VETOQUINOL Corporate brochure 2011 (year 2010)

IN YOUR OPINION WHAT WERE THE HIGHLIGHTS OF 2010? It was a year marked by the return to growth in markets that showed signs of new life being breathed into them. The global market for animal health has even regained some momentum which however, appeared to be more pronounced in North America than in Europe. Our own performance during 2010 proved to be extremely robust. We achieved a solid 11.8% sales growth, which we believe is very significant. FROM YOUR POINT OF VIEW, WHAT WOULD YOU SAY WERE THE MOST SIGNIFICANT EVENTS OF THE YEAR? Our continued internal development, with the integration this year of two subsidiaries in India and Italy, was an important milestone for Vétoquinol. Our operational unit in India is now fully autonomous in its market, it has been appropriately structured and positioned with a view to accelerating its growth and development. In Italy, the 5 th largest market in Europe, we have strengthened our commercial structures. We now have two sales forces – one dedicated to productive livestock, and the other to companion animals – who have directly taken over all of the products that were previously marketed by our local distributor. Next, I would cite our strong R & D activities as well as our regulatory and commercial successes, which also marked Vétoquinol’s onward progress in 2010. With regard to regulatory affairs, much to our credit, we were able to successfully file several dossiers relating to new product approvals with the respective National Agencies for Veterinary Medicines in Europe. We also received Marketing Authorisation for Marbocyl ® , in Japan. Acquiring a Marketing Authorisation in one of the most highly regulated markets in the world is itself a remarquable performance we take pride for. In Europe, we launched two new injectable anti-infectives for livestock, in addition to an already large product range in this strategic area at Vétoquinol. And other products have been marketed in the U.S.A. (Surolan ® ) and France (Vermax ® ). ARE THE FINANCIAL RESULTS IN LINE WITH YOUR EXPECTATIONS? Once again, our financial results are really strong. Although our expenditures on R & D and our investments in India and Italy were on a significant scale, the operating profits we achieved were higher than 11%. Such is the performance that allows us to effectively implement our policy of pursuing a “hybrid” business development model, based on innovation and external growth. YOU HAVE BEEN APPOINTED AS VETOQUINOL’S CHIEF EXECUTIVE OFFICER ON MARCH 31 2010, WHAT IS YOUR ASSESSMENT OF YOUR FIRST YEAR AT THE HEAD OF THE COMPANY? I am pleased to able to draw up a very positive assessment of this, my first year leading the management of the company. Everything fell into place naturally; my assuming this position and the incumbent responsibilities of the office blended seamlessly into the continuum of the company’s life. The Management of the company now functions as a very closely- knit team, demonstrating the willingness to transform our decision making into a faster and more flexible process. Our Executive Committee currently meets twice a month. On the commercial front, we are continuing to pursue a strategy of focusing on three therapeutic areas, with always the same desire to seek a balance between livestock and companion animals. In terms of external growth, we are closely examining those companies deemed likely to have the potential to enable us to increase our geographical presence and strengthen our market shares. 02 Message from the Chief Executive Officer