Commencement of Share Buyback Programme

CVS, the UK listed veterinary group and a leading provider of veterinary services, announces that it will commence a share buyback programme today to purchase ordinary shares of 0.2 pence each ("Ordinary Shares") and has allocated up to £20 million to the buyback programme (the "Share Buyback Programme").

The purpose of the Share Buyback Programme is to both return surplus capital to shareholders and reduce the Group's share capital pursuant to its capital allocation policy. As such, all Ordinary Shares repurchased by the Group under the Share Buyback Programme will be cancelled.

CVS has entered into an agreement with Joh. Berenberg, Gossler & Co. KG, London Branch ("Berenberg") to purchase Ordinary Shares up to a maximum aggregate consideration (excluding expenses) of up to £20 million under the Share Buyback Programme. Berenberg will act as riskless principle and manage the purchases on a non-discretionary basis, purchasing shares within certain pre-set parameters and making its trading decisions independently of the Company.

The purchase of Ordinary Shares will be carried out on the London Stock Exchange and other trading venues. Any purchases of Ordinary Shares by the Company will be conducted in accordance with the general authority to purchase Ordinary Shares granted by its shareholders at the Company's Annual General Meeting on 20 November 2024 (the "2024 Authority", or as subsequently granted to the Directors at its Annual General Meeting in 2025). The Share Buyback Programme will be conducted in accordance with Chapter 9 of the Financial Conduct Authority's Listing Rules and with European Union (EU) Regulation No 596/2014 ("MAR") and the MAR buyback technical standards (Commission Delegated Regulation (EU) 2016/1052) (the "Technical Standards"), both of which form part of Retained EU Law as defined in the European Union (Withdrawal) Act 2018.

CVS will announce any market repurchases of Ordinary Shares no later than 7.30 a.m. (UK time) on the business day following the date the repurchase occurred.

The Share Buyback Programme is expected to be completed in Q1 of calendar year 2026.