Exhibit (c)(11)

INVESTMENT BANKING I DIVISION ‘WLINCOLN INTERNATIO NAL Board Discussion Materials Prepared for Project Padlock ·——————-1 I Preliminary Highly Confidential Draft 1 Strictly Private and Confidential : Subject to Material Change and : March 17, 2022 1 Revisions I &....——————- Information contained herein, marked with [**], has been omitted pursuant to a request for confidential treatment. A complete copy of this document has been supplied to the Securities and Exchange Commission under separate cover.

Broad Process Conducted Over the Last INVESTMENT BANKING I 8 Weeks DIVISION ‘WLINCOLN INTERNATIO NAL Broad Outreach Key Feedback Themes ~—————————————- 1 • Complexity of the business I ./ 19 Financial Sponsors I ./ 5 Strategies • Attractiveness of GTS and opportunity in technology • 17 management meetings • Broad concerns on distribution pressures and impact of consolidation and dependence on the Big 4 • 23 dataroom files shared, including financial supplement package • Capacity constraints at private equity firms •—75 diligence questions answered from 6 parties • CD&R objectives unclear Information contained herein, marked with [**], has been omitted pursuant to a request for confidential treatment. A complete copy of this document has been supplied to the Securities and Exchange Commission under separate cover.

Summary of Project Padlock Process INVESTMENT BANKING I DIVISION ‘WLINCOLN INTERNATIO NAL Illustrative Summary 24 17 Contacted Declined to Engage Received MP Declined to Bid Bids Submitted—Sponsors—Strategies Received feedback from all parties contacted in the process;-formal proposal expected on by end of week Information contained herein, marked with [**], has been omitted pursuant to a request for confidential treatment. A complete copy of this document has been supplied to the Securities and Exchange Commission under separate cover.

Buyer Feedback has Focused on Consistent INVESTMENT BANKING I Themes DIVISION ‘WLINCOLN INTERNATIO NAL • Much more complexity to the business • SOTP value unlock opportunity • Distribution fundamentals need further exploration • GTS capabilities are unique and well positioned • CD&R objectives and interest • Enthusiasm for capabilities • Understand value proposition and growth opportunity • Consistent focus on SOTP unlock and ability to focus strategic interest only on technology • Concerns on stability and sustainability of distribution and reliance on the Big 4, ability of the Big 4 to go around distribution and continued margin pressure • Channel checks support Padlock as the best of distributors, just question the business model on a fundamental basis • Positive commentary on management and the evolution of the business Management & Integration • Proof points and ongoing business performance are a testament to the integration and value proposition • Impact of corporate consolidation on margins Business Model & Financial Focus • Next level of diligence focused on trends by customer and SKU

Overview of Engagement to Date INVESTMENT BANKING I DIVISION ‘WLINCOLN INTERNATIO NAL Framework of Potential Proposal • Robust engagement driven by CEO and • Value on GTS only executive leadership • Focus on value of business within- • Indicated EV of $1.6 -1.8 billion—Engaged financial advisors who are Implied 17.6—19.8x 2022E EBITDA in frequent dialogue Multiple (Assumes $91 M of EBITDA<2>) • • Pair a GTS acquisition with an enhanced agreement with distribution—GTS revenue of $897mm, EBITDA of • Longer duration, attractive economics and $84mm<1> potential other avenues to increase value • Have reaffirmed the strength of their • Open to the structure that facilitates control of interest and focus on a “highly constructive” valuation on GTS PIMS • Understand it may require initial ownership of a private equity firm with a put I call option • Alignment on potential corporate expense savings likely to be a key driver • Critical there is trust and alignment with that partner on critical business operations and pathway to separation Initial value indication provided on Tuesday, March 15th, 2022 Expect-formal proposal with additional clarity on details by Friday, March 18th, 2022 Source.· Management Projections as of March 2022 (“Management Projections”). 41 (1) GTS Financials based on FY22E and post-corporate allocation, not including any pro forma corporate cost savings. (2) Represents GTS EBITDA including International technology EBITDA contribution and illustrative $30M of corporate expenses. Information contained herein, marked with [**], has been omitted pursuant to a request for confidential treatment. A complete copy of this document has been supplied to the Securities and Exchange Commission under separate cover.

Volatility, Rising Rates and Inflation Have INVESTMENT BANKING I Impacted Market Since Last Board Meeting DIVISION ‘WLINCOLN IN TERNATIO NAL Changes Since Last Board Meeting Key Themes Driving the Market (10.3)% (10.2)% • The equity market has declined -10% since December 2021 due to geopolitical concerns and other macro headwinds 4,204 $16.59 • Equity markets have experienced significant volatility in 2022 YTD, as the VIX is +79% for the 7-Dec-21 11-Mar-22 7-Dec-21 11-Mar-22 S&P 500 S&P 500 CVET CVET period Price Performance since 08131121: S&P 500.· (70)% I CVET. (26.6)% • US Interest rates have increased in the past few +168 bps 1-———-.+ months, and despite geopolitical tension caused by Russia-Ukraine conflict, rates are projected to 5.09% continue to increase as inflation concerns loom 3.41 % • New issuance remains light amidst market volatility—Feb 28 to Mar 11 was the first two-week period without an I PO (outside of vacation 7-Dec-21 11-Mar-22 slowdowns) since the financial crisis +30.7 % 130.7 • Macro headwinds have depressed valuations, as 100.0 the S&P 500 EV/EBITDA multiple is down 1.6x since December 7, 2021 7-Dec-21 11-Mar-22 Source.· Capitai/Q, IBES as of 11-Mar-2022

Summary of Current Status and Potential Next INVESTMENT BANKING I Steps DIVISION ‘WLINCOLN INTERNATIO NAL Process to Date Key Questions • Undergone broad outreach to a range of potential • Process timing parties—Open to a prolonged next round • Have received consistent feedback •—engagement with multiple sponsors—Concerns on distribution—Balance deal creativity with appropriate use of•—Enthusiasm for GTS upside resources • Financial sponsors that are still engaged are cautious—Ensure relationship is strengthened through process on a pathway to a successful transaction • Risk of not reaching a successful outcome—Conservative on value—Balance business disruption with value optimization—Understand the next round of diligence could take several months • Considerations on separation alternatives—Attractive economic deal with- core to the • Likely requirement to share manufacturer-specific thesis margin detail and historical margin and sales trends •—is highly engaged and focused on a successful outcome Information contained herein, marked with [**], has been omitted pursuant to a request for confidential treatment. A complete copy of this document has been supplied to the Securities and Exchange Commission under separate cover.

Framing the Paths Forward INVESTMENT BANKING I DIVISION ‘WLINCOLN INTERNATIO NAL covetrus I I ¥ a a Standalone Pathway Break Up business • Potential to identify value • Business plan for significant growth • Potential to capture sum-of-the-part maximizing option already in place discount and/or synergies • Gain clarity of real value attributed • Early success in implementation of • Allows each business to be more by third party plan focused • Simplify equity story • Time requirement I management • Impact of market volatility on ability • Tax leakage on separation distraction to execute • Very long carve-out process that • Current process has yielded limited • CD&R overhang on equity story will distract management results could turn into headwind upon decision to sell-down • Find a buyer willing to share upside • Complicated story for public market investors • Public market expectations limit long term value creation

0 Key Considerations for Continuing the Process INvEsTMENT BANKING I DIVISION ‘WLINCOLN INTERNATIO NAL Key Process Considerations Key Questions • Importance of keeping momentum and moving • Provide GTS valuation framework quickly and ask for updated perspective on value • If threshold is met, engage • Complexity of potential transaction structure expeditiously to maintain with multi-party negotiation momentum and reach alignment • Set optimal calendar for execution of a definitive agreement • Involvement and engagement of our largest • Strategies: customer • Sponsors Interested in Tech:- • Pathways to maximize value for distribution • Go back to distribution companies and see if there’s interest in • Threshold price for a change of control distribution only transaction • Additional sponsors with potential interest in distribution— sl Information contained herein, marked with [**], has been omitted pursuant to a request for confidential treatment. A complete copy of this document has been supplied to the Securities and Exchange Commission under separate cover.

O lllustrative Present Value of Future Share Price I INVESTMENT BANKING Analysis DIVISION ‘WLINCOLN NTM EV I EBITDA Multiple Method 1 ($ in millions, except per share data) INTERNATIO NAL ,—————-, Illustrative FSP Analysis PVFSP at Year End 2023 : Illustrative : I NTM EV I EBITDA I I .... __________ , I NTM EBITDA Multiple .... 14.0x -ll- 13.0x 11.0 X 12.0 X 13.0 X 14.0 X -ll- 12.0x -ll- 11.0x 85.0% $ 17.41 $ 19.30 $ 21.18 $ 23.07 C1) c:: “‘a..c::- 0 “’ Current CVETNTM ecn 100.0% $21.07 $23.30 $25.52 $ 27.74 EBITDA 0.5 Multiple: ‘t: “’ C1) en 11.5x Q.<( $24.74 $27.30 $29.85 $ 32.41 115.0% Current FYE 2022 FYE 2023 FYE 2024 NTM EBITDA $349 $397 $459 PVFSP at Year End 2024 Illustrative 12.0 X 12.0 X 12.0 X NTM EBITDA Multiple NTM EBITDA Multi~le Implied Future EV $4,193 $4,763 $ 5,512 11.0 X 12.0 X 13.0 X 14.0 X (-) Net Debt (748) (618) (471) Implied Future Equity Value $3,445 $4,145 $5,041 C1) c:: 85.0% $ 19.25 $ 21.20 $ 23.16 $ 25.12 FDSO 142.5 142.6 142.7 c::- 0 “’ Implied Future Stock Price $24.18 $29.07 $35.33 e- “‘a.. ... If) 100.0% $23.05 $25.35 $27.65 $ 29.95 Present Value of Future 0.5 1 $21.65 $23.30 $25.35 Stock Price ‘t:C1) “’ en Q.<( $26.85 $ 29.49 $ 32.14 $ 34.79 % Premium to Current 30.5 % 40.4 % 52.8 % 115.0% Source. Management Projections. Market data as of 11-Mar-2022. Valuation date of 31-Dec-2021. Note. Analysis assumes NTM EV/EBITDA multiple applied to forward year EBITDA and utilizes projected net debt per management projections. Red circles are meant to highlight corresponding numbers across various tables. t Future stock price discounted back to today utilizing an illustrative 11. 7% cost of equity.

0 Sensitivity Analysis—Future Share Price INVESTMENT BANKING I DIVISION ‘WLINCOLN INTERNATIO NAL Scenarios Considered Impact to FYE 2023 Future Share Price I ($0.50) : $0.51 I 1-———————————-1 I I I ($3.06) $3.06 I I r , I I ($0.23) I I $0.23 I I L J r-——-, I I ($0.82) I I $0.82 I I L.— __ .... Base Case: $23.30 Source. Management Projections. Note. Base case assumes 12.0x NTM EBITDA, FY24E EBITDA of $397mm, and net debt of $618mm.

8 Illustrative Returns Analyses I INVESTMENT BANKING ($ in millions, except per share data) DIVISION ‘WLINCOLN INTERNATIO NAL Implied CVET Price Per Share at Entry- Ability to Pay Sensitivities—Accelerated Adjusted Corp Cost Savings Structurel1l Accelerated Adjusted Corp Cost Savings Structurel1l Implied WholeCo CVET Entry Share Price NTM Distribution Adj. EBITDA Multiple 10.0 X 2025E EBITDA: $376M Target MOIC 2.00x 2.25x 2.50x 2025E Distribution Adj. EBITDA $376 Memo: ‘22-‘25E Distribution Adj. EBITDA CAGR Pre I Post Corp: 14% I 19% NTM 9.0x $ 25.11 $24.12 $ 23.33 Distribution 10.0x $ 26.43 $25.29 $ 24.38 Implied Distribution Enterprise Value $3,763 Adj. EBITDA Multiple 11.0x $27.74 $26.46 $ 25.43 (-) Net Debt (2024E) $(831) Implied WholeCo CVET Entry Share Price Implied Exit Distribution Equity Value $2,932 2025E EBITDA: $376M Illustrative GTS Value at Entry $ 1 800 $ 2 000 $ 2 200 Target MOIC 2.0 X NTM 9.0x $23.71 $25.11 $ 26.51 Implied Entry Distribution Equity Value $1,466 Distribution Adj. EBITDA 10.0x $25.03 $26.43 $ 27.82 Multiple 11.0x $26.34 $27.74 $ 29.14 (+) Distribution Debt at Entry (Source of Funds) $1,164 (J) $2,630 Ability to Pay Sensitivities—Implied Entry Distribution Enterprise Value Implied 2022E EBITDA multiple (Pre-Corp) 9.5 X Base Corp Cost Savings Structurel2l Implied 2022E EBITDA multiple (Post-Corp) 11.9 X Implied WholeCo CVET Entry Share Price 2025E EBITDA: $321M Target MOIC Illustrative GTS Value at Entry $2,000 2.00x 2.25x 2.50x NTM 9.0x $23.20 $22.42 $ 21.80 Distribution WholeCo Enterprise Value at Entry $4,630 10.0x $24.33 $23.42 $ 22.70 Adj. EBITDA (-) WholeCo Net Debt at Entry $(863) Multiple 11.0x $ 25.45 $24.42 $ 23.60 WholeCo Equity Value at Entry $3,767 Implied WholeCo CVET Entry Share Price Illustrative GTS Value at Entry Shares Outstanding 142.54 2025E EBITDA: $321M $ 1 800 $ 2 000 $ 2 200 Implied CVET Price Per Share at Entry $26.43 NTM 9.0x $ 21.81 $23.20 $ 24.60 Distribution Adj. EBITDA 10.0x $22.93 $24.33 $ 25.72 Multiple 11.0x $24.05 $25.45 $ 26.85 Source. Management Projections, Company filmgs, CapttaiiQ market data as of 11-Mar-2022. (1) Assumes $2,000M GTS extt value and 2.00x MOIC for Dtstnbutton extt. Corporate cost 11 1 allocation to Distribution business of $56M in 2022E (net of corporate cost savings allocated based on EBITDA contribution), reducing to $35M by 2024E (2) Assumes $2,000M GTS exit value and 2.00x MOIC for Distribution exit. Projected WholeCo corporate costs allocated to Distribution based on EBITDA contribution, pro forma for take-private cost savings of -$30M in each year. (3) Assumes 6.00x 2021 PF Adj. EBITDA which includes -$66M of allocated gross corporate costs, and -$21M of allocated pro forma corporate cost savings.

8 Overview of Covetrus’ Current Segments INVESTMENT BANKING I DIVISION ($ in millions, except per share data) ‘WLINCOLN INTERN ATIO NAL 21-25 Segment Overview (Management Projections) CAGR Illustrative Pre-Tax Enterprise Value (2022 Basis) $6,233 $ 4,575 Distribution EV I EBITDA 8.0 X 9.0 X 10.0 X 11.0 X 2021 2025 18.0 X $ 3,126 $ 3,327 $3,528 $ 3,729 • Distribution Revenue • GTS Revenue 20.0 X $ 3,295 $ 3,496 $3,697 $3,898 $ 459 @3) 22.0 X $ 3,464 $ 3,665 $ 3,866 $ 4,067 $ 244 ~ 24.0 X $ 3,633 $ 3,834 $4,035 $ 4,236 2021 2025 • Distribution EBITDA • GTS EBITDA Peer Trading (2022) Illustrative Pre-Tax Value per Share (2022 Basis) (EV I Distribution EV I EBITOA Peer Universe 2022E EBITDA) 8.0 X 9.0 X 10.0 X 11.0 X ))] “‘r AAI~t:II~Uiv!VB~y~r M5KESSON Car’dinaiHeallh 11.0x<1l 10.8x <1> 8.4x<1> 18.0 X $ 15.73 $ 17.14 $ 18.55 $ 19.96 Distribution !DU~);QS ~.. ~ l.:?x~·~~‘1 — 12.9x 10.4X 11.8X 20.0 X $ 16.91 $ 18.32 $ 19.73 $ 21.14 CHI¥NGE evo!re~o· @‘cerner R1 10.4x 32.4x 12.1X 21 ax< 2l 22.0 X $ 18.10 $ 19.51 $20.92 $22.33 Health Equity IQVIA ,, signifyhealth. 18.9x 13.3x 15.5x 24.0 X $ 19.28 $ 20.69 $22.10 $ 23.51 Source: Capitai/Q, IBES as of 11-Mar-2022. Note.· Standalone segment-/eve/ EBITDA burdened by incremental corporate costs allocated based on EBITDA Contribution. (1) Multiples adjusted for 121 opioid-related liabilities. (2) Pro forma for C/oudmed acquisition.

8 Illustrative SOTP Analysis I INVESTMENT BANKING DIVISION ($ in billions, except per share data) ‘WLINCOLN INTERNATIO NAL Illustrative SOTP Analysis Implied Share Price: $15.74—$23.51 Midpoint: $19.64 Current 2022E EV I EBITDA< 11: 11.8 X Current Share Price: $16.59 $ 2.0 $ 4.2 r-————., 1-————-I I I I $3.3 $ 0.9 1-————-I $ 2.2 $ 1.5 I I $ 2.4 ,————-1 I $ 2.2 Distribution GTS SOTP Implied EV Net Debt SOTP Implied Current Equity Value r-————, Equity Value SOTP Implied 2022E EBITDA Multiple 2022E EBITDA2 $201 $84 $285 SOTP Implied Premium: (5.2)%—41.7% 2022E EBITDA _________ ! Multiple Range 8.0x—11.0x 18.0x—24.0x 11.0x -14.8x I Implied EV I 2022E Rev: 1. 7x- 2.3x Source.· Management Projections, Company filings, Cap/Q, market data as of 11-Mar-2022. Note.· Distribution and GTS level enterprise values derived by applying the stated 2022E multiples to the 2022E metric for each segment. 1 Represents street estimates for 2022E EBITDA. 2 Standalone segment-level EBITDA burdened by incremental Corporate costs of $109 million allocated based on EBITDA Contribution, based on management estimates for 2022E EBITDA.

8 Limited Ability to Unlock SOTP Value Given INVESTMENT BANKING I High Friction Cost DIVISION ~WuNcoLN ($ per share) INTERNATIO NAL Illustrative Value Creation From Sale @ 30x 2022 EBITDA Sensitivity Analysis: 0 Headline Tech Multiple 25.0 X 30.0 X 35.0 X 0 Net Tech Multiple 19.6 X 23.4 X 27.1 X e Net Value Uplift ($0.23) $1.38 $4.19 Value Uplift: +$1.38 per Share $5.31 ($3.93 ) $24.95 $21.01 $19.64 SOTP Midpoint Pre-Tax Uplift From Sale Pre-Tax SOTP Value Tax Leakage Post-Tax SOTP Multiples (2022E Basis) GTS Distribution Blended Source. Management Projections Note. Standalone segment-level EBITDA burdened by incremental Corporate costs allocated based on EBITDA. Assumes $292M tax basis for GTS, and 25% tax rate.

8 Key Considerations for a Divestiture Decision INVESTMENT BANKING I DIVISION Impact on Organization, Tax Leakage and Timing ‘WLINCOLN INTERNATIO NAL 0 0 ~ ~ Carve-out Sale of GTS Taxable Spin of Distribution + GTS Sale • Covetrus executes taxable spin of 100% of • Covetrus carves out its GTS business Distribution to its own shareholders • GTS business is sold for cash to third party • Simultaneously, GTS business is sold for cash to third party Medium I High Very High Requires preparation of carve-out financials Requires preparation and approval of SEC and separation of existing businesses Form 10 and full carve-out of business Business disruption associated with carve out Business disruption associated with carve out of a segment of a segment High Moderate Transaction triggers taxable gain for Covetrus Transaction triggers taxable gain for Covetrus above GTS basis of -$292 million above Distribution basis of -$700 million -6 months (buyer-dependent) -12 months (buyer-dependent) Completion of carve-out, preparation of Business and financial carve-out, preparation financials and regulatory approvals of SEC filings and regulatory approvals

INVESTMENT BANKING I DIVISION ‘WLINCOLN INTERNATIO NAL • Supplemental Materials

Analysis of Standalone Business at I INVESTMENT BANKING Various Prices DIVISION ‘WLINCOLN ($ in millions, except per share data) INTERNATIO NAL Current lllutrative Transaction Price $ 16.59 $ 20.00 $ 22.00 $ 24.00 $ 26.00 Implied Premium Analysis Metric Premium to Current Share Price $ 16.59 0.0 % 20.6 % 32.6 % 44.7 % 56.7 % Premium to 30-Day VW AP $ 17.68 (6.2)% 13.1 % 24.4 % 35.7 % 47.1 % Premium to 90-Day VW AP $ 17.90 (7.3)% 11.7 % 22.9 % 34.1 % 45.3 % Premium to 180-Day VW AP $ 18.48 (10.2)% 8.2 % 19.0 % 29.9 % 40.7 % Premium to 360-Day VW AP $ 21.87 (24.1 )% (8.6)% 0.6 % 9.7 % 18.9 % Transaction Value Build / lm!;!lied Multi!;!les FDSO 142.2 142.6 142.7 142.8 142.9 Implied Equity Value $ 2,360 $ 2,851 $ 3,140 $ 3,428 $ 3,716 Current Net Debt 886 886 886 886 886 Implied Transaction Value $ 3,246 $ 3,737 $ 4,026 $ 4,314 $ 4,602 Street Estimates: 2021 Adj. EBITDA $ 244 13.3 X 15.3 X 16.5 X 17.7 X 18.9 X 2022 Adj. EBITDA $ 275 11.8 X 13.6 X 14.7 X 15.7 X 16.8 X 2023 Adj. EBITDA $ 310 10.5 X 12.1 X 13.0 X 13.9 X 14.8 X Management Estimates: 2021 Adj. EBITDA $ 244 13.3 X 15.3 X 16.5 X 17.7 X 18.9 X 2022 Adj. EBITDA $ 285 11.4 X 13.1 X 14.1 X 15.1 X 16.1 X 2023 Adj. EBITDA $ 349 9.3 X 10.7 X 11.5 X 12.3 X 13.2 X 1 $ 273 2021 PF Adj. EBITDA (Take-Private) ( ) 11.9 X 13.7 X 14.8 X 15.8 X 16.9 X 1 $ 315 10.3 2022 PF Adj. EBITDA (Take-Private) ( l X 11.9 X 12.8 X 13.7 X 14.6 X 1 $ 380 2023 PF Adj. EBITDA (Take-Private l( l 8.6 X 9.8 X 10.6 X 11.4 X 12.1 X Source. Management Projections and Market data as of 11-Mar-2022. 1 Take-private EBITDA represents -$30 million of annual cost savings.

Summary of Financial Analyses INVESTMENT BANKING I DIVISION ($ Represents Implied CVET Share Price) ‘WLINCOLN INTERNATIO NAL Current CVET Share Price (03111122): $16.59 Kev Commentary 6-Month • 6-month trading range between $15.71 $ 15.71 $ 21.34 Trading Range and $21.34 Midpoint: $18.53 I I I I I • Analyst price target range of $18- $27 Wall Street Analyst I $ 18.op $27.00 per share based on five price targets Price Targets I I • Median price target of $23 per share 1 Midpoint. $22.50 I I I I I I I • Assumes EV I NTM EBITDA multiple PVFSP Analysis $ 119.46 $29.95 range between 11.0—14.0x • Assumes cost of equity of 11.7% Midpoint $24.71 • Projected financials through 2028 Discounted Cash $ 14.84 $ 27.47 Flow Analysis • Assumes WACC b/w 8.50%—11.00% Midpoint. $21.16 • Assumes perp. growth of 2.0—3.0% Source. Management Projections and Market data as of 11-Mar-2022.

Operational Peer Benchmarking INVESTMENT BANKING I Management Projections DIVISION ‘WLINCOLN INTERNATIO NAL 2021 E—2023E Revenue Growth 2021 E-2023E EBITDA Growth1 18.5 “‘o 32.6 “‘o 25.3 “‘o 10.9 “‘o 18.3 “‘o 8.6 “‘o 7.9 “‘o 7.4 “‘o 5.7 “‘o CVET CVET GTS CVET Total Distribution Profitable Companion Animal Health CVET CVET GTS CVET Total Distribution Profitable Companion Animal Health Distribu ion HCIT Animal HealthE-Commerce Distribution HCIT Animal HealthE-Commerce Solutions Solutions 2022 Gross Margin 2022 EBITDA Margin1 23.6 “‘o 23.3 “‘o 58.5 “‘o 38.9 “‘o 13.0 “‘o 33.9 “‘o 27.7 “‘o 16.5 “‘o 6.0 “‘o 6.1 “‘o CVET CVET GTS CVET Total Distribution Profitable Companion Animal Health CVET CVET GTS CVET Total Distribution Profitable Companion Animal Health Distribu ion HCIT Animal HealthE-Commerce Distribution HCIT Animal HealthE-Commerce Solutions Solutions Source: CVET based on management projections, peers based on IBES estimates as of 11-Mar-2022 Note: Distribution includes ABC, CAH, MCK, Owen & Minor, Henry Schein, Patterson. Animal Health E-Commerce Solutions includes PetMed Express; Companions Animal Health includes Dechra Pharma, E/anco, Phibro, Vetoquinol, Virbac, Zoetis, ldexx, and Heska. Profitable HCIT includes Change Healthcare, Evolent, Gerner, Health Equity, R1, IQVIA, and Signify Health. 1Covetrus business units EBITDA burdened by corporate cost and contingency based on revenue contribution.

Valuation Peer Benchmarking INVESTMENT BANKING I Street Consensus DIVISION ‘WLINCOLN IN TERNATIO NAL EV I 2022E EBITDA 62.6 X 15.5 X CVET Distribution Profitable HCIT Companion Animal Health Animal Health E-Commerce Solutions 07 -Dec-2021 12.8x 8.8x 17.2x 16.5x 43.1x EV I 2023E EBITDA 34.3x 13.9 X CVET Distribution Profitable HCIT Companion Animal Health Animal Health E-Commerce Solutions 07 -Dec-2021 11.3x 8.2x 13.8x 14.7x 28.9x Source.· CVET and peers based on IBES estimates as of 11-Mar-2022 Note.· Distribution includes ABC, CAH, MCK, Owen & Minor, Henry Schein, Patterson. Animal Health E-Commerce Solutions includes PetMed Express; Companions Animal Health includes Dechra Pharma, E/anco, Phibro, Vetoquinol, Virbac, Zoetis, ldexx, and Heska. Profitable HCIT includes Change Healthcare, Evolent, Gerner, Health Equity, R1, IQVIA, and Signify Health.

Covetrus Multiple Has Recently Contracted INVESTMENT BANKING I DIVISION Since All-Time High Levels Achieved in Early ‘21 ‘WLINCOLN INTERN ATIO NA L NTM EV I EBITDA 40x 07-Dec-2021 ll Since Average 2Y 1Y 1M 07-Dec-2021 High Low Covetrus 16.0 X 15.1 X 12.0 X (1.2)x 24.4 X 8.4 X Distribution’ 8.7 8.9 9.4 0.8 10.4 6.7 •43.3x Current Animal Health Companion Animal Health3 20.5 22.1 18.8 (4.0) 24.5 11.6 E-Commerce Solutions 9.2 Multiple2 01 30x Profitable liCIT 15.1 11A 15.8 3.8 19.5 S&P 500 15.3 15.6 14.2 (1.6) 16.7 10.2 Q. E ::J :E ~ 0 1- m w -g 20x .r::- Cl ~ Ql E ~ 13.9 X :E ,..~”‘11.5x 1- z 10x 9.5x Ox Feb-2019 Aug-2019 Feb-2020 Aug-2020 Feb-2021 Sep-2021 Mar-2022—covetrus—Distribution’—companion Animal Health3—Profitable HCIP—High Growth HCIT—s&P 500 Source.· Bloomberg, CIQ and IBES, as of 11-Mar-2022. ‘Distribution includes ABC, CAH, MCK, Owen & Minor, Henry Schein, Patterson. ‘E-Commerce Solutions includes Chewy and PetMed Express. •companions Animal Health includes Dechra Pharma, Elanco, Phibro, Vetoquinol, Virbac, Zoetis, ldexx, and Heska. ‘Profitable HCIT includes lnvovalon, Evolent, Gerner, Change Healthcare, Health Equity, R1, IQVIA, and Si ni Health.

Profitable HCIT Valuation Benchmarking INVESTMENT BANKING I ($ in millions) DIVISION ‘WLINCOLN INTERNATIO NAL EV I 2022E EBITDA 32.4 X 21.8 X 18.9 X r-- Median: 15.5 x 15.5 X 1- 13.3 X—12.1 X r-- 10.4 X evolento · Q..Cerner· CHL¥NGE covetrus R1, IQV IA ¥‘ signifyhealth HEALTH HEALTHCARE GTS 1 2 EV $2,728 $ 12,872( ) $4,774 $ 52,079 $2,870 $ 24,834( ) $ 11,869 1 YoY Rev Growth<3J 18.4 % 14.8 %( ) 7.8 % 10.0 % 19.8 % 5.5 % 5.8 % 18.0 % 22 Gross Margin 28.2 % 23.5 % 56.7 % 34.4 % 48.7 % 83.1% 60.7 % 33.9 % YoY EBITDA 1 34.0 % 19.0 %( ) 15.8 % 11.5 % 27.5 % 6.5 % 8.2 % 30.7 % Growth< 3> 22 EBITDA Margin 7.3 % 27.7 %(1) 30.9 % 22.7 % 22.5 % 33.8 % 31.5 % 13.0 % 7-Dec-21 EV / 2022E EBITDA Multiple 32.4 X 19.2 X 13.6 X 18.9 X 17.2 X 11.1 X 9.4 X Source.·JBES estimates as of 11-Mar-2022, management projections. (1) Pro forma for C/oudmed acquisition (2) Unaffected EV as of 1211612021. (3) Reflects CY 2022E—CY 2023E growth.

Valuation Peer Benchmarking INVESTMENT BANKING I Street Consensus DIVISION ‘WLINCOLN IN TERNATIO NAL EV I 2022E EBITDA 110.8 X 32.4 X 21.8 X 18.9 X 15.5 X X 10.4 X ~ ~ 0z .. ~~ ~ 2 ~ ~ “’”‘w Vl .. ~ >< IJ.I 8 ~f i I M ¥IJ I !!! loll 11—(] Source.· CVET and peers based on IBES estimates as of 11-Mar-2022 Note.· Distribution includes ABC, CAH, MCK, Owen & Minor, Henry Schein, Patterson. Animal Health E-Commerce Solutions includes PetMed Express; Companions Animal Health includes Dechra Pharma, E/anco, Phibro, Vetoquinol, Virbac, Zoetis, ldexx, and Heska. Profitable HCIT includes Change Healthcare, Evolent, Gerner, Health Equity, R1, IQVIA, and Signify Health.

Valuation Peer Benchmarking INVESTMENT BANKING I Street Consensus DIVISION ‘WLINCOLN INTERNATIO NAL EV I 2023E EBITDA 54.6x 18.3 X 16.3 X 13.9 X X 10.4 X 9.6 X ~ <{ Vl > w 0 I ¥I 1ifi~1 ~ 1.1 Source.· CVET and peers based on IBES estimates as of 11-Mar-2022 Note.· Distribution includes ABC, CAH, MCK, Owen & Minor, Henry Schein, Patterson. Animal Health E-Commerce Solutions includes PetMed Express; Companions Animal Health includes Dechra Pharma, E/anco, Phibro, Vetoquinol, Virbac, Zoetis, ldexx, and Heska. Profitable HCIT includes Change Healthcare, Evolent, Gerner, Health Equity, R1, IQVIA, and Signify Health.

MWI’s Pre-Transaction Trading Levels and I INVESTMENT BANKING Historical Premium to Distributors DIVISION ‘WLINCOLN INTERNATIO NAL NTM EV I EBITDA CVET Current NTM Ave rase 5Y 3Y 2Y 1Y 20x EV/EBITDA: MWI 12.8 X 14.1 X 14.8 X 14.6 X 11.4 X Distributors· 7.8 8.3 9.2 9.8 Premium 5.0 5.8 5.6 4.8 ~ 16x 15.9 X :;:; 3 Distributors ::E Current NTM (3 1::: EV/EBITDA: al 9.5x ~ 12x .t:! Cl ~ 10.4 X Q) E i7 Sx Implied ::E 1- z CVET Premium to Distributors: 1.9x 4x Ox Jan-2010 Jan-2011 Jan-2012 Jan-2013 Jan-2014 Jan-2015—MWI—Distributors• Source. Bloomberg, IBES, as of 11-Mar-2022 1Distrubutors includes ABC, CAH, and MCK. Note. Above metrics as of undisturbed date of 12-Jan-2015

CVET Financial Overview INVESTMENT BANKING I ($ in millions) DIVISION ‘WLINCOLN INTERNATIO NAL Revenue 2020 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E Rev % Growth 5.5% 7.5% 8.4% 8.4% 7.9% 5.9% 4.8% 4.2% Adj. EBITDA 2020 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E % Margin 5.2% 5.3% 5.8% 6.5% 6.9% 7.4% 7.6% 7.8% 7.9% Source. Management Projections.

Illustrative Discounted Cash Flow Analysis INVESTMENT BANKING I ($ in millions, except per share data) DIVISION ‘WLINCOLN INTERNATIO NAL Illustrative Unlevered Free Cash Flow 2022E 2023E 2024E 2025E 2026E 2027E 2028E Terminal Total Sales $ 4,916 $ 5,330 $ 5,775 $ 6,233 $ 6,600 $ 6,918 $ 7,208 $ 7,208 Rev % Growth 7.5% 8.4% 8.4% 7.9% 5.9% 4.8% 4.2% Total Adj. EBITDA $285 $ 349 $ 397 $459 $500 $537 $570 $ 570 %Margin 5.8% 6.6% 6.9% 7.4% 7.6% 7.8% 7.9% 7.9% D&A $(177) $(192) $(209) $(227) $(250) $(262) $(273) $(112) %ofSales (3.6~% (3.6~% (3.6~% (3.6~% (3.8~% (3.8~% (3.8~% EBIT $ 108 $ 157 $ 188 $233 $250 $274 $297 $458 %Margin 2.2% 2.9% 3.3% 3.7% 3.8% 4.0% 4.1 % 6.4% (-)Tax $(27) $(39) $(47) $(58) $(62) $(69) $(74) $(114) Tax Rate 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% 25.0% NOPAT $ 81 $ 118 $ 141 $ 175 $ 187 $206 $223 $343 (+) D&A $ 177 $ 192 $209 $227 $250 $262 $273 112 (-)~in NWC (46) (49) (56) (57) (58) (42) (38) (19) !-l Caeex (75} (86} (97} (97} (102} (107} (112} (112} Unlevered Free Cash Flow $ 137 $ 175 $ 197 $247 $278 $ 319 $345 $324 Implied Equity Value Implied Share Price Implied Terminal EV I EBITDA 2.0 % 2.5 % 3.0 % 2.0 % 2.5 % 3.0 % 2.0 % 2.5 % 3.0 % 8.50 % $ 3,338 $ 3,603 $ 3,917 8.50 % $23.43 $ 25.28 $ 27.47 8.50 % 8.9 X 9.7 X 10.6 X 9.75 % $ 2,624 $ 2,796 $2,995 9.75 % $ 18.44 $ 19.65 $ 21.03 9.75 % 7.5 X 8.0 X 8.7 X 11.00 % $ 2,109 $ 2,228 $2,363 11.00 % $ 14.84 $ 15.68 $ 16.62 11.00 % 6.4 X 6.9 X 7.3 X Source. Management Projections. Note.· Analysis valuation date of 31-Dec-2021.

GTS Business Financial Overview INVESTMENT BANKING I ($ in millions) DIVISION ‘WLINCOLN INTERNATIO NAL Revenue $ 1,939 2020A 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E % Growth 17.7% 18.9% 18.0% 14.7% 13.9% 12.9% 11.9% 10.9% Adj. EBITDA $326 2020A 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E % Margin 6.6% 12.9% 13.0% 14.4% 15.2% 15.7% 15.8% 15.9% 16.0% Source. Management Projections; Note. Assumes no allocation of corporate overhead costs.

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