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

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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