $17.36 $18.58 $24.12 52-Week Low $14.54 $40.00 % of 52-week high 47.28% Shares Amount $30.00 Basic Shares Outstanding 138.1 $2,008 $20.00 Stock Options 0.0 $0 (65.4%) Restricted Stock 4.0 $58 $10.00 Fully Diluted Equity Value $2,067 $0.00 Plus: Debt 1,058 Feb-19 May-19 Aug-19 Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 Less: Cash (183) Plus: NCI 23 Averages Fully Diluted Enterprise Value $2,965 30 Day 90 Day 180 Day 360 Day 30.0x 11.4x 12.1x 12.4x 14.1x 25.0x Trading Statistics 20.0x (Per Consensus Estimates) TEV / 2022E Rev. 0.6x 15.0x TEV / 2023E Rev. 0.6x TEV / 2022E GP 3.2x 10.0x 10.7x TEV / 2023E GP 2.9x 5.0x TEV / 2022E E 10.8x 0.0x TEV / 2023E E 9.7x Feb-19 May-19 Aug-19 Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 Note: Market data as of 04/26/2022 Deutsche Bank 2 Source: FactSet, Company filings DRAFT Investment Bank 81nidZpGqzkSDMpD


Summary of Key Covetrus Valuation Factors by Segment Global Pharmacy Management Global Software Services Distribution ▪ Provides technology that enables vet practices ▪ Offers practice management software to ▪ One of three global leaders in the veterinary to run their own online pharmacy veterinary practices pharmacy and supply B2B distribution market Description ▪ Enables prescription ordering, fulfillment and ▪ Suite of solutions includes payment ▪ Offers both third party and, increasingly, analytics / intelligence processing and wellness plan administration proprietary products 2022E Revenue $612M $100M $4,204M LTM / NTM % Growth 24% / 22% 0% / 26% 5% / 6% 2022E Gross Profit $181M $59M $727M % Margin 30% 59% 17% $57M $38M $300M 2022E Segment EBITDA 9% 38% 8% % Margin $43M $36M $207M (1) 2022E Adjusted EBITDA 7% 36% 5% % Margin Key Precedents HCIT Key Comps Source: Sponsor thesis presentation for CVET Deutsche Bank 3 (1) Represents segment EBITDA less corporates costs allocated as per revenue contribution from segment DRAFT Investment Bank 81nidZpGqzkSDMpD


Public Market Perspectives Market performance of CVET vs public peers, re-based to CVET’s price per share $100.00 CVET GPM Peers $90.00 GSS Peers Distribution Peers 91.4% $80.00 $70.00 $60.00 23.2% $50.00 $40.00 $30.00 (50.0%) $20.00 (65.4%) $10.00 $0.00 Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Note: Market data as of 4/26/2022; GPM peers include: GDRX, HIMS, TDOC, TRHC, ETSY, FTCH, REAL, PETS, CHWY, BARK, ROVR; Deutsche Bank 4 GSS peers include: MDRX, CRW, HSTM, NXGN, DBX, MLNK, SPNS, SSNC, MODN, HCAT, OMCL, VEEV; Distribution peers includes: DRAFT Investment Bank IDXX, PAHC, ELAN, ZTS, ABC, PDCO, AHCO, OMI, MCK, CAH, HSIC Source: FactSet 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section A Global Pharmacy Management (GPM) DRAFT 81nidZpGqzkSDMpD


CVET-GPM Financials ($ in millions) Actuals Company Projections DB Estimates (1) FYE, 12/31 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E CAGR Revenue $405 $503 $612 $733 $852 $982 $1,104 $1,215 14.7% $612M $181M % Growth - 24.0% 21.8% 19.8% 16.2% 15.2% 12.5% 10.0% 2022E Revenue 2022E Gross Profit Gross Profit $117 $145 $181 $219 $255 $300 $337 $371 15.4% % Growth - 24.1% 25.2% 20.6% 16.4% 17.8% 12.5% 10.0% % Margin 28.8% 28.8% 29.6% 29.8% 29.9% 30.5% 30.5% 30.5% Segment EBITDA $23 $45 $57 $68 $79 $91 $103 $113 14.7% ~30% ~7% (2) 2022E Gross Profit Margin 2022E Adj. EBITDA - 95.7% 26.7% 19.8% 16.2% 15.2% 12.5% 10.0% % Growth 5.7% 9.0% 9.3% 9.3% 9.3% 9.3% 9.3% 9.3% % Margin (2) Adj. EBITDA $17 $35 $43 $52 $60 $70 $78 $86 14.7% - 105.9% 24.9% 19.8% 16.2% 15.2% 12.5% 10.0% % Growth 4.3% 6.9% 7.1% 7.1% 7.1% 7.1% 7.1% 7.1% % Margin $43M $37M (3) (2) (3) uFCF ($5) $13 $37 $45 $52 $60 $67 $74 14.7% 2022E Adj. EBITDA 2022E uFCF % Margin (1.3%) 2.6% 6.1% 6.1% 6.1% 6.1% 6.1% 6.1% Source: Sponsor Thesis Presentation, DB Investment Banking estimates Deutsche Bank 5 Note: Revenue, GP and Segment EBITDA through 2025E from Sponsor Thesis Presentation and Project Padlock – Financials_2022.02 file; margins held constant from DRAFT Investment Bank 2026E onwards 1) CAGRs represent 2022-2027E growth 2) Represents segment EBITDA less corporates costs allocated as per revenue contribution from segment 3) uFCF defined as Adj. EBITDA less Capex. Company projections for the Capex for North America - GTS segment allocated to GPM based as per segment revenue contribution 81nidZpGqzkSDMpD


Select Precedents to Consider Broad base of software and some marketplace precedents presents a few standout, key precedents for deeper consideration ($ in millions) Date Target Buyer TEV LTM R LTM GP LTM E R Growth EV / NTM Revenue EV / NTM EBITDA May-17 GHX Temasek $1,800 8.2x 11.1x 19.4x 5% 7.8x 18.1x Aug-18 GoodRx Silver Lake $2,800 13.8x 14.0x 29.3x 57% 8.8x 19.4x Jul-19 Convey Health TPG Capital $750 3.7x 6.6x 16.3x 22% 3.0x 12.9x Aug-19 GoHealth Centerbridge $1,500 3.9x 5.8x 14.6x 89% 2.1x 7.0x Jul-20 Wellsky LGP / TPG $3,025 8.3x 11.2x 22.6x 13% 7.4x 19.3x 6.0x 28.6x Nov-20 Quantum Health Warburg Pincus $1,200 7.5x N/A 42.9x 25% 3.9x 12.8x Jan-21 Change Healthcare OptumInsight / UNH $13,000 4.1x 10.6x 14.0x 7% Jun-21 Allocate Software RLDatix $1,300 11.4x 15.2x 29.2x 10% 10.4x 23.0x 5.1x 17.4x Jul-21 Availity Novo Holdings $1,700 5.4x 9.6x 18.3x 6% 15.6x 28.4x Jul-21 PartsSource Bain Capital $1,250 20.8x 32.1x 37.9x 33% 9.5x NM Oct-20 Hims and Hers Oaktree Acquisition $1,600 12.9x 18.9x NM 36% 6.6x 18.7x Nov-20 RxBenefits Advent $1,100 7.7x 12.1x 20.2x 15% 7.7x 17.2x Nov-21 athenahealth Bain Capital / H&F $17,000 8.6x 12.6x 19.0x 12% 4.9x 14.3x Dec-21 Cerner Oracle $29,548 5.1x 6.2x 15.5x 5% 9.5x 21.8x Jan-22 Cloudmed R1 RCM $4,100 11.3x N/A 28.7x 19% 10.6x 23.2x Feb-22 Informa Pharma Warburg Pincus $2,600 11.9x N/A 27.5x 12% Median: 7.5x Median: 18.7x Note: Columns reflect NTM multiples Deutsche Bank 6 Source: Public filings, Wall Street research, and DB Investment Banking estimates DRAFT Investment Bank 81nidZpGqzkSDMpD


Qualifying Key Precedents These business are particularly relevant to GPM and indicative of how the market perceives value TEV / GP TEV / E Key Attributes (At Time of Transaction) Precedent Market High Quality Strategic LTM NTM LTM NTM Major Similarities Major Distinctions M&A Roadmap (Target) Leadership Management Buyers ▪ Pharmacy product focus▪ DTC model 14.0x 9.0x 29.3x 19.4x ▪ Price transparency aspect▪ Higher growth and margin ▪ Similar growth profile▪ Employer focused end market 12.1x 10.4x 20.2x 18.7x ▪ Recurring revenue model▪ PBM focus ▪ Recurring revenue model ▪ Supply chain focus 11.1x 10.5x 19.4x 18.1x ▪ Tech-driven inventory ▪ SaaS / cloud-based revenue management solutions ▪ Health plan administration 6.6x 5.4x 16.3x 12.9x▪ Similar growth profile ▪ Payor focused end market & concentration 5.8x 2.9x 14.6x 7.0x▪ Marketplace business▪ DTC model ▪ DTC model 18.9x 13.1x NM NM▪ eCommerce platform▪ High gross margin ▪ Large TAM 11.6x 9.7x 19.4x 18.1x Median: Source: Public filings, Wall Street research, and DB Investment Banking estimates Deutsche Bank 7 DRAFT Investment Bank 81nidZpGqzkSDMpD


Quantifying Key Precedents CVET’s GPM segment lags peer precedent targets in growth and margin profile LTM & NTM Revenue Growth NTM Gross Margin NTM Growth 98.0% 139.0% LTM Growth 80.1% 74.6% 72.3% 72.3% 63.8% 55.9% 58.5% 89.3% 37.1% 29.6% 24.0% 56.8% 35.8% 8.6% 21.8% 21.9% 15.5% 4.7% GoodRx GHX HIMS GoHealth RxBenefits Convey CVET-GPM GoHealth HIMS GoodRx RxBenefits CVET-GPM Convey GHX LTM Revenue Mix NTM EBITDA Margin Recurring Non-Recurring 5% 10% 15% 15% 45.1% 20% 43.2% 35.5% 29.6% 23.3% 95% 90% 85% 85% 80% 9.3% N/A NM -- RxBenefits HIMS Convey GHX GoodRx GoHealth GoodRx GHX RxBenefits GoHealth Convey CVET-GPM HIMS Source: Public filings, Wall Street research, and Sponsor Thesis Presentation for CVET Deutsche Bank 8 DRAFT Investment Bank 81nidZpGqzkSDMpD


Perspectives on Public Comparables for CVET-GPM eCommerce (Healthcare) eCommerce (Pet) eCommerce (Non-HC) ▪ Platforms that digitally connects patients ▪ Animal Health focused businesses ▪ Broader marketplace platforms that create with products and service providers operating eCommerce platforms a centralized hub to efficiently and profitably sell goods ▪ Healthcare eCommerce platforms drive ▪ Likely to serve as valuation model closets comp universe reference-points vis-à-vis similar value ▪ Likely to serve as valuation reference- propositions, business model and end points due to eCommerce models market TEV / Rev TEV / GP TEV / Rev TEV / GP TEV / Rev TEV / GP 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 3.1x 2.5x 4.3x 3.5x 2.1x 1.6x 4.3x 3.1x 2.6x 2.1x 4.1x 3.3x TEV / EBITDA ‘22E-’24E CAGR TEV / EBITDA ‘22E-’24E CAGR TEV / EBITDA ‘22E-’24E CAGR 2022E 2023E Rev. EBITDA 2022E 2023E Rev. EBITDA 2022E 2023E Rev. EBITDA 19.5x 14.7x 19.7% 31.5% NM 16.8x 28.0% 78.4% 20.7x 19.0x 23.8% 24.9% Note: Market data as of 04/26/2022 Deutsche Bank 9 Source: Company information, FactSet DRAFT Investment Bank Valuation Metrics (Average) Comps 81nidZpGqzkSDMpD


Value Implications of Growth & Scale in Public vs. Private Scenarios While growth largely drives sale valuations, buyers are making distinctions for a reasonable level of profitability (1) NTM EV/R 5.1x 4.5x 5.4x 7.1x 7.1x 7.0x 13.6x 10.4x 1.6x 1.5x 6.0x 5.3x 9.4x 6.3x 15.0x 9.5x 16.5x 24.9x 23.9x 19.1x 23.1x 17.1x 23.3x 19.0x EV/E 14.3x 17.0x 23.2x 19.5x 47.7x 19.3x 52.9x 28.4x 18.1x 39.2x 25.8x 23.8x N/A 19.2x N/A 22.2x EV/uFCF 16.7x 23.0x 27.0x 22.2x 55.1x 20.9x 33.6x 32.9x (2) 2.18 N/A 2.21 1.77 1.81 1.73 1.59 1.25 EV/E/G 2.44 2.44 1.82 1.63 2.64 0.84 2.80 N/A CVET-GPM CVET-GPM 3 30 0.0 .0x x 30.0x Strike Zone 30.0x Strike Zone R² = 0.2777 R² = 0.3089 R² = 0.0521 R² = 0.0409 2 25 5.0 .0x x 25.0x R² = 0.1553 25.0x R² = 0.1004 R² = 0.0046 2 20 0.0 .0x x 20.0x 20.0x R² = 0.0136 1 15 5.0 .0x x 1 15 5.0 .0x x 1 10 0.0 .0x x 1 10 0.0 .0x x 0% 0% 1 10 0% % 2 20 0% % 3 30 0% % 4 40 0% % 0% 0% 2 20 0% % 4 40 0% % 6 60 0% % 8 80 0% % NTM Revenue Growth Rule of X Source: DB’s Healthcare & Technology Proprietary M&A Database, FactSet Deutsche Bank Current Public Company Valuations 10 Note: Public data as of 4/26/2022; represents M&A transactions in the last 3 years DRAFT Investment Bank Apr ’21 Public Company Valuations 1) Represents NTM medians for current public companies and M&A precedents Precedent M&A Valuations 2) Represents NTM / LTM EBITDA growth rate M&A @ Apr ‘21 EV / NTM EBITDA EV / NTM EBITDA 81nidZpGqzkSDMpD


Preliminary CVET-GPM M&A Valuation Could Support a ~$800M TEV Asset at Present Multiple Metric Method Parameter Ratio / Multiple Metric Implied TEV Year Year ($ in millions) $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 $1,300 $1,400 (1) Management Case Required MOIC: 2.5x – 3.0x; NTM E Exit Multiple: 15.0x $508 $582 TEV / GP 7.0x - 8.5x $145 $1,014 $1,232 TEV / EBITDA 16.0x - 19.0x $35 $556 $660 TEV / GP 6.0x - 7.5x $181 $1,088 $1,360 TEV / EBITDA 14.0x - 17.0x $43 $608 $738 TEV / Revenue 1.5x - 2.0x $503 $754 $1,005 TEV / GP 4.0x - 5.5x $145 $580 $797 TEV / EBITDA 20.0x - 25.0x $35 $695 $869 TEV / Revenue 1.0x - 1.5x $612 $612 $918 $635 $907 TEV / GP 3.5x - 5.0x $181 TEV / EBITDA 15.0x - 20.0x $43 $651 $868 Note: Valuation date as of 06/30/2022 Deutsche Bank 11 Source: Sponsor Thesis Presentation, DB Investment Banking estimates DRAFT Investment Bank 1) LBO assumes a 5-year hold, 3.5x max leverage, Financing EBITDA based on LTM 06/30/2022 Adj. EBITDA of $43, which includes $3.9 of financing adjustments Trading Comparables Transaction Comparables LBO 2022 2021 NTM LTM 2022 2021 2022 2021 81nidZpGqzkSDMpD


Preliminary LBO Math Suggests CVET-GPM is a ~$700-800mm Business ($ in millions) LBO Assumptions LBO Valuation Analysis NTM EBITDA Multiple 14.0x 15.0x 16.0x ▪ Assumes transaction date of 06/30/2022 NTM EBITDA (6/30/2022) $48 $48 $48 ▪ Purchase price of ~$715 at 15.0x NTM 6/30/2022 EBITDA of ~$48 Implied Transaction Value $668 $715 $763 ▪ Assumes five-year hold with exit multiple of 15.0x on NTM 06/30/2027E EBITDA of ~$90 Plus: Financing & Transaction Fees $15 $15 $15 (1) ▪ Debt financing assumed based on 5.5x LTM 06/30/2022 EBITDA of ~$43 Less: Transaction Net Debt ($235) ($235) ($235) ▪ Implied max leverage of 5.5x; New Term Loan of 5.5x at S+550 @ 99.0 OID (50bps Implied Sponsor Equity Contribution $448 $496 $543 floor) Illustrative NTM EBITDA Exit Multiple 15.0x 15.0x 15.0x Illustrative Enterprise Value at Exit $1,357 $1,357 $1,357 Illustrative Sources & Uses Less: Net Debt ($183) ($183) ($183) Sources $ Amt. x Fin. E Uses $ Amt. Implied Sponsor Equity Value $1,174 $1,174 $1,174 New Term Loan $235 5.5x Purchase TEV $715 (2) Sponsor Equity $496 11.5x Fees & Expenses $15 Implied IRR 21.2% 18.8% 16.7% Implied MOIC 2.6x 2.4x 2.2x Total $731 17.0x Total $731 IRR Sensitivity on Entry & Exit Multiple TEV Sensitivity on Exit Multiple & Target IRR IRR Sensitivity on Growth & E Margin Implied TEV Implied IRR Implied IRRs (3) NTM EBITDA Entry Multiple NTM EBITDA Exit Multiple 5-Yr Revenue CAGR 14.0x 15.0x 16.0x 14.0x 15.0x 16.0x 10.0% 15.0% 20.0% 14.0x 19.3% 16.9% 14.7% 15.0% $758 $803 $848 5.0% 4.0% 10.7% 16.8% 15.0x 21.2% 18.8% 16.6% 20.0% $655 $692 $728 7.0% 13.8% 20.1% 26.1% 16.0x 23.0% 20.6% 18.3% 25.0% $575 $604 $634 9.0% 20.5% 26.7% 32.7% Note: Assumes 1% mandatory amortization for New Term Loan Deutsche Bank 12 Source: Financials through 2025E from Sponsor Thesis Presentation and Project Padlock – Financials_2022.02 file; 2026E onwards based on DB Investment Banking DRAFT Investment Bank estimates 1) Represents $39 of LTM EBITDA plus $3.9 of financing adjustments 2) Assumes New Term Loan Financing Fees at 2.50%; M&A Fees at 1% of purchase price 3) Revenue CAGR from 2023E through projection period 4) Represents Adj. EBITDA margin NTM EBITDA Exit Multiple Target IRR (4) Exit Year E Margin 81nidZpGqzkSDMpD


Analysis at Various Prices Matrix ($ in millions) Implied CVET-GPM Total Enterprise Value Multiples $600 $650 $700 $750 $800 $850 $900 $950 $1,000 Metric 2021A $503 1.2x 1.3x 1.4x 1.5x 1.6x 1.7x 1.8x 1.9x 2.0x TEV / 2022E $612 1.0x 1.1x 1.1x 1.2x 1.3x 1.4x 1.5x 1.6x 1.6x Revenue 2023E $733 0.8x 0.9x 1.0x 1.0x 1.1x 1.2x 1.2x 1.3x 1.4x 2021A $145 4.1x 4.5x 4.8x 5.2x 5.5x 5.9x 6.2x 6.6x 6.9x TEV / GP 2022E $181 3.3x 3.6x 3.9x 4.1x 4.4x 4.7x 5.0x 5.2x 5.5x 2023E $219 2.7x 3.0x 3.2x 3.4x 3.7x 3.9x 4.1x 4.3x 4.6x Segment $45 13.3x 14.4x 15.6x 16.7x 17.8x 18.9x 20.0x 21.1x 22.2x 2021A Adjusted $35 17.3x 18.7x 20.1x 21.6x 23.0x 24.5x 25.9x 27.3x 28.8x Segment $57 10.5x 11.4x 12.3x 13.2x 14.0x 14.9x 15.8x 16.7x 17.5x TEV / 2022E EBITDA Adjusted $43 13.8x 15.0x 16.1x 17.3x 18.4x 19.6x 20.7x 21.9x 23.0x Segment $68 8.8x 9.5x 10.3x 11.0x 11.7x 12.4x 13.2x 13.9x 14.6x 2023E Adjusted $52 11.5x 12.5x 13.5x 14.4x 15.4x 16.3x 17.3x 18.3x 19.2x Source: Sponsor Thesis Presentation, DB Investment Banking estimates Deutsche Bank 13 DRAFT Investment Bank 81nidZpGqzkSDMpD


E-Commerce Near 5-Year Lows Across Verticals GPM 5Y Trading Ranges (NTM) E-Commerce (HC) E-Commerce (Pet) E-Commerce (Non-HC) Overall Average Current TEV / NTM Revenue TEV / NTM GP 20.0x 30.0x 15.2x 22.1x 21.6x 15.0x 18.9x 20.0x 16.8x 16.0x 10.4x 15.0x 13.5x 9.1x 9.1x 10.0x 14.2x 11.6x 12.6x 7.1x 11.7x 7.4x 6.4x 5.9x 10.0x 11.5x 8.9x 5.6x 5.5x 7.8x 5.0x 9.2x 9.3x 5.4x 3.7x 5.6x 7.2x 2.7x 3.3x 3.0x 4.0x 4.6x 2.5x 3.6x 5.5x 3.8x 5.2x 3.1x 2.4x 2.5x 4.4x 2.3x 2.2x 3.3x 1.7x 0.0x 0.0x E-Commerce (Healthcare) E-Commerce (Pet) E-Commerce (Non-HC) Overall E-Commerce E-Commerce (Pet) E-Commerce (Non-HC) Overall (Healthcare) TEV / NTM E TEV / NTM Revenue / Growth 99.0x 100.0x 0.50 0.47 0.42 0.39 86.7x 80.0x 0.40 66.2x 70.5x 53.7x 63.9x 58.4x 0.28 51.7x 60.0x 0.30 0.26 0.23 59.7x 0.21 0.22 0.22 44.1x 37.5x 40.0x 0.20 37.9x 0.19 36.5x 0.14 31.4x 0.18 37.2x 0.16 0.15 0.13 24.2x 0.12 0.12 0.15 21.7x 20.0x 0.10 24.5x 19.5x 25.1x 0.09 0.10 19.6x 18.7x 0.09 0.09 0.08 14.6x 0.07 11.8x 0.0x 0.00 E-Commerce (HC) E-Commerce (Pet) E-Commerce (Non-HC) Overall E-Commerce E-Commerce (Pet) E-Commerce (Non-HC) Overall (Healthcare) Note: Market data from 04/26/2017 – 04/26/2022; excludes multiples >100.0x or <0.0x Deutsche Bank 14 Source: FactSet DRAFT Investment Bank 81nidZpGqzkSDMpD


E-Commerce Near 5-Year Lows Across Verticals (Cont’d) GPM 5Y Trading Ranges (Second Twelve Months) E-Commerce (HC) E-Commerce (Pet) E-Commerce (Non-HC) Overall Average Current TEV / STM Revenue TEV / STM GP 20.0x 30.0x 15.0x 20.0x 11.5x 18.1x 16.6x 14.9x 10.0x 8.1x 13.2x 12.8x 12.0x 7.3x 7.2x 11.0x 11.3x 5.8x 9.2x 10.0x 10.0x 5.9x 4.9x 5.0x 9.3x 5.0x 9.2x 4.4x 4.5x 7.1x 3.1x 7.6x 4.4x 7.5x 5.7x 3.2x 2.5x 2.5x 3.0x 2.0x 4.2x 2.5x 5.7x 3.6x 2.5x 4.6x 2.0x 2.9x 4.2x 1.8x 2.4x 1.9x 3.6x 1.4x 2.8x 0.0x 0.0x E-Commerce (HC) E-Commerce (Pet) E-Commerce (Non-HC) Overall E-Commerce (HC) E-Commerce (Pet) E-Commerce (Non-HC) Overall TEV / STM E TEV / STM Revenue / Growth 98.8x 100.0x 0.50 80.0x 0.40 69.3x 62.3x 60.5x 61.4x 60.0x 0.30 44.8x 53.9x 45.9x 48.3x 40.0x 39.8x 0.20 43.0x 35.3x 38.3x 0.16 0.16 0.13 34.3x 28.5x 30.2x 32.2x 33.6x 0.09 0.07 32.0x 0.06 20.0x 24.8x 0.10 0.06 0.09 0.09 18.5x 0.05 0.07 14.2x 18.2x 0.11 0.05 0.10 0.04 0.08 0.04 0.05 0.04 10.3x 0.03 0.04 0.04 0.03 0.0x 0.00 0.03 E-Commerce (HC) E-Commerce (Pet) E-Commerce (Non-HC) Overall E-Commerce (HC) E-Commerce (Pet) E-Commerce (Non-HC) Overall Note: Market data from 04/26/2017 – 04/26/2022; excludes multiples >100.0x or <0.0x Deutsche Bank 15 Source: FactSet DRAFT Investment Bank 81nidZpGqzkSDMpD


TBU Illustrative Valuation Analysis for an IPO Exit in Mid-2024 Multiple Metric Method Parameter Ratio / Multiple Metric Implied TEV Year Year ($ in millions) $2,000 $2,250 $2,500 $2,750 $3,000 $3,250 $3,500 Revenue 3.0x - 4.0x $852 $2,557 $3,410 GP 10.0x - 12.0x $255 $2,545 $3,054 EBITDA 35.0x - 40.0x $60 $2,115 $2,417 Revenue 2.5x - 3.5x $982 $2,454 $3,436 GP 8.0x - 10.0x $300 $2,399 $2,998 $2,088 $2,436 EBITDA 30.0x - 35.0x $70 Note: Valuation date as of 06/30/2022 Deutsche Bank 16 Source: Sponsor Thesis Presentation, DB Investment Banking estimates DRAFT Investment Bank Trading Comparables FY+2 FY+1 2025 2024 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section B Global Software Services (GSS) DRAFT 81nidZpGqzkSDMpD


CVET-GSS Financials ($ in millions) Actuals Company Projections DB Estimates DB Mid-Growth Case (1) (1) FYE, 12/31 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E CAGR 2022E 2023E 2024E 2025E 2026E 2027E CAGR Revenue $79 $79 $100 $131 $157 $187 $210 $231 18.4% $87 $100 $110 $120 $127 $133 8.9% % Growth - (0.0%) 26.3% 31.2% 20.4% 18.8% 12.5% 10.0% 10.0% 15.0% 10.0% 9.0% 6.0% 5.0% Gross Profit $48 $49 $59 $79 $95 $112 $126 $139 18.6% $52 $60 $66 $72 $76 $80 9.2% % Growth - 2.1% 19.6% 33.2% 19.9% 18.7% 12.5% 10.0% 4.2% 16.7% 9.5% 8.9% 6.0% 5.0% % Margin 61.4% 62.7% 59.4% 60.3% 60.1% 60.0% 60.0% 60.0% 59.4% 60.3% 60.1% 60.0% 60.0% 60.0% Segment EBITDA $29 $31 $38 $50 $60 $71 $80 $88 18.4% $33 $38 $42 $46 $48 $51 8.9% - 6.9% 22.6% 31.2% 20.4% 18.8% 12.5% 10.0% 6.8% 15.0% 10.0% 9.0% 6.0% 5.0% % Growth 36.8% 39.3% 38.2% 38.2% 38.2% 38.2% 38.2% 38.2% 38.2% 38.2% 38.2% 38.2% 38.2% 38.2% % Margin (2) Adj. EBITDA $28 $29 $36 $47 $57 $67 $76 $83 18.4% $31 $36 $39 $43 $46 $48 8.9% - 5.4% 21.8% 31.2% 20.4% 18.8% 12.5% 10.0% 6.1% 15.0% 10.0% 9.0% 6.0% 5.0% % Growth 35.4% 37.3% 35.9% 35.9% 35.9% 35.9% 35.9% 35.9% 35.9% 35.9% 35.9% 35.9% 35.9% 35.9% % Margin (3) uFCF $27 $29 $35 $46 $55 $65 $73 $81 18.4% $30 $35 $38 $42 $44 $47 8.9% % Margin 34.4% 36.3% 34.9% 34.9% 34.9% 34.9% 34.9% 34.9% 34.9% 34.9% 34.9% 34.9% 34.9% 34.9% Source: Sponsor Thesis Presentation, DB Investment Banking estimates Deutsche Bank 17 Note: Revenue, GP and Segment EBITDA through 2025E from Sponsor Thesis Presentation and Project Padlock – Financials_2022.02 file; margins held constant from DRAFT Investment Bank 2026E onwards 1) CAGRs represent 2022-2027E growth 2) Represents segment EBITDA less corporates costs allocated as per revenue contribution from segment 3) uFCF defined as Adj. EBITDA less Capex. Company projections for the Capex for North America - GTS segment allocated to GPM based as per segment revenue contribution 81nidZpGqzkSDMpD


Select Precedents to Consider Broad base of mostly provider-oriented software (incl RCM) deals presents a few standout, key precedents for deeper consideration ($ in millions) Date Target Buyer TEV LTM R LTM GP LTM E R Growth EV / NTM Revenue EV / NTM EBITDA Feb-16 Brightree ResMed $800 7.1x 9.8x 19.0x 14% 6.2x 16.5x Jun-19 Nextech Thomas H. Lee $550 9.6x N/A 26.0x 15% 8.3x 23.2x Aug-19 WebPT Warburg Pincus $675 6.3x N/A 28.1x 15% 5.4x 18.8x Jun-20 Qgenda ICONIQ Capital $1,050 15.7x 22.0x 36.2x 23% 12.7x 24.4x Jul-20 Wellsky LGP / TPG $3,025 8.3x 11.2x 22.6x 13% 7.4x 19.3x Aug-20 eSolutions Waystar $1,350 11.1x 13.8x 20.3x 12% 9.9x 18.2x Oct-20 CarePort Health Wellsky $1,350 13.6x 15.6x 20.9x 11% 12.3x 19.1x Nov-20 nThrive Clearlake Capital $1,115 4.7x 6.7x 11.9x 9% 4.4x 10.4x Jan-21 Change Healthcare OptumInsight / UNH $13,000 4.1x 10.6x 14.0x 7% 3.9x 12.8x Jan-21 PointClickCare Hellman & Friedman $3,130 13.5x N/A 31.0x 16% 11.7x 27.0x May-21 Therapy Brands KKR $1,200 10.4x 14.0x 28.0x 23% 8.4x 20.4x Jun-21 Allocate Software RLDatix $1,300 11.4x 15.2x 29.2x 10% 10.4x 23.0x Oct-21 TransUnion Healthcare Clearlake / nThrive $1,740 8.7x 13.7x 18.2x 1% 8.6x 17.7x Nov-21 Patientpop Kareo $507 7.0x 10.0x NM 15% 6.1x NM Nov-21 athenahealth Bain Capital / H&F $17,000 8.6x 12.6x 19.0x 12% 7.7x 17.2x 38.1x Nov-21 Iodine Software Advent International $1,210 20.9x 27.7x 56.2x 45% 14.4x Dec-21 Cerner Oracle $29,548 5.1x 6.2x 15.5x 5% 4.9x 14.3x Jan-22 Cloudmed R1 RCM $4,100 11.3x N/A 28.7x 19% 9.5x 21.8x Feb-22 Informa Pharma Warburg Pincus $2,600 11.9x N/A 27.5x 12% 10.6x 23.2x Median: 8.4x Median: 19.2x Note: Columns reflect NTM multiples Deutsche Bank 18 Source: Public filings, Wall Street research, and DB Investment Banking estimates DRAFT Investment Bank 81nidZpGqzkSDMpD


Select High-Growth Precedents for GSS These business are particularly relevant to GSS and indicative of how the market perceives value TEV / Rev. TEV / E TEV / FCF Key Attributes (At Time of Transaction) Precedent Market Quality M&A Strategic LTM NTM LTM NTM LTM NTM Major Similarities Major Distinctions (Target) Leadership Management Roadmap Buyers ▪ Practice management ▪ Specialty provider focus solutions 9.6x 8.3x 26.0x 23.2x 38.9x 34.9x ▪ Large TAM ▪ Similar margin profile ▪ Limited TAM ▪ Mental and behavioral ▪ Practice management health focus 10.4x 8.4x 28.0x 20.4x 28.6x 20.3x solutions ▪ Core SaaS platform ▪ Growth and margin profile ▪ Limited TAM▪ Physical therapy provider focus 6.3x 5.4x 28.1x 18.8x 21.8x 20.5x ▪ Practice management solutions▪ SaaS platform ▪ Provider focused recurring revenue model▪ Size / scale 8.6x 7.7x 19.0x 17.2x 22.2x 20.2x ▪ Practice management ▪ Large TAM solutions ▪ Leading market share 7.1x 6.2x 19.0x 16.5x 19.2x 16.8x▪ Limited TAM▪ HME/DME provider focus ▪ Similar margin profile ▪ Practice growth platform▪ Specialty provider focus 7.0x 6.1x NM NM NM NM ▪ Recurring revenue model▪ Lower growth Median: 7.8x 6.9x 26.0x 18.8x 22.2x 20.3x Source: Public filings, Wall Street research, and DB Investment Banking estimates Deutsche Bank 19 DRAFT Investment Bank 81nidZpGqzkSDMpD


Select Low-Growth Precedents for GSS These business are relevant to a GSS with lower anticipated growth TEV / R TEV / E Key Attributes (At Time of Transaction) Precedent Market High Quality M&A Strategic LTM NTM LTM NTM Major Similarities Major Distinctions Carvout (Target) Leadership Management Roadmap Buyers ▪ Carve-out business ▪ Payor focused payment 10.5x 9.9x 17.4x 16.5x ▪ Recurring revenue, software integrity business business ▪ Provider focused end market▪ Larger scale RCM platform 5.1x 4.9x 15.5x 14.3x ▪ Similar margin profile▪ Hospital focus ▪ Carve-out transaction 3.7x 3.3x 15.5x 14.1x▪ Non-US businesses ▪ Provider focused software HCIT business ▪ Recurring revenue base▪ Payor end market 4.2x 3.9x 14.0x 13.0x ▪ Margin profile▪ Large scale player ▪ Low growth software model ▪ Also provides solutions to 4.6x 4.5x 12.2x 11.9x government entities ▪ Provider end market exposure ▪ Leader in niche space 5.5x 5.3x 12.3x 11.7x▪ HCM/WFM solutions ▪ Provider end market ▪ Larger Scale ▪ Similar margin profile 3.8x 3.4x 12.9x 11.2x ▪ Public sector focused end ▪ Carve-out transaction market ▪ High margin business 5.0x 4.7x 11.6x 11.2x▪ End-to-end RCM solutions ▪ Carve out transaction ▪ No EBITDA ▪ Low-growth software business 2.0x 1.9x NM NM ▪ Multiple end market focus Median: 4.6x 4.5x 13.5x 12.4x Source: Public filings, Wall Street research, and DB Investment Banking estimates Deutsche Bank 20 DRAFT Investment Bank 81nidZpGqzkSDMpD


Analyzing Precedents CVET’s GSS segment may be best-in-class among peer precedent targets in growth and margin profile Low Growth Precedent High Growth Precedent LTM & NTM Revenue Growth NTM Gross & EBITDA Margin NTM Growth NTM EBITDA Margin (1) LTM Growth NTM Gross Margin (2) LTM Revenue Mix NTM uFCF Margin Recurring Non-Recurring (3) Source: Public filings, Wall Street research, and Sponsor Thesis Presentation for CVET Deutsche Bank 21 1) Represents estimates capex based on allocating consolidated capex by proportion of revenue between GPM and GSS DRAFT Investment Bank segments 2) Represents EBITDA less Capex 3) GSS LTM growth is flat at 0.0%. CVET-GSS Patientpop 99% 1% 26.2% Therapy Brands 18.4% 23.5% WebPT 99% 1% athenahealth 11.7% 17.0% Therapy Brands 97% 3% Brightree 14.4% 16.3% athenahealth 96% 4% Nextech 15.4% ClaimsXten 95% 5% Patientpop 13.5% 15.0% nThrive 95% 5% WebPT 14.9% Brightree 94% 6% Agfa HCIT 13.7% TractManager 92% 8% DXC 7.2% 9.3% DXC 92% 8% nThrive 7.7% 8.9% Change HC 88% 12% Change HC 6.8% 6.8% Ontario 84% 16% ClaimsXten 6.1% 6.2% Nextech 82% 18% Watson Health 5.2% Cerner 82% 18% 5.1% Cerner 5.3% IBM Watson 69% 31% TractManager 5.1% N/A Agfa HCIT -- Ontario 2.4% TractManager 43.3% Cerner 33.9% 86.1% Therapy Brands 41.4% Therapy Brands 41.2% 75.4% athenahealth 37.9% Patientpop 73.0% Brightree 37.1% Brightree 37.7% 72.7% CVET-GSS 30.2% nThrive 42.0% 71.2% nThrive 29.7% athenahealth 44.7% 68.7% DXC 29.0% Watson Health 61.9% Cerner 28.8% ClaimsXten 60.2% WebPT 26.6% CVET-GSS 38.2% 59.4% Change HC 24.5% Change HC 30.3% 57.2% Nextech 23.8% TractManager 45.0% Patientpop NM Ontario 38.0% Watson Health NM Nextech 35.9% Agfa HCIT N/A DXC 30.8% ClaimsXten N/A WebPT 29.0% Ontario N/A Agfa HCIT 23.1% 81nidZpGqzkSDMpD


Revenue Mix Analysis: All Precedents LTM Revenue Mix Subscription Services (Recurring) Services (Non-Recurring) Software License Support & Maintenance 1% 2% 3% 4% 5% 5% 6% 8% 8% 12% 3% 16% 16% 18% 20% 10% 21% 7% 35% 12% 6% 24% 99% 98% 9% 96% 95% 92% 92% 88% 84% 84% 82% 71% 56% 62% 44% N/A 6% Source: Public filings, Wall Street research, and DB Investment Banking estimates Deutsche Bank 22 DRAFT Investment Bank PatientPop WebPT athenahealth ClaimsXten nThrive Change HC Brightree TractManager Therapy Brands IBM Watson Cerner DXC Ontario Nextech Agfa HCIT 81nidZpGqzkSDMpD


CVET-GSS Side-by-Side Comparison with Select Growth Precedents ($ in millions) CVET-GSS ▪ Practice management software for ▪ Cloud-based management software ▪ Provider of practice management, ▪ Electronic medical record systems Business Description veterinary practices platform for post-acute care telehealth and data collection tools for physical therapists NTM Revenue ($M) $100 $130 $140 $125 % NTM / LTM Growth 26% 14% 24% 15% (1) NTM Adj. EBITDA ($M) $36 $50 $60 $35 % margin 36% 38% 43% 28% 0.3% Hardware 6.1% 5.0% 2.0% 7.7% 5.2% SaaS 3.8% 10.1% SaaS Software 20.0% Revenue Mix (SaaS vs SaaS Maintenance RCM Services RCM Services Services vs Other) Serv - R Other 24.3% Serv - NR 75.0% Other Other 83.9% 58.6% 98.0% Other Behavioral Health, Mental Health End Market Veterinary HME/DME Physical Therapy and Rehabilitation Software & ancillary services (incl. Workflow, billing & claims, business Patient engagement, data Solutions for practice mgmt, Offering Breadth payment processing and wellness intelligence, compliance mgmt, collection, telehealth, e-prescribing, compliance, reimbursement, plan management) interoperability & data sharing RCM, payments patient retention, marketing TAM ($B) ~$0.5 ~$0.3 ~$0.5 NA Market Share ~50% - 60% HME/DME: 51% ~19% NA Recurring Revenue 89.0% 94% 97% NA 1) Inclusive of a $2 corporate expense allocation, calculated pro rata based on revenue contribution Deutsche Bank 23 2) Represents software solutions TAM for HME/DME DRAFT Investment Bank 3) Represents PMS TAM 81nidZpGqzkSDMpD


Perspectives on Public Comparables for CVET-GSS Mid-Growth Software (Healthcare) Mid-Growth Software (Non-HC) High-Growth Software (For Exit Only) ▪ Cohort of HCIT software and SaaS ▪ Cohort of broader software comps growing ▪ Cohort of high-growth HCIT SaaS and businesses focused on provider end at MSD-HSD software peers market and growing at MSD ▪ Given limited availability of relevant HCIT ▪ Reference comp set for exit analysis; ▪ Closest comp universe for CVET’s GSS comps, this set of peers with similar growth assumes standalone GSS business business profile provides a useful benchmark achieve growth profile through organic and inorganic opportunities (1) (2) TEV / Rev TEV / GP TEV / Rev TEV / GP TEV / Rev TEV / GP 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 3.4x 3.2x 5.5x 5.0x 4.0x 3.7x 6.4x 5.9x 6.0x 5.2x 9.7x 8.3x TEV / EBITDA ‘22E-’24E CAGR TEV / EBITDA ‘22E-’24E CAGR TEV / EBITDA ‘22E-’24E CAGR 2022E 2023E Rev. EBITDA 2022E 2023E Rev. EBITDA 2022E 2023E Rev. EBITDA 13.9x 12.8x 7.5% 12.6% 11.9x 10.6x 7.8% 11.8% 31.1x 25.4x 16.1% 21.7% Note: Market data as of 04/26/2022; Mid-Growth defined as 2022E – 2024E Revenue CAGR < 12.0%, High-Growth defined as 2022E – 2024E Deutsche Bank 24 Revenue CAGR > 12.0% DRAFT Investment Bank Source: Company information, FactSet 1) Financials are PF adjusted for Divestiture of Hospital & Large Physician Practices announced on 03/03/2022 2) Financials are PF adjusted for Acquisition of Blue Prism plc completed on 03/16/2022 Valuation Metrics (Average) Comps 81nidZpGqzkSDMpD


Value Implications of Growth & Scale in Public vs. Private Scenarios While growth largely drives sale valuations, buyers are making distinctions for a reasonable level of profitability (1) NTM EV/R 5.1x 4.5x 5.4x 7.1x 7.1x 7.0x 13.6x 10.4x 1.6x 1.5x 6.0x 5.3x 9.4x 6.3x 15.0x 9.5x 16.5x 24.9x 23.9x 19.1x 23.1x 17.1x 23.3x 19.0x EV/E 14.3x 17.0x 23.2x 19.5x 47.7x 19.3x 52.9x 28.4x 18.1x 39.2x 25.8x 23.8x N/A 19.2x N/A 22.2x EV/uFCF 16.7x 23.0x 27.0x 22.2x 55.1x 20.9x 33.6x 32.9x (2) 2.18 N/A 2.21 1.77 1.81 1.73 1.59 1.25 EV/E/G 2.44 2.44 1.82 1.63 2.64 0.84 2.80 N/A CVET-GSS CVET-GSS 30.0x 30.0x 30.0x 30.0x Strike Zone Strike Zone R² = 0.2777 R² = 0.0521 R² = 0.3089 R² = 0.0409 R² = 0.1553 25.0x 25.0x 25.0x 25.0x R² = 0.1004 R² = 0.0046 20.0x 20.0x 20.0x 20.0x R² = 0.0136 15.0x 15.0x 1 15 5.0 .0x x 10.0x 10.0x 1 10 0.0 .0x x 0% 10% 20% 30% 40% 0% 10% 20% 30% 40% 0% 0% 2 20 0% % 4 40 0% % 6 60 0% % 8 80 0% % NTM Revenue Growth Rule of X Source: DB’s Healthcare & Technology Proprietary M&A Database, FactSet Deutsche Bank Current Public Company Valuations 25 Note: Public data as of 4/26/2022; represents M&A transactions in the last 3 years DRAFT Investment Bank Apr ’21 Public Company Valuations 1) Represents NTM medians for current public companies and M&A precedents Precedent M&A Valuations 2) Represents NTM / LTM EBITDA growth rate M&A @ Apr ‘21 EV / NTM EBITDA EV / NTM EBITDA 81nidZpGqzkSDMpD


TBU Preliminary CVET-GSS M&A Valuation Could Support a TEV Up to $700mm LTM multiples reflective of historical growth only Low Growth Multiple Metric High Growth Method Parameter Ratio / Multiple Low High Implied TEV Year Year ($ in millions) $200 $200 $300 $300 $400 $400 $500 $500 $600 $600 $700 $700 $800 $800 $900 $900 (1) Management Case Required MOIC: 2.5x – 3.0x; NTM E Exit Multiple: 18.0x $716 $716 $809 $809 (2) DB Mid-Growth Case Required MOIC: 2.5x – 3.0x; NTM E Exit Multiple: 17.0x $413 $458 $413 $458 Revenue 3.5x - 5.5x $79 $79 $276 $355 $355 $434 EBITDA 11.5x - 16.5x $29 $29 $338 $411 $411 $485 uFCF 13.5x - 18.5x $26 $26 $351 $416 $416 $480 Revenue 6.0x - 8.0x $87 $100 $520 $597 $597 $607 $697 EBITDA 16.0x - 22.0x $31 $36 $499 $592 $680 $787 uFCF 18.0x - 24.0x $26 $29 $462 $539 $619 $707 Revenue 4.5x - 6.0x $79 $79 $355 $434 $434 $513 EBITDA 12.0x - 15.0x $29 $29 $353 $426 $426 $500 uFCF 14.0x - 17.0x $26 $26 $364 $429 $429 $493 $260 $347 $398 $498 Revenue 3.0x - 5.0x $87 $100 EBITDA 9.0x - 15.0x $31 $36 $281 $530 $412 $530 uFCF 14.0x - 20.0x $26 $29 $360 $424 $486 $560 Note: Valuation date as of 06/30/2022 Deutsche Bank 26 Source: Sponsor Thesis Presentation, DB Investment Banking estimates DRAFT Investment Bank 1) LBO assumes a 5-year hold, 7.5x max leverage, Financing EBITDA based on LTM 06/30/2022 Adj. EBITDA 2) LBO assumes a 5-year hold, 6.0x max leverage, Financing EBITDA based on LTM 06/30/2022 Adj. EBITDA Trading Comparables Transaction Comparables LBO 2022 2021 NTM LTM 2022 2021 2022 2021 81nidZpGqzkSDMpD


Preliminary LBO Math Suggests CVET-GSS is a ~$700-800mm Business Management Case ($ in millions) LBO Assumptions LBO Valuation Analysis NTM EBITDA Multiple 17.0x 18.0x 19.0x ▪ Assumes transaction date of 06/30/2022 NTM EBITDA (6/30/2022) $41 $41 $41 ▪ Purchase price of ~$745 at 18.0x NTM 6/30/2022 EBITDA of ~$41 Implied Transaction Value $703 $745 $786 ▪ Assumes five-year hold with exit multiple of 18.0x on NTM 06/30/2027E EBITDA of ~$104 Plus: Financing & Transaction Fees $16 $16 $16 (1) ▪ Debt financing assumed based on 7.5x LTM 06/30/2022 EBITDA of ~$36 Less: Transaction Net Debt ($270) ($270) ($270) ▪ Implied max leverage of 7.5x; New Term Loan of 7.5x at S+550 @ 99.0 OID (50bps Implied Sponsor Equity Contribution $450 $491 $533 floor) Illustrative NTM EBITDA Exit Multiple 18.0x 18.0x 18.0x Illustrative Enterprise Value at Exit $1,571 $1,571 $1,571 Illustrative Sources & Uses Less: Net Debt ($150) ($150) ($150) Sources $ Amt. x Fin. E Uses $ Amt. Implied Sponsor Equity Value $1,421 $1,421 $1,421 New Term Loan $270 7.5x Purchase TEV $745 (2) Sponsor Equity $491 13.7x Fees & Expenses $16 Implied IRR 25.9% 23.7% 21.7% Implied MOIC 3.2x 2.9x 2.7x Total $761 21.2x Total $761 Entry Multiple Sensitivity on Growth & Exit Multiple Exit Multiple Sensitivity on Growth and Entry Multiple IRR Sensitivity on Growth & E Margin Exit Multiple Entry Multiple Implied IRRs (3) (3) (3) 5-Yr Revenue CAGR 5-Yr Revenue CAGR 5-Yr Revenue CAGR 8.9% 13.7% 18.4% 8.9% 13.7% 18.4% 8.9% 13.7% 18.4% 16.0x 15.3x 17.9x 20.9x 16.0x 18.3x 14.6x 11.7x 34.0% 12.8% 19.1% 24.9% 17.0x 16.0x 18.7x 21.9x 17.0x 19.8x 15.8x 12.8x 36.0% 14.3% 20.5% 26.4% 18.0x 16.6x 19.5x 22.9x 18.0x 21.3x 17.1x 13.8x 38.0% 15.8% 21.9% 27.8% Note: Assumes 1% mandatory amortization for New Term Loan Deutsche Bank 27 Source: Financials through 2025E from Sponsor Thesis Presentation and Project Padlock – Financials_2022.02 file; 2026E onwards based on DB Investment Banking DRAFT Investment Bank estimates 1) Represents $33 of LTM EBITDA plus $3.3 of financing adjustments 2) Assumes New Term Loan Financing Fees at 2.50%; M&A Fees at 1% of purchase price 3) Revenue CAGR from 2023E through projection period 4) Represents Adj. EBITDA margin NTM EBITDA Exit Multiple NTM EBITDA Entry Multiple (4) Exit Year E Margin 81nidZpGqzkSDMpD


Preliminary LBO Math Suggests CVET-GSS is a ~$500-600mm Business DB Mid-Growth Case ($ in millions) LBO Assumptions LBO Valuation Analysis NTM EBITDA Multiple 16.0x 17.0x 18.0x ▪ Assumes transaction date of 06/30/2022 NTM EBITDA (6/30/2022) $34 $34 $34 ▪ Purchase price of ~$570 at 17.0x NTM 6/30/2022 EBITDA of ~$34 Implied Transaction Value $536 $570 $603 ▪ Assumes five-year hold with exit multiple of 17.0x on NTM 06/30/2027E EBITDA of ~$49 Plus: Financing & Transaction Fees $13 $13 $13 (1) ▪ Debt financing assumed based on 6.0x LTM 06/30/2022 EBITDA of ~$33 Less: Transaction Net Debt ($200) ($200) ($200) ▪ Implied max leverage of 6.0x; New Term Loan of 6.0x at S+550 @ 99.0 OID (50bps Implied Sponsor Equity Contribution $349 $383 $416 floor) Illustrative NTM EBITDA Exit Multiple 17.0x 17.0x 17.0x Illustrative Enterprise Value at Exit $834 $834 $834 Illustrative Sources & Uses Less: Net Debt ($128) ($128) ($128) Sources $ Amt. x Fin. E Uses $ Amt. Implied Sponsor Equity Value $706 $706 $706 New Term Loan $200 6.0x Purchase TEV $570 (2) Sponsor Equity $383 11.5x Fees & Expenses $13 Implied IRR 15.1% 13.0% 11.1% Implied MOIC 2.0x 1.8x 1.7x Total $583 17.5x Total $583 Entry Multiple Sensitivity on Growth & Exit Multiple Exit Multiple Sensitivity on Growth and Entry Multiple IRR Sensitivity on Growth & E Margin Exit Multiple Entry Multiple Implied IRRs (3) (3) (3) 5-Yr Revenue CAGR 5-Yr Revenue CAGR 5-Yr Revenue CAGR 8.9% 13.7% 18.4% 8.9% 13.7% 18.4% 8.9% 13.7% 18.4% 16.0x 15.3x 17.9x 20.9x 16.0x 18.3x 14.6x 11.7x 34.0% 12.8% 19.1% 24.9% 17.0x 16.0x 18.7x 21.9x 17.0x 19.8x 15.8x 12.8x 36.0% 14.3% 20.5% 26.4% 18.0x 16.6x 19.5x 22.9x 18.0x 21.3x 17.1x 13.8x 38.0% 15.8% 21.9% 27.8% Note: Assumes 1% mandatory amortization for New Term Loan Deutsche Bank 28 Source: Financials through 2025E from Sponsor Thesis Presentation and Project Padlock – Financials_2022.02 file; 2026E onwards based on DB Investment Banking DRAFT Investment Bank estimates 1) Represents $30 of LTM EBITDA plus $3.0 of financing adjustments 2) Assumes New Term Loan Financing Fees at 2.50%; M&A Fees at 1% of purchase price 3) Revenue CAGR from 2023E through projection period 4) Represents Adj. EBITDA margin NTM EBITDA Exit Multiple NTM EBITDA Entry Multiple (4) Exit Year E Margin 81nidZpGqzkSDMpD


Analysis at Various Prices Matrix Management Case ($ in millions) Implied CVET-GSS Total Enterprise Value Multiples $600 $650 $700 $750 $800 Metric 2021A $79 7.6x 8.2x 8.9x 9.5x 10.1x TEV / 2022E $87 6.9x 7.5x 8.1x 8.6x 9.2x Revenue 2023E $100 6.0x 6.5x 7.0x 7.5x 8.0x 2021A $49 12.1x 13.1x 14.2x 15.2x 16.2x TEV / GP 2022E $52 10.1x 11.0x 11.8x 12.7x 13.5x 2023E $60 7.6x 8.2x 8.9x 9.5x 10.2x Segment $31 19.4x 21.0x 22.6x 24.2x 25.8x 2021A Adjusted $29 20.4x 22.1x 23.8x 25.5x 27.2x Segment $33 15.8x 17.1x 18.4x 19.7x 21.1x TEV / 2022E EBITDA Adjusted $31 19.2x 20.8x 22.4x 24.1x 25.7x Segment $38 12.0x 13.0x 14.0x 15.0x 16.0x 2023E Adjusted $36 16.7x 18.1x 19.5x 20.9x 22.3x 2021A $29 21.0x 22.7x 24.5x 26.2x 28.0x (1) TEV / uFCF 2022E $35 17.2x 18.7x 20.1x 21.6x 23.0x 2023E $46 13.1x 14.2x 15.3x 16.4x 17.5x Source: Sponsor Thesis Presentation, DB Investment Banking estimates Deutsche Bank 29 1) Represents Adj. EBITDA less Capex DRAFT Investment Bank 81nidZpGqzkSDMpD


Although Broadly Lower, SW Valuations Remain Above 5-Year Lows GSS 5Y Trading Ranges Mid-Growth Software (HC) Mid-Growth Software (Non-HC) High-Growth Software (Exit Only) Overall Average Current TEV / NTM Revenue TEV / NTM FCF 15.0x 80.0x 62.1x 11.3x 60.0x 10.0x 50.5x 10.0x 44.5x 7.4x 7.8x 40.0x 34.9x 35.3x 6.4x 32.7x 5.9x 6.1x 30.7x 36.8x 32.3x 5.5x 25.8x 4.7x 4.5x 5.8x 5.8x 27.6x 5.0x 25.4x 28.4x 22.9x 4.2x 4.3x 4.8x 4.4x 20.1x 18.7x 4.7x 3.9x 20.0x 15.0x 3.9x 20.5x 3.4x 4.0x 3.4x 19.2x 3.6x 17.6x 18.3x 2.9x 14.9x 12.0x 11.8x 0.0x 0.0x Mid-Growth Software Mid-Growth Software High-Growth Software Overall Mid-Growth Software Mid-Growth Software High-Growth Software Overall (Healthcare) (Non-HC) (For Exit Only) (Healthcare) (Non-HC) (For Exit Only) TEV / NTM E TEV / NTM Revenue / Growth 57.9x 60.0x 2.00 1.58 43.6x 1.50 1.24 40.0x 38.2x 1.17 29.3x 0.99 33.0x 1.00 0.90 29.4x 24.6x 24.4x 23.0x 21.6x 0.68 0.71 19.2x 0.74 23.7x 20.0x 21.8x 17.2x 16.0x 17.2x 0.49 0.57 0.58 0.63 0.56 15.5x 0.54 0.50 15.3x 13.5x 15.8x 14.4x 0.41 11.6x 0.43 12.5x 0.39 0.45 11.4x 0.35 0.34 0.27 0.30 0.23 0.18 0.0x 0.00 Mid-Growth Software Mid-Growth Software High-Growth Software Overall Mid-Growth Software Mid-Growth Software High-Growth Software Overall (Healthcare) (Non-HC) (For Exit Only) (Healthcare) (Non-HC) (For Exit Only) Note: Market data from 04/26/2017 – 04/26/2022; excludes multiples >100.0x or <0.0x Deutsche Bank 30 Source: FactSet DRAFT Investment Bank 81nidZpGqzkSDMpD


Although Broadly Lower, SW Valuations Remain Above 5-Year Lows GSS 5Y Trading Ranges (Second Twelve Months) Mid-Growth Software (HC) Mid-Growth Software (Non-HC) High-Growth Software (Exit Only) Overall Average Current TEV / STM Revenue TEV / STM FCF 15.0x 80.0x 60.0x 9.6x 10.0x 49.7x 8.5x 40.9x 40.0x 6.6x 36.8x 31.4x 6.7x 5.7x 30.3x 5.4x 26.9x 33.3x 5.4x 25.8x 24.3x 5.0x 4.2x 4.9x 4.4x 24.0x 5.0x 23.2x 21.6x 21.1x 3.9x 4.0x 4.6x 20.0x 4.2x 23.2x 4.1x 3.6x 17.9x 3.6x 13.8x 3.7x 3.5x 17.8x 2.7x 3.1x 16.5x 3.3x 16.5x 16.4x 2.7x 13.6x 10.5x 10.5x 0.0x 0.0x Mid-Growth Software Mid-Growth Software High-Growth Software Overall Mid-Growth Software Mid-Growth Software High-Growth Software Overall (Healthcare) (Non-HC) (For Exit Only) (Healthcare) (Non-HC) (For Exit Only) 16.1x TEV / STM E TEV / STM Revenue / Growth 60.0x 2.00 1.57 44.4x 36.8x 40.0x 30.8x 1.00 29.6x 24.9x 0.80 21.9x 23.8x 21.4x 18.8x 17.6x 20.0x 19.8x 14.5x 20.5x 17.1x 18.4x 0.47 15.9x 0.40 0.38 13.8x 15.5x 11.7x 0.39 0.32 0.32 14.3x 12.8x 10.1x 11.7x 0.28 10.1x 0.19 0.20 0.25 0.26 0.23 0.16 0.20 0.21 0.16 0.17 0.15 0.11 0.13 0.09 0.0x 0.00 0.08 Mid-Growth Software Mid-Growth Software High-Growth Software Overall Mid-Growth Software Mid-Growth Software High-Growth Software Overall (Healthcare) (Non-HC) (For Exit Only) (Healthcare) (Non-HC) (For Exit Only) Note: Market data from 04/26/2017 – 04/26/2022; excludes multiples >100.0x or <0.0x Deutsche Bank 31 Source: FactSet DRAFT Investment Bank 81nidZpGqzkSDMpD


Illustrative Valuation Analysis for an IPO Exit in Mid-2024 Multiple Metric Method Parameter Ratio / Multiple Metric Implied TEV Year Year ($ in millions) $600 $900 $1,200 $1,500 $1,800 $2,100 Revenue 5.0x - 6.0x $187 $935 $1,121 EV/R/G 0.45-0.55 10% $841 $1,028 EBITDA 20.0x - 25.0x $67 $1,344 $1,680 uFCF 25.0x - 30.0x $57 $1,432 $1,719 Revenue 4.5x - 5.5x $210 $697 EV/R/G 0.30-0.40 10% $507 $798 $1,025 EBITDA 17.5x - 22.5x $76 $997 $1,218 uFCF 22.5x - 27.5x $73 Note: Valuation date as of 06/30/2022 Deutsche Bank 32 Source: Sponsor Thesis Presentation, DB Investment Banking estimates DRAFT Investment Bank Trading Comparables FY+2 FY+1 2026 2025 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section C Animal Health Distribution DRAFT 81nidZpGqzkSDMpD


CVET-Animal Health Distribution Financials ($ in millions) Actuals Company Projections DB Estimates (1) FYE, 12/31 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E CAGR Revenue $3,855 $3,993 $4,204 $4,465 $4,765 $5,064 $5,382 $5,720 6.4% $4,204M $727M 2022E Revenue 2022E Gross Profit % Growth - 3.6% 5.3% 6.2% 6.7% 6.3% 6.3% 6.3% Gross Profit $963 $1,023 7.1% $631 $663 $727 $791 $852 $906 % Growth - 5.0% 9.6% 8.8% 7.7% 6.4% 6.3% 6.3% % Margin 16.4% 16.6% 17.3% 17.7% 17.9% 17.9% 17.9% 17.9% Segment ~17% $235 $261 $300 $341 $388 $437 $492 $551 12.9% ~5% EBITDA 2022E Gross Profit (2) 2022E Adj. EBITDA - 11.1% 14.9% 13.7% 13.7% 12.8% 12.4% 12.1% % Growth Margin 6.1% 6.5% 7.1% 7.6% 8.1% 8.6% 9.1% 9.6% % Margin (2) Adj. EBITDA $181 $179 $207 $242 $282 $325 $372 $424 15.5% - (0.6%) 15.1% 17.0% 16.6% 15.3% 14.6% 14.0% % Growth 4.7% 4.5% 4.9% 5.4% 5.9% 6.4% 6.9% 7.4% % Margin $207M $142M (2) (3) (3) 2022E Adj. EBITDA 2022E uFCF uFCF $130 $133 $142 $170 $202 $246 $288 $335 18.7% % Margin 3.4% 3.3% 3.4% 3.8% 4.2% 4.9% 5.4% 5.9% Source: Sponsor Thesis Presentation, DB Investment Banking estimates Deutsche Bank 33 Note: Revenue, GP and Segment EBITDA through 2025E from Sponsor Thesis Presentation and Project Padlock – Financials_2022.02 file; margins held constant from DRAFT Investment Bank 2026E onwards – data includes SmartPak and all other segments of the business outside of GPM and GSS 1) CAGRs represent 2022-2027E growth 2) Represents segment EBITDA less corporates costs allocated as per revenue contribution from segment 3) uFCF defined as Adj. EBITDA less Capex. Company projections for the Capex for North America - GTS segment allocated to GPM based as per segment revenue contribution 81nidZpGqzkSDMpD


Select Precedents to Consider Broad base of healthcare distribution deals presents a few standout, key precedents for deeper consideration ($ in millions) Date Target Buyer TEV LTM E Margin R Growth (Hist) R Growth (Proj) EV / Revenue EV / EBITDA 1.0x 12.4x Oct-12 PSS World Medical, Inc. McKesson $2,100 8.0% 1.1% 8.1% 1.8x 14.8x Feb-13 AssuraMed Cardinal Health $2,070 12.5% NA NA (1) 0.3x May-14 Celesio McKesson $7,689 2.5% (6.0%) (6.7%) 10.7x 0.8x 18.6x Jan-15 MWI Veterinary Supply AmerisourceBergen $2,523 4.4% 18.3% 8.4% 0.7x 16.2x May-15 Animal Health Intl. Patterson Medical $1,100 4.5% NA NA 2.5x NA Jul-15 Harvard Drug Group Cardinal Health $1,115 NA NA NA 1.5x 11.2x Jul-15 Patterson Medical MDP $715 13.7% NA 1.7% 7.2x 20.0x Oct-15 PharMEDium Healthcare AmerisourceBergen $2,700 36.1% NA NA 4.3x 11.1x May-16 Performance Health Patterson Medical $725 38.7% NA NA 0.8x Aug-17 Byram Healthcare Owens & Minor $380 7.9% NA NA 10.4x 2.1x 12.1x Nov-17 RxCrossroads McKesson $725 17.8% 0.1% 13.3% (2) 0.8x 14.6x Feb-19 Henry Schein Animal Health Covetrus $3,100 5.4% 5.4% 7.3% (3) 1.9x 10.9x 12.1x Jan-20 Solara adapthealth $425 15.5% 27.0% 24.0% (3) 3.1x 23.8x Jan-21 AeroCare adapthealth $2,026 13.0% ~ 8.0% NA 11.4x 0.3x 12.0x Jan-21 Alliance Healthcare AmerisourceBergen $6,500 2.8% (6.5%) NA 1.9x 14.2x Jun-21 Medline Blackstone, Carlyle, H&F $34,000 13.3% 15.2% 8.1% (3) 1.2x 10.6x 10.6x Jan-22 Apria Owens & Minor $1,450 11.4% 4.0% 4.9% Animal 0.8x Animal 16.2x Animal Health Distribution Other H/C 1.9x Other H/C 11.4x Other Healthcare Distribution Bridge to EV / EBITDA - CapEx Overall 1.5x Overall 12.1x Source: Public filings, Wall Street research, and DB Investment Banking estimates Deutsche Bank 34 1) TEV converted from EUR to USD as of transaction date DRAFT Investment Bank 2) Includes $1.12mm special dividend 3) TEV/EBITDA multiples reflect EBITDA less CapEx Median 81nidZpGqzkSDMpD


Qualifying Key Precedents These businesses are particularly relevant to the Distribution segment, and indicative of how the market perceives value TEV / Rev. TEV / E Key Attributes (At Time of Transaction) Precedent Market High Quality M&A Strategic LTM NTM LTM NTM Major Similarities Major Distinctions (Target) Leadership Management Roadmap Buyers ▪ Focus on distribution ▪ National focus 0.8x 0.7x 18.6x 15.6x▪ Animal health ▪ Agency relationships with suppliers ▪ E-commerce segment ▪ Significant presence in production ▪ Focus on distribution animal health, and in equine 0.7x NA 16.2x NA ▪ Animal health ▪ National focus and Canada ▪ B2C channel ▪ Distribution focus on healthcare 14.8x NA 1.8x NA products ▪ Human health focused ▪ Less integrated ▪ Proprietary products strategy less 0.8x 0.7x 14.6x 13.7x▪ Prior transaction for this asset developed ▪ Included GSS (although under- invested / slower growth at the time) ▪ Human health focused ▪ Distribution focus on healthcare ▪ Broad end markets ranging from products physician offices to acute care and 1.9x 1.7x 14.2x 14.2x ▪ Multi-national footprint retail ▪ B2B model▪ Significant (55%) revenue contribution from branded products ▪ Focus on human health, particularly the alternate site healthcare provider ▪ Distribution focus on healthcare 12.4x 11.7x 1.0x 0.9x market products ▪ U.S. focused Median: 0.9x 0.8x 14.7x 14.0x Source: Public filings, Wall Street research, and DB Investment Banking estimates Deutsche Bank 35 DRAFT Investment Bank 81nidZpGqzkSDMpD


Quantifying Key Precedents 2-Year Historical Revenue Growth CAGR LTM EBITDA Margin 18.3% 13.3% 12.5% 15.2% 8.0% 6.5% 5.4% 4.5% 4.4% 5.4% 4.6% 1.1% NA NA MWI Medline Henry CVET-Dist PSS Animal AssuraMed Medline AssuraMed PSS CVET-Dist Henry Animal MWI Schein Health Intl. Schein Health Intl. 2-Year Projected Revenue Growth CAGR 2-Year Projected EBITDA Growth CAGR 8.4% 14.1% 8.1% 8.1% 7.3% 12.5% 9.9% 5.7% 9.8% 6.1% NA NA NA NA MWI PSS Medline Henry CVET-Dist Animal AssuraMed CVET-Dist MWI Henry PSS Medline Animal AssuraMed Schein Health Intl. Schein Health Intl. Source: Public filings, Wall Street research, and Sponsor Thesis Presentation for CVET Deutsche Bank 36 DRAFT Investment Bank 81nidZpGqzkSDMpD


Perspectives on Public Comparables for CVET Distribution Distribution (Specialty) Distribution (Drug) Animal Health Suppliers ▪ Higher growth and margin specialty ▪ Global supply chain leaders, with a core ▪ Relevant companies that benefit from distributors with leading position across focus on pharmaceutical distribution similar end markets specific end markets ▪ Increasingly diversifying into higher growth ▪ Success of distributors tied to growth of ▪ More supply focused vs. pharmaceutical / margin segments (animal health, home suppliers care, services) ▪ Likely to serve as valuation reference-▪ Margin profile difference given product vs. points for Wall Street analysts and ▪ Relevant reference, however, Rx business distribution mix investors alike vis-à-vis similar value reduces margin profile; recent/near term propositions and business models idiosyncratic impact from opioid issues TEV / EBITDA TEV / EBITDA TEV / EBITDA 2021E 2022E 2023E 2021E 2022E 2023E 2021E 2022E 2023E 13.0x 11.4x 10.3x 10.5x 10.2x 9.8x 26.1x 23.7x 21.4x ’21E – ’23E CAGR 2021E ’21E – ’23E CAGR 2021E ’21E – ’23E CAGR 2021E Revenue EBITDA EBITDA Margin Revenue EBITDA EBITDA Margin Revenue EBITDA EBITDA Margin 3.6% 5.9% 6.6% 5.1% 5.5% 1.5% 8.5% 12.6% 32.9% Note: Market data as of 04/26/2022; excludes multiples <0.0x and > 100.0x; valuation medians exclude Medline Deutsche Bank 37 Source: Company information, FactSet DRAFT Investment Bank Valuation Metrics (Median) Comps 81nidZpGqzkSDMpD


Comparable Benchmarking – Operational Metrics 2021E-2023E Revenue Growth 2021E-2023E EBITDA Growth Median Median 10.8% Distribution (Specialty) 3.6% Distribution (Specialty) 5.9% 5.1% 6.1% Distribution (Drug) Distribution (Drug) 14.1% Animal Health Suppliers 8.5% Animal Health Suppliers 12.6% 8.5% 12.9% 12.7% 12.6% Overall 4.8% Overall 8.5% 10.3% 5.7% 5.6% 5.1% 4.8% 6.7% 5.9% 3.6% 5.5% 5.4% 3.1% 1.8% 0.5% (0.5%) (2) 2021E EBITDA Margin 2021E FCF Margin Median Median Distribution (Specialty) 6.6% Distribution (Specialty) 6.2% 1.5% 1.3% Distribution (Drug) Distribution (Drug) 42.9% Animal Health Suppliers 13.0% Animal Health Suppliers 13.0% 37.8% Overall 6.6% Overall 6.2% 32.9% 29.1% 22.2% 19.7% 8.7% 8.1% 6.6% 6.5% 6.2% 6.0% 4.5% 3.9% 2.0% 1.8% 1.5% 1.4% 1.3% 1.2% Source: Company filings, FactSet, Wall Street research Deutsche Bank 38 Distribution (Specialty) Note: Market data as of 04/26/2022, Covetrus excluded from overall medians DRAFT Investment Bank Metrics less than 0.0% considered not meaningful Distribution (Drug) 1) CVET-Dist. figures reflect WholeCo - GTS 2) FCF defined as EBITDA less capex Animal Health Suppliers 81nidZpGqzkSDMpD


Public Market Benchmarking – Valuation Metrics EV / 2022E Revenue EV / 2022E EBITDA Median Median Distribution (Specialty) 0.6x Distribution (Specialty) 11.4x 0.2x 10.2x Distribution (Drug) Distribution (Drug) 33.3x Animal Health Suppliers 10.3x Animal Health Suppliers 23.7x 11.2x Overall 0.6x Overall 11.4x 10.3x 23.7x 3.7x 1.1x 15.4x 12.3x 11.4x 10.8x 10.2x 0.6x 7.6x 0.5x 7.4x 0.2x 0.2x 0.1x (1) EV / 2022E FCF Price / 2022E Earnings Median Median Distribution (Specialty) 13.1x Distribution (Specialty) 14.5x 39.2x 48.2x 11.7x 13.6x Distribution (Drug) Distribution (Drug) 24.7x Animal Health Suppliers 24.7x Animal Health Suppliers 34.2x 34.2x Overall 13.1x Overall 14.5x 21.0x 17.9x 17.6x 14.5x 14.4x 13.6x 13.4x 13.1x 12.1x 11.7x 13.9x 10.9x 9.0x 8.3x Source: Company filings, FactSet, Wall Street research Deutsche Bank 39 Distribution (Specialty) Note: Market data as of 04/26/2022; CVET excluded from overall medians DRAFT Investment Bank multiples less than 0.0x or greater than 75.0x considered not meaningful Distribution (Drug) 1) FCF defined as EBITDA less capex Animal Health Suppliers 81nidZpGqzkSDMpD


Preliminary CVET-Dist M&A Valuation Could Support a TEV of $2,500-$3,000 Multiple Metric Method Parameter Ratio / Multiple Metric Implied TEV Year Year ($ in millions) $1,000 $2,000 $3,000 $4,000 (1) (1) $2,550 $2,877 LBO Management Case Required MOIC: 2.5x – 3.0x; LTM E Exit Multiple: 13.0x $3,195 $3,594 TEV / Revenue 0.8x – 0.9x $3,993 LTM 2021 TEV / EBITDA 12.0x – 15.0x $179 $2,333 $2,692 Transaction Comparables TEV / Revenue 0.7x – 0.8x $4,204 $2,943 $3,363 NTM 2022 TEV / EBITDA 11.0x – 14.0x $207 $2,273 $2,893 TEV / Revenue 0.5x - 0.6x $4,204 $2,102 $2,522 Trading 2022 2022 $2,066 $2,479 Comparables TEV / EBITDA 10.0x - 12.0x $207 $1,706 $1,920 TEV / uFCF 12.0x - 13.5x $142 Note: Valuation date as of 06/30/2022 Deutsche Bank 40 Source: Management projections DRAFT Investment Bank 1) LBO assumes a 5-year hold, 6.5x max leverage, Financing EBITDA based on LTM 06/30/2022 Adj. EBITDA of $193 81nidZpGqzkSDMpD


Preliminary LBO Math Suggests CVET-Dist. is a $2,500-$2,750 Business ($ in millions) LBO Assumptions LBO Valuation Analysis LTM EBITDA Multiple 12.0x 13.0x 14.0x ▪ Assumes transaction date of 06/30/2022E LTM EBITDA (06/30/2022E) $193 $193 $193 ▪ Purchase price of ~$2,510 at 13.0x LTM 06/30/2022E EBITDA of ~$193 Implied Transaction Value $2,317 $2,510 $2,703 ▪ Assumes five-year hold with exit multiple of 13.0x on LTM 06/30/2027E EBITDA of ~$398 Plus: Financing & Transaction Fees $81 $81 $81 ▪ Debt financing assumed based on 6.5x LTM 06/30/2022E EBITDA of ~$193 Less: Transaction Net Debt ($1,255) ($1,255) ($1,255) ▪ Implied max leverage of 6.5x; First Lien Term Loan of 5.0x at S+425 @ 98.0 OID Implied Sponsor Equity Contribution $1,142 $1,335 $1,528 (50bps floor); Second Lien Term Loan of 1.5x at S+775 @ 98.0 OID (50bps floor) Illustrative LTM EBITDA Exit Multiple 13.0x 13.0x 13.0x Illustrative Enterprise Value at Exit $5,176 $5,176 $5,176 (1) Illustrative Sources & Uses Less: Net Debt ($1,002) ($1,002) ($1,002) Sources $ Amt. x Fin. E Uses $ Amt. Implied Sponsor Equity Value $4,174 $4,174 $4,174 New Term Loans $1,255 6.5x Purchase TEV $2,510 Sponsor Equity $1,335 6.9x Fees & Expenses $81 Implied IRR 29.6% 25.6% 22.3% Implied MOIC 3.7x 3.1x 2.7x Total $2,590 13.4x Total $2,590 Sensitivity IRR on Entry & Exit Multiple Sensitivity TEV on Exit Multiple and Target IRR Sensitivity IRR on Revenue CAGR & Margin Implied TEV Implied IRR Implied IRRs (2) LTM EBITDA Entry Multiple LTM EBITDA Exit Multiple 5-Yr Revenue CAGR 12.0x 13.0x 14.0x 12.0x 13.0x 14.0x 9.0% 10.0% 11.0% 12.0x 27.0% 23.1% 19.8% 23.3% $2,499 $2,638 $2,778 5.0% 12.9% 13.3% 13.7% 13.0x 29.6% 25.6% 22.2% 28.3% $2,260 $2,375 $2,489 7.0% 26.8% 27.2% 27.6% 14.0x 32.0% 27.9% 24.5% 33.3% $2,071 $2,166 $2,260 9.0% 36.4% 36.8% 37.2% Note: Assumes 1% mandatory amortization for New Term Loan; Financials through 2025E from Sponsor Thesis Presentation and Project Deutsche Bank 41 Padlock – Financials_2022.02 file; 2026E onwards based on DB Investment Banking estimates DRAFT Investment Bank Source: Company model, projections starting in 2023E based on DB Investment Banking estimates 1) LBO assumes a 5-year hold, 6.5x max leverage, Financing EBITDA based on LTM 06/30/2022 Adj. EBITDA of $193 and blended New Term Loan Financing Fees at 2.40%; 2.00% OID and M&A Fees at 1% of purchase price 2) Revenue CAGR from 2023E through projection period LTM EBITDA Exit Multiple Target IRR Exit Year Margin 81nidZpGqzkSDMpD


Analysis at Various Prices Matrix ($ in millions) Implied CVET-Dist Total Enterprise Value Multiples $2,000 $2,125 $2,250 $2,375 $2,500 $2,625 $2,750 $2,875 $3,000 Metric 2021A $3,993 0.5x 0.5x 0.6x 0.6x 0.6x 0.7x 0.7x 0.7x 0.8x TEV / 2022E $4,204 0.5x 0.5x 0.5x 0.6x 0.6x 0.6x 0.7x 0.7x 0.7x Revenue 2023E $4,465 0.4x 0.5x 0.5x 0.5x 0.6x 0.6x 0.6x 0.6x 0.7x Segment $261 7.7x 8.1x 8.6x 9.1x 9.6x 10.1x 10.5x 11.0x 11.5x 2021A Adjusted $179 11.1x 11.8x 12.5x 13.2x 13.9x 14.6x 15.3x 16.0x 16.7x Segment $300 6.7x 7.1x 7.5x 7.9x 8.3x 8.7x 9.2x 9.6x 10.0x TEV / 2022E EBITDA Adjusted $207 9.7x 10.3x 10.9x 11.5x 12.1x 12.7x 13.3x 13.9x 14.5x Segment $341 5.9x 6.2x 6.6x 7.0x 7.3x 7.7x 8.1x 8.4x 8.8x 2023E Adjusted $242 8.3x 8.8x 9.3x 9.8x 10.3x 10.9x 11.4x 11.9x 12.4x 2021A $133 15.1x 16.0x 16.9x 17.9x 18.8x 19.8x 20.7x 21.7x 22.6x TEV / 2022E $142 14.1x 14.9x 15.8x 16.7x 17.6x 18.5x 19.3x 20.2x 21.1x uFCF 2023E $170 11.8x 12.5x 13.3x 14.0x 14.7x 15.5x 16.2x 16.9x 17.7x Source: Sponsor Thesis Presentation, DB Investment Banking estimates Deutsche Bank 42 1) Represents Adj. EBITDA less Capex DRAFT Investment Bank 81nidZpGqzkSDMpD


Five Year Perspective on Key Multiples and Ratios for Animal Health Distribution Comparables TEV / NTM Revenue (5Y Trading Ranges) TEV / NTM E (5Y Trading Ranges) 1.0x 15.0x 0.8x 12.7x 12.7x 11.5x 0.8x 0.8x 11.5x 10.6x 10.3x 0.7x 10.3x 10.3x 10.0x 9.3x 0.6x 9.1x 0.6x 9.7x 8.2x 0.5x 0.6x 8.7x 7.9x 8.3x 0.5x 7.6x 7.5x 0.4x 0.5x 0.4x 6.7x 0.4x 5.0x 0.4x 0.2x 0.3x 0.2x 0.2x 0.2x 0.1x 0.1x 0.1x 0.0x 0.0x Distribution (Specialty) Distribution (Drug) Overall Distribution (Specialty) Distribution (Drug) Overall TEV / NTM FCF (5Y Trading Ranges) TEV / NTM PE (5Y Trading Ranges) 25.0x 25.0x 22.7x 20.3x 19.6x 20.0x 20.0x 18.4x 17.5x 16.5x 17.1x 15.4x 15.3x 14.7x 15.0x 15.0x 14.7x 14.6x 13.2x 15.4x 14.2x 13.2x 12.1x 11.7x 13.7x 12.8x 12.7x 13.2x 11.2x 13.1x 13.6x 13.0x 11.4x 10.9x 11.7x 11.9x 10.0x 10.0x 11.5x 10.5x 10.0x 10.1x 9.5x 8.7x 5.0x 5.0x 0.0x 0.0x Distribution (Specialty) Distribution (Drug) Overall Distribution (Specialty) Distribution (Drug) Overall Source: FactSet Deutsche Bank Distribution (Specialty) Max / Min 43 Note: Market data from 04/26/2017 – 04/26/2022 DRAFT Investment Bank Distribution (Drug) Average Animal Health Suppliers Current 81nidZpGqzkSDMpD


Illustrative Valuation Analysis for an IPO Exit in Mid-2024 Multiple Metric Method Parameter Ratio / Multiple Metric Implied TEV Year Year ($ in millions) $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 Revenue 0.6x – 0.7x $4,765 $2,859 $3,336 EBITDA 11.0x - 13.0x $282 $5,242 $6,195 Revenue 0.5x – 0.6x $5,064 $2,532 $3,039 $5,064 $6,077 EBITDA 10.0x - 12.0x $325 Note: Valuation date as of 06/30/2022E Deutsche Bank 44 Source: Sponsor Thesis Presentation, DB Investment Banking estimates DRAFT Investment Bank Trading Comparables 2023 2022 2025 2024 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section 3 Exit Considerations DRAFT 81nidZpGqzkSDMpD


Handicapping Exit Plans for Segments Different exit strategies provide for varying valuation levels for each of the company’s unique segments Factors Sale to Strategic IPO Sale to Sponsor Distribution 30% 20% 50% GPM 25% 45% 30% GSS 25% 10% 65% ▪ Leveraged returns and access to capital ▪ Growth will need to exceed 15-20% to continue to fuel appetite for assets ▪ Strategics are erratic and typically unable reach terminal velocity w/r/t multiple (up to to compete on auction timelines ▪ PE is the most consistent, reliable buyer $200M EBITDA) for any asset with normal margins and ▪ Requires 6-12 months of advanced Rationale ▪ 10-15% growth is still sufficient for a meaningful cash flow planning and partnerships to de-risk successful IPO, especially for EBITDA buying (try before you buy) and top-of-the- ▪ Generally, historical, can compete within levels >$250M, but doesn’t garner quite house engagement / buy-in 20-25% of IPO value and beats publicly- the premium to M&A options traded strategics 9 times out of 10 Distribution 13-15x E 11-13x E 12-14x E GPM 4-5x Rev. / 10-12x GP 6-8x Rev. / 14-18x GP 4-5x Rev. / 10-12x GP GSS 18-20x E / 20-22x FCF 16-18x E / 18-20x FCF 18-20x E / 20-22x FCF Deutsche Bank 45 * Market trends suggest 10% upside 2-3 years out DRAFT Investment Bank Exit (5YA) Weight 81nidZpGqzkSDMpD


Preliminary Perspectives on Best Strategic Buyers Beta Buyers Alpha Buyers ▪ The buyer universe for the combined business is very limited ▪ Separating the two segments will likely expand the number of alpha buyers ▪ Focused M&A roadmap for the separated businesses Unlikely Buyers Gamma Buyers to generate greater buyer interest Ability-to-Pay Deutsche Bank 46 Distribution GPM GSS All DRAFT Investment Bank Interest 81nidZpGqzkSDMpD


Double-Clicking on Future Alpha Buyers ($ in billions) Market Cap / Buyer Ownership TEV Cash & Cash Equiv. 2022 Revenue 2022 EBITDA Recent Acquisitions ▪ BluDiagnostics (Jul-20) $1,457 $1,411 $96 $539 $81 ▪ Health Navigator (Oct-19) ▪ PillPack (Sep-18) ▪ Palette Health (May-18) Bain, H&F NA NA $2.2 $1,063▪ Praxify Technologies (Jun-17) ▪ PatientPop (May-16) ▪ Medtronic - Medical Supplies Business (Jul-17) $17 $19 $3.2 $181 $2.6 ▪ The Harvard Drug Group (Jul-15) ▪ Metro Medical Supply (Apr-15) $14 $13 $0.6 $10.2 $0.1▪ NA $3.5 $3.2 $0.3 $0.3 NM ▪ NA ▪ Timely Limited (May-21) $2.6 $3.1 $0.1 $0.6 $0.1▪ Briostack (Jan-21) ▪ Updox (Dec-20) Note: Market data as of 04/26/2022 and financial data as of the most recent reported period Deutsche Bank 47 Source: Company data, FactSet, Wall Street research DRAFT Investment Bank 81nidZpGqzkSDMpD


Double-Clicking on Future Alpha Buyers (Cont’d) ($ in billions) Market Cap / Buyer Ownership TEV Cash & Cash Equiv. 2022 Revenue 2022 EBITDA Recent Acquisitions ▪ Figo Pet Insurance (Oct-21) Private NA NA NA NA ▪ Independence Pet Group (May-21) ▪ National Veterinary Associates (Jun-19) ▪ Strategic Pharmaceutical Solutions (May-21) Private NA NA NA NA▪ Davies Veterinary Specialists (Jan-19) ▪ PetCare (Sep-18) ▪ Medical Specialties Distributor (Jun-18) $49 $53 $2.7 $255 $4.9▪ RxCrossroads (Jan-18) ▪ BDI Pharma (Aug-17) ▪ Teleflex (Jun-21) Blackstone, Hellman & NA NA $20 $2.4▪ Medi-Select (Jan-20) Friedman, Carlyle ▪ Suture Express (Nov-19) EQT, H&F NA NA NA NA ▪ NA Note: Market data as of 04/26/2022 and financial data as of the most recent reported period Deutsche Bank 48 Source: Company data, FactSet, Wall Street research DRAFT Investment Bank 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section 4 M&A Roadmap DRAFT 81nidZpGqzkSDMpD


Summary of Preliminary M&A Roadmap GPM GSS Notes / Themes M&A History ▪ Veterinary Care Plans (2021) ▪ Actionable platforms with strong industrial logic, e.g., near ▪ AppointMaster (2021) competitors, to drive potential CATALYST ▪ SmartPak Equine (Vet Software) synergies and reduce effective (2019) purchase multiple ▪ Henry Schein’s animal health business (2018) ▪ Assets with incremental solutions to extend offerings to logical adjacencies (e.g. INCREMENTAL nutrition, DTC Rx; insurance, CAPABILITIES telehealth) ▪ Pivot potential through M&A, de- risk long-term growth story and broadening potential buyer universe TRANSFORMATIONAL ▪ Expand existing platform into DTC Deutsche Bank 49 DRAFT Investment Bank 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Appendix DRAFT 81nidZpGqzkSDMpD


Spreading the CVET-GPM Comps ($ in millions) LTM '22-'24 Growth LTM Multiples NTM Multiples 2021A Multiples 2022E Multiples 2023E Multiples Margins % of 52 TEV GM EM R E R GP E R GP E R GP E R GP E R GP E Wk High GDRX $6,269 33.1% 92% 27% 23% 30% 7.8x 8.5x 28.7x 6.4x 6.8x 20.8x 8.2x 9.0x 31.6x 6.8x 7.3x 22.6x 5.5x 5.9x 16.8x HIMS $750 30.3% 75% NM 22% NM 2.5x 3.4x NM 1.9x 2.6x NM 2.8x 3.7x NM 2.0x 2.7x NM 1.6x 2.2x NM TDOC $5,845 17.6% 68% 13% 23% 34% 2.7x 4.0x 20.4x 2.1x 3.1x 15.7x 2.9x 4.2x 21.8x 2.3x 3.3x 17.1x 1.8x 2.7x 12.7x TRHC $449 8.5% 30% 6% 11% 31% 1.3x 4.3x 21.8x 1.2x 3.8x 17.7x 1.4x 4.5x 22.9x 1.2x 3.9x 19.0x 1.1x 3.4x 14.7x Median 71% 13% 22% 31% 2.6x 4.1x 21.8x 2.0x 3.4x 17.7x 2.8x 4.4x 22.9x 2.1x 3.6x 19.0x 1.7x 3.0x 14.7x PETS $367 49.2% 29% 11% NA NA 1.3x 4.5x 11.7x 1.3x NA 11.6x 1.3x 4.5x 11.7x 1.3x 4.4x 11.7x 1.2x NA 11.4x CHWY $12,976 32.8% 27% 1% 14% NM 1.4x 5.4x NM 1.2x 4.6x NM 1.5x 5.6x NM 1.3x 4.8x NM 1.1x 4.1x NM BARK $386 24.9% 58% NM 32% NA 0.8x 1.3x NM 0.6x 1.0x NM 0.8x 1.4x NM 0.6x 1.1x NM 0.5x 0.8x NM ROVR $892 41.2% 76% 11% 38% 78% 7.1x 9.4x NM 4.6x 6.0x 35.8x 8.1x 10.7x NM 5.1x 6.8x NM 3.5x 4.6x 22.3x Median 43% 11% 32% 78% 1.4x 4.9x 11.7x 1.2x 4.6x 23.7x 1.4x 5.0x 11.7x 1.3x 4.6x 11.7x 1.2x 4.1x 16.8x ETSY $16,053 33.7% 72% 30% 20% 25% 6.6x 9.2x 21.9x 5.6x 7.8x 19.5x 6.9x 9.6x 22.4x 5.8x 8.3x 20.7x 4.9x 6.8x 16.6x FTCH $3,923 21.6% 45% 0% 24% NM 1.6x 3.6x NM 1.3x 2.9x NM 1.7x 3.9x NM 1.4x 3.1x NM 1.1x 2.4x 21.4x REAL $332 22.3% 59% NM 28% NM 0.6x 1.1x NM 0.5x 0.8x NM 0.7x 1.2x NM 0.5x 0.9x NM 0.4x 0.7x NM Median 59% 15% 24% 25% 1.6x 3.6x 21.9x 1.3x 2.9x 19.5x 1.7x 3.9x 22.4x 1.4x 3.1x 20.7x 1.1x 2.4x 19.0x Overall 59% 11% 23% 31% 1.6x 4.3x 21.8x 1.3x 3.4x 18.6x 1.7x 4.5x 22.4x 1.4x 3.9x 19.0x 1.2x 3.0x 16.6x Median Note: Market data as of 04/26/2022 Deutsche Bank 50 Source: Company information, FactSet DRAFT Investment Bank eCommerce eCommerce eCommerce (Pets) (Non-HC) (Healthcare) 81nidZpGqzkSDMpD


Spreading the CVET-GSS Comps ($ in millions) LTM '22-'24 Growth LTM Multiples NTM Multiples 2021A Multiples 2022E Multiples 2023E Multiples Margins % of 52 TEV GM EM R E R E FCF R E FCF R E FCF R E FCF R E FCF Wk High (1) MDRX $2,635 92.1% 51% 28% 7% 13% 4.7x 17.1x 20.1x 4.4x 15.3x 27.5x 4.8x 17.6x 18.2x 4.5x 15.8x 29.0x 4.2x 14.1x 23.8x CRW-GB $875 56.7% 72% 30% NA NA 5.0x 17.0x 26.0x 4.7x 16.0x 28.1x 5.1x 17.2x 25.2x 4.8x 16.4x 28.6x 4.4x 15.0x 26.4x HSTM $577 64.8% 65% 20% NA NA 2.2x 11.0x 11.7x 2.1x 10.8x 11.5x 2.2x 10.9x 11.7x 2.1x 11.0x 11.8x 2.0x 9.9x 10.6x NXGN $1,382 91.2% 51% 19% NA NA 2.3x 12.5x 13.7x 2.2x 12.2x 13.1x 2.4x 12.6x 13.9x 2.2x 12.3x 13.2x 2.2x 12.0x 12.9x Median 58% 24% 7% 13% 3.5x 14.8x 16.9x 3.3x 13.8x 20.3x 3.6x 14.9x 16.0x 3.4x 14.0x 20.9x 3.2x 13.1x 18.3x DBX $8,304 66.6% 80% 37% 7% 9% 3.8x 10.3x 10.6x 3.5x 9.8x 10.2x 3.8x 10.4x 10.7x 3.6x 10.0x 10.4x 3.3x 9.2x 9.6x MLNK $1,695 59.6% 69% 44% 12% 16% 6.2x 14.0x 14.1x 5.7x 14.3x 14.5x 6.3x 13.7x 13.8x 5.8x 14.8x 15.1x 5.3x 12.9x 13.1x SPNS $1,193 62.8% 44% 20% 8% 16% 2.5x 13.0x 13.6x 2.3x 11.9x 12.5x 2.6x 13.2x 13.8x 2.4x 12.4x 13.1x 2.2x 10.5x 11.0x (2) SSNC $22,767 79.4% 56% 39% 4% 6% 4.3x 11.0x 11.4x 4.2x 10.3x 10.9x 4.4x 11.2x 11.5x 4.2x 10.5x 11.1x 4.1x 9.8x 10.3x Median 63% 38% 8% 13% 4.1x 12.0x 12.5x 3.8x 11.1x 11.7x 4.1x 12.2x 12.6x 3.9x 11.4x 12.1x 3.7x 10.2x 10.7x MODN $972 61.4% 60% 13% NA NA 4.8x 37.0x 38.5x 4.3x 33.5x 34.8x 4.9x 37.5x 39.0x 4.4x 35.6x 37.1x 3.9x 28.5x 29.5x HCAT $764 31.3% 51% NM 20% NM 3.0x NM NM 2.5x NM NM 3.2x NM NM 2.6x NM NM 2.2x NM NM OMCL $6,480 60.3% 50% 20% 13% 26% 5.4x 27.6x 32.6x 4.5x 24.3x 31.1x 5.7x 28.2x 32.3x 4.6x 25.9x 33.6x 4.1x 20.5x 25.6x VEEV $26,762 52.9% 75% 41% 16% 18% 14.1x 34.2x 34.8x 12.0x 30.4x 30.9x 14.7x 35.1x 35.7x 12.5x 31.7x 32.2x 10.7x 27.1x 27.5x Median 55% 20% 16% 22% 5.1x 34.2x 34.8x 4.4x 30.4x 31.1x 5.3x 35.1x 35.7x 4.5x 31.7x 33.6x 4.0x 27.1x 27.5x Overall 58% 28% 10% 16% 4.5x 14.0x 14.1x 4.2x 14.3x 14.5x 4.6x 13.7x 13.9x 4.3x 14.8x 15.1x 4.0x 12.8x 13.0x Median Note: Market data as of 04/26/2022 Deutsche Bank 51 Source: Company information, FactSet DRAFT Investment Bank 1) Financials are PF adjusted for Divestiture of Hospital & Large Physician Practices announced on 03/03/2022 2) Financials are PF adjusted for Acquisition of Blue Prism plc completed on 03/16/2022 High Growth Mid-Growth Software Mid-Growth Software Software (Exit-only) (Non-HC) (HC) 81nidZpGqzkSDMpD


Spreading the Animal Health Distribution Comps ($ in millions) ‘21 Margins '21-’23 Growth 2022 Multiples 2022 Growth Adj. Multiples % of 52 TEV Week High E FCF R E R E FCF P/E R E FCF P/E HSIC $14,030 92.8% 8.7% 8.1% 4.8% 5.4% 1.1x 12.3x 13.1x 17.6x 0.08 0.54 0.58 0.31 (1) OMI $5,412 77.7% 6.6% 6.2% 3.1% 5.9% 0.5x 7.4x 8.3x 11.0x 0.07 0.59 0.66 0.35 PDCO $3,651 87.6% 4.5% 3.9% 3.6% 12.7% 0.6x 11.4x 13.4x 14.5x 0.09 2.15 2.54 0.27 Median 7% 6% 4% 6% 0.6x 11.4x 13.1x 14.5x 0.08 0.59 0.66 0.31 MCK $52,635 95.4% 2.0% 1.8% 0.5% (0.6%) 0.2x 10.8x 12.1x 13.6x 0.06 1.53 1.71 0.34 ABC $37,324 94.9% 1.5% 1.3% 5.1% 5.5% 0.2x 10.2x 11.7x 14.4x 0.03 1.46 1.68 0.40 CAH $19,539 94.9% 1.4% 1.2% 5.6% 6.7% 0.1x 7.6x 9.0x 10.9x 0.02 NM NM 0.84 Median 2% 1% 5% 6% 0.2x 10.2x 11.7x 13.6x 0.03 1.50 1.70 0.40 ZTS $86,927 71.6% 42.9% 37.8% 8.5% 10.3% 10.3x 23.7x 27.4x 34.2x 0.84 1.63 1.88 1.32 IDXX $39,741 64.5% 32.9% 29.1% 10.8% 12.9% 11.2x 33.3x 39.2x 48.2x 0.78 1.45 1.71 1.28 ELAN $17,822 69.4% 22.2% 19.7% 1.8% 12.6% 3.7x 15.4x 17.9x 21.0x 0.18 0.32 0.37 0.39 Median 33% 29% 9% 13% 10.3x 23.7x 27.4x 34.2x 0.78 1.45 1.71 1.28 Overall 6.6% 6.2% 4.8% 6.7% 0.6x 11.4x 13.1x 14.5x 0.08 1.46 1.69 0.39 Median Note: Market data as of 04/26/2022 Deutsche Bank 52 Source: Company information, FactSet DRAFT Investment Bank 1) Financials are PF adjusted for Acquisition of Apria completed on 03/29/2022 Animal Health Distribution Distribution Suppliers (Drug) (Specialty) 81nidZpGqzkSDMpD

EX-(c)(18)

Exhibit (c)(18) Deutsche Bank Investment Bank Discussion Materials May 2022 Deutsche Bank Securities Inc., a subsidiary of Deutsche Bank AG, conducts investment banking and securities activities in the United States DRAFT 81nidZpGqzkSDMpD


Important Disclosure Information “IMPORTANT: This presentation (the “Presentation”) has been prepared by Deutsche Bank’s investment banking department exclusively for the benefit and internal use of the recipient (the “Recipient”) to whom it is addressed. Neither Deutsche Bank AG New York Branch, Deutsche Bank Trust Company Americas (“DBTCA”) nor any of their banking affiliates is responsible for the obligations of Deutsche Bank Securities Inc. or any U.S. Broker-dealer affiliate. Unless specified otherwise, deposit products are provided by DBTCA, Member FDIC. The Recipient is not permitted to reproduce in whole or in part the information provided in this Presentation (the “Information”) or to communicate the Information to any third party without our prior written consent. No party may rely on this Presentation without our prior written consent. Deutsche Bank and its affiliates, officers, directors, employees and agents do not accept responsibility or liability for this Presentation or its contents (except to the extent that such liability cannot be excluded by law). This Presentation is (i) for discussion purposes only; and (ii) speaks only as of the date it is given, reflecting prevailing market conditions and the views expressed are subject to change based upon a number of factors, including market conditions and the Recipient's business and prospects. The Information, whether taken from public sources, received from the Recipient or elsewhere, has not been verified and Deutsche Bank has relied upon and assumed without independent verification, the accuracy and completeness of all information which may have been provided directly or indirectly by the Recipient. No representation or warranty is made as to the Information’s accuracy or completeness and Deutsche Bank assumes no obligation to update the Information. The Presentation is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Deutsche Bank. The analyses contained in the Presentation are not, and do not purport to be, appraisals of the assets, stock, or business of the Recipient. The Information does not take into account the effects of a possible transaction or transactions involving an actual or potential change of control, which may have significant valuation and other effects. The Presentation is not exhaustive and does not serve as legal, accounting, tax, investment or any other kind of advice. This Presentation is not intended to provide, and must not be taken as, the basis of any decision and should not be considered as a recommendation by Deutsche Bank. Recipient must make its own independent assessment and such investigations as it deems necessary. In preparing this presentation Deutsche Bank has acted as an independent contractor and nothing in this presentation is intended to create or shall be construed as creating a fiduciary or other relationship between the Recipient and Deutsche Bank.” Deutsche Bank DRAFT Investment Bank 81nidZpGqzkSDMpD


Contents Section 1 DB Thesis & Work Scope 2 Valuation Paradigm A Global Pharmacy Management (GPM) B Global Software Services (GSS) C Animal Health Distribution 3 Exit Considerations 4 M&A Roadmap Appendix Deutsche Bank DRAFT Investment Bank 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section 1 DB Thesis & Work Scope DRAFT 81nidZpGqzkSDMpD


Executive Summary ▪ Ostensibly, there are three distinct CVET divisions – Distribution, GPM and GSS – favoring not only a sum-of-the-parts analysis, but also some consideration to separating the businesses in order to pursue divergent M&A and exit strategies in order to maximize shareholder value in the future – GPM’s closest eCommerce & Marketplace precedents and comps have recently traded as high as 10x revenue (or more), but are now trending in the 1.5-2.5x revenue range (or, 3-5x gross profit and 16-18x EBITDA); given GPM growth and market position, the business would command a top-of-the-range multiple on a standalone basis – If GSS can deliver on its 2022 forecast – +20% growth and ~40% EBITDA margins – the business would be a “”blue moon” software asset and could command a multiple similar to recent deals such as GHX, TherapyBrands and WebPT, suggesting an approximate $1B TEV, otherwise reality is consistently more akin to 12-14x EBITDA ▪ However, consideration must be given to the impact of any separation on the remainco profile and exit alternatives – Distribution & GPM feels more closely linked than either is with GSS – GSS & GPM are the primary drivers of growth and margin; a separation of both would put greater emphasis on executing the proprietary brand strategy within distribution – We do believe there will be strategic interest in a standalone distribution platform given market leadership in an attractive, growthy segment – Execution risk is somewhat mitigated by an entry price that most closely aligns to distribution peers Source: Company data Deutsche Bank 1 DRAFT Investment Bank 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section 2 Valuation Paradigm DRAFT 81nidZpGqzkSDMpD


Stock Performance & Enterprise Stack CVET has experienced meaningful share price and multiple deterioration since its IPO Enterprise Stack Share Price Performance Last Three Years Share price (04/26/22) $14.54 Averages 30 Day 90 Day 180 Day 360 Day 52-Week High $30.75 $50.00 $16.26 $17.36 $18.58 $24.12 52-Week Low $14.54 $40.00 % of 52-week high 47.28% Shares Amount $30.00 Basic Shares Outstanding 138.1 $2,008 $20.00 Stock Options 0.0 $0 (65.4%) Restricted Stock 4.0 $58 $10.00 Fully Diluted Equity Value $2,067 $0.00 Plus: Debt 1,058 Feb-19 May-19 Aug-19 Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 Less: Cash (183) Plus: NCI 23 Averages Fully Diluted Enterprise Value $2,965 30 Day 90 Day 180 Day 360 Day 30.0x 11.4x 12.1x 12.4x 14.1x 25.0x Trading Statistics 20.0x (Per Consensus Estimates) TEV / 2022E Rev. 0.6x 15.0x TEV / 2023E Rev. 0.6x TEV / 2022E GP 3.2x 10.0x 10.7x TEV / 2023E GP 2.9x 5.0x TEV / 2022E E 10.8x 0.0x TEV / 2023E E 9.7x Feb-19 May-19 Aug-19 Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 Note: Market data as of 04/26/2022 Deutsche Bank 2 Source: FactSet, Company filings DRAFT Investment Bank 81nidZpGqzkSDMpD


Summary of Key Covetrus Valuation Factors by Segment Global Pharmacy Management Global Software Services Distribution ▪ Provides technology that enables vet practices ▪ Offers practice management software to ▪ One of three global leaders in the veterinary to run their own online pharmacy veterinary practices pharmacy and supply B2B distribution market Description ▪ Enables prescription ordering, fulfillment and ▪ Suite of solutions includes payment ▪ Offers both third party and, increasingly, analytics / intelligence processing and wellness plan administration proprietary products 2022E Revenue $612M $100M $4,204M LTM / NTM % Growth 24% / 22% 0% / 26% 5% / 6% 2022E Gross Profit $181M $59M $727M % Margin 30% 59% 17% $57M $38M $300M 2022E Segment EBITDA 9% 38% 8% % Margin $43M $36M $207M (1) 2022E Adjusted EBITDA 7% 36% 5% % Margin Key Precedents HCIT Key Comps Source: Sponsor thesis presentation for CVET Deutsche Bank 3 (1) Represents segment EBITDA less corporates costs allocated as per revenue contribution from segment DRAFT Investment Bank 81nidZpGqzkSDMpD


Public Market Perspectives Market performance of CVET vs public peers, re-based to CVET’s price per share $100.00 CVET GPM Peers $90.00 GSS Peers Distribution Peers 91.4% $80.00 $70.00 $60.00 23.2% $50.00 $40.00 $30.00 (50.0%) $20.00 (65.4%) $10.00 $0.00 Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Note: Market data as of 4/26/2022; GPM peers include: GDRX, HIMS, TDOC, TRHC, ETSY, FTCH, REAL, PETS, CHWY, BARK, ROVR; Deutsche Bank 4 GSS peers include: MDRX, CRW, HSTM, NXGN, DBX, MLNK, SPNS, SSNC, MODN, HCAT, OMCL, VEEV; Distribution peers includes: DRAFT Investment Bank IDXX, PAHC, ELAN, ZTS, ABC, PDCO, AHCO, OMI, MCK, CAH, HSIC Source: FactSet 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section A Global Pharmacy Management (GPM) DRAFT 81nidZpGqzkSDMpD


CVET-GPM Financials ($ in millions) Actuals Company Projections DB Estimates (1) FYE, 12/31 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E CAGR Revenue $405 $503 $612 $733 $852 $982 $1,104 $1,215 14.7% $612M $181M % Growth - 24.0% 21.8% 19.8% 16.2% 15.2% 12.5% 10.0% 2022E Revenue 2022E Gross Profit Gross Profit $117 $145 $181 $219 $255 $300 $337 $371 15.4% % Growth - 24.1% 25.2% 20.6% 16.4% 17.8% 12.5% 10.0% % Margin 28.8% 28.8% 29.6% 29.8% 29.9% 30.5% 30.5% 30.5% Segment EBITDA $23 $45 $57 $68 $79 $91 $103 $113 14.7% ~30% ~7% (2) 2022E Gross Profit Margin 2022E Adj. EBITDA - 95.7% 26.7% 19.8% 16.2% 15.2% 12.5% 10.0% % Growth 5.7% 9.0% 9.3% 9.3% 9.3% 9.3% 9.3% 9.3% % Margin (2) Adj. EBITDA $17 $35 $43 $52 $60 $70 $78 $86 14.7% - 105.9% 24.9% 19.8% 16.2% 15.2% 12.5% 10.0% % Growth 4.3% 6.9% 7.1% 7.1% 7.1% 7.1% 7.1% 7.1% % Margin $43M $37M (3) (2) (3) uFCF ($5) $13 $37 $45 $52 $60 $67 $74 14.7% 2022E Adj. EBITDA 2022E uFCF % Margin (1.3%) 2.6% 6.1% 6.1% 6.1% 6.1% 6.1% 6.1% Source: Sponsor Thesis Presentation, DB Investment Banking estimates Deutsche Bank 5 Note: Revenue, GP and Segment EBITDA through 2025E from Sponsor Thesis Presentation and Project Padlock – Financials_2022.02 file; margins held constant from DRAFT Investment Bank 2026E onwards 1) CAGRs represent 2022-2027E growth 2) Represents segment EBITDA less corporates costs allocated as per revenue contribution from segment 3) uFCF defined as Adj. EBITDA less Capex. Capex projected as 1.0% of revenue 81nidZpGqzkSDMpD


Select Precedents to Consider Broad base of software and some marketplace precedents presents a few standout, key precedents for deeper consideration ($ in millions) Date Target Buyer TEV LTM R LTM GP LTM E R Growth EV / NTM Revenue EV / NTM EBITDA May-17 GHX Temasek $1,800 8.2x 11.1x 19.4x 5% 7.8x 18.1x Aug-18 GoodRx Silver Lake $2,800 13.8x 14.0x 29.3x 57% 8.8x 19.4x Jul-19 Convey Health TPG Capital $750 3.7x 6.6x 16.3x 22% 3.0x 12.9x Aug-19 GoHealth Centerbridge $1,500 3.9x 5.8x 14.6x 89% 2.1x 7.0x Jul-20 Wellsky LGP / TPG $3,025 8.3x 11.2x 22.6x 13% 7.4x 19.3x 6.0x 28.6x Nov-20 Quantum Health Warburg Pincus $1,200 7.5x N/A 42.9x 25% 3.9x 12.8x Jan-21 Change Healthcare OptumInsight / UNH $13,000 4.1x 10.6x 14.0x 7% Jun-21 Allocate Software RLDatix $1,300 11.4x 15.2x 29.2x 10% 10.4x 23.0x 5.1x 17.4x Jul-21 Availity Novo Holdings $1,700 5.4x 9.6x 18.3x 6% 15.6x 28.4x Jul-21 PartsSource Bain Capital $1,250 20.8x 32.1x 37.9x 33% 9.5x NM Oct-20 Hims and Hers Oaktree Acquisition $1,600 12.9x 18.9x NM 36% 6.6x 18.7x Nov-20 RxBenefits Advent $1,100 7.7x 12.1x 20.2x 15% 7.7x 17.2x Nov-21 athenahealth Bain Capital / H&F $17,000 8.6x 12.6x 19.0x 12% 4.9x 14.3x Dec-21 Cerner Oracle $29,548 5.1x 6.2x 15.5x 5% 9.5x 21.8x Jan-22 Cloudmed R1 RCM $4,100 11.3x N/A 28.7x 19% 10.6x 23.2x Feb-22 Informa Pharma Warburg Pincus $2,600 11.9x N/A 27.5x 12% Median: 7.5x Median: 18.7x Note: Columns reflect NTM multiples Deutsche Bank 6 Source: Public filings, Wall Street research, and DB Investment Banking estimates DRAFT Investment Bank 81nidZpGqzkSDMpD


Qualifying Key Precedents These business are particularly relevant to GPM and indicative of how the market perceives value TEV / GP TEV / E Key Attributes (At Time of Transaction) Precedent Market High Quality Strategic LTM NTM LTM NTM Major Similarities Major Distinctions M&A Roadmap (Target) Leadership Management Buyers ▪ Pharmacy product focus▪ DTC model 14.0x 9.0x 29.3x 19.4x ▪ Price transparency aspect▪ Higher growth and margin ▪ Similar growth profile▪ Employer focused end market 12.1x 10.4x 20.2x 18.7x ▪ Recurring revenue model▪ PBM focus ▪ Recurring revenue model ▪ Supply chain focus 11.1x 10.5x 19.4x 18.1x ▪ Tech-driven inventory ▪ SaaS / cloud-based revenue management solutions ▪ Health plan administration 6.6x 5.4x 16.3x 12.9x▪ Similar growth profile ▪ Payor focused end market & concentration 5.8x 2.9x 14.6x 7.0x▪ Marketplace business▪ DTC model ▪ DTC model 18.9x 13.1x NM NM▪ eCommerce platform▪ High gross margin ▪ Large TAM 11.6x 9.7x 19.4x 18.1x Median: Source: Public filings, Wall Street research, and DB Investment Banking estimates Deutsche Bank 7 DRAFT Investment Bank 81nidZpGqzkSDMpD


Quantifying Key Precedents CVET’s GPM segment lags peer precedent targets in growth and margin profile LTM & NTM Revenue Growth NTM Gross Margin NTM Growth 98.0% 139.0% LTM Growth 80.1% 74.6% 72.3% 72.3% 63.8% 55.9% 58.5% 89.3% 37.1% 29.6% 24.0% 56.8% 35.8% 8.6% 21.8% 21.9% 15.5% 4.7% GoodRx GHX HIMS GoHealth RxBenefits Convey CVET-GPM GoHealth HIMS GoodRx RxBenefits CVET-GPM Convey GHX LTM Revenue Mix NTM EBITDA Margin Recurring Non-Recurring 5% 10% 15% 15% 45.1% 20% 43.2% 35.5% 29.6% 23.3% 95% 90% 85% 85% 80% 9.3% N/A NM -- RxBenefits HIMS Convey GHX GoodRx GoHealth GoodRx GHX RxBenefits GoHealth Convey CVET-GPM HIMS Source: Public filings, Wall Street research, and Sponsor Thesis Presentation for CVET Deutsche Bank 8 DRAFT Investment Bank 81nidZpGqzkSDMpD


Perspectives on Public Comparables for CVET-GPM eCommerce (Healthcare) eCommerce (Pet) eCommerce (Non-HC) ▪ Platforms that digitally connects patients ▪ Animal Health focused businesses ▪ Broader marketplace platforms that create with products and service providers operating eCommerce platforms a centralized hub to efficiently and profitably sell goods ▪ Healthcare eCommerce platforms drive ▪ Likely to serve as valuation model closets comp universe reference-points vis-à-vis similar value ▪ Likely to serve as valuation reference- propositions, business model and end points due to eCommerce models market TEV / Rev TEV / GP TEV / Rev TEV / GP TEV / Rev TEV / GP 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 3.1x 2.5x 4.3x 3.5x 2.1x 1.6x 4.3x 3.1x 2.6x 2.1x 4.1x 3.3x TEV / EBITDA ‘22E-’24E CAGR TEV / EBITDA ‘22E-’24E CAGR TEV / EBITDA ‘22E-’24E CAGR 2022E 2023E Rev. EBITDA 2022E 2023E Rev. EBITDA 2022E 2023E Rev. EBITDA 19.5x 14.7x 20% 31% NM 16.8x 28% 78% 20.7x 19.0x 24% 25% Note: Market data as of 04/26/2022 Deutsche Bank 9 Source: Company information, FactSet DRAFT Investment Bank Valuation Metrics (Average) Comps 81nidZpGqzkSDMpD


Value Implications of Growth & Scale in Public vs. Private Scenarios While growth largely drives sale valuations, buyers are making distinctions for a reasonable level of profitability (1) NTM EV/R 5.1x 4.5x 5.4x 7.1x 7.1x 7.0x 13.6x 10.4x 1.6x 1.5x 6.0x 5.3x 9.4x 6.3x 15.0x 9.5x 16.5x 24.9x 23.9x 19.1x 23.1x 17.1x 23.3x 19.0x EV/E 14.3x 17.0x 23.2x 19.5x 47.7x 19.3x 52.9x 28.4x 18.1x 39.2x 25.8x 23.8x N/A 19.2x N/A 22.2x EV/uFCF 16.7x 23.0x 27.0x 22.2x 55.1x 20.9x 33.6x 32.9x (2) 2.18 N/A 2.21 1.77 1.81 1.73 1.59 1.25 EV/E/G 2.44 2.44 1.82 1.63 2.64 0.84 2.80 N/A CVET-GPM CVET-GPM 3 30 0.0 .0x x 30.0x Strike Zone 30.0x Strike Zone R² = 0.2777 R² = 0.3089 R² = 0.0521 R² = 0.0409 2 25 5.0 .0x x 25.0x R² = 0.1553 25.0x R² = 0.1004 R² = 0.0046 2 20 0.0 .0x x 20.0x 20.0x R² = 0.0136 1 15 5.0 .0x x 1 15 5.0 .0x x 1 10 0.0 .0x x 1 10 0.0 .0x x 0% 0% 1 10 0% % 2 20 0% % 3 30 0% % 4 40 0% % 0% 0% 2 20 0% % 4 40 0% % 6 60 0% % 8 80 0% % NTM Revenue Growth Rule of X Source: DB’s Healthcare & Technology Proprietary M&A Database, FactSet Deutsche Bank Current Public Company Valuations 10 Note: Public data as of 4/26/2022; represents M&A transactions in the last 3 years DRAFT Investment Bank Apr ’21 Public Company Valuations 1) Represents NTM medians for current public companies and M&A precedents Precedent M&A Valuations 2) Represents NTM / LTM EBITDA growth rate M&A @ Apr ‘21 EV / NTM EBITDA EV / NTM EBITDA 81nidZpGqzkSDMpD


Preliminary CVET-GPM M&A Valuation Could Support a ~$800M TEV Asset at Present Multiple Metric Method Parameter Ratio / Multiple Metric Implied TEV Year Year ($ in millions) $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 $1,300 $1,400 (1) Management Case Required MOIC: 2.5x – 3.0x; NTM E Exit Multiple: 15.0x $628 $703 TEV / GP 7.0x - 8.5x $145 $1,014 $1,232 TEV / EBITDA 16.0x - 19.0x $35 $556 $660 TEV / GP 6.0x - 7.5x $181 $1,088 $1,360 TEV / EBITDA 14.0x - 17.0x $43 $608 $738 TEV / Revenue 1.5x - 2.0x $503 $754 $1,005 TEV / GP 4.0x - 5.5x $145 $580 $797 Emphasis on TEV / EBITDA 20.0x - 25.0x $35 $695 $869 comps given abundance of TEV / Revenue 1.0x - 1.5x $612 $612 $918 good analogs $635 $907 TEV / GP 3.5x - 5.0x $181 TEV / EBITDA 15.0x - 20.0x $43 $651 $868 Note: Valuation date as of 06/30/2022 Deutsche Bank 11 Source: Sponsor Thesis Presentation, DB Investment Banking estimates DRAFT Investment Bank 1) LBO assumes a 5-year hold, 3.5x max leverage, Financing EBITDA based on LTM 06/30/2022 Adj. EBITDA of $43, which includes $3.9 of financing adjustments Trading Comparables Transaction Comparables LBO 2022 2021 NTM LTM 2022 2021 2022 2021 81nidZpGqzkSDMpD


Preliminary LBO Math Suggests CVET-GPM is a ~$700-800mm Business ($ in millions) LBO Assumptions LBO Valuation Analysis NTM EBITDA Multiple 14.0x 15.0x 16.0x ▪ Assumes transaction date of 06/30/2022 NTM EBITDA (6/30/2022) $48 $48 $48 ▪ Purchase price of ~$715 at 15.0x NTM 6/30/2022 EBITDA of ~$48 Implied Transaction Value $668 $715 $763 ▪ Assumes five-year hold with exit multiple of 15.0x on NTM 06/30/2027E EBITDA of ~$90 Plus: Financing & Transaction Fees $16 $16 $16 (1) ▪ Debt financing assumed based on 6.5x LTM 06/30/2022 EBITDA of ~$49 Less: Transaction Net Debt ($270) ($270) ($270) ▪ Implied max leverage of 6.5x; New Term Loan of 6.5x at S+550 @ 99.0 OID (50bps Implied Sponsor Equity Contribution $414 $462 $510 floor) Illustrative NTM EBITDA Exit Multiple 15.0x 15.0x 15.0x Illustrative Enterprise Value at Exit $1,357 $1,357 $1,357 Illustrative Sources & Uses Less: Net Debt ($234) ($234) ($234) Sources $ Amt. x Fin. E Uses $ Amt. Implied Sponsor Equity Value $1,122 $1,122 $1,122 New Term Loan $270 5.5x Purchase TEV $715 (2) Sponsor Equity $462 9.4x Fees & Expenses $16 Implied IRR 22.1% 19.4% 17.1% Implied MOIC 2.7x 2.4x 2.2x Total $732 14.9x Total $732 IRR Sensitivity on Entry & Exit Multiple TEV Sensitivity on Exit Multiple & Target IRR IRR Sensitivity on Growth & E Margin Implied TEV Implied IRR Implied IRRs (3) NTM EBITDA Entry Multiple NTM EBITDA Exit Multiple 5-Yr Revenue CAGR 14.0x 15.0x 16.0x 14.0x 15.0x 16.0x 10.0% 15.0% 20.0% 14.0x 20.0% 17.4% 15.1% 15.0% $767 $812 $857 5.0% 3.7% 10.9% 17.4% 15.0x 22.0% 19.4% 17.0% 20.0% $668 $705 $741 7.0% 14.2% 20.8% 27.0% 16.0x 24.0% 21.3% 18.9% 25.0% $592 $621 $651 9.0% 21.2% 27.6% 33.8% Note: Assumes 1% mandatory amortization for New Term Loan Deutsche Bank 12 Source: Financials through 2025E from Sponsor Thesis Presentation and Project Padlock – Financials_2022.02 file; 2026E onwards based on DB Investment Banking DRAFT Investment Bank estimates 1) Represents $39 of LTM EBITDA plus $10 of financing adjustments 2) Assumes New Term Loan Financing Fees at 2.50%; M&A Fees at 1% of purchase price 3) Revenue CAGR from 2023E through projection period 4) Represents Adj. EBITDA margin NTM EBITDA Exit Multiple Target IRR (4) Exit Year E Margin 81nidZpGqzkSDMpD


Analysis at Various Prices Matrix ($ in millions) Implied CVET-GPM Total Enterprise Value Multiples $600 $650 $700 $750 $800 $850 $900 $950 $1,000 Metric 2021A $503 1.2x 1.3x 1.4x 1.5x 1.6x 1.7x 1.8x 1.9x 2.0x TEV / 2022E $612 1.0x 1.1x 1.1x 1.2x 1.3x 1.4x 1.5x 1.6x 1.6x Revenue 2023E $733 0.8x 0.9x 1.0x 1.0x 1.1x 1.2x 1.2x 1.3x 1.4x 2021A $145 4.1x 4.5x 4.8x 5.2x 5.5x 5.9x 6.2x 6.6x 6.9x TEV / GP 2022E $181 3.3x 3.6x 3.9x 4.1x 4.4x 4.7x 5.0x 5.2x 5.5x 2023E $219 2.7x 3.0x 3.2x 3.4x 3.7x 3.9x 4.1x 4.3x 4.6x Segment $45 13.3x 14.4x 15.6x 16.7x 17.8x 18.9x 20.0x 21.1x 22.2x 2021A Adjusted $35 17.3x 18.7x 20.1x 21.6x 23.0x 24.5x 25.9x 27.3x 28.8x Segment $57 10.5x 11.4x 12.3x 13.2x 14.0x 14.9x 15.8x 16.7x 17.5x TEV / 2022E EBITDA Adjusted $43 13.8x 15.0x 16.1x 17.3x 18.4x 19.6x 20.7x 21.9x 23.0x Segment $68 8.8x 9.5x 10.3x 11.0x 11.7x 12.4x 13.2x 13.9x 14.6x 2023E Adjusted $52 11.5x 12.5x 13.5x 14.4x 15.4x 16.3x 17.3x 18.3x 19.2x Source: Sponsor Thesis Presentation, DB Investment Banking estimates Deutsche Bank 13 DRAFT Investment Bank 81nidZpGqzkSDMpD


E-Commerce Near 5-Year Lows Across Verticals GPM 5Y Trading Ranges (NTM) E-Commerce (HC) E-Commerce (Pet) E-Commerce (Non-HC) Overall Average Current TEV / NTM Revenue TEV / NTM GP 20.0x 30.0x 15.2x 22.1x 21.6x 15.0x 18.9x 20.0x 16.8x 16.0x 10.4x 15.0x 13.5x 9.1x 9.1x 10.0x 14.2x 11.6x 12.6x 7.1x 11.7x 7.4x 6.4x 5.9x 10.0x 11.5x 8.9x 5.6x 5.5x 7.8x 5.0x 9.2x 9.3x 5.4x 3.7x 5.6x 7.2x 2.7x 3.3x 3.0x 4.0x 4.6x 2.5x 3.6x 5.5x 3.8x 5.2x 3.1x 2.4x 2.5x 4.4x 2.3x 2.2x 3.3x 1.7x 0.0x 0.0x E-Commerce (Healthcare) E-Commerce (Pet) E-Commerce (Non-HC) Overall E-Commerce E-Commerce (Pet) E-Commerce (Non-HC) Overall (Healthcare) TEV / NTM E TEV / NTM Revenue / Growth 99.0x 100.0x 0.50 0.47 0.42 0.39 86.7x 80.0x 0.40 66.2x 70.5x 63.9x 58.4x 0.28 60.0x 0.30 0.26 53.7x 51.7x 0.23 59.7x 0.21 0.22 0.22 44.1x 37.5x 40.0x 0.20 37.9x 0.19 36.5x 0.14 37.2x 31.4x 0.18 0.16 0.15 0.13 24.2x 0.12 0.12 0.15 21.7x 24.5x 20.0x 0.10 19.5x 25.1x 0.09 0.10 19.6x 18.7x 0.09 0.09 0.08 14.6x 0.07 11.8x 0.0x 0.00 E-Commerce (HC) E-Commerce (Pet) E-Commerce (Non-HC) Overall E-Commerce E-Commerce (Pet) E-Commerce (Non-HC) Overall (Healthcare) Note: Market data from 04/26/2017 – 04/26/2022; excludes multiples >100.0x or <0.0x Deutsche Bank 14 Source: FactSet DRAFT Investment Bank 81nidZpGqzkSDMpD


E-Commerce Near 5-Year Lows Across Verticals (Cont’d) GPM 5Y Trading Ranges (Second Twelve Months) E-Commerce (HC) E-Commerce (Pet) E-Commerce (Non-HC) Overall Average Current TEV / STM Revenue TEV / STM GP 15.0x 20.0x 18.1x 16.6x 11.5x 13.2x 12.8x 14.9x 10.0x 11.0x 12.0x 8.1x 7.2x 9.2x 7.3x 11.3x 5.8x 10.0x 10.0x 9.3x 5.0x 5.9x 4.9x 5.0x 7.1x 9.2x 4.4x 4.5x 3.1x 5.7x 7.6x 7.5x 4.4x 5.7x 4.2x 2.5x 2.5x 3.2x 2.0x 3.6x 3.0x 2.5x 4.2x 2.5x 4.6x 2.9x 2.0x 3.6x 1.8x 2.4x 1.9x 2.8x 1.4x 0.0x 0.0x E-Commerce (HC) E-Commerce (Pet) E-Commerce (Non-HC) Overall E-Commerce (HC) E-Commerce (Pet) E-Commerce (Non-HC) Overall TEV / STM E TEV / STM Revenue / Growth 0 0.5 1 1.5 2 2.5 3 3.5 4 0.80 98.8x 100.0x 0.66 80.0x 0.60 69.3x 62.3x 60.5x 61.4x 60.0x 0.40 53.9x 44.8x 0.40 45.9x 0.33 0.30 40.0x 48.3x 43.0x 39.8x 35.3x 38.3x 0.24 0.26 0.22 0.24 34.3x 28.5x 30.2x 33.6x 32.2x 0.20 0.20 0.19 32.0x 20.0x 24.8x 0.17 0.16 0.13 18.5x 14.2x 0.11 0.15 18.2x 0.12 0.09 0.09 0.09 0.07 0.10 0.09 10.3x 0.08 0.06 0.0x 0.00 E-Commerce (HC) E-Commerce (Pet) E-Commerce (Non-HC) Overall E-Commerce (HC) E-Commerce (Pet) E-Commerce (Non-HC) Overall Note: Market data from 04/26/2017 – 04/26/2022; excludes multiples >100.0x or <0.0x Deutsche Bank 15 Source: FactSet DRAFT Investment Bank 81nidZpGqzkSDMpD


Illustrative Valuation Analysis for an IPO Exit in Mid-2024 With additional scale, and while maintaining growth, GPM could see meaningful value creation at historically median multiples Multiple Metric Method Parameter Ratio / Multiple Metric Implied TEV Year Year ($ in millions) $1,750 $2,000 $2,250 $2,500 $2,750 $3,000 $3,250 Revenue 2.5x - 3.5x $852 $2,131 $2,983 Revenue / Growth 0.20 - 0.25 12% $2,250 $3,094 GP 9.5x - 11.5x $255 $2,418 $2,927 EBITDA 35.0x - 40.0x $60 $2,115 $2,417 Revenue 2.5x - 3.0x $982 $2,454 $2,945 Revenue / Growth 0.18 - 0.23 12% $2,121 $2,710 GP 7.5x - 9.5x $300 $2,249 $2,848 $2,088 $2,436 EBITDA 30.0x - 35.0x $70 Note: Valuation date as of 06/30/2022 Deutsche Bank 16 Source: Sponsor Thesis Presentation, DB Investment Banking estimates DRAFT Investment Bank Trading Comparables FY+2 FY+1 2025 2024 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section B Global Software Services (GSS) DRAFT 81nidZpGqzkSDMpD


CVET-GSS Financials ($ in millions) Actuals Company Projections DB Estimates DB Mid-Growth Case (1) (1) FYE, 12/31 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E CAGR 2022E 2023E 2024E 2025E 2026E 2027E CAGR Revenue $79 $79 $100 $131 $157 $187 $210 $231 18.4% $87 $100 $110 $120 $127 $133 8.9% % Growth - (0.0%) 26.3% 31.2% 20.4% 18.8% 12.5% 10.0% 10.0% 15.0% 10.0% 9.0% 6.0% 5.0% Gross Profit $48 $49 $59 $79 $95 $112 $126 $139 18.6% $52 $60 $66 $72 $76 $80 9.2% % Growth - 2.1% 19.6% 33.2% 19.9% 18.7% 12.5% 10.0% 4.2% 16.7% 9.5% 8.9% 6.0% 5.0% % Margin 61.4% 62.7% 59.4% 60.3% 60.1% 60.0% 60.0% 60.0% 59.4% 60.3% 60.1% 60.0% 60.0% 60.0% Segment EBITDA $29 $31 $38 $50 $60 $71 $80 $88 18.4% $33 $38 $42 $46 $48 $51 8.9% - 6.9% 22.6% 31.2% 20.4% 18.8% 12.5% 10.0% 6.8% 15.0% 10.0% 9.0% 6.0% 5.0% % Growth 36.8% 39.3% 38.2% 38.2% 38.2% 38.2% 38.2% 38.2% 38.2% 38.2% 38.2% 38.2% 38.2% 38.2% % Margin (2) Adj. EBITDA $28 $29 $36 $47 $57 $67 $76 $83 18.4% $31 $36 $39 $43 $46 $48 8.9% - 5.4% 21.8% 31.2% 20.4% 18.8% 12.5% 10.0% 6.1% 15.0% 10.0% 9.0% 6.0% 5.0% % Growth 35.4% 37.3% 35.9% 35.9% 35.9% 35.9% 35.9% 35.9% 35.9% 35.9% 35.9% 35.9% 35.9% 35.9% % Margin (3) uFCF $27 $29 $35 $46 $55 $65 $73 $81 18.4% $30 $35 $38 $42 $44 $47 8.9% % Margin 34.4% 36.3% 34.9% 34.9% 34.9% 34.9% 34.9% 34.9% 34.9% 34.9% 34.9% 34.9% 34.9% 34.9% Source: Sponsor Thesis Presentation, DB Investment Banking estimates Deutsche Bank 17 Note: Revenue, GP and Segment EBITDA through 2025E from Sponsor Thesis Presentation and Project Padlock – Financials_2022.02 file; margins held constant from DRAFT Investment Bank 2026E onwards 1) CAGRs represent 2022-2027E growth 2) Represents segment EBITDA less corporates costs allocated as per revenue contribution from segment 3) uFCF defined as Adj. EBITDA less Capex. Capex projected as 1.0% of revenue 81nidZpGqzkSDMpD


Select Precedents to Consider Broad base of mostly provider-oriented software (incl RCM) deals presents a few standout, key precedents for deeper consideration ($ in millions) Date Target Buyer TEV LTM R LTM GP LTM E R Growth EV / NTM Revenue EV / NTM EBITDA Feb-16 Brightree ResMed $800 7.1x 9.8x 19.0x 14% 6.2x 16.5x Jun-19 Nextech Thomas H. Lee $550 9.6x N/A 26.0x 15% 8.3x 23.2x Aug-19 WebPT Warburg Pincus $675 6.3x N/A 28.1x 15% 5.4x 18.8x Jun-20 Qgenda ICONIQ Capital $1,050 15.7x 22.0x 36.2x 23% 12.7x 24.4x Jul-20 Wellsky LGP / TPG $3,025 8.3x 11.2x 22.6x 13% 7.4x 19.3x Aug-20 eSolutions Waystar $1,350 11.1x 13.8x 20.3x 12% 9.9x 18.2x Oct-20 CarePort Health Wellsky $1,350 13.6x 15.6x 20.9x 11% 12.3x 19.1x Nov-20 nThrive Clearlake Capital $1,115 4.7x 6.7x 11.9x 9% 4.4x 10.4x Jan-21 Change Healthcare OptumInsight / UNH $13,000 4.1x 10.6x 14.0x 7% 3.9x 12.8x Jan-21 PointClickCare Hellman & Friedman $3,130 13.5x N/A 31.0x 16% 11.7x 27.0x May-21 Therapy Brands KKR $1,200 10.4x 14.0x 28.0x 23% 8.4x 20.4x Jun-21 Allocate Software RLDatix $1,300 11.4x 15.2x 29.2x 10% 10.4x 23.0x Oct-21 TransUnion Healthcare Clearlake / nThrive $1,740 8.7x 13.7x 18.2x 1% 8.6x 17.7x Nov-21 Patientpop Kareo $507 7.0x 10.0x NM 15% 6.1x NM Nov-21 athenahealth Bain Capital / H&F $17,000 8.6x 12.6x 19.0x 12% 7.7x 17.2x 38.1x Nov-21 Iodine Software Advent International $1,210 20.9x 27.7x 56.2x 45% 14.4x Dec-21 Cerner Oracle $29,548 5.1x 6.2x 15.5x 5% 4.9x 14.3x Jan-22 Cloudmed R1 RCM $4,100 11.3x N/A 28.7x 19% 9.5x 21.8x Feb-22 Informa Pharma Warburg Pincus $2,600 11.9x N/A 27.5x 12% 10.6x 23.2x Median: 8.4x Median: 19.2x Note: Columns reflect NTM multiples Deutsche Bank 18 Source: Public filings, Wall Street research, and DB Investment Banking estimates DRAFT Investment Bank 81nidZpGqzkSDMpD


Select High-Growth Precedents for GSS These business are particularly relevant to GSS and indicative of how the market perceives value TEV / Rev. TEV / E TEV / FCF Key Attributes (At Time of Transaction) Precedent Market Quality M&A Strategic LTM NTM LTM NTM LTM NTM Major Similarities Major Distinctions (Target) Leadership Management Roadmap Buyers ▪ Practice management ▪ Specialty provider focus solutions 9.6x 8.3x 26.0x 23.2x 38.9x 34.9x ▪ Large TAM ▪ Similar margin profile ▪ Limited TAM ▪ Mental and behavioral ▪ Practice management health focus 10.4x 8.4x 28.0x 20.4x 28.6x 20.3x solutions ▪ Core SaaS platform ▪ Growth and margin profile ▪ Limited TAM▪ Physical therapy provider focus 6.3x 5.4x 28.1x 18.8x 21.8x 20.5x ▪ Practice management solutions▪ SaaS platform ▪ Provider focused recurring revenue model▪ Size / scale 8.6x 7.7x 19.0x 17.2x 22.2x 20.2x ▪ Practice management ▪ Large TAM solutions ▪ Leading market share 7.1x 6.2x 19.0x 16.5x 19.2x 16.8x▪ Limited TAM▪ HME/DME provider focus ▪ Similar margin profile ▪ Practice growth platform▪ Specialty provider focus 7.0x 6.1x NM NM NM NM ▪ Recurring revenue model▪ Lower growth Median: 7.8x 6.9x 26.0x 18.8x 22.2x 20.3x Source: Public filings, Wall Street research, and DB Investment Banking estimates Deutsche Bank 19 DRAFT Investment Bank 81nidZpGqzkSDMpD


Select Low-Growth Precedents for GSS These business are relevant to a GSS with lower anticipated growth TEV / R TEV / E Key Attributes (At Time of Transaction) Precedent Market High Quality M&A Strategic LTM NTM LTM NTM Major Similarities Major Distinctions Carvout (Target) Leadership Management Roadmap Buyers ▪ Carve-out business ▪ Payor focused payment 10.5x 9.9x 17.4x 16.5x ▪ Recurring revenue, software integrity business business ▪ Provider focused end market▪ Larger scale RCM platform 5.1x 4.9x 15.5x 14.3x ▪ Similar margin profile▪ Hospital focus ▪ Carve-out transaction 3.7x 3.3x 15.5x 14.1x▪ Non-US businesses ▪ Provider focused software HCIT business ▪ Recurring revenue base▪ Payor end market 4.2x 3.9x 14.0x 13.0x ▪ Margin profile▪ Large scale player ▪ Low growth software model ▪ Also provides solutions to 4.6x 4.5x 12.2x 11.9x government entities ▪ Provider end market exposure ▪ Leader in niche space 5.5x 5.3x 12.3x 11.7x▪ HCM/WFM solutions ▪ Provider end market ▪ Larger Scale ▪ Similar margin profile 3.8x 3.4x 12.9x 11.2x ▪ Public sector focused end ▪ Carve-out transaction market ▪ High margin business 5.0x 4.7x 11.6x 11.2x▪ End-to-end RCM solutions ▪ Carve out transaction ▪ No EBITDA ▪ Low-growth software business 2.0x 1.9x NM NM ▪ Multiple end market focus Median: 4.6x 4.5x 13.5x 12.4x Source: Public filings, Wall Street research, and DB Investment Banking estimates Deutsche Bank 20 DRAFT Investment Bank 81nidZpGqzkSDMpD


Analyzing Precedents CVET’s GSS segment may be best-in-class among peer precedent targets in growth and margin profile Low Growth Precedent High Growth Precedent LTM & NTM Revenue Growth NTM Gross & EBITDA Margin NTM Growth NTM EBITDA Margin (1) LTM Growth NTM Gross Margin (2) LTM Revenue Mix NTM uFCF Margin Recurring Non-Recurring (3) Source: Public filings, Wall Street research, and Sponsor Thesis Presentation for CVET Deutsche Bank 21 1) Represents estimates capex based on allocating consolidated capex by proportion of revenue between GPM and GSS DRAFT Investment Bank segments 2) Represents EBITDA less Capex 3) GSS LTM growth is flat at 0.0%. CVET-GSS Patientpop 99% 1% 26.2% Therapy Brands 18.4% 23.5% WebPT 98% 2% athenahealth 11.7% 17.0% Therapy Brands 97% 3% Brightree 14.4% 16.3% athenahealth 96% 4% Nextech 15.4% ClaimsXten 95% 5% Patientpop 13.5% 15.0% nThrive 95% 5% WebPT 14.9% Brightree 94% 6% Agfa HCIT 13.7% TractManager 92% 8% DXC 7.2% 9.3% DXC 92% 8% nThrive 7.7% 8.9% Change HC 88% 12% Change HC 6.8% 6.8% Ontario 84% 16% ClaimsXten 6.1% 6.2% Nextech 82% 18% Watson Health 5.2% Cerner 82% 18% 5.1% Cerner 5.3% IBM Watson 69% 31% TractManager 5.1% N/A Agfa HCIT -- Ontario 2.4% TractManager 43.3% Cerner 33.9% 86.1% Therapy Brands 41.4% Therapy Brands 41.2% 75.4% athenahealth 37.9% Patientpop 73.0% Brightree 37.1% Brightree 37.7% 72.7% CVET-GSS 30.2% nThrive 42.0% 71.2% nThrive 29.7% athenahealth 44.7% 68.7% DXC 29.0% Watson Health 61.9% Cerner 28.8% ClaimsXten 60.2% WebPT 26.6% CVET-GSS 38.2% 59.4% Change HC 24.5% Change HC 30.3% 57.2% Nextech 23.8% TractManager 45.0% Patientpop NM Ontario 38.0% Watson Health NM Nextech 35.9% Agfa HCIT N/A DXC 30.8% ClaimsXten N/A WebPT 29.0% Ontario N/A Agfa HCIT 23.1% 81nidZpGqzkSDMpD


Revenue Mix Analysis: All Precedents LTM Revenue Mix Subscription Services (Recurring) Services (Non-Recurring) Software License Support & Maintenance 1% 2% 3% 4% 5% 5% 6% 8% 8% 12% 3% 16% 16% 18% 20% 10% 21% 7% 35% 12% 6% 24% 99% 98% 9% 96% 95% 92% 92% 88% 84% 84% 82% 71% 56% 62% 44% N/A 6% Source: Public filings, Wall Street research, and DB Investment Banking estimates Deutsche Bank 22 DRAFT Investment Bank PatientPop WebPT athenahealth ClaimsXten nThrive Change HC Brightree TractManager Therapy Brands IBM Watson Cerner DXC Ontario Nextech Agfa HCIT 81nidZpGqzkSDMpD


CVET-GSS Side-by-Side Comparison with Select Growth Precedents ($ in millions) CVET-GSS ▪ Practice management software for ▪ Cloud-based management software ▪ Provider of practice management, ▪ Electronic medical record systems Business Description veterinary practices platform for post-acute care telehealth and data collection tools for physical therapists NTM Revenue ($M) $100 $130 $140 $125 % NTM / LTM Growth 26% 14% 24% 15% (1) NTM Adj. EBITDA ($M) $36 $50 $60 $35 % margin 36% 38% 43% 28% 0.3% Hardware 6.1% 5.0% 2.0% 7.7% 5.2% SaaS 3.8% 10.1% SaaS Software 20.0% Revenue Mix (SaaS vs SaaS Maintenance RCM Services RCM Services Services vs Other) Serv - R Other 24.3% Serv - NR 75.0% Other Other 83.9% 58.6% 98.0% Other Behavioral Health, Mental Health End Market Veterinary HME/DME Physical Therapy and Rehabilitation Software & ancillary services (incl. Workflow, billing & claims, business Patient engagement, data Solutions for practice mgmt, Offering Breadth payment processing and wellness intelligence, compliance mgmt, collection, telehealth, e-prescribing, compliance, reimbursement, plan management) interoperability & data sharing RCM, payments patient retention, marketing TAM ($B) ~$0.5 ~$0.3 ~$0.5 NA Market Share ~50% - 60% HME/DME: 51% ~19% NA Recurring Revenue 89.0% 94% 97% NA 1) Inclusive of a $2 corporate expense allocation, calculated pro rata based on revenue contribution Deutsche Bank 23 2) Represents software solutions TAM for HME/DME DRAFT Investment Bank 3) Represents PMS TAM 81nidZpGqzkSDMpD


Perspectives on Public Comparables for CVET-GSS Mid-Growth Software (Healthcare) Mid-Growth Software (Non-HC) High-Growth Software (For Exit Only) ▪ Cohort of HCIT software and SaaS ▪ Cohort of broader software comps growing ▪ Cohort of high-growth HCIT SaaS and businesses focused on provider end at MSD-HSD software peers market and growing at MSD ▪ Given limited availability of relevant HCIT ▪ Reference comp set for exit analysis; ▪ Closest comp universe for CVET’s GSS comps, this set of peers with similar growth assumes standalone GSS business business profile provides a useful benchmark achieve growth profile through organic and inorganic opportunities (1) (2) TEV / Rev TEV / FCF TEV / Rev TEV / FCF TEV / Rev TEV / FCF 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 3.4x 3.2x 20.7x 18.5x 4.0x 3.7x 12.4x 11.0x 6.0x 5.2x 34.3x 27.5x TEV / EBITDA ‘22E-’24E CAGR TEV / EBITDA ‘22E-’24E CAGR TEV / EBITDA ‘22E-’24E CAGR 2022E 2023E Rev. EBITDA 2022E 2023E Rev. EBITDA 2022E 2023E Rev. EBITDA 13.9x 12.8x 7% 13% 11.9x 10.6x 8% 12% 31.1x 25.4x 16% 22% Note: Market data as of 04/26/2022; Mid-Growth defined as 2022E – 2024E Revenue CAGR < 12.0%, High-Growth defined as 2022E – 2024E Deutsche Bank 24 Revenue CAGR > 12.0% DRAFT Investment Bank Source: Company information, FactSet 1) Financials are PF adjusted for Divestiture of Hospital & Large Physician Practices announced on 03/03/2022 2) Financials are PF adjusted for Acquisition of Blue Prism plc completed on 03/16/2022 Valuation Metrics (Average) Comps 81nidZpGqzkSDMpD


Value Implications of Growth & Scale in Public vs. Private Scenarios While growth largely drives sale valuations, buyers are making distinctions for a reasonable level of profitability (1) NTM EV/R 5.1x 4.5x 5.4x 7.1x 7.1x 7.0x 13.6x 10.4x 1.6x 1.5x 6.0x 5.3x 9.4x 6.3x 15.0x 9.5x 16.5x 24.9x 23.9x 19.1x 23.1x 17.1x 23.3x 19.0x EV/E 14.3x 17.0x 23.2x 19.5x 47.7x 19.3x 52.9x 28.4x 18.1x 39.2x 25.8x 23.8x N/A 19.2x N/A 22.2x EV/uFCF 16.7x 23.0x 27.0x 22.2x 55.1x 20.9x 33.6x 32.9x (2) 2.18 N/A 2.21 1.77 1.81 1.73 1.59 1.25 EV/E/G 2.44 2.44 1.82 1.63 2.64 0.84 2.80 N/A CVET-GSS CVET-GSS 30.0x 30.0x 30.0x 30.0x Strike Zone Strike Zone R² = 0.2777 R² = 0.0521 R² = 0.3089 R² = 0.0409 R² = 0.1553 25.0x 25.0x 25.0x 25.0x R² = 0.1004 R² = 0.0046 20.0x 20.0x 20.0x 20.0x R² = 0.0136 15.0x 15.0x 1 15 5.0 .0x x 10.0x 10.0x 1 10 0.0 .0x x 0% 10% 20% 30% 40% 0% 10% 20% 30% 40% 0% 0% 2 20 0% % 4 40 0% % 6 60 0% % 8 80 0% % NTM Revenue Growth Rule of X Source: DB’s Healthcare & Technology Proprietary M&A Database, FactSet Deutsche Bank Current Public Company Valuations 25 Note: Public data as of 4/26/2022; represents M&A transactions in the last 3 years DRAFT Investment Bank Apr ’21 Public Company Valuations 1) Represents NTM medians for current public companies and M&A precedents Precedent M&A Valuations 2) Represents NTM / LTM EBITDA growth rate M&A @ Apr ‘21 EV / NTM EBITDA EV / NTM EBITDA 81nidZpGqzkSDMpD


CVET-GSS M&A Valuation is Either ~$450mm or ~$600mm LTM multiples reflective of historical growth only Low Growth Multiple Metric High Growth Method Parameter Ratio / Multiple Low High Implied TEV Year Year ($ in millions) $200 $200 $300 $300 $400 $400 $500 $500 $600 $600 $700 $700 $800 $800 $900 $900 (1) Management Case Required MOIC: 2.5x – 3.0x; NTM E Exit Multiple: 18.0x $727 $822 (2) DB Mid-Growth Case Required MOIC: 2.5x – 3.0x; NTM E Exit Multiple: 12.0x $349 $379 Revenue 3.5x - 5.5x $79 $79 $276 $355 $434 EBITDA 11.5x - 16.5x $29 $29 $338 $411 $485 uFCF 13.5x - 18.5x $29 $29 $386 $458 $458 $529 Revenue 6.0x - 8.0x $87 $100 $697 $520 $607 $797 EBITDA 16.0x - 22.0x $31 $36 $499 $592 $680 $787 uFCF 18.0x - 24.0x $30 $35 $546 $637 $731 $835 Revenue 4.5x - 6.0x $79 $79 $355 $414 $473 EBITDA 12.0x - 15.0x $29 $29 $353 $397 $441 uFCF 14.0x - 17.0x $29 $29 $400 $443 $486 $260 $347 $398 $498 Revenue 3.0x - 5.0x $87 $100 $359 $429 EBITDA 9.0x - 15.0x $31 $36 $281 $537 $591 uFCF 14.0x - 20.0x $30 $35 $424 $515 $696 Note: Valuation date as of 06/30/2022 Deutsche Bank 26 Source: Sponsor Thesis Presentation, DB Investment Banking estimates DRAFT Investment Bank 1) LBO assumes a 5-year hold, 7.5x max leverage, Financing EBITDA based on LTM 06/30/2022 Adj. EBITDA 2) LBO assumes a 5-year hold, 6.0x max leverage, Financing EBITDA based on LTM 06/30/2022 Adj. EBITDA Trading Comparables Transaction Comparables LBO 2022 2021 NTM LTM 2022 2021 2022 2021 81nidZpGqzkSDMpD


Preliminary LBO Math Suggests CVET-GSS is a ~$700-800mm Business Management Case ($ in millions) LBO Assumptions LBO Valuation Analysis NTM EBITDA Multiple 17.0x 18.0x 19.0x ▪ Assumes transaction date of 06/30/2022 NTM EBITDA (6/30/2022) $41 $41 $41 ▪ Purchase price of ~$745 at 18.0x NTM 6/30/2022 EBITDA of ~$41 Implied Transaction Value $703 $745 $786 ▪ Assumes five-year hold with exit multiple of 18.0x on NTM 06/30/2027E EBITDA of ~$104 Plus: Financing & Transaction Fees $16 $16 $16 (1) ▪ Debt financing assumed based on 7.5x LTM 06/30/2022 EBITDA of ~$36 Less: Transaction Net Debt ($270) ($270) ($270) ▪ Implied max leverage of 7.5x; New Term Loan of 7.5x at S+550 @ 99.0 OID (50bps Implied Sponsor Equity Contribution $450 $491 $533 floor) Illustrative NTM EBITDA Exit Multiple 18.0x 18.0x 18.0x Illustrative Enterprise Value at Exit $1,571 $1,571 $1,571 Illustrative Sources & Uses Less: Net Debt ($150) ($150) ($150) Sources $ Amt. x Fin. E Uses $ Amt. Implied Sponsor Equity Value $1,421 $1,421 $1,421 New Term Loan $270 7.5x Purchase TEV $745 (2) Sponsor Equity $491 13.7x Fees & Expenses $16 Implied IRR 25.9% 23.7% 21.7% Implied MOIC 3.2x 2.9x 2.7x Total $761 21.2x Total $761 Entry Multiple Sensitivity on Growth & Exit Multiple Exit Multiple Sensitivity on Growth and Entry Multiple IRR Sensitivity on Growth & E Margin Exit Multiple Entry Multiple Implied IRRs (3) (3) (3) 5-Yr Revenue CAGR 5-Yr Revenue CAGR 5-Yr Revenue CAGR 8.9% 13.7% 18.4% 8.9% 13.7% 18.4% 8.9% 13.7% 18.4% 17.0x 16.0x 18.7x 21.9x 17.0x 19.8x 15.8x 12.8x 34.0% 12.8% 19.1% 24.9% 18.0x 16.6x 19.5x 22.9x 18.0x 21.3x 17.1x 13.8x 36.0% 14.3% 20.5% 26.4% 19.0x 17.3x 20.3x 23.9x 19.0x 22.9x 18.4x 14.8x 38.0% 15.8% 21.9% 27.8% Note: Assumes 1% mandatory amortization for New Term Loan Deutsche Bank 27 Source: Financials through 2025E from Sponsor Thesis Presentation and Project Padlock – Financials_2022.02 file; 2026E onwards based on DB Investment Banking DRAFT Investment Bank estimates 1) Represents $33 of LTM EBITDA plus $3.3 of financing adjustments 2) Assumes New Term Loan Financing Fees at 2.50%; M&A Fees at 1% of purchase price 3) Revenue CAGR from 2023E through projection period 4) Represents Adj. EBITDA margin NTM EBITDA Exit Multiple NTM EBITDA Entry Multiple (4) Exit Year E Margin 81nidZpGqzkSDMpD


Preliminary LBO Math Suggests CVET-GSS is a ~$375-$425mm Business DB Mid-Growth Case ($ in millions) LBO Assumptions LBO Valuation Analysis NTM EBITDA Multiple 11.0x 12.0x 13.0x ▪ Assumes transaction date of 06/30/2022 NTM EBITDA (6/30/2022) $34 $34 $34 ▪ Purchase price of ~$369 at 12.0x NTM 6/30/2022 EBITDA of ~$34 Implied Transaction Value $369 $402 $436 ▪ Assumes five-year hold with exit multiple of 12.0x on NTM 06/30/2027E EBITDA of ~$49 Plus: Financing & Transaction Fees $12 $12 $12 (1) ▪ Debt financing assumed based on 6.5x LTM 06/30/2022 EBITDA of ~$33 Less: Transaction Net Debt ($215) ($215) ($215) ▪ Implied max leverage of 6.5x; New Term Loan of 6.5x at S+550 @ 99.0 OID (50bps Implied Sponsor Equity Contribution $165 $199 $232 floor) Illustrative NTM EBITDA Exit Multiple 12.0x 12.0x 12.0x Illustrative Enterprise Value at Exit $589 $589 $589 Illustrative Sources & Uses Less: Net Debt ($151) ($151) ($151) Sources $ Amt. x Fin. E Uses $ Amt. Implied Sponsor Equity Value $438 $438 $438 New Term Loan $185 5.6x Purchase TEV $369 (2) Sponsor Equity $194 5.8x Fees & Expenses $10 Implied IRR 21.5% 17.1% 13.5% Implied MOIC 2.7x 2.2x 1.9x Total $379 11.4x Total $379 Entry Multiple Sensitivity on Growth & Exit Multiple Exit Multiple Sensitivity on Growth and Entry Multiple IRR Sensitivity on Growth & E Margin Exit Multiple Entry Multiple Implied IRRs (3) (3) (3) 5-Yr Revenue CAGR 5-Yr Revenue CAGR 5-Yr Revenue CAGR 8.9% 13.7% 18.4% 8.9% 13.7% 18.4% 8.9% 13.7% 18.4% 11.0x 12.3x 14.1x 16.2x 11.0x 10.1x 8.0x 6.4x 34.0% 17.1% 24.7% 31.4% 12.0x 12.9x 14.9x 17.2x 12.0x 11.7x 9.3x 7.4x 36.0% 19.0% 26.4% 33.0% 13.0x 13.6x 15.7x 18.2x 13.0x 13.3x 10.6x 8.5x 38.0% 20.7% 28.0% 34.6% Note: Assumes 1% mandatory amortization for New Term Loan Deutsche Bank 28 Source: Financials through 2025E from Sponsor Thesis Presentation and Project Padlock – Financials_2022.02 file; 2026E onwards based on DB Investment Banking DRAFT Investment Bank estimates 1) Represents $30 of LTM EBITDA plus $3.0 of financing adjustments 2) Assumes New Term Loan Financing Fees at 2.50%; M&A Fees at 1% of purchase price 3) Revenue CAGR from 2023E through projection period 4) Represents Adj. EBITDA margin NTM EBITDA Exit Multiple NTM EBITDA Entry Multiple (4) Exit Year E Margin 81nidZpGqzkSDMpD


Analysis at Various Prices Matrix Management Case ($ in millions) Implied CVET-GSS Total Enterprise Value Multiples $600 $650 $700 $750 $800 Metric 2021A $79 7.6x 8.2x 8.9x 9.5x 10.1x TEV / 2022E $87 6.9x 7.5x 8.1x 8.6x 9.2x Revenue 2023E $100 6.0x 6.5x 7.0x 7.5x 8.0x 2021A $49 12.1x 13.1x 14.2x 15.2x 16.2x TEV / GP 2022E $52 10.1x 11.0x 11.8x 12.7x 13.5x 2023E $60 7.6x 8.2x 8.9x 9.5x 10.2x Segment $31 19.4x 21.0x 22.6x 24.2x 25.8x 2021A Adjusted $29 20.4x 22.1x 23.8x 25.5x 27.2x Segment $33 15.8x 17.1x 18.4x 19.7x 21.1x TEV / 2022E EBITDA Adjusted $31 19.2x 20.8x 22.4x 24.1x 25.7x Segment $38 12.0x 13.0x 14.0x 15.0x 16.0x 2023E Adjusted $36 16.7x 18.1x 19.5x 20.9x 22.3x 2021A $29 21.0x 22.7x 24.5x 26.2x 28.0x (1) TEV / uFCF 2022E $35 17.2x 18.7x 20.1x 21.6x 23.0x 2023E $46 13.1x 14.2x 15.3x 16.4x 17.5x Source: Sponsor Thesis Presentation, DB Investment Banking estimates Deutsche Bank 29 1) Represents Adj. EBITDA less Capex DRAFT Investment Bank 81nidZpGqzkSDMpD


Although Broadly Lower, SW Valuations Remain Above 5-Year Lows GSS 5Y Trading Ranges Mid-Growth Software (HC) Mid-Growth Software (Non-HC) High-Growth Software (Exit Only) Overall Average Current TEV / NTM Revenue TEV / NTM FCF 15.0x 80.0x 62.1x 11.3x 60.0x 10.0x 50.5x 10.0x 44.5x 7.4x 7.8x 40.0x 34.9x 35.3x 6.4x 32.7x 5.9x 6.1x 30.7x 36.8x 32.3x 5.5x 25.8x 4.7x 4.5x 5.8x 5.8x 27.6x 5.0x 28.4x 22.9x 25.4x 4.2x 4.3x 4.8x 4.4x 20.1x 18.7x 4.7x 3.9x 20.0x 15.0x 3.9x 20.5x 3.4x 4.0x 3.4x 19.2x 3.6x 17.6x 18.3x 2.9x 14.9x 12.0x 11.8x 0.0x 0.0x Mid-Growth Software Mid-Growth Software High-Growth Software Overall Mid-Growth Software Mid-Growth Software High-Growth Software Overall (Healthcare) (Non-HC) (For Exit Only) (Healthcare) (Non-HC) (For Exit Only) TEV / NTM E TEV / NTM Revenue / Growth 57.9x 60.0x 2.00 1.58 43.6x 1.50 1.24 40.0x 38.2x 1.17 29.3x 0.99 33.0x 1.00 0.90 29.4x 24.6x 24.4x 23.0x 21.6x 0.68 0.71 19.2x 0.74 23.7x 20.0x 21.8x 17.2x 16.0x 17.2x 0.49 0.57 0.58 0.63 0.56 15.5x 0.54 0.50 15.3x 13.5x 15.8x 14.4x 0.41 11.6x 0.43 12.5x 0.39 0.45 11.4x 0.35 0.34 0.27 0.30 0.23 0.18 0.0x 0.00 Mid-Growth Software Mid-Growth Software High-Growth Software Overall Mid-Growth Software Mid-Growth Software High-Growth Software Overall (Healthcare) (Non-HC) (For Exit Only) (Healthcare) (Non-HC) (For Exit Only) Note: Market data from 04/26/2017 – 04/26/2022; excludes multiples >100.0x or <0.0x Deutsche Bank 30 Source: FactSet DRAFT Investment Bank 81nidZpGqzkSDMpD


Although Broadly Lower, SW Valuations Remain Above 5-Year Lows GSS 5Y Trading Ranges (Second Twelve Months) Mid-Growth Software (HC) Mid-Growth Software (Non-HC) High-Growth Software (Exit Only) Overall Average Current TEV / STM Revenue TEV / STM FCF 15.0x 80.0x 60.0x 9.6x 10.0x 49.7x 8.5x 40.9x 40.0x 6.6x 36.8x 31.4x 6.7x 5.7x 30.3x 5.4x 26.9x 33.3x 5.4x 25.8x 24.3x 5.0x 4.2x 4.9x 4.4x 24.0x 5.0x 23.2x 21.1x 3.9x 4.0x 4.6x 20.0x 4.2x 23.2x 4.1x 3.6x 3.6x 13.8x 21.6x 3.7x 3.5x 17.9x 17.8x 2.7x 3.1x 16.5x 3.3x 16.5x 16.4x 2.7x 13.6x 10.5x 10.5x 0.0x 0.0x Mid-Growth Software Mid-Growth Software High-Growth Software Overall Mid-Growth Software Mid-Growth Software High-Growth Software Overall (Healthcare) (Non-HC) (For Exit Only) (Healthcare) (Non-HC) (For Exit Only) 16.1x TEV / STM E TEV / STM Revenue / Growth 0 0.5 1 1.5 2 2.5 3 3.5 4 60.0x 1.50 1.23 44.4x 36.8x 40.0x 1.00 0.88 0.84 0.77 0.70 30.8x 29.6x 24.9x 0.61 0.66 21.9x 0.56 23.8x 0.62 21.4x 0.58 0.55 18.8x 17.6x 20.0x 0.50 0.57 19.8x 0.38 14.5x 20.5x 0.52 17.1x 0.44 18.4x 0.48 15.9x 13.8x 15.5x 0.36 0.32 0.38 11.7x 14.3x 0.47 12.8x 10.1x 11.7x 0.28 10.1x 0.21 0.25 0.16 0.0x 0.00 Mid-Growth Software Mid-Growth Software High-Growth Software Overall Mid-Growth Software Mid-Growth Software High-Growth Software Overall (Healthcare) (Non-HC) (For Exit Only) (Healthcare) (Non-HC) (For Exit Only) Note: Market data from 04/26/2017 – 04/26/2022; excludes multiples >100.0x or <0.0x Deutsche Bank 31 Source: FactSet DRAFT Investment Bank 81nidZpGqzkSDMpD


Illustrative Valuation Analysis for an IPO Exit in Mid-2025 Multiple Metric Method Parameter Ratio / Multiple Metric Implied TEV Year Year ($ in millions) $900 $1,200 $1,500 $1,800 $2,100 Revenue 5.0x - 6.0x $187 $935 $1,121 EV/R/G 0.55 - 0.60 10% $1,028 $1,121 EBITDA 20.0x - 25.0x $67 $1,344 $1,680 uFCF 25.0x - 30.0x $57 $1,432 $1,719 Revenue 4.5x - 5.5x $210 $946 $1,156 EV/R/G 0.52 – 0.57 10% $1,093 $1,199 $1,323 $1,701 EBITDA 17.5x - 22.5x $76 $1,653 $2,021 uFCF 22.5x - 27.5x $73 Note: Valuation date as of 06/30/2022 Deutsche Bank 32 Source: Sponsor Thesis Presentation, DB Investment Banking estimates DRAFT Investment Bank Trading Comparables FY+2 FY+1 2026 2025 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section C Animal Health Distribution DRAFT 81nidZpGqzkSDMpD


CVET-Animal Health Distribution Financials ($ in millions) Actuals Company Projections DB Estimates (1) FYE, 12/31 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E CAGR Revenue $3,855 $3,993 $4,204 $4,465 $4,765 $5,064 $5,382 $5,720 6.4% $4,204M $727M 2022E Revenue 2022E Gross Profit % Growth - 3.6% 5.3% 6.2% 6.7% 6.3% 6.3% 6.3% Gross Profit $632 $664 $727 $791 $852 $906 $964 $1,025 7.1% % Growth - 5.1% 9.6% 8.8% 7.7% 6.4% 6.3% 6.3% % Margin 16.4% 16.6% 17.3% 17.7% 17.9% 17.9% 17.9% 17.9% Segment ~17% $235 $261 $300 $341 $388 $437 $492 $551 12.9% ~5% EBITDA 2022E Gross Profit (2) 2022E Adj. EBITDA - 11.1% 14.9% 13.7% 13.7% 12.8% 12.4% 12.1% % Growth Margin 6.1% 6.5% 7.1% 7.6% 8.1% 8.6% 9.1% 9.6% % Margin (2) Adj. EBITDA $181 $179 $207 $242 $282 $325 $372 $424 15.5% - (0.6%) 15.1% 17.0% 16.6% 15.3% 14.6% 14.0% % Growth 4.7% 4.5% 4.9% 5.4% 5.9% 6.4% 6.9% 7.4% % Margin $207M $142M (2) (3) (3) 2022E Adj. EBITDA 2022E uFCF uFCF $130 $133 $142 $170 $202 $246 $288 $335 18.7% % Margin 3.4% 3.3% 3.4% 3.8% 4.2% 4.9% 5.4% 5.9% Source: Sponsor Thesis Presentation, DB Investment Banking estimates Deutsche Bank 33 Note: Revenue, GP and Segment EBITDA through 2025E from Sponsor Thesis Presentation and Project Padlock – Financials_2022.02 file; margins held constant from DRAFT Investment Bank 2026E onwards – data includes SmartPak and all other segments of the business outside of GPM and GSS 1) CAGRs represent 2022-2027E growth 2) Represents segment EBITDA less corporates costs allocated as per revenue contribution from segment 3) uFCF defined as Adj. EBITDA less Capex. Company projections for the Capex for North America - GTS segment allocated to GPM based as per segment revenue contribution 81nidZpGqzkSDMpD


Select Precedents to Consider Broad base of healthcare distribution deals presents a few standout, key precedents for deeper consideration ($ in millions) Date Target Buyer TEV LTM E Margin R Growth (Hist) R Growth (Proj) EV / Revenue EV / EBITDA 1.0x 12.4x Oct-12 PSS World Medical, Inc. McKesson $2,100 8.0% 1.1% 8.1% 1.8x 14.8x Feb-13 AssuraMed Cardinal Health $2,070 12.5% NA NA (1) 0.3x May-14 Celesio McKesson $7,689 2.5% (6.0%) (6.7%) 10.7x 0.8x 18.6x Jan-15 MWI Veterinary Supply AmerisourceBergen $2,523 4.4% 18.3% 8.4% 0.7x 16.2x May-15 Animal Health Intl. Patterson Medical $1,100 4.5% NA NA 2.5x NA Jul-15 Harvard Drug Group Cardinal Health $1,115 NA NA NA 1.5x 11.2x Jul-15 Patterson Medical MDP $715 13.7% NA 1.7% 7.2x 20.0x Oct-15 PharMEDium Healthcare AmerisourceBergen $2,700 36.1% NA NA 4.3x 11.1x May-16 Performance Health Patterson Medical $725 38.7% NA NA 0.8x Aug-17 Byram Healthcare Owens & Minor $380 7.9% NA NA 10.4x 2.1x 12.1x Nov-17 RxCrossroads McKesson $725 17.8% 0.1% 13.3% (2) 0.8x 14.6x Feb-19 Henry Schein Animal Health Covetrus $3,100 5.4% 5.4% 7.3% (3) 1.9x 10.9x 12.1x Jan-20 Solara adapthealth $425 15.5% 27.0% 24.0% (3) 3.1x 23.8x Jan-21 AeroCare adapthealth $2,026 13.0% ~ 8.0% NA 11.4x 0.3x 12.0x Jan-21 Alliance Healthcare AmerisourceBergen $6,500 2.8% (6.5%) NA 1.9x 14.2x Jun-21 Medline Blackstone, Carlyle, H&F $34,000 13.3% 15.2% 8.1% (3) 1.2x 10.6x 10.6x Jan-22 Apria Owens & Minor $1,450 11.4% 4.0% 4.9% Animal 0.8x Animal 16.2x Animal Health Distribution Other H/C 1.9x Other H/C 11.4x Other Healthcare Distribution Bridge to EV / EBITDA - CapEx Overall 1.5x Overall 12.1x Source: Public filings, Wall Street research, and DB Investment Banking estimates Deutsche Bank 34 1) TEV converted from EUR to USD as of transaction date DRAFT Investment Bank 2) Includes $1.12mm special dividend 3) TEV/EBITDA multiples reflect EBITDA less CapEx Median 81nidZpGqzkSDMpD


Qualifying Key Precedents These businesses are particularly relevant to the Distribution segment, and indicative of how the market perceives value TEV / Rev. TEV / E Key Attributes (At Time of Transaction) Precedent Market High Quality M&A Strategic LTM NTM LTM NTM Major Similarities Major Distinctions (Target) Leadership Management Roadmap Buyers ▪ Focus on distribution ▪ National focus 0.8x 0.7x 18.6x 15.6x▪ Animal health ▪ Agency relationships with suppliers ▪ E-commerce segment ▪ Significant presence in production ▪ Focus on distribution animal health, and in equine 0.7x NA 16.2x NA ▪ Animal health ▪ National focus and Canada ▪ B2C channel ▪ Distribution focus on healthcare 14.8x NA 1.8x NA products ▪ Human health focused ▪ Less integrated ▪ Proprietary products strategy less 0.8x 0.7x 14.6x 13.7x▪ Prior transaction for this asset developed ▪ Included GSS (although under- invested / slower growth at the time) ▪ Human health focused ▪ Distribution focus on healthcare ▪ Broad end markets ranging from products physician offices to acute care and 1.9x 1.7x 14.2x 14.2x ▪ Multi-national footprint retail ▪ B2B model▪ Significant (55%) revenue contribution from branded products ▪ Focus on human health, particularly the alternate site healthcare provider ▪ Distribution focus on healthcare 12.4x 11.7x 1.0x 0.9x market products ▪ U.S. focused Median: 0.9x 0.8x 14.7x 14.0x Source: Public filings, Wall Street research, and DB Investment Banking estimates Deutsche Bank 35 DRAFT Investment Bank 81nidZpGqzkSDMpD


Quantifying Key Precedents 2-Year Historical Revenue Growth CAGR LTM EBITDA Margin 18.3% 13.3% 12.5% 15.2% 8.0% 6.5% 5.4% 4.5% 4.4% 5.4% 4.6% 1.1% NA NA MWI Medline Henry CVET-Dist PSS Animal AssuraMed Medline AssuraMed PSS CVET-Dist Henry Animal MWI Schein Health Intl. Schein Health Intl. 2-Year Projected Revenue Growth CAGR 2-Year Projected EBITDA Growth CAGR 8.4% 14.1% 8.1% 8.1% 7.3% 12.5% 9.9% 5.7% 9.8% 6.1% NA NA NA NA MWI PSS Medline Henry CVET-Dist Animal AssuraMed CVET-Dist MWI Henry PSS Medline Animal AssuraMed Schein Health Intl. Schein Health Intl. Source: Public filings, Wall Street research, and Sponsor Thesis Presentation for CVET Deutsche Bank 36 DRAFT Investment Bank 81nidZpGqzkSDMpD


Perspectives on Public Comparables for CVET Distribution Distribution (Specialty) Distribution (Drug) Animal Health Suppliers ▪ Higher growth and margin specialty ▪ Global supply chain leaders, with a core ▪ Relevant companies that benefit from distributors with leading position across focus on pharmaceutical distribution similar end markets specific end markets ▪ Increasingly diversifying into higher growth ▪ Success of distributors tied to growth of ▪ More supply focused vs. pharmaceutical / margin segments (animal health, home suppliers care, services) ▪ Likely to serve as valuation reference-▪ Margin profile difference given product vs. points for Wall Street analysts and ▪ Relevant reference, however, Rx business distribution mix investors alike vis-à-vis similar value reduces margin profile; recent/near term propositions and business models idiosyncratic impact from opioid issues TEV / EBITDA TEV / EBITDA TEV / EBITDA 2021E 2022E 2023E 2021E 2022E 2023E 2021E 2022E 2023E 11.2x 10.4x 9.5x 9.8x 9.5x 9.2x 26.8x 24.1x 21.4x ’21E – ’23E CAGR 2021E ’21E – ’23E CAGR 2021E ’21E – ’23E CAGR 2021E Revenue EBITDA EBITDA Margin Revenue EBITDA EBITDA Margin Revenue EBITDA EBITDA Margin 3.8% 8.0% 6.6% 3.8% 3.9% 1.6% 7.0% 11.9% 32.6% Note: Market data as of 04/26/2022; excludes multiples <0.0x and > 100.0x; valuation medians exclude Medline Deutsche Bank 37 Source: Company information, FactSet DRAFT Investment Bank Valuation Metrics (Average) Comps 81nidZpGqzkSDMpD


Comparable Benchmarking – Operational Metrics 2021E-2023E Revenue Growth 2021E-2023E EBITDA Growth Median Median 10.8% Distribution (Specialty) 3.6% Distribution (Specialty) 5.9% 5.1% 5.5% Distribution (Drug) Distribution (Drug) 14.1% Animal Health Suppliers 8.5% Animal Health Suppliers 12.6% 8.5% 12.9% 12.7% 12.6% Overall 4.8% Overall 6.7% 10.3% 5.7% 5.6% 5.1% 4.8% 6.7% 5.9% 3.6% 5.5% 5.4% 3.1% 1.8% 0.5% (0.6%) (2) 2021E EBITDA Margin 2021E FCF Margin Median Median Distribution (Specialty) 6.6% Distribution (Specialty) 6.2% 1.5% 1.3% Distribution (Drug) Distribution (Drug) 42.9% Animal Health Suppliers 32.9% Animal Health Suppliers 29.1% 37.8% Overall 6.6% Overall 6.2% 32.9% 29.1% 22.2% 19.7% 8.7% 8.1% 6.6% 6.5% 6.2% 6.0% 4.5% 3.9% 2.0% 1.8% 1.5% 1.4% 1.3% 1.2% Source: Company filings, FactSet, Wall Street research Deutsche Bank 38 Distribution (Specialty) Note: Market data as of 04/26/2022, Covetrus excluded from overall medians DRAFT Investment Bank Metrics less than 0.0% considered not meaningful Distribution (Drug) 1) CVET-Dist. figures reflect WholeCo - GTS 2) FCF defined as EBITDA less capex Animal Health Suppliers 81nidZpGqzkSDMpD


Public Market Benchmarking – Valuation Metrics EV / 2022E Revenue EV / 2022E EBITDA Median Median Distribution (Specialty) 0.6x Distribution (Specialty) 11.4x 0.2x 10.2x Distribution (Drug) Distribution (Drug) 33.3x Animal Health Suppliers 10.3x Animal Health Suppliers 23.7x 11.2x Overall 0.6x Overall 11.4x 10.3x 23.7x 3.7x 1.1x 15.4x 12.3x 11.4x 10.8x 10.2x 0.6x 7.6x 0.5x 7.4x 0.2x 0.2x 0.1x (1) EV / 2022E FCF Price / 2022E Earnings Median Median Distribution (Specialty) 13.1x Distribution (Specialty) 14.5x 39.2x 48.2x 11.7x 13.6x Distribution (Drug) Distribution (Drug) 27.4x Animal Health Suppliers 27.4x Animal Health Suppliers 34.2x 34.2x Overall 13.1x Overall 14.5x 21.0x 17.9x 17.6x 14.5x 14.4x 13.6x 13.4x 13.1x 12.1x 11.7x 11.0x 10.9x 9.0x 8.3x Source: Company filings, FactSet, Wall Street research Deutsche Bank 39 Distribution (Specialty) Note: Market data as of 04/26/2022; CVET excluded from overall medians DRAFT Investment Bank multiples less than 0.0x or greater than 75.0x considered not meaningful Distribution (Drug) 1) FCF defined as EBITDA less capex Animal Health Suppliers 81nidZpGqzkSDMpD


Preliminary CVET-Dist M&A Valuation Could Support a TEV of $2,500-$3,000 Multiple Metric Method Parameter Ratio / Multiple Metric Implied TEV Year Year ($ in millions) $1,000 $2,000 $3,000 $4,000 (1) (1) $2,550 $2,877 LBO Management Case Required MOIC: 2.5x – 3.0x; LTM E Exit Multiple: 13.0x $2,995 $3,394 TEV / Revenue 0.75x 0.85x $3,993 – LTM 2021 TEV / EBITDA 12.0x – 15.0x $179 $2,154 $2,692 Transaction Comparables TEV / Revenue 0.65x – 0.75x $4,204 $2,733 $3,153 NTM 2022 TEV / EBITDA 11.0x 14.0x $207 – $2,273 $2,893 TEV / Revenue 0.5x – 0.6x $4,204 $2,102 $2,522 Trading 2022 2022 $2,066 $2,479 Comparables TEV / EBITDA 10.0x – 12.0x $207 $1,706 $1,920 TEV / uFCF 12.0x – 13.5x $142 Note: Valuation date as of 06/30/2022 Deutsche Bank 40 Source: Management projections DRAFT Investment Bank 1) LBO assumes a 5-year hold, 6.5x max leverage, Financing EBITDA based on LTM 06/30/2022 Adj. EBITDA of $193 81nidZpGqzkSDMpD


Preliminary LBO Math Suggests CVET-Dist. is a $2,500-$2,750 Business ($ in millions) LBO Assumptions LBO Valuation Analysis LTM EBITDA Multiple 12.0x 13.0x 14.0x ▪ Assumes transaction date of 06/30/2022E LTM EBITDA (06/30/2022E) $193 $193 $193 ▪ Purchase price of ~$2,510 at 13.0x LTM 06/30/2022E EBITDA of ~$193 Implied Transaction Value $2,317 $2,510 $2,703 ▪ Assumes five-year hold with exit multiple of 13.0x on LTM 06/30/2027E EBITDA of ~$398 Plus: Financing & Transaction Fees $81 $81 $81 ▪ Debt financing assumed based on 6.5x LTM 06/30/2022E EBITDA of ~$193 Less: Transaction Net Debt ($1,255) ($1,255) ($1,255) ▪ Implied max leverage of 6.5x; First Lien Term Loan of 5.0x at S+425 @ 98.0 OID Implied Sponsor Equity Contribution $1,142 $1,335 $1,528 (50bps floor); Second Lien Term Loan of 1.5x at S+775 @ 98.0 OID (50bps floor) Illustrative LTM EBITDA Exit Multiple 13.0x 13.0x 13.0x Illustrative Enterprise Value at Exit $5,176 $5,176 $5,176 (1) Illustrative Sources & Uses Less: Net Debt ($1,002) ($1,002) ($1,002) Sources $ Amt. x Fin. E Uses $ Amt. Implied Sponsor Equity Value $4,174 $4,174 $4,174 New Term Loans $1,255 6.5x Purchase TEV $2,510 Sponsor Equity $1,335 6.9x Fees & Expenses $81 Implied IRR 29.6% 25.6% 22.3% Implied MOIC 3.7x 3.1x 2.7x Total $2,590 13.4x Total $2,590 Sensitivity IRR on Entry & Exit Multiple Sensitivity TEV on Exit Multiple and Target IRR Sensitivity IRR on Revenue CAGR & Margin Implied TEV Implied IRR Implied IRRs (2) LTM EBITDA Entry Multiple LTM EBITDA Exit Multiple 5-Yr Revenue CAGR 12.0x 13.0x 14.0x 12.0x 13.0x 14.0x 9.0% 10.0% 11.0% 12.0x 27.0% 23.1% 19.8% 20.6% $2,654 $2,810 $2,966 5.0% 12.9% 13.3% 13.7% 13.0x 29.6% 25.6% 22.2% 25.6% $2,382 $2,510 $2,637 7.0% 25.1% 25.6% 25.9% 14.0x 32.0% 27.9% 24.5% 30.6% $2,168 $2,273 $2,378 9.0% 36.4% 36.8% 37.2% Note: Assumes 1% mandatory amortization for New Term Loan; Financials through 2025E from Sponsor Thesis Presentation and Project Deutsche Bank 41 Padlock – Financials_2022.02 file; 2026E onwards based on DB Investment Banking estimates DRAFT Investment Bank Source: Company model, projections starting in 2023E based on DB Investment Banking estimates 1) LBO assumes a 5-year hold, 6.5x max leverage, Financing EBITDA based on LTM 06/30/2022 Adj. EBITDA of $193 and blended New Term Loan Financing Fees at 2.40%; 2.00% OID and M&A Fees at 1% of purchase price 2) Revenue CAGR from 2023E through projection period LTM EBITDA Exit Multiple Target IRR Exit Year Margin 81nidZpGqzkSDMpD


Analysis at Various Prices Matrix ($ in millions) Implied CVET-Dist Total Enterprise Value Multiples $2,000 $2,125 $2,250 $2,375 $2,500 $2,625 $2,750 $2,875 $3,000 Metric 2021A $3,993 0.5x 0.5x 0.6x 0.6x 0.6x 0.7x 0.7x 0.7x 0.8x TEV / 2022E $4,204 0.5x 0.5x 0.5x 0.6x 0.6x 0.6x 0.7x 0.7x 0.7x Revenue 2023E $4,465 0.4x 0.5x 0.5x 0.5x 0.6x 0.6x 0.6x 0.6x 0.7x Segment $261 7.7x 8.1x 8.6x 9.1x 9.6x 10.1x 10.5x 11.0x 11.5x 2021A Adjusted $179 11.1x 11.8x 12.5x 13.2x 13.9x 14.6x 15.3x 16.0x 16.7x Segment $300 6.7x 7.1x 7.5x 7.9x 8.3x 8.7x 9.2x 9.6x 10.0x TEV / 2022E EBITDA Adjusted $207 9.7x 10.3x 10.9x 11.5x 12.1x 12.7x 13.3x 13.9x 14.5x Segment $341 5.9x 6.2x 6.6x 7.0x 7.3x 7.7x 8.1x 8.4x 8.8x 2023E Adjusted $242 8.3x 8.8x 9.3x 9.8x 10.3x 10.9x 11.4x 11.9x 12.4x 2021A $133 15.1x 16.0x 16.9x 17.9x 18.8x 19.8x 20.7x 21.7x 22.6x TEV / 2022E $142 14.1x 14.9x 15.8x 16.7x 17.6x 18.5x 19.3x 20.2x 21.1x uFCF 2023E $170 11.8x 12.5x 13.3x 14.0x 14.7x 15.5x 16.2x 16.9x 17.7x Source: Sponsor Thesis Presentation, DB Investment Banking estimates Deutsche Bank 42 1) Represents Adj. EBITDA less Capex DRAFT Investment Bank 81nidZpGqzkSDMpD


Five Year Perspective on Key Multiples and Ratios for Animal Health Distribution Comparables TEV / NTM Revenue (5Y Trading Ranges) TEV / NTM E (5Y Trading Ranges) 1.0x 15.0x 0.8x 12.7x 12.7x 11.5x 0.8x 0.8x 11.5x 10.6x 10.3x 0.7x 10.3x 10.3x 10.0x 9.3x 0.6x 9.1x 0.6x 9.7x 8.2x 0.5x 0.6x 8.7x 7.9x 8.3x 0.5x 7.6x 7.5x 0.4x 0.5x 0.4x 6.7x 0.4x 5.0x 0.4x 0.2x 0.3x 0.2x 0.2x 0.2x 0.1x 0.1x 0.1x 0.0x 0.0x Distribution (Specialty) Distribution (Drug) Overall Distribution (Specialty) Distribution (Drug) Overall TEV / NTM FCF (5Y Trading Ranges) TEV / NTM PE (5Y Trading Ranges) 25.0x 25.0x 22.7x 20.3x 19.6x 20.0x 20.0x 18.4x 17.5x 16.5x 17.1x 15.4x 15.3x 14.7x 15.0x 15.0x 14.7x 14.6x 13.2x 15.4x 14.2x 13.2x 12.1x 11.7x 13.7x 12.8x 12.7x 13.2x 11.2x 13.1x 13.6x 13.0x 11.4x 10.9x 11.7x 11.9x 10.0x 10.0x 11.5x 10.5x 10.0x 10.1x 9.5x 8.7x 5.0x 5.0x 0.0x 0.0x Distribution (Specialty) Distribution (Drug) Overall Distribution (Specialty) Distribution (Drug) Overall Source: FactSet Deutsche Bank Distribution (Specialty) Max / Min 43 Note: Market data from 04/26/2017 – 04/26/2022 DRAFT Investment Bank Distribution (Drug) Average Animal Health Suppliers Current 81nidZpGqzkSDMpD


Illustrative Valuation Analysis for an IPO Exit in Mid-2024 Multiple Metric Method Parameter Ratio / Multiple Metric Implied TEV Year Year ($ in millions) $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 Revenue 0.60x – 0.70x $4,765 $2,859 $3,336 EBITDA 11.0x – 13.0x $282 $3,100 $3,664 Revenue 0.50x – 0.60x $5,064 $2,532 $3,039 $3,249 $3,898 EBITDA 10.0x – 12.0x $325 Note: Valuation date as of 06/30/2022E Deutsche Bank 44 Source: Sponsor Thesis Presentation, DB Investment Banking estimates DRAFT Investment Bank Trading Comparables 2023 2022 2025 2024 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section 3 Exit Considerations DRAFT 81nidZpGqzkSDMpD


Handicapping Exit Plans for Segments Different exit strategies provide for varying valuation levels for each of the company’s unique segments Factors Sale to Strategic IPO Sale to Sponsor Distribution 30% 20% 50% GPM 25% 45% 30% GSS 25% 10% 65% ▪ Leveraged returns and access to capital ▪ Growth will need to exceed 15-20% to continue to fuel appetite for assets ▪ Strategics are erratic and typically unable reach terminal velocity w/r/t multiple (up to to compete on auction timelines ▪ PE is the most consistent, reliable buyer $200M EBITDA) for any asset with normal margins and ▪ Requires 6-12 months of advanced Rationale ▪ 10-15% growth is still sufficient for a meaningful cash flow planning and partnerships to de-risk successful IPO, especially for EBITDA buying (try before you buy) and top-of-the- ▪ Generally, historical, can compete within levels >$250M, but doesn’t garner quite house engagement / buy-in 20-25% of IPO value and beats publicly- the premium to M&A options traded strategics 9 times out of 10 Distribution 13-15x E 11-13x E 12-14x E GPM 4-5x Rev. / 10-12x GP 6-8x Rev. / 14-18x GP 4-5x Rev. / 10-12x GP GSS 18-20x E / 20-22x FCF 16-18x E / 18-20x FCF 18-20x E / 20-22x FCF Deutsche Bank 45 * Market trends suggest 10% upside 2-3 years out DRAFT Investment Bank Exit (5YA) Weight 81nidZpGqzkSDMpD


Preliminary Perspectives on Best Strategic Buyers Beta Buyers Alpha Buyers ▪ The buyer universe for the combined business is very limited ▪ Separating the two segments will likely expand the number of alpha buyers ▪ Focused M&A roadmap for the separated businesses Unlikely Buyers Gamma Buyers to generate greater buyer interest Ability-to-Pay Deutsche Bank 46 Distribution GPM GSS All DRAFT Investment Bank Interest 81nidZpGqzkSDMpD


Double-Clicking on Future Alpha Buyers ($ in billions) Market Cap / Buyer Ownership TEV Cash & Cash Equiv. 2022 Revenue 2022 EBITDA Recent Acquisitions ▪ BluDiagnostics (Jul-20) $1,457 $1,411 $96 $539 $81▪ Health Navigator (Oct-19) ▪ PillPack (Sep-18) ▪ Palette Health (May-18) Bain, H&F NA NA $2.2 $1,063▪ Praxify Technologies (Jun-17) ▪ PatientPop (May-16) ▪ Medtronic - Medical Supplies Business (Jul-17) $17 $19 $3.2 $181 $2.6 ▪ The Harvard Drug Group (Jul-15) ▪ Metro Medical Supply (Apr-15) $14 $13 $0.6 $10.2 $0.1▪ NA $3.5 $3.2 $0.3 $0.3 NM▪ NA ▪ Timely Limited (May-21) $2.6 $3.1 $0.1 $0.6 $0.1▪ Briostack (Jan-21) ▪ Updox (Dec-20) Note: Market data as of 04/26/2022 and financial data as of the most recent reported period Deutsche Bank 47 Source: Company data, FactSet, Wall Street research DRAFT Investment Bank 81nidZpGqzkSDMpD


Double-Clicking on Future Alpha Buyers (Cont’d) ($ in billions) Market Cap / Buyer Ownership TEV Cash & Cash Equiv. 2022 Revenue 2022 EBITDA Recent Acquisitions ▪ Figo Pet Insurance (Oct-21) Private NA NA NA NA▪ Independence Pet Group (May-21) ▪ National Veterinary Associates (Jun-19) ▪ Strategic Pharmaceutical Solutions (May-21) Private NA NA NA NA ▪ Davies Veterinary Specialists (Jan-19) ▪ PetCare (Sep-18) ▪ Medical Specialties Distributor (Jun-18) $49 $53 $2.7 $255 $4.9▪ RxCrossroads (Jan-18) ▪ BDI Pharma (Aug-17) ▪ Teleflex (Jun-21) Blackstone, Hellman & NA NA $20 $2.4▪ Medi-Select (Jan-20) Friedman, Carlyle ▪ Suture Express (Nov-19) EQT, H&F NA NA NA NA ▪ NA Note: Market data as of 04/26/2022 and financial data as of the most recent reported period Deutsche Bank 48 Source: Company data, FactSet, Wall Street research DRAFT Investment Bank 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section 4 M&A Roadmap DRAFT 81nidZpGqzkSDMpD


Summary of Preliminary M&A Roadmap GPM GSS Notes / Themes M&A History ▪ Veterinary Care Plans (2021) ▪ Actionable platforms with strong industrial logic, e.g., near ▪ AppointMaster (2021) competitors, to drive potential CATALYST ▪ SmartPak Equine (Vet Software) synergies and reduce effective (2019) purchase multiple ▪ Henry Schein’s animal health business (2018) ▪ Assets with incremental solutions to extend offerings to logical adjacencies (e.g. INCREMENTAL nutrition, DTC Rx; insurance, CAPABILITIES telehealth) ▪ Pivot potential through M&A, de- risk long-term growth story and broadening potential buyer universe TRANSFORMATIONAL ▪ Expand existing platform into DTC Deutsche Bank 49 DRAFT Investment Bank 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Appendix DRAFT 81nidZpGqzkSDMpD


Spreading the CVET-GPM Comps ($ in millions) LTM '22-'24 Growth LTM Multiples NTM Multiples 2021A Multiples 2022E Multiples 2023E Multiples Margins % of 52 TEV GM EM R E R GP E R GP E R GP E R GP E R GP E Wk High GDRX $6,269 33.1% 92% 27% 23% 30% 7.8x 8.5x 28.7x 6.4x 6.8x 20.8x 8.2x 9.0x 31.6x 6.8x 7.3x 22.6x 5.5x 5.9x 16.8x HIMS $750 30.3% 75% NM 22% NM 2.5x 3.4x NM 1.9x 2.6x NM 2.8x 3.7x NM 2.0x 2.7x NM 1.6x 2.2x NM TDOC $5,845 17.6% 68% 13% 23% 34% 2.7x 4.0x 20.4x 2.1x 3.1x 15.7x 2.9x 4.2x 21.8x 2.3x 3.3x 17.1x 1.8x 2.7x 12.7x TRHC $449 8.5% 30% 6% 11% 31% 1.3x 4.3x 21.8x 1.2x 3.8x 17.7x 1.4x 4.5x 22.9x 1.2x 3.9x 19.0x 1.1x 3.4x 14.7x Average 66% 15% 20% 31% 3.6x 5.0x 23.6x 2.9x 4.1x 18.1x 3.8x 5.3x 25.4x 3.1x 4.3x 19.5x 2.5x 3.5x 14.7x PETS $367 49.2% 29% 11% NA NA 1.3x 4.5x 11.7x 1.3x NA 11.6x 1.3x 4.5x 11.7x 1.3x 4.4x 11.7x 1.2x NA 11.4x CHWY $12,976 32.8% 27% 1% 14% NM 1.4x 5.4x NM 1.2x 4.6x NM 1.5x 5.6x NM 1.3x 4.8x NM 1.1x 4.1x NM BARK $386 24.9% 58% NM 32% NA 0.8x 1.3x NM 0.6x 1.0x NM 0.8x 1.4x NM 0.6x 1.1x NM 0.5x 0.8x NM ROVR $892 41.2% 76% 11% 38% 78% 7.1x 9.4x NM 4.6x 6.0x 35.8x 8.1x 10.7x NM 5.1x 6.8x NM 3.5x 4.6x 22.3x Average 47% 8% 28% 78% 2.6x 5.1x 11.7x 1.9x 3.9x 23.7x 2.9x 5.5x 11.7x 2.1x 4.3x 11.7x 1.6x 3.1x 16.8x ETSY $16,053 33.7% 72% 30% 20% 25% 6.6x 9.2x 21.9x 5.6x 7.8x 19.5x 6.9x 9.6x 22.4x 5.8x 8.3x 20.7x 4.9x 6.8x 16.6x FTCH $3,923 21.6% 45% 0% 24% NM 1.6x 3.6x NM 1.3x 2.9x NM 1.7x 3.9x NM 1.4x 3.1x NM 1.1x 2.4x 21.4x REAL $332 22.3% 59% NM 28% NM 0.6x 1.1x NM 0.5x 0.8x NM 0.7x 1.2x NM 0.5x 0.9x NM 0.4x 0.7x NM Average 59% 15% 24% 25% 3.0x 4.6x 21.9x 2.5x 3.8x 19.5x 3.1x 4.9x 22.4x 2.6x 4.1x 20.7x 2.1x 3.3x 19.0x Overall Average 57% 13% 23% 40% 3.1x 5.0x 20.9x 2.4x 3.9x 20.2x 3.3x 5.3x 22.1x 2.6x 4.2x 18.2x 2.1x 3.3x 16.5x Note: Market data as of 04/26/2022 Deutsche Bank 50 Source: Company information, FactSet DRAFT Investment Bank eCommerce eCommerce eCommerce (Pets) (Non-HC) (Healthcare) 81nidZpGqzkSDMpD


Spreading the CVET-GSS Comps ($ in millions) LTM '22-'24 Growth LTM Multiples NTM Multiples 2021A Multiples 2022E Multiples 2023E Multiples Margins % of 52 TEV GM EM R E R E FCF R E FCF R E FCF R E FCF R E FCF Wk High (1) MDRX $2,635 92.1% 51% 28% 7% 13% 4.7x 17.1x 20.1x 4.4x 15.3x 27.5x 4.8x 17.6x 18.2x 4.5x 15.8x 29.0x 4.2x 14.1x 23.8x CRW-GB $875 56.7% 72% 30% NA NA 5.0x 17.0x 26.0x 4.7x 16.0x 28.1x 5.1x 17.2x 25.2x 4.8x 16.4x 28.6x 4.4x 15.0x 26.4x HSTM $577 64.8% 65% 20% NA NA 2.2x 11.0x 11.7x 2.1x 10.8x 11.5x 2.2x 10.9x 11.7x 2.1x 11.0x 11.8x 2.0x 9.9x 10.6x NXGN $1,382 91.2% 51% 19% NA NA 2.3x 12.5x 13.7x 2.2x 12.2x 13.1x 2.4x 12.6x 13.9x 2.2x 12.3x 13.2x 2.2x 12.0x 12.9x Average 60% 24% 7% 13% 3.6x 14.4x 17.9x 3.4x 13.6x 20.1x 3.6x 14.6x 17.3x 3.4x 13.9x 20.7x 3.2x 12.8x 18.5x DBX $8,304 66.6% 80% 37% 7% 9% 3.8x 10.3x 10.6x 3.5x 9.8x 10.2x 3.8x 10.4x 10.7x 3.6x 10.0x 10.4x 3.3x 9.2x 9.6x MLNK $1,695 59.6% 69% 44% 12% 16% 6.2x 14.0x 14.1x 5.7x 14.3x 14.5x 6.3x 13.7x 13.8x 5.8x 14.8x 15.1x 5.3x 12.9x 13.1x SPNS $1,193 62.8% 44% 20% 8% 16% 2.5x 13.0x 13.6x 2.3x 11.9x 12.5x 2.6x 13.2x 13.8x 2.4x 12.4x 13.1x 2.2x 10.5x 11.0x (2) SSNC $22,767 79.4% 56% 39% 4% 6% 4.3x 11.0x 11.4x 4.2x 10.3x 10.9x 4.4x 11.2x 11.5x 4.2x 10.5x 11.1x 4.1x 9.8x 10.3x Average 62% 35% 8% 12% 4.2x 12.1x 12.4x 3.9x 11.6x 12.0x 4.3x 12.1x 12.5x 4.0x 11.9x 12.4x 3.7x 10.6x 11.0x MODN $972 61.4% 60% 13% NA NA 4.8x 37.0x 38.5x 4.3x 33.5x 34.8x 4.9x 37.5x 39.0x 4.4x 35.6x 37.1x 3.9x 28.5x 29.5x HCAT $764 31.3% 51% NM 20% NM 3.0x NM NM 2.5x NM NM 3.2x NM NM 2.6x NM NM 2.2x NM NM OMCL $6,480 60.3% 50% 20% 13% 26% 5.4x 27.6x 32.6x 4.5x 24.3x 31.1x 5.7x 28.2x 32.3x 4.6x 25.9x 33.6x 4.1x 20.5x 25.6x VEEV $26,762 52.9% 75% 41% 16% 18% 14.1x 34.2x 34.8x 12.0x 30.4x 30.9x 14.7x 35.1x 35.7x 12.5x 31.7x 32.2x 10.7x 27.1x 27.5x Average 59% 25% 16% 22% 6.8x 32.9x 35.3x 5.8x 29.4x 32.3x 7.1x 33.6x 35.7x 6.0x 31.1x 34.3x 5.2x 25.4x 27.5x Overall Average 60% 28% 11% 15% 4.9x 18.6x 20.6x 4.4x 17.2x 20.5x 5.0x 18.9x 20.5x 4.5x 17.9x 21.4x 4.0x 15.4x 18.2x Note: Market data as of 04/26/2022 Deutsche Bank 51 Source: Company information, FactSet DRAFT Investment Bank 1) Financials are PF adjusted for Divestiture of Hospital & Large Physician Practices announced on 03/03/2022 2) Financials are PF adjusted for Acquisition of Blue Prism plc completed on 03/16/2022 High Growth Mid-Growth Software Mid-Growth Software Software (Exit-only) (Non-HC) (HC) 81nidZpGqzkSDMpD


Spreading the Animal Health Distribution Comps ($ in millions) ‘21 Margins '21-’23 Growth 2022 Multiples 2022 Growth Adj. Multiples % of 52 TEV Week High E FCF R E R E FCF P/E R E FCF P/E HSIC $14,030 92.8% 8.7% 8.1% 4.8% 5.4% 1.1x 12.3x 13.1x 17.6x 0.08 0.54 0.58 0.31 (1) OMI $5,412 77.7% 6.6% 6.2% 3.1% 5.9% 0.5x 7.4x 8.3x 11.0x 0.07 0.59 0.66 0.35 PDCO $3,651 87.6% 4.5% 3.9% 3.6% 12.7% 0.6x 11.4x 13.4x 14.5x 0.09 2.15 2.54 0.27 Average 6.6% 6.1% 3.8% 8.0% 0.7x 10.4x 11.6x 14.4x 0.08 1.09 1.26 0.31 MCK $52,635 95.4% 2.0% 1.8% 0.5% (0.6%) 0.2x 10.8x 12.1x 13.6x 0.06 1.53 1.71 0.34 ABC $37,324 94.9% 1.5% 1.3% 5.1% 5.5% 0.2x 10.2x 11.7x 14.4x 0.03 1.46 1.68 0.40 CAH $19,539 94.9% 1.4% 1.2% 5.6% 6.7% 0.1x 7.6x 9.0x 10.9x 0.02 NM NM 0.84 Average 1.6% 1.4% 3.8% 3.9% 0.2x 9.5x 10.9x 13.0x 0.03 1.50 1.70 0.53 ZTS $86,927 71.6% 42.9% 37.8% 8.5% 10.3% 10.3x 23.7x 27.4x 34.2x 0.84 1.63 1.88 1.32 IDXX $39,741 64.5% 32.9% 29.1% 10.8% 12.9% 11.2x 33.3x 39.2x 48.2x 0.78 1.45 1.71 1.28 ELAN $17,822 69.4% 22.2% 19.7% 1.8% 12.6% 3.7x 15.4x 17.9x 21.0x 0.18 0.32 0.37 0.39 Average 32.6% 28.9% 7.0% 11.9% 8.4x 24.1x 28.2x 34.5x 0.60 1.13 1.32 1.00 Overall Average 13.6% 12.1% 4.9% 7.9% 3.1x 14.7x 16.9x 20.6x 0.24 1.21 1.39 0.61 Note: Market data as of 04/26/2022 Deutsche Bank 52 Source: Company information, FactSet DRAFT Investment Bank 1) Financials are PF adjusted for Acquisition of Apria completed on 03/29/2022 Animal Health Distribution Distribution Suppliers (Drug) (Specialty) 81nidZpGqzkSDMpD

EX-(c)(19)

Exhibit (c)(19) Deutsche Bank Investment Bank Discussion Materials May 2022 Deutsche Bank Securities Inc., a subsidiary of Deutsche Bank AG, conducts investment banking and securities activities in the United States DRAFT 81nidZpGqzkSDMpD


Important Disclosure Information “IMPORTANT: This presentation (the “Presentation”) has been prepared by Deutsche Bank’s investment banking department exclusively for the benefit and internal use of the recipient (the “Recipient”) to whom it is addressed. Neither Deutsche Bank AG New York Branch, Deutsche Bank Trust Company Americas (“DBTCA”) nor any of their banking affiliates is responsible for the obligations of Deutsche Bank Securities Inc. or any U.S. Broker-dealer affiliate. Unless specified otherwise, deposit products are provided by DBTCA, Member FDIC. The Recipient is not permitted to reproduce in whole or in part the information provided in this Presentation (the “Information”) or to communicate the Information to any third party without our prior written consent. No party may rely on this Presentation without our prior written consent. Deutsche Bank and its affiliates, officers, directors, employees and agents do not accept responsibility or liability for this Presentation or its contents (except to the extent that such liability cannot be excluded by law). This Presentation is (i) for discussion purposes only; and (ii) speaks only as of the date it is given, reflecting prevailing market conditions and the views expressed are subject to change based upon a number of factors, including market conditions and the Recipient's business and prospects. The Information, whether taken from public sources, received from the Recipient or elsewhere, has not been verified and Deutsche Bank has relied upon and assumed without independent verification, the accuracy and completeness of all information which may have been provided directly or indirectly by the Recipient. No representation or warranty is made as to the Information’s accuracy or completeness and Deutsche Bank assumes no obligation to update the Information. The Presentation is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Deutsche Bank. The analyses contained in the Presentation are not, and do not purport to be, appraisals of the assets, stock, or business of the Recipient. The Information does not take into account the effects of a possible transaction or transactions involving an actual or potential change of control, which may have significant valuation and other effects. The Presentation is not exhaustive and does not serve as legal, accounting, tax, investment or any other kind of advice. This Presentation is not intended to provide, and must not be taken as, the basis of any decision and should not be considered as a recommendation by Deutsche Bank. Recipient must make its own independent assessment and such investigations as it deems necessary. In preparing this presentation Deutsche Bank has acted as an independent contractor and nothing in this presentation is intended to create or shall be construed as creating a fiduciary or other relationship between the Recipient and Deutsche Bank.” Deutsche Bank DRAFT Investment Bank 81nidZpGqzkSDMpD


Contents Section 1 DB Thesis & Work Scope 2 Valuation Paradigm A Global Pharmacy Management (GPM) B Global Software Services (GSS) C Animal Health Distribution 3 Exit Considerations 4 M&A Roadmap Appendix Deutsche Bank DRAFT Investment Bank 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section 1 DB Thesis & Work Scope DRAFT 81nidZpGqzkSDMpD


Executive Summary ▪ Ostensibly, there are three distinct CVET divisions – Distribution, GPM and GSS – favoring not only a sum-of-the-parts analysis, but also some consideration to separating the businesses in order to pursue divergent M&A and exit strategies in order to maximize shareholder value in the future – GPM’s closest eCommerce & Marketplace precedents and comps have recently traded as high as 10x revenue (or more), but are now trending in the 1.5-2.5x revenue range (or, 3-5x gross profit and 16-18x EBITDA); given GPM growth and market position, the business would command a top-of-the-range multiple on a standalone basis – If GSS can deliver on its 2022 forecast – +20% growth and ~40% EBITDA margins – the business would be a “”blue moon” software asset and could command a multiple similar to recent deals such as GHX, TherapyBrands and WebPT, suggesting an approximate $1B TEV, otherwise reality is consistently more akin to 12-14x EBITDA ▪ However, consideration must be given to the impact of any separation on the remainco profile and exit alternatives – Distribution & GPM feels more closely linked than either is with GSS – GSS & GPM are the primary drivers of growth and margin; a separation of both would put greater emphasis on executing the proprietary brand strategy within distribution – We do believe there will be strategic interest in a standalone distribution platform given market leadership in an attractive, growthy segment – Execution risk is somewhat mitigated by an entry price that most closely aligns to distribution peers Source: Company data Deutsche Bank 1 DRAFT Investment Bank 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section 2 Valuation Paradigm DRAFT 81nidZpGqzkSDMpD


Stock Performance & Enterprise Stack CVET has experienced meaningful share price and multiple deterioration since its IPO Enterprise Stack Share Price Performance Last Three Years Share price (04/26/22) $14.54 Averages 30 Day 90 Day 180 Day 360 Day 52-Week High $30.75 $50.00 $16.26 $17.36 $18.58 $24.12 52-Week Low $14.54 $40.00 % of 52-week high 47.28% Shares Amount $30.00 Basic Shares Outstanding 138.1 $2,008 $20.00 Stock Options 0.0 $0 (65.4%) Restricted Stock 4.0 $58 $10.00 Fully Diluted Equity Value $2,067 $0.00 Plus: Debt 1,058 Feb-19 May-19 Aug-19 Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 Less: Cash (183) Plus: NCI 23 Averages Fully Diluted Enterprise Value $2,965 30 Day 90 Day 180 Day 360 Day 30.0x 11.4x 12.1x 12.4x 14.1x 25.0x Trading Statistics 20.0x (Per Consensus Estimates) TEV / 2022E Rev. 0.6x 15.0x TEV / 2023E Rev. 0.6x TEV / 2022E GP 3.2x 10.0x 10.7x TEV / 2023E GP 2.9x 5.0x TEV / 2022E E 10.8x 0.0x TEV / 2023E E 9.7x Feb-19 May-19 Aug-19 Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 Note: Market data as of 04/26/2022 Deutsche Bank 2 Source: FactSet, Company filings DRAFT Investment Bank 81nidZpGqzkSDMpD


Summary of Key Covetrus Valuation Factors by Segment Global Pharmacy Management Global Software Services Distribution ▪ Provides technology that enables vet practices ▪ Offers practice management software to ▪ One of three global leaders in the veterinary to run their own online pharmacy veterinary practices pharmacy and supply B2B distribution market Description ▪ Enables prescription ordering, fulfillment and ▪ Suite of solutions includes payment ▪ Offers both third party and, increasingly, analytics / intelligence processing and wellness plan administration proprietary products 2022E Revenue $612M $100M $4,204M LTM / NTM % Growth 24% / 22% 0% / 26% 5% / 6% 2022E Gross Profit $181M $59M $727M % Margin 30% 59% 17% $57M $38M $300M 2022E Segment EBITDA 9% 38% 8% % Margin $43M $36M $207M (1) 2022E Adjusted EBITDA 7% 36% 5% % Margin Key Precedents HCIT Key Comps Source: Sponsor thesis presentation for CVET Deutsche Bank 3 (1) Represents segment EBITDA less corporates costs allocated as per revenue contribution from segment DRAFT Investment Bank 81nidZpGqzkSDMpD


Public Market Perspectives Market performance of CVET vs public peers, re-based to CVET’s price per share $100.00 CVET GPM Peers $90.00 GSS Peers Distribution Peers 91.4% $80.00 $70.00 $60.00 23.2% $50.00 $40.00 $30.00 (50.0%) $20.00 (65.4%) $10.00 $0.00 Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Note: Market data as of 4/26/2022; GPM peers include: GDRX, HIMS, TDOC, TRHC, ETSY, FTCH, REAL, PETS, CHWY, BARK, ROVR; Deutsche Bank 4 GSS peers include: MDRX, CRW, HSTM, NXGN, DBX, MLNK, SPNS, SSNC, MODN, HCAT, OMCL, VEEV; Distribution peers includes: DRAFT Investment Bank IDXX, PAHC, ELAN, ZTS, ABC, PDCO, AHCO, OMI, MCK, CAH, HSIC Source: FactSet 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section A Global Pharmacy Management (GPM) DRAFT 81nidZpGqzkSDMpD


CVET-GPM Financials ($ in millions) Actuals Company Projections DB Estimates (1) FYE, 12/31 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E CAGR Revenue $405 $503 $612 $733 $852 $982 $1,104 $1,215 14.7% $612M $181M % Growth - 24.0% 21.8% 19.8% 16.2% 15.2% 12.5% 10.0% 2022E Revenue 2022E Gross Profit Gross Profit $117 $145 $181 $219 $255 $300 $337 $371 15.4% % Growth - 24.1% 25.2% 20.6% 16.4% 17.8% 12.5% 10.0% % Margin 28.8% 28.8% 29.6% 29.8% 29.9% 30.5% 30.5% 30.5% Segment EBITDA $23 $45 $57 $68 $79 $91 $103 $113 14.7% ~30% ~7% (2) 2022E Gross Profit Margin 2022E Adj. EBITDA - 95.7% 26.7% 19.8% 16.2% 15.2% 12.5% 10.0% % Growth 5.7% 9.0% 9.3% 9.3% 9.3% 9.3% 9.3% 9.3% % Margin (2) Adj. EBITDA $17 $35 $43 $52 $60 $70 $78 $86 14.7% - 105.9% 24.9% 19.8% 16.2% 15.2% 12.5% 10.0% % Growth 4.3% 6.9% 7.1% 7.1% 7.1% 7.1% 7.1% 7.1% % Margin $43M $37M (3) (2) (3) uFCF ($5) $13 $37 $45 $52 $60 $67 $74 14.7% 2022E Adj. EBITDA 2022E uFCF % Margin (1.3%) 2.6% 6.1% 6.1% 6.1% 6.1% 6.1% 6.1% Source: Sponsor Thesis Presentation, DB Investment Banking estimates Deutsche Bank 5 Note: Revenue, GP and Segment EBITDA through 2025E from Sponsor Thesis Presentation and Project Padlock – Financials_2022.02 file; margins held constant from DRAFT Investment Bank 2026E onwards 1) CAGRs represent 2022-2027E growth 2) Represents segment EBITDA less corporates costs allocated as per revenue contribution from segment 3) uFCF defined as Adj. EBITDA less Capex. Capex projected as 1.0% of revenue 81nidZpGqzkSDMpD


Select Precedents to Consider Broad base of software and some marketplace precedents presents a few standout, key precedents for deeper consideration ($ in millions) Date Target Buyer TEV LTM R LTM GP LTM E R Growth EV / NTM Revenue EV / NTM EBITDA May-17 GHX Temasek $1,800 8.2x 11.1x 19.4x 5% 7.8x 18.1x Aug-18 GoodRx Silver Lake $2,800 13.8x 14.0x 29.3x 57% 8.8x 19.4x Jul-19 Convey Health TPG Capital $750 3.7x 6.6x 16.3x 22% 3.0x 12.9x Aug-19 GoHealth Centerbridge $1,500 3.9x 5.8x 14.6x 89% 2.1x 7.0x Jul-20 Wellsky LGP / TPG $3,025 8.3x 11.2x 22.6x 13% 7.4x 19.3x 6.0x 28.6x Nov-20 Quantum Health Warburg Pincus $1,200 7.5x N/A 42.9x 25% 3.9x 12.8x Jan-21 Change Healthcare OptumInsight / UNH $13,000 4.1x 10.6x 14.0x 7% Jun-21 Allocate Software RLDatix $1,300 11.4x 15.2x 29.2x 10% 10.4x 23.0x 5.1x 17.4x Jul-21 Availity Novo Holdings $1,700 5.4x 9.6x 18.3x 6% 15.6x 28.4x Jul-21 PartsSource Bain Capital $1,250 20.8x 32.1x 37.9x 33% 9.5x NM Oct-20 Hims and Hers Oaktree Acquisition $1,600 12.9x 18.9x NM 36% 6.6x 18.7x Nov-20 RxBenefits Advent $1,100 7.7x 12.1x 20.2x 15% 7.7x 17.2x Nov-21 athenahealth Bain Capital / H&F $17,000 8.6x 12.6x 19.0x 12% 4.9x 14.3x Dec-21 Cerner Oracle $29,548 5.1x 6.2x 15.5x 5% 9.5x 21.8x Jan-22 Cloudmed R1 RCM $4,100 11.3x N/A 28.7x 19% 10.6x 23.2x Feb-22 Informa Pharma Warburg Pincus $2,600 11.9x N/A 27.5x 12% Median: 7.5x Median: 18.7x Note: Columns reflect NTM multiples Deutsche Bank 6 Source: Public filings, Wall Street research, and DB Investment Banking estimates DRAFT Investment Bank 81nidZpGqzkSDMpD


Qualifying Key Precedents These business are particularly relevant to GPM and indicative of how the market perceives value TEV / GP TEV / E Key Attributes (At Time of Transaction) Precedent Market High Quality Strategic LTM NTM LTM NTM Major Similarities Major Distinctions M&A Roadmap (Target) Leadership Management Buyers ▪ Pharmacy product focus▪ DTC model 14.0x 9.0x 29.3x 19.4x ▪ Price transparency aspect▪ Higher growth and margin ▪ Similar growth profile▪ Employer focused end market 12.1x 10.4x 20.2x 18.7x ▪ Recurring revenue model▪ PBM focus ▪ Recurring revenue model ▪ Supply chain focus 11.1x 10.5x 19.4x 18.1x ▪ Tech-driven inventory ▪ SaaS / cloud-based revenue management solutions ▪ Health plan administration 6.6x 5.4x 16.3x 12.9x▪ Similar growth profile ▪ Payor focused end market & concentration 5.8x 2.9x 14.6x 7.0x▪ Marketplace business▪ DTC model ▪ DTC model 18.9x 13.1x NM NM▪ eCommerce platform▪ High gross margin ▪ Large TAM 11.6x 9.7x 19.4x 18.1x Median: Source: Public filings, Wall Street research, and DB Investment Banking estimates Deutsche Bank 7 DRAFT Investment Bank 81nidZpGqzkSDMpD


Quantifying Key Precedents CVET’s GPM segment lags peer precedent targets in growth and margin profile LTM & NTM Revenue Growth NTM Gross Margin NTM Growth 98.0% 139.0% LTM Growth 80.1% 74.6% 72.3% 72.3% 63.8% 55.9% 58.5% 89.3% 37.1% 29.6% 24.0% 56.8% 35.8% 8.6% 21.8% 21.9% 15.5% 4.7% GoodRx GHX HIMS GoHealth RxBenefits Convey CVET-GPM GoHealth HIMS GoodRx RxBenefits CVET-GPM Convey GHX LTM Revenue Mix NTM EBITDA Margin Recurring Non-Recurring 5% 10% 15% 15% 45.1% 20% 43.2% 35.5% 29.6% 23.3% 95% 90% 85% 85% 80% 9.3% N/A NM -- RxBenefits HIMS Convey GHX GoodRx GoHealth GoodRx GHX RxBenefits GoHealth Convey CVET-GPM HIMS Source: Public filings, Wall Street research, and Sponsor Thesis Presentation for CVET Deutsche Bank 8 DRAFT Investment Bank 81nidZpGqzkSDMpD


Updated – see P50-51 for additional detail Perspectives on Public Comparables for CVET-GPM eCommerce (Healthcare) eCommerce (Pet) eCommerce (Non-HC) eCommerce Mature ▪ Platforms that digitally ▪ Animal Health focused ▪ Broader marketplace platforms ▪ Mature and profitable non-HC connects patients with businesses operating that create a centralized hub eCommerce platforms growing products and service providers eCommerce platforms to efficiently and profitably sell at HSD-LDD goods ▪ Healthcare eCommerce ▪ Likely to serve as valuation ▪ Likely to serve as valuation platforms drive closets comp model reference-points vis-à-▪ Likely to serve as valuation reference-points as business universe vis similar value propositions, reference-points due to matures in 5-7 years business model and end eCommerce models ▪ For reference only market (1) TEV / Rev TEV / GP TEV / Rev TEV / GP TEV / Rev TEV / GP TEV / Rev TEV / uFCF 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 3.1x 2.5x 4.3x 3.5x 2.1x 1.6x 4.3x 3.1x 2.6x 2.1x 4.1x 3.3x 2.7x 2.4x 14.2x 11.0x ‘22E-’24E ‘22E-’24E ‘22E-’24E TEV / EBITDA ‘22E-’24E CAGR TEV / EBITDA TEV / EBITDA TEV / EBITDA CAGR CAGR CAGR 2022E 2023E Rev. EBITDA 2022E 2023E Rev. EBITDA 2022E 2023E Rev. EBITDA 2022E 2023E Rev. EBITDA 19.5x 14.7x 20% 31% NM 16.8x 28% 78% 20.7x 19.0x 24% 25% 11.0x 8.9x 12% 20% Note: Market data for eCommerce cohorts as of 04/26/2022; market data for eCommerce Mature cohort as of 05/11/2022 Deutsche Bank 9 Source: Company information, FactSet DRAFT Investment Bank 1) Represents Adj. EBITDA less Capex Valuation Metrics (Average) Comps 81nidZpGqzkSDMpD


Value Implications of Growth & Scale in Public vs. Private Scenarios While growth largely drives sale valuations, buyers are making distinctions for a reasonable level of profitability (1) NTM EV/R 5.1x 4.5x 5.4x 7.1x 7.1x 7.0x 13.6x 10.4x 1.6x 1.5x 6.0x 5.3x 9.4x 6.3x 15.0x 9.5x 16.5x 24.9x 23.9x 19.1x 23.1x 17.1x 23.3x 19.0x EV/E 14.3x 17.0x 23.2x 19.5x 47.7x 19.3x 52.9x 28.4x 18.1x 39.2x 25.8x 23.8x N/A 19.2x N/A 22.2x EV/uFCF 16.7x 23.0x 27.0x 22.2x 55.1x 20.9x 33.6x 32.9x (2) 2.18 N/A 2.21 1.77 1.81 1.73 1.59 1.25 EV/E/G 2.44 2.44 1.82 1.63 2.64 0.84 2.80 N/A CVET-GPM CVET-GPM 3 30 0.0 .0x x 30.0x Strike Zone 30.0x Strike Zone R² = 0.2777 R² = 0.3089 R² = 0.0521 R² = 0.0409 2 25 5.0 .0x x 25.0x R² = 0.1553 25.0x R² = 0.1004 R² = 0.0046 2 20 0.0 .0x x 20.0x 20.0x R² = 0.0136 1 15 5.0 .0x x 1 15 5.0 .0x x 1 10 0.0 .0x x 1 10 0.0 .0x x 0% 0% 1 10 0% % 2 20 0% % 3 30 0% % 4 40 0% % 0% 0% 2 20 0% % 4 40 0% % 6 60 0% % 8 80 0% % NTM Revenue Growth Rule of X Source: DB’s Healthcare & Technology Proprietary M&A Database, FactSet Deutsche Bank Current Public Company Valuations 10 Note: Public data as of 4/26/2022; represents M&A transactions in the last 3 years DRAFT Investment Bank Apr ’21 Public Company Valuations 1) Represents NTM medians for current public companies and M&A precedents Precedent M&A Valuations 2) Represents NTM / LTM EBITDA growth rate M&A @ Apr ‘21 EV / NTM EBITDA EV / NTM EBITDA 81nidZpGqzkSDMpD


Preliminary CVET-GPM M&A Valuation Could Support a ~$800M TEV Asset at Present Multiple Metric Method Parameter Ratio / Multiple Metric Implied TEV Year Year ($ in millions) $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 $1,300 $1,400 (1) Management Case Required MOIC: 2.5x – 3.0x; NTM E Exit Multiple: 15.0x $628 $703 TEV / GP 7.0x - 8.5x $145 $1,014 $1,232 TEV / EBITDA 16.0x - 19.0x $35 $556 $660 TEV / GP 6.0x - 7.5x $181 $1,088 $1,360 TEV / EBITDA 14.0x - 17.0x $43 $608 $738 TEV / Revenue 1.5x - 2.0x $503 $754 $1,005 TEV / GP 4.0x - 5.5x $145 $580 $797 Emphasis on TEV / EBITDA 20.0x - 25.0x $35 $695 $869 comps given abundance of TEV / Revenue 1.0x - 1.5x $612 $612 $918 good analogs $635 $907 TEV / GP 3.5x - 5.0x $181 TEV / EBITDA 15.0x - 20.0x $43 $651 $868 Note: Valuation date as of 06/30/2022 Deutsche Bank 11 Source: Sponsor Thesis Presentation, DB Investment Banking estimates DRAFT Investment Bank 1) LBO assumes a 5-year hold, 3.5x max leverage, Financing EBITDA based on LTM 06/30/2022 Adj. EBITDA of $43, which includes $3.9 of financing adjustments Trading Comparables Transaction Comparables LBO 2022 2021 NTM LTM 2022 2021 2022 2021 81nidZpGqzkSDMpD


Preliminary LBO Math Suggests CVET-GPM is a ~$700-800mm Business ($ in millions) LBO Assumptions LBO Valuation Analysis NTM EBITDA Multiple 14.0x 15.0x 16.0x ▪ Assumes transaction date of 06/30/2022 NTM EBITDA (6/30/2022) $48 $48 $48 ▪ Purchase price of ~$715 at 15.0x NTM 6/30/2022 EBITDA of ~$48 Implied Transaction Value $668 $715 $763 ▪ Assumes five-year hold with exit multiple of 15.0x on NTM 06/30/2027E EBITDA of ~$90 Plus: Financing & Transaction Fees $16 $16 $16 (1) ▪ Debt financing assumed based on 6.5x LTM 06/30/2022 EBITDA of ~$49 Less: Transaction Net Debt ($270) ($270) ($270) ▪ Implied max leverage of 6.5x; New Term Loan of 6.5x at S+550 @ 99.0 OID (50bps Implied Sponsor Equity Contribution $414 $462 $510 floor) Illustrative NTM EBITDA Exit Multiple 15.0x 15.0x 15.0x Illustrative Enterprise Value at Exit $1,357 $1,357 $1,357 Illustrative Sources & Uses Less: Net Debt ($234) ($234) ($234) Sources $ Amt. x Fin. E Uses $ Amt. Implied Sponsor Equity Value $1,122 $1,122 $1,122 New Term Loan $270 5.5x Purchase TEV $715 (2) Sponsor Equity $462 9.4x Fees & Expenses $16 Implied IRR 22.1% 19.4% 17.1% Implied MOIC 2.7x 2.4x 2.2x Total $732 14.9x Total $732 IRR Sensitivity on Entry & Exit Multiple TEV Sensitivity on Exit Multiple & Target IRR IRR Sensitivity on Growth & E Margin Implied TEV Implied IRR Implied IRRs (3) NTM EBITDA Entry Multiple NTM EBITDA Exit Multiple 5-Yr Revenue CAGR 14.0x 15.0x 16.0x 14.0x 15.0x 16.0x 10.0% 15.0% 20.0% 14.0x 20.0% 17.4% 15.1% 15.0% $767 $812 $857 5.0% 3.7% 10.9% 17.4% 15.0x 22.0% 19.4% 17.0% 20.0% $668 $705 $741 7.0% 14.2% 20.8% 27.0% 16.0x 24.0% 21.3% 18.9% 25.0% $592 $621 $651 9.0% 21.2% 27.6% 33.8% Note: Assumes 1% mandatory amortization for New Term Loan Deutsche Bank 12 Source: Financials through 2025E from Sponsor Thesis Presentation and Project Padlock – Financials_2022.02 file; 2026E onwards based on DB Investment Banking DRAFT Investment Bank estimates 1) Represents $39 of LTM EBITDA plus $10 of financing adjustments 2) Assumes New Term Loan Financing Fees at 2.50%; M&A Fees at 1% of purchase price 3) Revenue CAGR from 2023E through projection period 4) Represents Adj. EBITDA margin NTM EBITDA Exit Multiple Target IRR (4) Exit Year E Margin 81nidZpGqzkSDMpD


Analysis at Various Prices Matrix ($ in millions) Implied CVET-GPM Total Enterprise Value Multiples $600 $650 $700 $750 $800 $850 $900 $950 $1,000 Metric 2021A $503 1.2x 1.3x 1.4x 1.5x 1.6x 1.7x 1.8x 1.9x 2.0x TEV / 2022E $612 1.0x 1.1x 1.1x 1.2x 1.3x 1.4x 1.5x 1.6x 1.6x Revenue 2023E $733 0.8x 0.9x 1.0x 1.0x 1.1x 1.2x 1.2x 1.3x 1.4x 2021A $145 4.1x 4.5x 4.8x 5.2x 5.5x 5.9x 6.2x 6.6x 6.9x TEV / GP 2022E $181 3.3x 3.6x 3.9x 4.1x 4.4x 4.7x 5.0x 5.2x 5.5x 2023E $219 2.7x 3.0x 3.2x 3.4x 3.7x 3.9x 4.1x 4.3x 4.6x Segment $45 13.3x 14.4x 15.6x 16.7x 17.8x 18.9x 20.0x 21.1x 22.2x 2021A Adjusted $35 17.3x 18.7x 20.1x 21.6x 23.0x 24.5x 25.9x 27.3x 28.8x Segment $57 10.5x 11.4x 12.3x 13.2x 14.0x 14.9x 15.8x 16.7x 17.5x TEV / 2022E EBITDA Adjusted $43 13.8x 15.0x 16.1x 17.3x 18.4x 19.6x 20.7x 21.9x 23.0x Segment $68 8.8x 9.5x 10.3x 11.0x 11.7x 12.4x 13.2x 13.9x 14.6x 2023E Adjusted $52 11.5x 12.5x 13.5x 14.4x 15.4x 16.3x 17.3x 18.3x 19.2x Source: Sponsor Thesis Presentation, DB Investment Banking estimates Deutsche Bank 13 DRAFT Investment Bank 81nidZpGqzkSDMpD


eCommerce Near 5-Year Lows Across Verticals GPM 5Y Trading Ranges (NTM) eCommerce (HC) eCommerce (Pet) eCommerce (Non-HC) Overall Average Current TEV / NTM Revenue TEV / NTM GP 20.0x 30.0x 15.2x 22.1x 21.6x 15.0x 18.9x 20.0x 16.8x 16.0x 10.4x 15.0x 13.5x 9.1x 9.1x 10.0x 14.2x 11.6x 12.6x 7.1x 11.7x 7.4x 6.4x 5.9x 10.0x 11.5x 8.9x 5.6x 5.5x 7.8x 5.0x 9.2x 9.3x 5.4x 3.7x 5.6x 7.2x 2.7x 3.3x 3.0x 4.0x 4.6x 2.5x 3.6x 5.5x 3.8x 5.2x 3.1x 2.4x 2.5x 4.4x 2.3x 2.2x 3.3x 1.7x 0.0x 0.0x E-Commerce (Healthcare) E-Commerce (Pet) E-Commerce (Non-HC) Overall E-Commerce E-Commerce (Pet) E-Commerce (Non-HC) Overall (Healthcare) TEV / NTM E TEV / NTM Revenue / Growth 99.0x 100.0x 0.50 0.47 0.42 0.39 86.7x 80.0x 0.40 66.2x 70.5x 63.9x 58.4x 0.28 60.0x 0.30 0.26 53.7x 51.7x 0.23 59.7x 0.21 0.22 0.22 44.1x 37.5x 40.0x 0.20 37.9x 0.19 36.5x 0.14 37.2x 31.4x 0.18 0.16 0.15 0.13 24.2x 0.12 0.12 0.15 21.7x 24.5x 20.0x 0.10 19.5x 25.1x 0.09 0.10 19.6x 18.7x 0.09 0.09 0.08 14.6x 0.07 11.8x 0.0x 0.00 E-Commerce (HC) E-Commerce (Pet) E-Commerce (Non-HC) Overall E-Commerce E-Commerce (Pet) E-Commerce (Non-HC) Overall (Healthcare) Note: Market data from 04/26/2017 – 04/26/2022; excludes multiples >100.0x or <0.0x Deutsche Bank 14 Source: FactSet DRAFT Investment Bank 81nidZpGqzkSDMpD


eCommerce Near 5-Year Lows Across Verticals (Cont’d) GPM 5Y Trading Ranges (Second Twelve Months) eCommerce (HC) eCommerce (Pet) eCommerce (Non-HC) Overall Average Current TEV / STM Revenue TEV / STM GP 15.0x 20.0x 18.1x 16.6x 11.5x 13.2x 12.8x 14.9x 10.0x 11.0x 12.0x 8.1x 7.2x 9.2x 7.3x 11.3x 5.8x 10.0x 10.0x 9.3x 5.0x 5.9x 4.9x 5.0x 7.1x 9.2x 4.4x 4.5x 3.1x 5.7x 7.6x 7.5x 4.4x 5.7x 4.2x 2.5x 2.5x 3.2x 2.0x 3.6x 3.0x 2.5x 4.2x 2.5x 4.6x 2.9x 2.0x 3.6x 1.8x 2.4x 1.9x 2.8x 1.4x 0.0x 0.0x E-Commerce (HC) E-Commerce (Pet) E-Commerce (Non-HC) Overall E-Commerce (HC) E-Commerce (Pet) E-Commerce (Non-HC) Overall TEV / STM E TEV / STM Revenue / Growth 0 0.5 1 1.5 2 2.5 3 3.5 4 0.80 98.8x 100.0x 0.66 80.0x 0.60 69.3x 62.3x 60.5x 61.4x 60.0x 0.40 53.9x 44.8x 0.40 45.9x 0.33 0.30 40.0x 48.3x 43.0x 39.8x 35.3x 38.3x 0.24 0.26 0.22 0.24 34.3x 28.5x 30.2x 33.6x 32.2x 0.20 0.20 0.19 32.0x 20.0x 24.8x 0.17 0.16 0.13 18.5x 14.2x 0.11 0.15 18.2x 0.12 0.09 0.09 0.09 0.07 0.10 0.09 10.3x 0.08 0.06 0.0x 0.00 E-Commerce (HC) E-Commerce (Pet) E-Commerce (Non-HC) Overall E-Commerce (HC) E-Commerce (Pet) E-Commerce (Non-HC) Overall Note: Market data from 04/26/2017 – 04/26/2022; excludes multiples >100.0x or <0.0x Deutsche Bank 15 Source: FactSet DRAFT Investment Bank 81nidZpGqzkSDMpD


Illustrative Valuation Analysis for an IPO Exit in Mid-2024 With additional scale, and while maintaining growth, GPM could see meaningful value creation at historically median multiples Multiple Metric Method Parameter Ratio / Multiple Metric Implied TEV Year Year ($ in millions) $1,750 $2,000 $2,250 $2,500 $2,750 $3,000 $3,250 Revenue 2.5x - 3.5x $852 $2,131 $2,983 Revenue / Growth 0.20 - 0.25 12% $2,250 $3,094 GP 9.5x - 11.5x $255 $2,418 $2,927 EBITDA 35.0x - 40.0x $60 $2,115 $2,417 Revenue 2.5x - 3.0x $982 $2,454 $2,945 Revenue / Growth 0.18 - 0.23 12% $2,121 $2,710 GP 7.5x - 9.5x $300 $2,249 $2,848 $2,088 $2,436 EBITDA 30.0x - 35.0x $70 Note: Valuation date as of 06/30/2022 Deutsche Bank 16 Source: Sponsor Thesis Presentation, DB Investment Banking estimates DRAFT Investment Bank Trading Comparables FY+2 FY+1 2025 2024 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section B Global Software Services (GSS) DRAFT 81nidZpGqzkSDMpD


CVET-GSS Financials ($ in millions) Actuals Company Projections DB Estimates DB Mid-Growth Case (1) (1) FYE, 12/31 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E CAGR 2022E 2023E 2024E 2025E 2026E 2027E CAGR Revenue $79 $79 $100 $131 $157 $187 $210 $231 18.4% $87 $100 $110 $120 $127 $133 8.9% % Growth - (0.0%) 26.3% 31.2% 20.4% 18.8% 12.5% 10.0% 10.0% 15.0% 10.0% 9.0% 6.0% 5.0% Gross Profit $48 $49 $59 $79 $95 $112 $126 $139 18.6% $52 $60 $66 $72 $76 $80 9.2% % Growth - 2.1% 19.6% 33.2% 19.9% 18.7% 12.5% 10.0% 4.2% 16.7% 9.5% 8.9% 6.0% 5.0% % Margin 61.4% 62.7% 59.4% 60.3% 60.1% 60.0% 60.0% 60.0% 59.4% 60.3% 60.1% 60.0% 60.0% 60.0% Segment EBITDA $29 $31 $38 $50 $60 $71 $80 $88 18.4% $33 $38 $42 $46 $48 $51 8.9% - 6.9% 22.6% 31.2% 20.4% 18.8% 12.5% 10.0% 6.8% 15.0% 10.0% 9.0% 6.0% 5.0% % Growth 36.8% 39.3% 38.2% 38.2% 38.2% 38.2% 38.2% 38.2% 38.2% 38.2% 38.2% 38.2% 38.2% 38.2% % Margin (2) Adj. EBITDA $28 $29 $36 $47 $57 $67 $76 $83 18.4% $31 $36 $39 $43 $46 $48 8.9% - 5.4% 21.8% 31.2% 20.4% 18.8% 12.5% 10.0% 6.1% 15.0% 10.0% 9.0% 6.0% 5.0% % Growth 35.4% 37.3% 35.9% 35.9% 35.9% 35.9% 35.9% 35.9% 35.9% 35.9% 35.9% 35.9% 35.9% 35.9% % Margin (3) uFCF $27 $29 $35 $46 $55 $65 $73 $81 18.4% $30 $35 $38 $42 $44 $47 8.9% % Margin 34.4% 36.3% 34.9% 34.9% 34.9% 34.9% 34.9% 34.9% 34.9% 34.9% 34.9% 34.9% 34.9% 34.9% Source: Sponsor Thesis Presentation, DB Investment Banking estimates Deutsche Bank 17 Note: Revenue, GP and Segment EBITDA through 2025E from Sponsor Thesis Presentation and Project Padlock – Financials_2022.02 file; margins held constant from DRAFT Investment Bank 2026E onwards 1) CAGRs represent 2022-2027E growth 2) Represents segment EBITDA less corporates costs allocated as per revenue contribution from segment 3) uFCF defined as Adj. EBITDA less Capex. Capex projected as 1.0% of revenue 81nidZpGqzkSDMpD


Select Precedents to Consider Broad base of mostly provider-oriented software (incl RCM) deals presents a few standout, key precedents for deeper consideration ($ in millions) Date Target Buyer TEV LTM R LTM GP LTM E R Growth EV / NTM Revenue EV / NTM EBITDA Feb-16 Brightree ResMed $800 7.1x 9.8x 19.0x 14% 6.2x 16.5x Jun-19 Nextech Thomas H. Lee $550 9.6x N/A 26.0x 15% 8.3x 23.2x Aug-19 WebPT Warburg Pincus $675 6.3x N/A 28.1x 15% 5.4x 18.8x Jun-20 Qgenda ICONIQ Capital $1,050 15.7x 22.0x 36.2x 23% 12.7x 24.4x Jul-20 Wellsky LGP / TPG $3,025 8.3x 11.2x 22.6x 13% 7.4x 19.3x Aug-20 eSolutions Waystar $1,350 11.1x 13.8x 20.3x 12% 9.9x 18.2x Oct-20 CarePort Health Wellsky $1,350 13.6x 15.6x 20.9x 11% 12.3x 19.1x Nov-20 nThrive Clearlake Capital $1,115 4.7x 6.7x 11.9x 9% 4.4x 10.4x Jan-21 Change Healthcare OptumInsight / UNH $13,000 4.1x 10.6x 14.0x 7% 3.9x 12.8x Jan-21 PointClickCare Hellman & Friedman $3,130 13.5x N/A 31.0x 16% 11.7x 27.0x May-21 Therapy Brands KKR $1,200 10.4x 14.0x 28.0x 23% 8.4x 20.4x Jun-21 Allocate Software RLDatix $1,300 11.4x 15.2x 29.2x 10% 10.4x 23.0x Oct-21 TransUnion Healthcare Clearlake / nThrive $1,740 8.7x 13.7x 18.2x 1% 8.6x 17.7x Nov-21 Patientpop Kareo $507 7.0x 10.0x NM 15% 6.1x NM Nov-21 athenahealth Bain Capital / H&F $17,000 8.6x 12.6x 19.0x 12% 7.7x 17.2x 38.1x Nov-21 Iodine Software Advent International $1,210 20.9x 27.7x 56.2x 45% 14.4x Dec-21 Cerner Oracle $29,548 5.1x 6.2x 15.5x 5% 4.9x 14.3x Jan-22 Cloudmed R1 RCM $4,100 11.3x N/A 28.7x 19% 9.5x 21.8x Feb-22 Informa Pharma Warburg Pincus $2,600 11.9x N/A 27.5x 12% 10.6x 23.2x Median: 8.4x Median: 19.2x Note: Columns reflect NTM multiples Deutsche Bank 18 Source: Public filings, Wall Street research, and DB Investment Banking estimates DRAFT Investment Bank 81nidZpGqzkSDMpD


Select High-Growth Precedents for GSS These business are particularly relevant to GSS and indicative of how the market perceives value (1) TEV / Rev. TEV / E TEV / uFCF Key Attributes (At Time of Transaction) Precedent Market Quality M&A Strategic LTM NTM LTM NTM LTM NTM Major Similarities Major Distinctions (Target) Leadership Management Roadmap Buyers ▪ Practice management ▪ Specialty provider focus solutions 9.6x 8.3x 26.0x 23.2x 38.9x 34.9x ▪ Large TAM ▪ Similar margin profile ▪ Limited TAM ▪ Mental and behavioral ▪ Practice management health focus 10.4x 8.4x 28.0x 20.4x 28.6x 20.3x solutions ▪ Core SaaS platform ▪ Growth and margin profile ▪ Limited TAM▪ Physical therapy provider focus 6.3x 5.4x 28.1x 18.8x 21.8x 20.5x ▪ Practice management solutions▪ SaaS platform ▪ Provider focused recurring revenue model▪ Size / scale 8.6x 7.7x 19.0x 17.2x 22.2x 20.2x ▪ Practice management ▪ Large TAM solutions ▪ Leading market share 7.1x 6.2x 19.0x 16.5x 19.2x 16.8x▪ Limited TAM▪ HME/DME provider focus ▪ Similar margin profile ▪ Practice growth platform▪ Specialty provider focus 7.0x 6.1x NM NM NM NM ▪ Recurring revenue model▪ Lower growth Median: 7.8x 6.9x 26.0x 18.8x 22.2x 20.3x Source: Public filings, Wall Street research, and DB Investment Banking estimates Deutsche Bank 19 1) Represents Adj. EBITDA less Capex DRAFT Investment Bank 81nidZpGqzkSDMpD


Updated to include FCF multiples Select Low-Growth Precedents for GSS These business are relevant to a GSS with lower anticipated growth (1) TEV / Rev. TEV / E TEV / uFCF Key Attributes (At Time of Transaction) Precedent Market High Quality M&A Strategic LTM NTM LTM NTM LTM NTM Major Similarities Major Distinctions Carvout (Target) Leadership Mgmt Roadmap Buyers ▪ Carve-out business ▪ Payor focused payment 10.5x 9.9x 17.4x 16.5x N/A N/A ▪ Recurring revenue, integrity business software business ▪ Provider focused end ▪ Larger scale RCM platform market 5.1x 4.9x 15.5x 14.3x 18.4x 16.8x ▪ Hospital focus ▪ Similar margin profile ▪ Carve-out transaction 3.7x 3.3x 15.5x 14.1x 16.3x N/A▪ Non-US businesses ▪ Provider focused software HCIT business ▪ Recurring revenue base▪ Payor end market 4.2x 3.9x 14.0x 13.0x 18.4x 15.8x ▪ Margin profile▪ Large scale player ▪ Low growth software model ▪ Also provides solutions to 4.6x 4.5x 12.2x 11.9x N/A N/A ▪ Provider end market government entities exposure ▪ Leader in niche space 5.5x 5.3x 12.3x 11.7x 12.7x 12.2x▪ HCM/WFM solutions ▪ Provider end market ▪ Larger Scale ▪ Similar margin profile 3.8x 3.4x 12.9x 11.2x 13.6x 11.9x ▪ Public sector focused end ▪ Carve-out transaction market ▪ High margin business 5.0x 4.7x 11.6x 11.2x 17.5x 14.7x▪ End-to-end RCM solutions ▪ Carve out transaction ▪ No EBITDA ▪ Low-growth software 2.0x 1.9x NM NM NM NM business ▪ Multiple end market focus Median: 4.6x 4.5x 13.5x 12.4x 16.9x 14.7x Source: Public filings, Wall Street research, and DB Investment Banking estimates Deutsche Bank 20 1) Represents Adj. EBITDA less Capex DRAFT Investment Bank 81nidZpGqzkSDMpD


Analyzing Precedents CVET’s GSS segment may be best-in-class among peer precedent targets in growth and margin profile Low Growth Precedent High Growth Precedent LTM & NTM Revenue Growth NTM Gross & EBITDA Margin NTM Growth NTM EBITDA Margin (1) LTM Growth NTM Gross Margin (2) LTM Revenue Mix NTM uFCF Margin Recurring Non-Recurring (3) Source: Public filings, Wall Street research, and Sponsor Thesis Presentation for CVET Deutsche Bank 21 1) Represents estimates capex based on allocating consolidated capex by proportion of revenue between GPM and GSS DRAFT Investment Bank segments 2) Represents EBITDA less Capex 3) GSS LTM growth is flat at 0.0%. CVET-GSS Patientpop 99% 1% 26.2% Therapy Brands 18.4% 23.5% WebPT 98% 2% athenahealth 11.7% 17.0% Therapy Brands 97% 3% Brightree 14.4% 16.3% athenahealth 96% 4% Nextech 15.4% ClaimsXten 95% 5% Patientpop 13.5% 15.0% nThrive 95% 5% WebPT 14.9% Brightree 94% 6% Agfa HCIT 13.7% TractManager 92% 8% DXC 7.2% 9.3% DXC 92% 8% nThrive 7.7% 8.9% Change HC 88% 12% Change HC 6.8% 6.8% Ontario 84% 16% ClaimsXten 6.1% 6.2% Nextech 82% 18% Watson Health 5.2% Cerner 82% 18% 5.1% Cerner 5.3% IBM Watson 69% 31% TractManager 5.1% N/A Agfa HCIT -- Ontario 2.4% TractManager 43.3% Cerner 33.9% 86.1% Therapy Brands 41.4% Therapy Brands 41.2% 75.4% athenahealth 37.9% Patientpop 73.0% Brightree 37.1% Brightree 37.7% 72.7% CVET-GSS 30.2% nThrive 42.0% 71.2% nThrive 29.7% athenahealth 44.7% 68.7% DXC 29.0% Watson Health 61.9% Cerner 28.8% ClaimsXten 60.2% WebPT 26.6% CVET-GSS 38.2% 59.4% Change HC 24.5% Change HC 30.3% 57.2% Nextech 23.8% TractManager 45.0% Patientpop NM Ontario 38.0% Watson Health NM Nextech 35.9% Agfa HCIT N/A DXC 30.8% ClaimsXten N/A WebPT 29.0% Ontario N/A Agfa HCIT 23.1% 81nidZpGqzkSDMpD


Revenue Mix Analysis: All Precedents LTM Revenue Mix Subscription Services (Recurring) Services (Non-Recurring) Software License Support & Maintenance 1% 2% 3% 4% 5% 5% 6% 8% 8% 12% 3% 16% 16% 18% 20% 10% 21% 7% 35% 12% 6% 24% 99% 98% 9% 96% 95% 92% 92% 88% 84% 84% 82% 71% 56% 62% 44% N/A 6% Source: Public filings, Wall Street research, and DB Investment Banking estimates Deutsche Bank 22 DRAFT Investment Bank PatientPop WebPT athenahealth ClaimsXten nThrive Change HC Brightree TractManager Therapy Brands IBM Watson Cerner DXC Ontario Nextech Agfa HCIT 81nidZpGqzkSDMpD


CVET-GSS Side-by-Side Comparison with Select Growth Precedents ($ in millions) CVET-GSS ▪ Practice management software for ▪ Cloud-based management software ▪ Provider of practice management, ▪ Electronic medical record systems Business Description veterinary practices platform for post-acute care telehealth and data collection tools for physical therapists NTM Revenue ($M) $100 $130 $140 $125 % NTM / LTM Growth 26% 14% 24% 15% (1) NTM Adj. EBITDA ($M) $36 $50 $60 $35 % margin 36% 38% 43% 28% 0.3% Hardware 6.1% 5.0% 2.0% 7.7% 5.2% SaaS 3.8% 10.1% SaaS Software 20.0% Revenue Mix (SaaS vs SaaS Maintenance RCM Services RCM Services Services vs Other) Serv - R Other 24.3% Serv - NR 75.0% Other Other 83.9% 58.6% 98.0% Other Behavioral Health, Mental Health End Market Veterinary HME/DME Physical Therapy and Rehabilitation Software & ancillary services (incl. Workflow, billing & claims, business Patient engagement, data Solutions for practice mgmt, Offering Breadth payment processing and wellness intelligence, compliance mgmt, collection, telehealth, e-prescribing, compliance, reimbursement, plan management) interoperability & data sharing RCM, payments patient retention, marketing TAM ($B) ~$0.5 ~$0.3 ~$0.5 NA Market Share ~50% - 60% HME/DME: 51% ~19% NA Recurring Revenue 89.0% 94% 97% NA 1) Inclusive of a $2 corporate expense allocation, calculated pro rata based on revenue contribution Deutsche Bank 23 2) Represents software solutions TAM for HME/DME DRAFT Investment Bank 3) Represents PMS TAM 81nidZpGqzkSDMpD


Perspectives on Public Comparables for CVET-GSS Mid-Growth Software (Healthcare) Mid-Growth Software (Non-HC) High-Growth Software (For Exit Only) ▪ Cohort of HCIT software and SaaS ▪ Cohort of broader software comps growing ▪ Cohort of high-growth HCIT SaaS and businesses focused on provider end at MSD-HSD software peers market and growing at MSD ▪ Given limited availability of relevant HCIT ▪ Reference comp set for exit analysis; ▪ Closest comp universe for CVET’s GSS comps, this set of peers with similar growth assumes standalone GSS business business profile provides a useful benchmark achieve growth profile through organic and inorganic opportunities (1) (2) (3) TEV / Rev TEV / FCF TEV / Rev TEV / FCF TEV / Rev TEV / uFCF 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 2022E 2023E 3.4x 3.2x 20.7x 18.5x 4.0x 3.7x 12.4x 11.0x 6.0x 5.2x 34.3x 27.5x TEV / EBITDA ‘22E-’24E CAGR TEV / EBITDA ‘22E-’24E CAGR TEV / EBITDA ‘22E-’24E CAGR 2022E 2023E Rev. EBITDA 2022E 2023E Rev. EBITDA 2022E 2023E Rev. EBITDA 13.9x 12.8x 7% 13% 11.9x 10.6x 8% 12% 31.1x 25.4x 16% 22% Note: Market data as of 04/26/2022; Mid-Growth defined as 2022E – 2024E Revenue CAGR < 12.0%, High-Growth defined as 2022E – 2024E Deutsche Bank 24 Revenue CAGR > 12.0% DRAFT Investment Bank Source: Company information, FactSet 1) Financials are PF adjusted for Divestiture of Hospital & Large Physician Practices announced on 03/03/2022 2) Financials are PF adjusted for Acquisition of Blue Prism plc completed on 03/16/2022 3) uFCF defined as Adj. EBITDA less Capex Valuation Metrics (Average) Comps 81nidZpGqzkSDMpD


Value Implications of Growth & Scale in Public vs. Private Scenarios While growth largely drives sale valuations, buyers are making distinctions for a reasonable level of profitability (1) NTM EV/R 5.1x 4.5x 5.4x 7.1x 7.1x 7.0x 13.6x 10.4x 1.6x 1.5x 6.0x 5.3x 9.4x 6.3x 15.0x 9.5x 16.5x 24.9x 23.9x 19.1x 23.1x 17.1x 23.3x 19.0x EV/E 14.3x 17.0x 23.2x 19.5x 47.7x 19.3x 52.9x 28.4x 18.1x 39.2x 25.8x 23.8x N/A 19.2x N/A 22.2x EV/uFCF 16.7x 23.0x 27.0x 22.2x 55.1x 20.9x 33.6x 32.9x (2) 2.18 N/A 2.21 1.77 1.81 1.73 1.59 1.25 EV/E/G 2.44 2.44 1.82 1.63 2.64 0.84 2.80 N/A CVET-GSS CVET-GSS 30.0x 30.0x 30.0x 30.0x Strike Zone Strike Zone R² = 0.2777 R² = 0.0521 R² = 0.3089 R² = 0.0409 R² = 0.1553 25.0x 25.0x 25.0x 25.0x R² = 0.1004 R² = 0.0046 20.0x 20.0x 20.0x 20.0x R² = 0.0136 15.0x 15.0x 1 15 5.0 .0x x 10.0x 10.0x 1 10 0.0 .0x x 0% 10% 20% 30% 40% 0% 10% 20% 30% 40% 0% 0% 2 20 0% % 4 40 0% % 6 60 0% % 8 80 0% % NTM Revenue Growth Rule of X Source: DB’s Healthcare & Technology Proprietary M&A Database, FactSet Deutsche Bank Current Public Company Valuations 25 Note: Public data as of 4/26/2022; represents M&A transactions in the last 3 years DRAFT Investment Bank Apr ’21 Public Company Valuations 1) Represents NTM medians for current public companies and M&A precedents Precedent M&A Valuations 2) Represents NTM / LTM EBITDA growth rate M&A @ Apr ‘21 EV / NTM EBITDA EV / NTM EBITDA 81nidZpGqzkSDMpD


CVET-GSS M&A Valuation is Either ~$450mm or ~$600mm LTM multiples reflective of historical growth only Low Growth Multiple Metric High Growth Method Parameter Ratio / Multiple Low High Implied TEV Year Year ($ in millions) $200 $200 $300 $300 $400 $400 $500 $500 $600 $600 $700 $700 $800 $800 $900 $900 (1) Management Case Required MOIC: 2.5x – 3.0x; NTM E Exit Multiple: 18.0x $727 $822 (2) DB Mid-Growth Case Required MOIC: 2.5x – 3.0x; NTM E Exit Multiple: 12.0x $349 $379 Revenue 3.5x - 5.5x $79 $79 $276 $355 $434 EBITDA 11.5x - 16.5x $29 $29 $338 $411 $485 uFCF 13.5x - 18.5x $29 $29 $386 $458 $458 $529 Revenue 6.0x - 8.0x $87 $100 $697 $520 $607 $797 EBITDA 16.0x - 22.0x $31 $36 $499 $592 $680 $787 uFCF 18.0x - 24.0x $30 $35 $546 $637 $731 $835 Revenue 4.5x - 6.0x $79 $79 $355 $414 $473 EBITDA 12.0x - 15.0x $29 $29 $353 $397 $441 uFCF 14.0x - 17.0x $29 $29 $400 $443 $486 $260 $347 $398 $498 Revenue 3.0x - 5.0x $87 $100 $359 $429 EBITDA 9.0x - 15.0x $31 $36 $281 $537 $591 uFCF 14.0x - 20.0x $30 $35 $424 $515 $696 Note: Valuation date as of 06/30/2022 Deutsche Bank 26 Source: Sponsor Thesis Presentation, DB Investment Banking estimates DRAFT Investment Bank 1) LBO assumes a 5-year hold, 7.5x max leverage, Financing EBITDA based on LTM 06/30/2022 Adj. EBITDA 2) LBO assumes a 5-year hold, 6.0x max leverage, Financing EBITDA based on LTM 06/30/2022 Adj. EBITDA Trading Comparables Transaction Comparables LBO 2022 2021 NTM LTM 2022 2021 2022 2021 81nidZpGqzkSDMpD


Preliminary LBO Math Suggests CVET-GSS is a ~$700-800mm Business Management Case ($ in millions) LBO Assumptions LBO Valuation Analysis NTM EBITDA Multiple 17.0x 18.0x 19.0x ▪ Assumes transaction date of 06/30/2022 NTM EBITDA (6/30/2022) $41 $41 $41 ▪ Purchase price of ~$745 at 18.0x NTM 6/30/2022 EBITDA of ~$41 Implied Transaction Value $703 $745 $786 ▪ Assumes five-year hold with exit multiple of 18.0x on NTM 06/30/2027E EBITDA of ~$104 Plus: Financing & Transaction Fees $16 $16 $16 (1) ▪ Debt financing assumed based on 7.5x LTM 06/30/2022 EBITDA of ~$36 Less: Transaction Net Debt ($270) ($270) ($270) ▪ Implied max leverage of 7.5x; New Term Loan of 7.5x at S+550 @ 99.0 OID (50bps Implied Sponsor Equity Contribution $450 $491 $533 floor) Illustrative NTM EBITDA Exit Multiple 18.0x 18.0x 18.0x Illustrative Enterprise Value at Exit $1,571 $1,571 $1,571 Illustrative Sources & Uses Less: Net Debt ($150) ($150) ($150) Sources $ Amt. x Fin. E Uses $ Amt. Implied Sponsor Equity Value $1,421 $1,421 $1,421 New Term Loan $270 7.5x Purchase TEV $745 (2) Sponsor Equity $491 13.7x Fees & Expenses $16 Implied IRR 25.9% 23.7% 21.7% Implied MOIC 3.2x 2.9x 2.7x Total $761 21.2x Total $761 Entry Multiple Sensitivity on Growth & Exit Multiple Exit Multiple Sensitivity on Growth and Entry Multiple IRR Sensitivity on Growth & E Margin Exit Multiple Entry Multiple Implied IRRs (3) (3) (3) 5-Yr Revenue CAGR 5-Yr Revenue CAGR 5-Yr Revenue CAGR 8.9% 13.7% 18.4% 8.9% 13.7% 18.4% 8.9% 13.7% 18.4% 17.0x 16.0x 18.7x 21.9x 17.0x 19.8x 15.8x 12.8x 34.0% 12.8% 19.1% 24.9% 18.0x 16.6x 19.5x 22.9x 18.0x 21.3x 17.1x 13.8x 36.0% 14.3% 20.5% 26.4% 19.0x 17.3x 20.3x 23.9x 19.0x 22.9x 18.4x 14.8x 38.0% 15.8% 21.9% 27.8% Note: Assumes 1% mandatory amortization for New Term Loan Deutsche Bank 27 Source: Financials through 2025E from Sponsor Thesis Presentation and Project Padlock – Financials_2022.02 file; 2026E onwards based on DB Investment Banking DRAFT Investment Bank estimates 1) Represents $33 of LTM EBITDA plus $3.3 of financing adjustments 2) Assumes New Term Loan Financing Fees at 2.50%; M&A Fees at 1% of purchase price 3) Revenue CAGR from 2023E through projection period 4) Represents Adj. EBITDA margin NTM EBITDA Exit Multiple NTM EBITDA Entry Multiple (4) Exit Year E Margin 81nidZpGqzkSDMpD


Preliminary LBO Math Suggests CVET-GSS is a ~$375-$425mm Business DB Mid-Growth Case ($ in millions) LBO Assumptions LBO Valuation Analysis NTM EBITDA Multiple 11.0x 12.0x 13.0x ▪ Assumes transaction date of 06/30/2022 NTM EBITDA (6/30/2022) $34 $34 $34 ▪ Purchase price of ~$369 at 12.0x NTM 6/30/2022 EBITDA of ~$34 Implied Transaction Value $369 $402 $436 ▪ Assumes five-year hold with exit multiple of 12.0x on NTM 06/30/2027E EBITDA of ~$49 Plus: Financing & Transaction Fees $12 $12 $12 (1) ▪ Debt financing assumed based on 6.5x LTM 06/30/2022 EBITDA of ~$33 Less: Transaction Net Debt ($215) ($215) ($215) ▪ Implied max leverage of 6.5x; New Term Loan of 6.5x at S+550 @ 99.0 OID (50bps Implied Sponsor Equity Contribution $165 $199 $232 floor) Illustrative NTM EBITDA Exit Multiple 12.0x 12.0x 12.0x Illustrative Enterprise Value at Exit $589 $589 $589 Illustrative Sources & Uses Less: Net Debt ($151) ($151) ($151) Sources $ Amt. x Fin. E Uses $ Amt. Implied Sponsor Equity Value $438 $438 $438 New Term Loan $185 5.6x Purchase TEV $369 (2) Sponsor Equity $194 5.8x Fees & Expenses $10 Implied IRR 21.5% 17.1% 13.5% Implied MOIC 2.7x 2.2x 1.9x Total $379 11.4x Total $379 Entry Multiple Sensitivity on Growth & Exit Multiple Exit Multiple Sensitivity on Growth and Entry Multiple IRR Sensitivity on Growth & E Margin Exit Multiple Entry Multiple Implied IRRs (3) (3) (3) 5-Yr Revenue CAGR 5-Yr Revenue CAGR 5-Yr Revenue CAGR 8.9% 13.7% 18.4% 8.9% 13.7% 18.4% 8.9% 13.7% 18.4% 11.0x 12.3x 14.1x 16.2x 11.0x 10.1x 8.0x 6.4x 34.0% 17.1% 24.7% 31.4% 12.0x 12.9x 14.9x 17.2x 12.0x 11.7x 9.3x 7.4x 36.0% 19.0% 26.4% 33.0% 13.0x 13.6x 15.7x 18.2x 13.0x 13.3x 10.6x 8.5x 38.0% 20.7% 28.0% 34.6% Note: Assumes 1% mandatory amortization for New Term Loan Deutsche Bank 28 Source: Financials through 2025E from Sponsor Thesis Presentation and Project Padlock – Financials_2022.02 file; 2026E onwards based on DB Investment Banking DRAFT Investment Bank estimates 1) Represents $30 of LTM EBITDA plus $3.0 of financing adjustments 2) Assumes New Term Loan Financing Fees at 2.50%; M&A Fees at 1% of purchase price 3) Revenue CAGR from 2023E through projection period 4) Represents Adj. EBITDA margin NTM EBITDA Exit Multiple NTM EBITDA Entry Multiple (4) Exit Year E Margin 81nidZpGqzkSDMpD


Analysis at Various Prices Matrix Management Case ($ in millions) Implied CVET-GSS Total Enterprise Value Multiples $600 $650 $700 $750 $800 Metric 2021A $79 7.6x 8.2x 8.9x 9.5x 10.1x TEV / 2022E $87 6.9x 7.5x 8.1x 8.6x 9.2x Revenue 2023E $100 6.0x 6.5x 7.0x 7.5x 8.0x 2021A $49 12.1x 13.1x 14.2x 15.2x 16.2x TEV / GP 2022E $52 10.1x 11.0x 11.8x 12.7x 13.5x 2023E $60 7.6x 8.2x 8.9x 9.5x 10.2x Segment $31 19.4x 21.0x 22.6x 24.2x 25.8x 2021A Adjusted $29 20.4x 22.1x 23.8x 25.5x 27.2x Segment $33 15.8x 17.1x 18.4x 19.7x 21.1x TEV / 2022E EBITDA Adjusted $31 19.2x 20.8x 22.4x 24.1x 25.7x Segment $38 12.0x 13.0x 14.0x 15.0x 16.0x 2023E Adjusted $36 16.7x 18.1x 19.5x 20.9x 22.3x 2021A $29 21.0x 22.7x 24.5x 26.2x 28.0x (1) TEV / uFCF 2022E $35 17.2x 18.7x 20.1x 21.6x 23.0x 2023E $46 13.1x 14.2x 15.3x 16.4x 17.5x Source: Sponsor Thesis Presentation, DB Investment Banking estimates Deutsche Bank 29 1) Represents Adj. EBITDA less Capex DRAFT Investment Bank 81nidZpGqzkSDMpD


Although Broadly Lower, SW Valuations Remain Above 5-Year Lows GSS 5Y Trading Ranges Mid-Growth Software (HC) Mid-Growth Software (Non-HC) High-Growth Software (Exit Only) Overall Average Current TEV / NTM Revenue TEV / NTM FCF 15.0x 80.0x 62.1x 11.3x 60.0x 10.0x 50.5x 10.0x 44.5x 7.4x 7.8x 40.0x 34.9x 35.3x 6.4x 32.7x 5.9x 6.1x 30.7x 36.8x 32.3x 5.5x 25.8x 4.7x 4.5x 5.8x 5.8x 27.6x 5.0x 28.4x 22.9x 25.4x 4.2x 4.3x 4.8x 4.4x 20.1x 18.7x 4.7x 3.9x 20.0x 15.0x 3.9x 20.5x 3.4x 4.0x 3.4x 19.2x 3.6x 17.6x 18.3x 2.9x 14.9x 12.0x 11.8x 0.0x 0.0x Mid-Growth Software Mid-Growth Software High-Growth Software Overall Mid-Growth Software Mid-Growth Software High-Growth Software Overall (Healthcare) (Non-HC) (For Exit Only) (Healthcare) (Non-HC) (For Exit Only) TEV / NTM E TEV / NTM Revenue / Growth 57.9x 60.0x 2.00 1.58 43.6x 1.50 1.24 40.0x 38.2x 1.17 29.3x 0.99 33.0x 1.00 0.90 29.4x 24.6x 24.4x 23.0x 21.6x 0.68 0.71 19.2x 0.74 23.7x 20.0x 21.8x 17.2x 16.0x 17.2x 0.49 0.57 0.58 0.63 0.56 15.5x 0.54 0.50 15.3x 13.5x 15.8x 14.4x 0.41 11.6x 0.43 12.5x 0.39 0.45 11.4x 0.35 0.34 0.27 0.30 0.23 0.18 0.0x 0.00 Mid-Growth Software Mid-Growth Software High-Growth Software Overall Mid-Growth Software Mid-Growth Software High-Growth Software Overall (Healthcare) (Non-HC) (For Exit Only) (Healthcare) (Non-HC) (For Exit Only) Note: Market data from 04/26/2017 – 04/26/2022; excludes multiples >100.0x or <0.0x Deutsche Bank 30 Source: FactSet DRAFT Investment Bank 81nidZpGqzkSDMpD


Although Broadly Lower, SW Valuations Remain Above 5-Year Lows GSS 5Y Trading Ranges (Second Twelve Months) Mid-Growth Software (HC) Mid-Growth Software (Non-HC) High-Growth Software (Exit Only) Overall Average Current TEV / STM Revenue TEV / STM FCF 15.0x 80.0x 60.0x 9.6x 10.0x 49.7x 8.5x 40.9x 40.0x 6.6x 36.8x 31.4x 6.7x 5.7x 30.3x 5.4x 26.9x 33.3x 5.4x 25.8x 24.3x 5.0x 4.2x 4.9x 4.4x 24.0x 5.0x 23.2x 21.1x 3.9x 4.0x 4.6x 20.0x 4.2x 23.2x 4.1x 3.6x 3.6x 13.8x 21.6x 3.7x 3.5x 17.9x 17.8x 2.7x 3.1x 16.5x 3.3x 16.5x 16.4x 2.7x 13.6x 10.5x 10.5x 0.0x 0.0x Mid-Growth Software Mid-Growth Software High-Growth Software Overall Mid-Growth Software Mid-Growth Software High-Growth Software Overall (Healthcare) (Non-HC) (For Exit Only) (Healthcare) (Non-HC) (For Exit Only) 16.1x TEV / STM E TEV / STM Revenue / Growth 0 0.5 1 1.5 2 2.5 3 3.5 4 60.0x 1.50 1.23 44.4x 36.8x 40.0x 1.00 0.88 0.84 0.77 0.70 30.8x 29.6x 24.9x 0.61 0.66 21.9x 0.56 23.8x 0.62 21.4x 0.58 0.55 18.8x 17.6x 20.0x 0.50 0.57 19.8x 0.38 14.5x 20.5x 0.52 17.1x 0.44 18.4x 0.48 15.9x 13.8x 15.5x 0.36 0.32 0.38 11.7x 14.3x 0.47 12.8x 10.1x 11.7x 0.28 10.1x 0.21 0.25 0.16 0.0x 0.00 Mid-Growth Software Mid-Growth Software High-Growth Software Overall Mid-Growth Software Mid-Growth Software High-Growth Software Overall (Healthcare) (Non-HC) (For Exit Only) (Healthcare) (Non-HC) (For Exit Only) Note: Market data from 04/26/2017 – 04/26/2022; excludes multiples >100.0x or <0.0x Deutsche Bank 31 Source: FactSet DRAFT Investment Bank 81nidZpGqzkSDMpD


Illustrative Valuation Analysis for an IPO Exit in Mid-2025 Multiple Metric Method Parameter Ratio / Multiple Metric Implied TEV Year Year ($ in millions) $900 $1,200 $1,500 $1,800 $2,100 Revenue 5.0x - 6.0x $187 $935 $1,121 EV/R/G 0.55 - 0.60 10% $1,028 $1,121 EBITDA 20.0x - 25.0x $67 $1,344 $1,680 uFCF 25.0x - 30.0x $57 $1,432 $1,719 Revenue 4.5x - 5.5x $210 $946 $1,156 EV/R/G 0.52 – 0.57 10% $1,093 $1,199 $1,323 $1,701 EBITDA 17.5x - 22.5x $76 $1,653 $2,021 uFCF 22.5x - 27.5x $73 Note: Valuation date as of 06/30/2022 Deutsche Bank 32 Source: Sponsor Thesis Presentation, DB Investment Banking estimates DRAFT Investment Bank Trading Comparables FY+2 FY+1 2026 2025 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section C Animal Health Distribution DRAFT 81nidZpGqzkSDMpD


CVET-Animal Health Distribution Financials ($ in millions) Actuals Company Projections DB Estimates (1) FYE, 12/31 2020A 2021A 2022E 2023E 2024E 2025E 2026E 2027E CAGR Revenue $3,855 $3,993 $4,204 $4,465 $4,765 $5,064 $5,382 $5,720 6.4% $4,204M $727M 2022E Revenue 2022E Gross Profit % Growth - 3.6% 5.3% 6.2% 6.7% 6.3% 6.3% 6.3% Gross Profit $632 $664 $727 $791 $852 $906 $964 $1,025 7.1% % Growth - 5.1% 9.6% 8.8% 7.7% 6.4% 6.3% 6.3% % Margin 16.4% 16.6% 17.3% 17.7% 17.9% 17.9% 17.9% 17.9% Segment ~17% $235 $261 $300 $341 $388 $437 $492 $551 12.9% ~5% EBITDA 2022E Gross Profit (2) 2022E Adj. EBITDA - 11.1% 14.9% 13.7% 13.7% 12.8% 12.4% 12.1% % Growth Margin 6.1% 6.5% 7.1% 7.6% 8.1% 8.6% 9.1% 9.6% % Margin (2) Adj. EBITDA $181 $179 $207 $242 $282 $325 $372 $424 15.5% - (0.6%) 15.1% 17.0% 16.6% 15.3% 14.6% 14.0% % Growth 4.7% 4.5% 4.9% 5.4% 5.9% 6.4% 6.9% 7.4% % Margin $207M $142M (2) (3) (3) 2022E Adj. EBITDA 2022E uFCF uFCF $130 $133 $142 $170 $202 $246 $288 $335 18.7% % Margin 3.4% 3.3% 3.4% 3.8% 4.2% 4.9% 5.4% 5.9% Source: Sponsor Thesis Presentation, DB Investment Banking estimates Deutsche Bank 33 Note: Revenue, GP and Segment EBITDA through 2025E from Sponsor Thesis Presentation and Project Padlock – Financials_2022.02 file; margins held constant from DRAFT Investment Bank 2026E onwards – data includes SmartPak and all other segments of the business outside of GPM and GSS 1) CAGRs represent 2022-2027E growth 2) Represents segment EBITDA less corporates costs allocated as per revenue contribution from segment 3) uFCF defined as Adj. EBITDA less Capex. Company projections for the Capex for North America - GTS segment allocated to GPM based as per segment revenue contribution 81nidZpGqzkSDMpD


Select Precedents to Consider Broad base of healthcare distribution deals presents a few standout, key precedents for deeper consideration ($ in millions) Date Target Buyer TEV LTM E Margin R Growth (Hist) R Growth (Proj) EV / Revenue EV / EBITDA 1.0x 12.4x Oct-12 PSS World Medical, Inc. McKesson $2,100 8.0% 1.1% 8.1% 1.8x 14.8x Feb-13 AssuraMed Cardinal Health $2,070 12.5% NA NA (1) 0.3x May-14 Celesio McKesson $7,689 2.5% (6.0%) (6.7%) 10.7x 0.8x 18.6x Jan-15 MWI Veterinary Supply AmerisourceBergen $2,523 4.4% 18.3% 8.4% 0.7x 16.2x May-15 Animal Health Intl. Patterson Medical $1,100 4.5% NA NA 2.5x NA Jul-15 Harvard Drug Group Cardinal Health $1,115 NA NA NA 1.5x 11.2x Jul-15 Patterson Medical MDP $715 13.7% NA 1.7% 7.2x 20.0x Oct-15 PharMEDium Healthcare AmerisourceBergen $2,700 36.1% NA NA 4.3x 11.1x May-16 Performance Health Patterson Medical $725 38.7% NA NA 0.8x Aug-17 Byram Healthcare Owens & Minor $380 7.9% NA NA 10.4x 2.1x 12.1x Nov-17 RxCrossroads McKesson $725 17.8% 0.1% 13.3% (2) 0.8x 14.6x Feb-19 Henry Schein Animal Health Covetrus $3,100 5.4% 5.4% 7.3% (3) 1.9x 10.9x 12.1x Jan-20 Solara adapthealth $425 15.5% 27.0% 24.0% (3) 3.1x 23.8x Jan-21 AeroCare adapthealth $2,026 13.0% ~ 8.0% NA 11.4x 0.3x 12.0x Jan-21 Alliance Healthcare AmerisourceBergen $6,500 2.8% (6.5%) NA 1.9x 14.2x Jun-21 Medline Blackstone, Carlyle, H&F $34,000 13.3% 15.2% 8.1% (3) 1.2x 10.6x 10.6x Jan-22 Apria Owens & Minor $1,450 11.4% 4.0% 4.9% Animal 0.8x Animal 16.2x Animal Health Distribution Other H/C 1.9x Other H/C 11.4x Other Healthcare Distribution Bridge to EV / EBITDA - CapEx Overall 1.5x Overall 12.1x Source: Public filings, Wall Street research, and DB Investment Banking estimates Deutsche Bank 34 1) TEV converted from EUR to USD as of transaction date DRAFT Investment Bank 2) Includes $1.12mm special dividend 3) TEV/EBITDA multiples reflect EBITDA less CapEx Median 81nidZpGqzkSDMpD


Qualifying Key Precedents These businesses are particularly relevant to the Distribution segment, and indicative of how the market perceives value TEV / Rev. TEV / E Key Attributes (At Time of Transaction) Precedent Market High Quality M&A Strategic LTM NTM LTM NTM Major Similarities Major Distinctions (Target) Leadership Management Roadmap Buyers ▪ Focus on distribution ▪ National focus 0.8x 0.7x 18.6x 15.6x▪ Animal health ▪ Agency relationships with suppliers ▪ eCommerce segment ▪ Significant presence in production ▪ Focus on distribution animal health, and in equine 0.7x NA 16.2x NA ▪ Animal health ▪ National focus and Canada ▪ B2C channel ▪ Distribution focus on healthcare 14.8x NA 1.8x NA products ▪ Human health focused ▪ Less integrated ▪ Proprietary products strategy less 0.8x 0.7x 14.6x 13.7x▪ Prior transaction for this asset developed ▪ Included GSS (although under- invested / slower growth at the time) ▪ Human health focused ▪ Distribution focus on healthcare ▪ Broad end markets ranging from products physician offices to acute care and 1.9x 1.7x 14.2x 14.2x ▪ Multi-national footprint retail ▪ B2B model▪ Significant (55%) revenue contribution from branded products ▪ Focus on human health, particularly the alternate site healthcare provider ▪ Distribution focus on healthcare 12.4x 11.7x 1.0x 0.9x market products ▪ U.S. focused Median: 0.9x 0.8x 14.7x 14.0x Source: Public filings, Wall Street research, and DB Investment Banking estimates Deutsche Bank 35 DRAFT Investment Bank 81nidZpGqzkSDMpD


Quantifying Key Precedents 2-Year Historical Revenue Growth CAGR LTM EBITDA Margin 18.3% 13.3% 12.5% 15.2% 8.0% 6.5% 5.4% 4.5% 4.4% 5.4% 4.6% 1.1% NA NA MWI Medline Henry CVET-Dist PSS Animal AssuraMed Medline AssuraMed PSS CVET-Dist Henry Animal MWI Schein Health Intl. Schein Health Intl. 2-Year Projected Revenue Growth CAGR 2-Year Projected EBITDA Growth CAGR 8.4% 14.1% 8.1% 8.1% 7.3% 12.5% 9.9% 5.7% 9.8% 6.1% NA NA NA NA MWI PSS Medline Henry CVET-Dist Animal AssuraMed CVET-Dist MWI Henry PSS Medline Animal AssuraMed Schein Health Intl. Schein Health Intl. Source: Public filings, Wall Street research, and Sponsor Thesis Presentation for CVET Deutsche Bank 36 DRAFT Investment Bank 81nidZpGqzkSDMpD


Perspectives on Public Comparables for CVET Distribution Distribution (Specialty) Distribution (Drug) Animal Health Suppliers ▪ Higher growth and margin specialty ▪ Global supply chain leaders, with a core ▪ Relevant companies that benefit from distributors with leading position across focus on pharmaceutical distribution similar end markets specific end markets ▪ Increasingly diversifying into higher growth ▪ Success of distributors tied to growth of ▪ More supply focused vs. pharmaceutical / margin segments (animal health, home suppliers care, services) ▪ Likely to serve as valuation reference-▪ Margin profile difference given product vs. points for Wall Street analysts and ▪ Relevant reference, however, Rx business distribution mix investors alike vis-à-vis similar value reduces margin profile; recent/near term propositions and business models idiosyncratic impact from opioid issues TEV / EBITDA TEV / EBITDA TEV / EBITDA 2021E 2022E 2023E 2021E 2022E 2023E 2021E 2022E 2023E 11.2x 10.4x 9.5x 9.8x 9.5x 9.2x 26.8x 24.1x 21.4x ’21E – ’23E CAGR 2021E ’21E – ’23E CAGR 2021E ’21E – ’23E CAGR 2021E Revenue EBITDA EBITDA Margin Revenue EBITDA EBITDA Margin Revenue EBITDA EBITDA Margin 3.8% 8.0% 6.6% 3.8% 3.9% 1.6% 7.0% 11.9% 32.6% Note: Market data as of 04/26/2022; excludes multiples <0.0x and > 100.0x; valuation medians exclude Medline Deutsche Bank 37 Source: Company information, FactSet DRAFT Investment Bank Valuation Metrics (Average) Comps 81nidZpGqzkSDMpD


Comparable Benchmarking – Operational Metrics 2021E-2023E Revenue Growth 2021E-2023E EBITDA Growth Median Median 10.8% Distribution (Specialty) 3.6% Distribution (Specialty) 5.9% 5.1% 5.5% Distribution (Drug) Distribution (Drug) 14.1% Animal Health Suppliers 8.5% Animal Health Suppliers 12.6% 8.5% 12.9% 12.7% 12.6% Overall 4.8% Overall 6.7% 10.3% 5.7% 5.6% 5.1% 4.8% 6.7% 5.9% 3.6% 5.5% 5.4% 3.1% 1.8% 0.5% (0.6%) (2) 2021E EBITDA Margin 2021E FCF Margin Median Median Distribution (Specialty) 6.6% Distribution (Specialty) 6.2% 1.5% 1.3% Distribution (Drug) Distribution (Drug) 42.9% Animal Health Suppliers 32.9% Animal Health Suppliers 29.1% 37.8% Overall 6.6% Overall 6.2% 32.9% 29.1% 22.2% 19.7% 8.7% 8.1% 6.6% 6.5% 6.2% 6.0% 4.5% 3.9% 2.0% 1.8% 1.5% 1.4% 1.3% 1.2% Source: Company filings, FactSet, Wall Street research Deutsche Bank 38 Distribution (Specialty) Note: Market data as of 04/26/2022, Covetrus excluded from overall medians DRAFT Investment Bank Metrics less than 0.0% considered not meaningful Distribution (Drug) 1) CVET-Dist. figures reflect WholeCo - GTS 2) FCF defined as EBITDA less capex Animal Health Suppliers 81nidZpGqzkSDMpD


Public Market Benchmarking – Valuation Metrics EV / 2022E Revenue EV / 2022E EBITDA Median Median Distribution (Specialty) 0.6x Distribution (Specialty) 11.4x 0.2x 10.2x Distribution (Drug) Distribution (Drug) 33.3x Animal Health Suppliers 10.3x Animal Health Suppliers 23.7x 11.2x Overall 0.6x Overall 11.4x 10.3x 23.7x 3.7x 1.1x 15.4x 12.3x 11.4x 10.8x 10.2x 0.6x 7.6x 0.5x 7.4x 0.2x 0.2x 0.1x (1) EV / 2022E FCF Price / 2022E Earnings Median Median Distribution (Specialty) 13.1x Distribution (Specialty) 14.5x 39.2x 48.2x 11.7x 13.6x Distribution (Drug) Distribution (Drug) 27.4x Animal Health Suppliers 27.4x Animal Health Suppliers 34.2x 34.2x Overall 13.1x Overall 14.5x 21.0x 17.9x 17.6x 14.5x 14.4x 13.6x 13.4x 13.1x 12.1x 11.7x 11.0x 10.9x 9.0x 8.3x Source: Company filings, FactSet, Wall Street research Deutsche Bank 39 Distribution (Specialty) Note: Market data as of 04/26/2022; CVET excluded from overall medians DRAFT Investment Bank multiples less than 0.0x or greater than 75.0x considered not meaningful Distribution (Drug) 1) FCF defined as EBITDA less capex Animal Health Suppliers 81nidZpGqzkSDMpD


Preliminary CVET-Dist M&A Valuation Could Support a TEV of $2,500-$3,000 Multiple Metric Method Parameter Ratio / Multiple Metric Implied TEV Year Year ($ in millions) $1,000 $2,000 $3,000 $4,000 (1) (1) $2,550 $2,877 LBO Management Case Required MOIC: 2.5x – 3.0x; LTM E Exit Multiple: 13.0x $2,995 $3,394 TEV / Revenue 0.75x 0.85x $3,993 – LTM 2021 TEV / EBITDA 12.0x – 15.0x $179 $2,154 $2,692 Transaction Comparables TEV / Revenue 0.65x – 0.75x $4,204 $2,733 $3,153 NTM 2022 TEV / EBITDA 11.0x 14.0x $207 – $2,273 $2,893 TEV / Revenue 0.5x – 0.6x $4,204 $2,102 $2,522 Trading 2022 2022 $2,066 $2,479 Comparables TEV / EBITDA 10.0x – 12.0x $207 $1,706 $1,920 TEV / uFCF 12.0x – 13.5x $142 Note: Valuation date as of 06/30/2022 Deutsche Bank 40 Source: Management projections DRAFT Investment Bank 1) LBO assumes a 5-year hold, 6.5x max leverage, Financing EBITDA based on LTM 06/30/2022 Adj. EBITDA of $193 81nidZpGqzkSDMpD


Preliminary LBO Math Suggests CVET-Dist. is a $2,500-$2,750 Business ($ in millions) LBO Assumptions LBO Valuation Analysis LTM EBITDA Multiple 12.0x 13.0x 14.0x ▪ Assumes transaction date of 06/30/2022E LTM EBITDA (06/30/2022E) $193 $193 $193 ▪ Purchase price of ~$2,510 at 13.0x LTM 06/30/2022E EBITDA of ~$193 Implied Transaction Value $2,317 $2,510 $2,703 ▪ Assumes five-year hold with exit multiple of 13.0x on LTM 06/30/2027E EBITDA of ~$398 Plus: Financing & Transaction Fees $81 $81 $81 ▪ Debt financing assumed based on 6.5x LTM 06/30/2022E EBITDA of ~$193 Less: Transaction Net Debt ($1,255) ($1,255) ($1,255) ▪ Implied max leverage of 6.5x; First Lien Term Loan of 5.0x at S+425 @ 98.0 OID Implied Sponsor Equity Contribution $1,142 $1,335 $1,528 (50bps floor); Second Lien Term Loan of 1.5x at S+775 @ 98.0 OID (50bps floor) Illustrative LTM EBITDA Exit Multiple 13.0x 13.0x 13.0x Illustrative Enterprise Value at Exit $5,176 $5,176 $5,176 (1) Illustrative Sources & Uses Less: Net Debt ($1,002) ($1,002) ($1,002) Sources $ Amt. x Fin. E Uses $ Amt. Implied Sponsor Equity Value $4,174 $4,174 $4,174 New Term Loans $1,255 6.5x Purchase TEV $2,510 Sponsor Equity $1,335 6.9x Fees & Expenses $81 Implied IRR 29.6% 25.6% 22.3% Implied MOIC 3.7x 3.1x 2.7x Total $2,590 13.4x Total $2,590 Sensitivity IRR on Entry & Exit Multiple Sensitivity TEV on Exit Multiple and Target IRR Sensitivity IRR on Revenue CAGR & Margin Implied TEV Implied IRR Implied IRRs (2) LTM EBITDA Entry Multiple LTM EBITDA Exit Multiple 5-Yr Revenue CAGR 12.0x 13.0x 14.0x 12.0x 13.0x 14.0x 9.0% 10.0% 11.0% 12.0x 27.0% 23.1% 19.8% 20.6% $2,654 $2,810 $2,966 5.0% 12.9% 13.3% 13.7% 13.0x 29.6% 25.6% 22.2% 25.6% $2,382 $2,510 $2,637 7.0% 25.1% 25.6% 25.9% 14.0x 32.0% 27.9% 24.5% 30.6% $2,168 $2,273 $2,378 9.0% 36.4% 36.8% 37.2% Note: Assumes 1% mandatory amortization for New Term Loan; Financials through 2025E from Sponsor Thesis Presentation and Project Deutsche Bank 41 Padlock – Financials_2022.02 file; 2026E onwards based on DB Investment Banking estimates DRAFT Investment Bank Source: Company model, projections starting in 2023E based on DB Investment Banking estimates 1) LBO assumes a 5-year hold, 6.5x max leverage, Financing EBITDA based on LTM 06/30/2022 Adj. EBITDA of $193 and blended New Term Loan Financing Fees at 2.40%; 2.00% OID and M&A Fees at 1% of purchase price 2) Revenue CAGR from 2023E through projection period LTM EBITDA Exit Multiple Target IRR Exit Year Margin 81nidZpGqzkSDMpD


Analysis at Various Prices Matrix ($ in millions) Implied CVET-Dist Total Enterprise Value Multiples $2,000 $2,125 $2,250 $2,375 $2,500 $2,625 $2,750 $2,875 $3,000 Metric 2021A $3,993 0.5x 0.5x 0.6x 0.6x 0.6x 0.7x 0.7x 0.7x 0.8x TEV / 2022E $4,204 0.5x 0.5x 0.5x 0.6x 0.6x 0.6x 0.7x 0.7x 0.7x Revenue 2023E $4,465 0.4x 0.5x 0.5x 0.5x 0.6x 0.6x 0.6x 0.6x 0.7x Segment $261 7.7x 8.1x 8.6x 9.1x 9.6x 10.1x 10.5x 11.0x 11.5x 2021A Adjusted $179 11.1x 11.8x 12.5x 13.2x 13.9x 14.6x 15.3x 16.0x 16.7x Segment $300 6.7x 7.1x 7.5x 7.9x 8.3x 8.7x 9.2x 9.6x 10.0x TEV / 2022E EBITDA Adjusted $207 9.7x 10.3x 10.9x 11.5x 12.1x 12.7x 13.3x 13.9x 14.5x Segment $341 5.9x 6.2x 6.6x 7.0x 7.3x 7.7x 8.1x 8.4x 8.8x 2023E Adjusted $242 8.3x 8.8x 9.3x 9.8x 10.3x 10.9x 11.4x 11.9x 12.4x 2021A $133 15.1x 16.0x 16.9x 17.9x 18.8x 19.8x 20.7x 21.7x 22.6x TEV / 2022E $142 14.1x 14.9x 15.8x 16.7x 17.6x 18.5x 19.3x 20.2x 21.1x uFCF 2023E $170 11.8x 12.5x 13.3x 14.0x 14.7x 15.5x 16.2x 16.9x 17.7x Source: Sponsor Thesis Presentation, DB Investment Banking estimates Deutsche Bank 42 1) Represents Adj. EBITDA less Capex DRAFT Investment Bank 81nidZpGqzkSDMpD


Five Year Perspective on Key Multiples and Ratios for Animal Health Distribution Comparables TEV / NTM Revenue (5Y Trading Ranges) TEV / NTM E (5Y Trading Ranges) 1.0x 15.0x 0.8x 12.7x 12.7x 11.5x 0.8x 0.8x 11.5x 10.6x 10.3x 0.7x 10.3x 10.3x 10.0x 9.3x 0.6x 9.1x 0.6x 9.7x 8.2x 0.5x 0.6x 8.7x 7.9x 8.3x 0.5x 7.6x 7.5x 0.4x 0.5x 0.4x 6.7x 0.4x 5.0x 0.4x 0.2x 0.3x 0.2x 0.2x 0.2x 0.1x 0.1x 0.1x 0.0x 0.0x Distribution (Specialty) Distribution (Drug) Overall Distribution (Specialty) Distribution (Drug) Overall TEV / NTM FCF (5Y Trading Ranges) TEV / NTM PE (5Y Trading Ranges) 25.0x 25.0x 22.7x 20.3x 19.6x 20.0x 20.0x 18.4x 17.5x 16.5x 17.1x 15.4x 15.3x 14.7x 15.0x 15.0x 14.7x 14.6x 13.2x 15.4x 14.2x 13.2x 12.1x 11.7x 13.7x 12.8x 12.7x 13.2x 11.2x 13.1x 13.6x 13.0x 11.4x 10.9x 11.7x 11.9x 10.0x 10.0x 11.5x 10.5x 10.0x 10.1x 9.5x 8.7x 5.0x 5.0x 0.0x 0.0x Distribution (Specialty) Distribution (Drug) Overall Distribution (Specialty) Distribution (Drug) Overall Source: FactSet Deutsche Bank Distribution (Specialty) Max / Min 43 Note: Market data from 04/26/2017 – 04/26/2022 DRAFT Investment Bank Distribution (Drug) Average Animal Health Suppliers Current 81nidZpGqzkSDMpD


Illustrative Valuation Analysis for an IPO Exit in Mid-2024 Multiple Metric Method Parameter Ratio / Multiple Metric Implied TEV Year Year ($ in millions) $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 Revenue 0.60x – 0.70x $4,765 $2,859 $3,336 EBITDA 11.0x – 13.0x $282 $3,100 $3,664 Revenue 0.50x – 0.60x $5,064 $2,532 $3,039 $3,249 $3,898 EBITDA 10.0x – 12.0x $325 Note: Valuation date as of 06/30/2022E Deutsche Bank 44 Source: Sponsor Thesis Presentation, DB Investment Banking estimates DRAFT Investment Bank Trading Comparables 2023 2022 2025 2024 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section 3 Exit Considerations DRAFT 81nidZpGqzkSDMpD


Handicapping Exit Plans for Segments Different exit strategies provide for varying valuation levels for each of the company’s unique segments Factors Sale to Strategic IPO Sale to Sponsor Distribution 30% 20% 50% GPM 25% 45% 30% GSS 25% 10% 65% ▪ Leveraged returns and access to capital ▪ Growth will need to exceed 15-20% to continue to fuel appetite for assets ▪ Strategics are erratic and typically unable reach terminal velocity w/r/t multiple (up to to compete on auction timelines ▪ PE is the most consistent, reliable buyer $200M EBITDA) for any asset with normal margins and ▪ Requires 6-12 months of advanced Rationale ▪ 10-15% growth is still sufficient for a meaningful cash flow planning and partnerships to de-risk successful IPO, especially for EBITDA buying (try before you buy) and top-of-the- ▪ Generally, historical, can compete within levels >$250M, but doesn’t garner quite house engagement / buy-in 20-25% of IPO value and beats publicly- the premium to M&A options traded strategics 9 times out of 10 Distribution 13-15x E 11-13x E 12-14x E GPM 4-5x Rev. / 10-12x GP 6-8x Rev. / 14-18x GP 4-5x Rev. / 10-12x GP GSS 18-20x E / 20-22x FCF 16-18x E / 18-20x FCF 18-20x E / 20-22x FCF Deutsche Bank 45 * Market trends suggest 10% upside 2-3 years out DRAFT Investment Bank Exit (5YA) Weight 81nidZpGqzkSDMpD


Preliminary Perspectives on Best Strategic Buyers Beta Buyers Alpha Buyers ▪ The buyer universe for the combined business is very limited ▪ Separating the two segments will likely expand the number of alpha buyers ▪ Focused M&A roadmap for the separated businesses Unlikely Buyers Gamma Buyers to generate greater buyer interest Ability-to-Pay Deutsche Bank 46 Distribution GPM GSS All DRAFT Investment Bank Interest 81nidZpGqzkSDMpD


Double-Clicking on Future Alpha Buyers ($ in billions) Market Cap / Buyer Ownership TEV Cash & Cash Equiv. 2022 Revenue 2022 EBITDA Recent Acquisitions ▪ BluDiagnostics (Jul-20) $1,457 $1,411 $96 $539 $81▪ Health Navigator (Oct-19) ▪ PillPack (Sep-18) ▪ Palette Health (May-18) Bain, H&F NA NA $2.2 $1,063▪ Praxify Technologies (Jun-17) ▪ PatientPop (May-16) ▪ Medtronic - Medical Supplies Business (Jul-17) $17 $19 $3.2 $181 $2.6 ▪ The Harvard Drug Group (Jul-15) ▪ Metro Medical Supply (Apr-15) $14 $13 $0.6 $10.2 $0.1▪ NA $3.5 $3.2 $0.3 $0.3 NM▪ NA ▪ Timely Limited (May-21) $2.6 $3.1 $0.1 $0.6 $0.1▪ Briostack (Jan-21) ▪ Updox (Dec-20) Note: Market data as of 04/26/2022 and financial data as of the most recent reported period Deutsche Bank 47 Source: Company data, FactSet, Wall Street research DRAFT Investment Bank 81nidZpGqzkSDMpD


Double-Clicking on Future Alpha Buyers (Cont’d) ($ in billions) Market Cap / Buyer Ownership TEV Cash & Cash Equiv. 2022 Revenue 2022 EBITDA Recent Acquisitions ▪ Figo Pet Insurance (Oct-21) Private NA NA NA NA▪ Independence Pet Group (May-21) ▪ National Veterinary Associates (Jun-19) ▪ Strategic Pharmaceutical Solutions (May-21) Private NA NA NA NA ▪ Davies Veterinary Specialists (Jan-19) ▪ PetCare (Sep-18) ▪ Medical Specialties Distributor (Jun-18) $49 $53 $2.7 $255 $4.9▪ RxCrossroads (Jan-18) ▪ BDI Pharma (Aug-17) ▪ Teleflex (Jun-21) Blackstone, Hellman & NA NA $20 $2.4▪ Medi-Select (Jan-20) Friedman, Carlyle ▪ Suture Express (Nov-19) EQT, H&F NA NA NA NA ▪ NA Note: Market data as of 04/26/2022 and financial data as of the most recent reported period Deutsche Bank 48 Source: Company data, FactSet, Wall Street research DRAFT Investment Bank 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Section 4 M&A Roadmap DRAFT 81nidZpGqzkSDMpD


Summary of Preliminary M&A Roadmap GPM GSS Notes / Themes M&A History ▪ Veterinary Care Plans (2021) ▪ Actionable platforms with strong industrial logic, e.g., near ▪ AppointMaster (2021) competitors, to drive potential CATALYST ▪ SmartPak Equine (Vet Software) synergies and reduce effective (2019) purchase multiple ▪ Henry Schein’s animal health business (2018) ▪ Assets with incremental solutions to extend offerings to logical adjacencies (e.g. INCREMENTAL nutrition, DTC Rx; insurance, CAPABILITIES telehealth) ▪ Pivot potential through M&A, de- risk long-term growth story and broadening potential buyer universe TRANSFORMATIONAL ▪ Expand existing platform into DTC Deutsche Bank 49 DRAFT Investment Bank 81nidZpGqzkSDMpD


Deutsche Bank Investment Bank Appendix DRAFT 81nidZpGqzkSDMpD


Spreading the CVET-GPM Comps ($ in millions) LTM '22-'24 Growth LTM Multiples NTM Multiples 2021A Multiples 2022E Multiples 2023E Multiples Margins % of 52 (1) (1) (1) (1) (1) TEV GM EM R E R GP E FCF R GP E FCF R GP E FCF R GP E FCF R GP E FCF Wk High GDRX $6,269 33.1% 92% 27% 23% 30% 7.8x 8.5x 28.7x 29.4x 6.4x 6.8x 20.8x 21.6x 8.2x 9.0x 31.6x 32.4x 6.8x 7.3x 22.6x 23.1x 5.5x 5.9x 16.8x 18.0x HIMS $750 30.3% 75% NM 22% NM 2.5x 3.4x NM NM 1.9x 2.6x NM NM 2.8x 3.7x NM NM 2.0x 2.7x NM NM 1.6x 2.2x NM NM TDOC $5,845 17.6% 68% 13% 23% 34% 2.7x 4.0x 20.4x 25.7x 2.1x 3.1x 15.7x 17.9x 2.9x 4.2x 21.8x 28.7x 2.3x 3.3x 17.1x 19.6x 1.8x 2.7x 12.7x 14.3x TRHC $449 8.5% 30% 6% 11% 31% 1.3x 4.3x 21.8x NA 1.2x 3.8x 17.7x NA 1.4x 4.5x 22.9x NA 1.2x 3.9x 19.0x NA 1.1x 3.4x 14.7x NA Average 66% 15% 20% 31% 3.6x 5.0x 23.6x 27.5x 2.9x 4.1x 18.1x 19.8x 3.8x 5.3x 25.4x 30.5x 3.1x 4.3x 19.5x 21.3x 2.5x 3.5x 14.7x 16.2x PETS $367 49.2% 29% 11% NA NA 1.3x 4.5x 11.7x NM 1.3x NA 11.6x NM 1.3x 4.5x 11.7x NM 1.3x 4.4x 11.7x 12.2x 1.2x NA 11.4x NM CHWY $12,976 32.8% 27% 1% 14% NM 1.4x 5.4x NM NM 1.2x 4.6x NM NM 1.5x 5.6x NM NM 1.3x 4.8x NM NM 1.1x 4.1x NM NM BARK $386 24.9% 58% NM 32% NA 0.8x 1.3x NM NM 0.6x 1.0x NM NA 0.8x 1.4x NM NM 0.6x 1.1x NM NM 0.5x 0.8x NM NA ROVR $892 41.2% 76% 11% 38% 78% 7.1x 9.4x NM NM 4.6x 6.0x 35.8x 39.2x 8.1x 10.7x NM NM 5.1x 6.8x NM 49.1x 3.5x 4.6x 22.3x 24.4x Average 47% 8% 28% 78% 2.6x 5.1x 11.7x NM 1.9x 3.9x 23.7x 39.2x 2.9x 5.5x 11.7x NM 2.1x 4.3x 11.7x 30.7x 1.6x 3.1x 16.8x 24.4x ETSY $16,053 33.7% 72% 30% 20% 25% 6.6x 9.2x 21.9x 28.2x 5.6x 7.8x 19.5x 20.0x 6.9x 9.6x 22.4x 31.6x 5.8x 8.3x 20.7x 21.5x 4.9x 6.8x 16.6x 16.5x FTCH $3,923 21.6% 45% 0% 24% NM 1.6x 3.6x NM NM 1.3x 2.9x NM NM 1.7x 3.9x NM NM 1.4x 3.1x NM NM 1.1x 2.4x 21.4x NM REAL $332 22.3% 59% NM 28% NM 0.6x 1.1x NM NM 0.5x 0.8x NM NM 0.7x 1.2x NM NM 0.5x 0.9x NM NM 0.4x 0.7x NM NM Average 59% 15% 24% 25% 3.0x 4.6x 21.9x 28.2x 2.5x 3.8x 19.5x 20.0x 3.1x 4.9x 22.4x 31.6x 2.6x 4.1x 20.7x 21.5x 2.1x 3.3x 19.0x 16.5x Overall Average 57% 13% 23% 40% 3.1x 5.0x 20.9x 27.8x 2.4x 3.9x 20.2x 24.7x 3.3x 5.3x 22.1x 30.9x 2.6x 4.2x 18.2x 25.1x 2.1x 3.3x 16.5x 18.3x Note: Market data as of 04/26/2022 Deutsche Bank 50 Source: Company information, FactSet DRAFT Investment Bank 1) Represents Adj. EBITDA less Capex eCommerce eCommerce eCommerce (Pets) (Non-HC) (Healthcare) 81nidZpGqzkSDMpD


Spreading the CVET-GPM Comps (Con’t) Additional eCommerce Mature comps ($ in millions) LTM '22-'24 Growth LTM Multiples NTM Multiples 2021A Multiples 2022E Multiples 2023E Multiples Margins % of 52 (1) (1) (1) (1) (1) TEV GM EM R E R GP E FCF R GP E FCF R GP E FCF R GP E FCF R GP E FCF Wk High BABA $226,831 36% 38% 20% 13% 14% 1.8x 4.7x 9.0x 13.8x 1.6x 4.4x 8.5x 13.3x 1.8x 4.8x 9.0x 13.8x 1.6x 4.5x 8.9x 13.8x 1.5x 4.0x 7.6x 11.9x NFLX $82,439 24% 42% 23% 10% 15% 2.7x 6.5x 12.0x 13.0x 2.5x 5.9x 11.4x 12.3x 2.8x 6.6x 12.1x 13.1x 2.5x 6.1x 11.7x 12.7x 2.3x 5.5x 10.6x 11.4x BKNG $82,207 77% 100% 28% 14% 24% 6.5x 6.5x 23.6x 26.1x 4.5x 4.6x 14.7x 15.9x 7.5x 7.5x 28.3x 31.6x 4.7x 4.7x 15.8x 17.2x 4.1x 4.1x 12.0x 13.0x EXPE $25,432 62% 83% 19% 14% 19% 2.7x 3.3x 14.6x 24.0x 2.1x 2.5x 9.5x 12.8x 3.0x 3.6x 17.2x 31.7x 2.2x 2.6x 10.1x 13.8x 1.9x 2.2x 8.1x 10.6x TRIP $3,459 53% 92% 14% 15% 38% 3.4x 3.7x 23.7x 39.4x 2.3x 2.5x 10.7x 14.0x 3.8x 4.2x 34.6x NM 2.4x 2.7x 12.2x 16.4x 2.0x 2.2x 7.9x 9.7x CHGG $2,693 18% 69% 33% 13% 22% 3.5x 5.1x 10.5x 16.5x 3.4x 4.7x 11.0x 17.7x 3.5x 5.2x 10.1x 15.7x 3.5x 4.8x 11.6x 19.3x 3.2x 4.4x 9.8x 14.0x SSTK $2,280 49% 66% 25% 9% 14% 2.9x 4.4x 11.5x 13.5x 2.7x 4.0x 10.2x 12.2x 2.9x 4.5x 11.8x 13.8x 2.7x 4.1x 10.5x 12.6x 2.5x 3.8x 9.5x 11.2x YELP $1,904 67% 92% 24% 9% 16% 1.8x 1.9x 7.5x 8.5x 1.6x 1.7x 6.7x 7.4x 1.8x 2.0x 7.7x 8.7x 1.6x 1.8x 7.0x 7.8x 1.5x 1.6x 5.8x 6.4x Overall 73% 23% 12% 20% 3.2x 4.5x 14.0x 19.3x 2.6x 3.8x 10.3x 13.2x 3.4x 4.8x 16.4x 18.4x 2.7x 3.9x 11.0x 14.2x 2.4x 3.5x 8.9x 11.0x Average Note: Market data as of 05/11/2022 Deutsche Bank 51 Source: Company information, FactSet DRAFT Investment Bank 1) Represents Adj. EBITDA less Capex eCommerce Mature 81nidZpGqzkSDMpD


Spreading the CVET-GSS Comps ($ in millions) LTM '22-'24 Growth LTM Multiples NTM Multiples 2021A Multiples 2022E Multiples 2023E Multiples Margins % of 52 (1) (1) (1) (1) (1) R GP E FCF R GP E FCF R GP E FCF R GP E FCF R GP E FCF TEV GM EM R E Wk High (2) MDRX $2,635 92.1% 51% 28% 7% 13% 4.7x 9.2x 17.1x 20.1x 4.4x 8.6x 15.3x 27.5x 4.8x 9.4x 17.6x 18.2x 4.5x 8.8x 15.8x 29.0x 4.2x 8.1x 14.1x 23.8x CRW-GB $875 56.7% 72% 30% NA NA 5.0x 7.0x 17.0x 26.0x 4.7x 5.3x 16.0x 28.1x 5.1x 7.8x 17.2x 25.2x 4.8x 5.4x 16.4x 28.6x 4.4x 4.8x 15.0x 26.4x HSTM $577 64.8% 65% 20% NA NA 2.2x 3.4x 11.0x 11.7x 2.1x 3.2x 10.8x 11.5x 2.2x 3.5x 10.9x 11.7x 2.1x 3.2x 11.0x 11.8x 2.0x 3.0x 9.9x 10.6x NXGN $1,382 91.2% 51% 19% NA NA 2.3x 4.6x 12.5x 13.7x 2.2x 4.4x 12.2x 13.1x 2.4x 4.6x 12.6x 13.9x 2.2x 4.4x 12.3x 13.2x 2.2x 4.2x 12.0x 12.9x Average 60% 24% 7% 13% 3.6x 6.1x 14.4x 17.9x 3.4x 5.4x 13.6x 20.1x 3.6x 6.3x 14.6x 17.3x 3.4x 5.5x 13.9x 20.7x 3.2x 5.0x 12.8x 18.5x DBX $8,304 66.6% 80% 37% 7% 9% 3.8x 4.7x 10.3x 10.6x 3.5x 4.3x 9.8x 10.2x 3.8x 4.8x 10.4x 10.7x 3.6x 4.4x 10.0x 10.4x 3.3x 4.1x 9.2x 9.6x MLNK $1,695 59.6% 69% 44% 12% 16% 6.2x 8.9x 14.0x 14.1x 5.7x 8.0x 14.3x 14.5x 6.3x 9.2x 13.7x 13.8x 5.8x 8.3x 14.8x 15.1x 5.3x 7.3x 12.9x 13.1x SPNS $1,193 62.8% 44% 20% 8% 16% 2.5x 5.8x 13.0x 13.6x 2.3x 5.3x 11.9x 12.5x 2.6x 5.9x 13.2x 13.8x 2.4x 5.5x 12.4x 13.1x 2.2x 5.0x 10.5x 11.0x (3) SSNC $22,767 79.4% 56% 39% 4% 6% 4.3x 7.7x 11.0x 11.4x 4.2x 7.5x 10.3x 10.9x 4.4x 7.7x 11.2x 11.5x 4.2x 7.5x 10.5x 11.1x 4.1x 7.3x 9.8x 10.3x Average 62% 35% 8% 12% 4.2x 6.8x 12.1x 12.4x 3.9x 6.3x 11.6x 12.0x 4.3x 6.9x 12.1x 12.5x 4.0x 6.4x 11.9x 12.4x 3.7x 5.9x 10.6x 11.0x MODN $972 61.4% 60% 13% NA NA 4.8x 8.0x 37.0x 38.5x 4.3x 7.2x 33.5x 34.8x 4.9x 8.2x 37.5x 39.0x 4.4x 7.4x 35.6x 37.1x 3.9x 6.6x 28.5x 29.5x HCAT $764 31.3% 51% NM 20% NM 3.0x 5.9x NM NM 2.5x 4.9x NM NM 3.2x 6.2x NM NM 2.6x 5.2x NM NM 2.2x 4.2x NM NM OMCL $6,480 60.3% 50% 20% 13% 26% 5.4x 10.9x 27.6x 32.6x 4.5x 9.2x 24.3x 31.1x 5.7x 11.4x 28.2x 32.3x 4.6x 9.5x 25.9x 33.6x 4.1x 8.2x 20.5x 25.6x VEEV $26,762 52.9% 75% 41% 16% 18% 14.1x 18.8x 34.2x 34.8x 12.0x 16.1x 30.4x 30.9x 14.7x 19.6x 35.1x 35.7x 12.5x 16.8x 31.7x 32.2x 10.7x 14.3x 27.1x 27.5x Average 59% 25% 16% 22% 6.8x 10.9x 32.9x 35.3x 5.8x 9.3x 29.4x 32.3x 7.1x 11.4x 33.6x 35.7x 6.0x 9.7x 31.1x 34.3x 5.2x 8.3x 25.4x 27.5x Overall Average 60% 28% 11% 15% 4.9x 7.9x 18.6x 20.6x 4.4x 7.0x 17.2x 20.5x 5.0x 8.2x 18.9x 20.5x 4.5x 7.2x 17.9x 21.4x 4.0x 6.4x 15.4x 18.2x Note: Market data as of 04/26/2022 Deutsche Bank 52 Source: Company information, FactSet DRAFT Investment Bank 1) Represents Adj. EBITDA less Capex 2) Financials are PF adjusted for Divestiture of Hospital & Large Physician Practices announced on 03/03/2022 3) Financials are PF adjusted for Acquisition of Blue Prism plc completed on 03/16/2022 High Growth Mid-Growth Software Mid-Growth Software Software (Exit-only) (Non-HC) (HC) 81nidZpGqzkSDMpD


Spreading the Animal Health Distribution Comps ($ in millions) ‘21 Margins '21-’23 Growth 2022 Multiples 2022 Growth Adj. Multiples % of 52 (1) (1) (1) TEV Week High E FCF R E R E FCF P/E R E FCF P/E HSIC $14,030 92.8% 8.7% 8.1% 4.8% 5.4% 1.1x 12.3x 13.1x 17.6x 0.08 0.54 0.58 0.31 (2) OMI $5,412 77.7% 6.6% 6.2% 3.1% 5.9% 0.5x 7.4x 8.3x 11.0x 0.07 0.59 0.66 0.35 PDCO $3,651 87.6% 4.5% 3.9% 3.6% 12.7% 0.6x 11.4x 13.4x 14.5x 0.09 2.15 2.54 0.27 Average 6.6% 6.1% 3.8% 8.0% 0.7x 10.4x 11.6x 14.4x 0.08 1.09 1.26 0.31 MCK $52,635 95.4% 2.0% 1.8% 0.5% (0.6%) 0.2x 10.8x 12.1x 13.6x 0.06 1.53 1.71 0.34 ABC $37,324 94.9% 1.5% 1.3% 5.1% 5.5% 0.2x 10.2x 11.7x 14.4x 0.03 1.46 1.68 0.40 CAH $19,539 94.9% 1.4% 1.2% 5.6% 6.7% 0.1x 7.6x 9.0x 10.9x 0.02 NM NM 0.84 Average 1.6% 1.4% 3.8% 3.9% 0.2x 9.5x 10.9x 13.0x 0.03 1.50 1.70 0.53 ZTS $86,927 71.6% 42.9% 37.8% 8.5% 10.3% 10.3x 23.7x 27.4x 34.2x 0.84 1.63 1.88 1.32 IDXX $39,741 64.5% 32.9% 29.1% 10.8% 12.9% 11.2x 33.3x 39.2x 48.2x 0.78 1.45 1.71 1.28 ELAN $17,822 69.4% 22.2% 19.7% 1.8% 12.6% 3.7x 15.4x 17.9x 21.0x 0.18 0.32 0.37 0.39 Average 32.6% 28.9% 7.0% 11.9% 8.4x 24.1x 28.2x 34.5x 0.60 1.13 1.32 1.00 Overall Average 13.6% 12.1% 4.9% 7.9% 3.1x 14.7x 16.9x 20.6x 0.24 1.21 1.39 0.61 Note: Market data as of 04/26/2022 Deutsche Bank 53 Source: Company information, FactSet DRAFT Investment Bank 1) Represents Adj. EBITDA less Capex 2) Financials are PF adjusted for Acquisition of Apria completed on 03/29/2022 Animal Health Distribution Distribution Suppliers (Drug) (Specialty) 81nidZpGqzkSDMpD


Additional Follow-ups on Precedents: TPG Email Dated 5/12/22 ($ in millions) TEV TEV TEV TEV (1) Date Target Acquiror TEV LTM Rev. NTM RG LTM GP. LTM E NTM E LTM FCF Software Precedents 1/7/2021 PointClickCare Hellman & Friedman $3,130 13.5x 16% 18.3x 31.0x 27.0x 34.4x 1 6/26/2019 Nextech Thomas H. Lee $550 9.6x 15% N/A 26.0x 23.2x 38.9x 12/10/2018 Netsmart GI Partners / TA Associates $2,000 5.1x 42% 8.9x 16.0x 11.9x 19.8x 11/5/2018 MatrixCare ResMed $750 N/A N/A N/A 25.0x 19.1x 28.8x 8/2/2018 AdvancedMD Global Payments $700 6.2x 22% 9.6x 37.2x 22.7x 39.1x 12/2/2013 Homecare Homebase Hearst $625 9.4x 33% 12.2x 21.1x 15.6x 23.4x 2 5/17/2017 GHX Temasek $1,800 8.2x 5% 11.1x 19.4x 18.1x 23.4x eCommerce Precedents 11/2/2020 RxBenefits Advent $1,100 7.7x 15% 12.1x 20.2x 18.7x 21.8x 7/21/2021 PartsSource Bain Capital $1,250 20.8x 33% 32.1x 37.9x 28.4x 44.6x (2) 6/28/2018 PillPack Amazon $753 7.5x 199% 15.1x NM NM NM 1 15% represents NTM / LTM Revenue growth; growth rate from 2017 to run-rate 2018 was 22% 2 Represents NTM / LTM Revenue growth Source: Public filings, Wall Street research, and DB Investment Banking estimates Deutsche Bank 54 1) Represents Adj. EBITDA less Capex DRAFT Investment Bank 2) PillPack generated negative EBITDA, as a result TEV/EBITDA and TEV/FCF metrics are marked as “NM” 81nidZpGqzkSDMpD