Vetoquinol - Universal Registration Document - 2021

CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements Vetoquinol Universal Registration Document 2020 Financial report 109 6 Company Head office Dec 31, 2020 Dec 31, 2019 % held at % interest % held at % interest Vetoquinol Trading (Shanghai) Co. Ltd. Suite 1607, Block C, 85 Loushanguan, Changning District, Shanghai, People’s Republic of China 100% 100% 100% 100% Vetoquinol Australia Pty Ltd Inc. Cornwall Stodart- Level 10, 114 William Street, Melbourne – Vic 3000 – Australia 100% 100% 100% 100% Vetoquinol New Zealand Ltd 60 Parnell Road - Parnell – 1052 Auckland - New Zealand 100% 100% 100% 100% Vetoquinol-Zenoaq K.K. 1-1 Tairanoue, Sasagawa, Asaka-machi, Koriyama, Fukushima – Japan 963-0102 55% 55% 55% 55% * Clarion Biociêncas Ltda was merged into Vetoquinol Saude Animal Ltda on March 29, 2020. All Group companies are exclusively controlled except Vetoquinol-Zenoaq K.K (50-50 joint control, although Vetoquinol owns 55% of the capital - the only company accounted for using the equity method). Farmvet Systems: On July 27, 2018, the Group completed the immediate acquisition of 76.9% of the capital of Farmvet Systems Ltd for a price of €3.8 million. It was agreed that the remaining 23.1% stake would be sold via a cross put/call mechanism, with a minimum sale price of €1.1 million recognized in the financial statements as of December 31, 2021. The Vetoquinol Group has a stated policy of taking 100% control. These options are exercisable between September 30, 2021 and December 31, 2021. Clarion Biociencias Ltda Laboratories merged in 2021 into Vetoquinol Saude Animal Ltda: On April 15, 2019, the Vetoquinol Group signed an agree- ment to acquire 90% of the shares of Clarion. The price paid amounted to BRL 222.7 million (€51.9 million). It was agreed that the remaining 10% stake would be sold via a cross put/call mechanism, with a fixed sale price of BRL 24.7 million (€3.9 million at the closing rate) reco- gnized in the financial statements. The Vetoquinol Group has a stated policy of taking 100% control. These options are exercisable in May 2022. Following the merger of Clarion Biociencias Ltda into Vetoquinol Saude Ltda, the put/call sale agreement now corresponds to a 0.2% share in Vetoquinol Saude Animal Ltda.